With Mother’s Day coming up in just a few days, many sons and daughters are scrambling to find that perfect gift.
So we can’t help but wonder:
What do Moms Really Want for Mother’s Day?
Turns out, it’s not that weekend at the spa (OK, that would be a great gift!), the new kitchen appliance, or the gorgeous bouquet of flowers that tops the list.
According to a recent article in the Wall Street Journal, seven-in-ten moms want to be Stay-at-Home Moms – IF…and it’s a big IF…they could afford it.
(Read by entire article by CLICKING HERE.)
Solution: a Direct Sales Business
What better way to give Mom what she wants than by helping her start a social selling, network marketing, multilevel marketing, or home party business?
The big factor in the equation is the “If she could afford it” part.
What will it take to have the best of both worlds? Be a stay-at-home Mom and at the same time, have a similar (or higher!) income flowing into the family checkbook.
Today, I want to share my formula for determining when you’ve built your direct sales business to the point where you can quit your day job and be a stay-at-home Mom.
It’s really a simple formula, but there are a couple of assumptions.
First – I’m assuming that at your current income level, you’re able to pay all of your bills.
If you’re robbing Peter to pay Paul (and possibly even Mary), then your first financial goal with your direct sales business should be to get your finances on track. That’s the kind of freedom that you can create quickly, if you launch your business quickly and build it with that goal in mind.
My second assumption is that you aren’t continuing to grow you have access to benefits coverages through a spouse or other resources. (If Mom provides the health insurance and dental coverage, you need to factor that in before you jump ship.)
So here it is – my “Quit Your Day Job” formula:
1) Have at least 3 months of expenses in savings.
That means enough money to cover every single expense you have in an easily accessible account. The mortgage or rent, car payments, insurance, groceries, gas, credit cards – be prepared to cover all of it.
(I’m not a financial expert or adviser. I’m just telling you that you need the security of some easily-accessible funds – strictly for emergencies. A new flat screen TV or a shopping spree at the mall are not emergencies.)
2) Take your current take-home pay, and multiply it by three. That’s how much you need to be earning consistently.
For example, if you currently take home $2000 per month, you’ll be in a “quit your day job” position when you’re earning about $6000 per month consistently with your direct sales business.
Why multiply it by three?
First – you’ll need to pay estimated taxes. That will be roughly a third of what you’re earning.
Second – you’ll have some business expenses. This formula estimates about one-third to cover your business expenses.
The remaining third – that’s your current take-home pay that is now your personal paycheck.
Don’t let that figure (or whatever my “three times” formula comes out to for you) intimidate you. Ask your prospective sponsor to help you determine what it will take to get there, and get moving!
What do Moms really want for Mother’s Day?
With seven-out-of-ten wanting to be stay-at-home Moms, a new direct sales business can help them achieve their dream.