A Guide for Super Moms on How to Become Financially Independent
Moms wear a lot of hats. They’re chefs and nurses and teachers, and they’re counselors and fort builders and chauffeurs. They work tirelessly to put the needs of their family before their own and rarely get recognized for the effort and sacrifices they make. Being a mom is a 24-hour a day job, 365 days a year with no “sick days.” For many moms, heading back into the work force after having children is a requirement to keep dynamics of the family running smoothly.
Other moms stay home and focus solely on mom-duties, while some work from home and own their businesses. Moms who are tired of being controlled by their jobs, working paycheck to paycheck, missing out on important events because of work duties, and not feeling like they're providing the best life for their families are looking to generate additional income and financial independence through real estate investing.
What does financial independence mean? The definition is “the state of having sufficient personal wealth to live, without having to work actively for necessities” but when lived out it looks like:
- Not missing out on your child’s recital because you have to attend another work meeting
- Fewer sick days because you’re not stressing your body out about money
- More family time- not only because you can afford it but because a job does limit your vacation days
- Leaving a legacy for your children by showing them the value of hard work, self-control, dedication, and perseverance
- Feeling more in control of your life
- Trying new things with confidence because failure doesn’t equal financial ruin for your family anymore
- The ability to help more, give more and share more.
If you’re a mom wondering how to become financially independent, real estate investment activities may be your best next step. Your goal may be to get your family out of debt or to add additional income to your family for vacations and future weddings and college tuition. Whatever your reason, you can add “successful real estate investor” to your list of skills as a supermom easier than you think.
We interviewed real life super mom, Nicole Hoss, in our latest podcast episode. Nicole explained that she was tired of the fact that her job and her husband’s career dictated where they lived and what kind of life they led. She didn’t come from a real estate background, but one smart real estate investment launched her into a life of financial independence. They started with paying down their debt, starting with their cars and onto student loans and finally started chipping away at their mortgage. After five years of serious commitment to paying off debt, they saved up enough money along with taking out a HELOC on their current home to use as a down payment for their first property. Nicole was looking specifically for buy and hold properties; properties that were rent-ready so she wouldn’t have to invest a lot of money to start making money.
After six months of reading, researching, absorbing information and connecting with experts in the local market, Nicole was finally ready to “pull the trigger” and move in on her first real estate deal.
Her first investment was an already rented duplex in a C-class area, and Nicole started to see a steady of stream of income and learned the area and the process. She quickly understood that Indianapolis is a great city for investing as $1500-$1800 rent checks starting flowing in from a property she had invested very little in at the beginning. After catching the “rent bug,” she acquired an additional four-unit property that required some rehab work to make rent-ready that will boost her income as a stay at home mom up to about $3500 a month! Investing in these properties and being so hands-on in the process allowed Nicole to get out of the “mommy fog” and feel a sense of purpose and pride as she used her natural talents and gifts to help contribute to her family financially.
Moms have many characteristics that transfer beautifully over to becoming a successful real estate investor. The patience that moms need not stay cool when they’re running late and their toddler insists on dressing himself is the same kind of patience that allows investors to wait for the best deals and not rush into a deal. The ability to multitask by cooking dinner, helping with homework and keeping the baby from climbing into the dishwasher proves beneficial in the multi-faceted world of investing by allowing moms to juggle many different aspects and projects all at once. The time management, the scheduling, the problem solving and communication skills that moms already have and use on a daily basis puts them in the perfect spot to tackle real estate investing.
One of the key steps in becoming a super investor on top of being a super mom is reducing and eliminating debt. For most Americans, having debt is “normal” and part of how families make it from day to day. But millions of people nationwide are breaking the chains of debt, becoming masters of their own money, and making sacrifices to become debt free. Countless financial experts claim to know the easiest and fastest way to get out of debt, but getting out of debt is never easy or quick. It requires self-control, patience, commitment, sacrifice and time.
It means increasing your income and decreasing your expenses. Once you prioritize your debts and slowly begin to eradicate them, you will experience the final freedom that seems so far off to so many. Then, when the debts are under control, you can start to profit from the exciting world of real estate investing and give your kids and your family life full of experiences and adventures that seemed impossible when you were a slave to your 9-5 job.
Nicole didn’t have an extensive real estate background, a huge trust fund to start out with or even a mentor to show her the ropes. All she had was a dream for a better life for her kids and the determination to make it happen, and she changed her family’s trajectory forever. The only difference between you and Nicole is that she stopped waiting for her circumstances to change and took the first step to becoming a financially independent woman. What are you waiting for?