Map To Home Step One
|August 8, 2013||Posted by Business4Moms under Featured, General Information||
Wow – I can’t believe how much I let myself get sidetracked from this blog and my goals! I went from stay at home mom, to working full time mom, to having a baby, to now buying a house (I hope) – it’s been crazy! And I let myself get sidetracked on several issues other than just my blogging and making enough money to be home full time again – I have literally gained 60 pounds. But that is a topic for my Healthsmartmom blog.
Maybe later I will detail how in the past year I have worked to improve my credit to the point where we are supposed to be closing any day now on my new house (of course it was supposed to close last week) and I am now a huge fan of getting out of debt (as I take on a mortgage) and I hope I never make those same “little” debt mistakes again (because those “little” debts will eat you alive!)
But today I wanted to share with you my new map to home – not a google map – but an income/work map to get me back home full time with my kids.
One of my all time favorite marketers is Tiffany Lambert. I’ve been following her for quite some time, and have purchased a ton of her products. Currently she is showing her readers day by day how she plans to make $14,000 this month. It is awesome. Well, I am finally going to apply her advice, step by step in my life. All around closing on the house, moving, homeschooling, working 40+ hours a week, and more. I always seem to have an excuse for why not this and why not that, but as usual Tiff shows that excuses are, well, no excuse. And if I can only do as well as 25% of what Tiff does, then I will be able to work from home full time instead of away from home.
Step One- Where Do I Want To Go?
Of course, the first thing you need to know is where do you want to go? You can’t really map a path to your destination if you don’t know where it is. So I have three things that tell me where I want to be – how much I make, how much debt I have, and how much I have saved.
I figure I need about $4000 after taxes in order to be able to quit my job. So I’m looking for roughly $5000 a month income. That figures out to about $167 a day (a little more in February). As far as debt goes, I’ve paid off a lot, but I know that home ownership is going to be costly – and there are some things I want to do for our new house as well. So for debt I want to have only my mortgage and my student loans left to pay, that means I need to pay off my car, my husband’s van, and my 401K loan, plus a few medical debts. For savings – from past experience I know that you spend your emergency money way faster than you expect – especially in an emergency -so I want to have at least $10,000 in savings before I quit my job.
Now looking at this at first I feel overwhelmed. The income part I can handle, but adding on the rest seems so daunting. But if I want to be responsible, I know that all these things need to be in line before I quit my job. So basically on top of the $5000 a month I will need to accumulate an extra $30,000 or so to have everything else taken care of. Sounds like a lot – but to my guru Tiff it’s only 2 months worth of work. So even if it takes me 4 or 6 months to get this extra, it will be well worth it. Tomorrow I will tell you what my plan is to get to the $5000 a month goal.