September 14, 2007, 7:00 am

My New Objective: $1,500 a Month

by: The Financial Blogger    Category: Project $1500
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During this summer, several events happened in my life. The first one was to quit my second job about two months ago. I needed to free up my mind and my schedule for the next things that were coming up in August. Then, I became a father for the second time on August 5th. This new baby brought us a lot of happiness and great moments. However, this will also result in additional expenses. Recently, I started a MBA in financial services. This is a great step for my career considering the fact that I am only twenty-five. When everything happens at the same time, it is always a great moment to take a step back and look at where you are and where you want to go.

This is when I realized that I was still pretty far away from one of my biggest goal; offering my wife the possibility to stay at home and take care of our two kids. For all feminists of this world, don’t worry, I am not one of these guys who want to have control over their wives. In fact, this idea came from my wife. As she is working in a daycare, she does not think she makes sense by taking care of other’s children while her own are two doors away.

On top of that, we must admit that when we both come back from work at 6PM, nothing has been done in the house and supper is not ready, it is quite a mess! I lived it during four month before my wife got pregnant for the second time and we did not like it at all.

So our solution is to keep her at home so she can take care of our children. She nets about $1,500 a month. So in order to keep our same life style and investment plan (our Smith Manoeuvre and Retirement Plan), we need to either drop our expenses or increase my income. Another alternative would be to create alternative source of income. We can look at passive income or also make money from a sideline such as starting a small company or my wife could work part time from home.

I would like to reach this objective within the next year. My wife is scheduled to go back to work in September 2008. This is when her maternity leaves ends. This would be an awesome gift to tell her that she does not need to go back to work again!

I’ll write more on ways to make this happen (although I don’t have a complete plan yet!). I thought that if I blog about it, it will force me to be more creative and realize my goal faster. In the meantime, I would like to hear back from readers if they found ways to make it happen or how they increase their income or reduced their expenses.

 

 

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Comments

I don’t suppose blog income is $1500/month, but yes, single income family with 2 kids is no easy task. Although $1500 EXTRA sounds hard, as you may need to cut down expenses as well

I wish you success, and will certainly follow your post until your goal!

Perhaps Real Estate investment for rent income?

by: The Financial Blogger | September 14th, 2007 (8:16 pm)

NSB, I don’t expect to make the full $1500 from my blog. That would be more dreaming than anything else! However, Blogging could get a few bucks in my pocket every months. I am in the process looking at a new design and adding ads (but not to many) on the blog. I guess I would be able to get everything done before Xmas (I have other project on the roll but I’ll discuss this matter later on).

I have already found some ways to cut down my expenses, I’ll write a post on that shortly as well 🙂

As for rental or investment income; it will gradually come. My investment income will be derived from my Smith Manoeuvre at some extent but right now it is too small. In regards to rental income, I wish I would have enough cash down to by a rental property. But it is surely part of my long term plan.

[…] My New Objective: $1,500 a Month @ The Financial Blogger. This is when I realized that I was still pretty far away from one of my biggest goal; offering my wife the possibility to stay at home and take care of our two kids. […]

Wow! She gets a year of maternity leave? That’s fantastic!

You may not need to find the whole $1500. Think about what work expenses your wife might have that would go away if she was at home — work clothes, gas money, daycare costs, and also convenience things like eating out, frozen pizzas, etc. Plus, just taking the time to comparison shop that she may not have time to do now can save a bundle.

Good luck!

Just an obvious thought, why doesn’t your wife work at the daycare where your children go? Then you can have both – the extra income and her taking care of your children. You’ve probably thought of this but I didn’t see a reason in your post of why this could not work.

by: The Financial Blogger | September 17th, 2007 (1:58 pm)

Rete, we are really spoiled in term of maternal leaves where we live (Quebec) but the taxes that we pay are as high as the benefits we receive 😉
My goal is to get the full $1,500. When I get close to it, I will reconsider which cost we would save if she stops working. That will surely equal to a couple of hundred bucks!

Matt, she does work at the same place. However, she is not allowed to care of her own children. They will be split into two other separate groups.

We even thought of opening our own daycare but it would represent much more work (longer hours and less vacation) for probably the same pay. As we live in a province where daycares are controlled by the government, it is hard to make it a profitable business (government sponsored daycares are offering places for $7 a day).

Unfortuntely an extra $1500 /month in a year is a pretty tall order unless you have a lot of extra expenses you can cut or some really killer invesment ideas. I figure I could “retire” on about $1200-$1300 / month, and I’m on a 3 year plan working towards that (currently at abou $300 / month, through real estate and dividends investing).

If you figure out how to do it, please tell me so I can do the same thing! 🙂

by: The Financial Blogger | September 17th, 2007 (9:23 pm)

Mr. Cheap, I am still speechless as of how you can manage to live with so little. Tell me how you can make it and I will continue to post updates on my goal whenever I find ways to save money or make more cash 😉

FB – my wife stopped working not long before we had a child and the finances just suffer – there is no way around it.

Forget about trying to make up the $1500 (can u get the driving job back?) – just plan to live without the money.

Mike

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by: The Financial Blogger | September 20th, 2007 (8:16 pm)

FP, I tried to live on less money… but I can’t! Spending is one of the most beautiful thing you can enjoy 😉 (besides obviously having kidz and a comprehensive wife… this one is priceless!)

by: Making a Way | October 15th, 2007 (10:20 am)

I had a child 10 years ago, I was 22 years old. I had to put him in daycare at 8 weeks to go back to work and make ends meet. Now, I have a newborn and I am 32 years old. I had the pleasure of staying home with him until 7 months old, which was a wonderful experience in watching him grow, watching him meet each milestone. Now that I am back at work, I am finding that it is, first, hard to admit that he is being raised by the daycare workers because we are not financially secure enough for me to stay home and be Mommy to boys. We also live out in the country now, therefore, there is a commute to and from work, dropping off one at middle school and the other at daycare. Then homework time with the older child, playtime before bedtime with the infant, cooking and cleaning. It is also harder to just get up and go and live on about 5 hours of sleep per night as I am older, thus moody. I would be a much more efficient mother given the role as strictly MOTHER. Like you, I am trying to work out a way/plan to give up the 9 to 5 to take on that role that I love so much.

Peace & Strength to your family. Make it your intention and IT WILL COME.

by: The Financial Blogger | October 15th, 2007 (1:52 pm)

Making a Way, Thank for your kind words, we will work hard to make it happen!

[…] If my wife was to apply to this job, she could possibly have two places for our children and work at 2 minutes away from our house. In addition to that, she could reduce her number of hour down to 25 hours/week. This would be enough as I’ve already created about $200 a month of cash flow from my $1,500 project. […]

Have you guys thought about her watching one or two kids from your house instead of working at a daycare? Then, she wouldn’t have any commute, and she would make money! I have always thought that childcare would make a good retirement job, because it’s pretty refreshing to be around kids. There would also be the business expenses that you could deduct from your taxes (if you’re American – I have no idea about other countries!). One or two kids beyond your own – especially if she’s already doing childcare – might just be enough to make it worthwhile.

by: The Financial Blogger | January 27th, 2008 (7:13 am)

You know what Brooke?
I never thought of getting only 2 kids, we always considered the option of opening a full daycare at home but never a smaller amount of children. That is definitely something we will look into it!

thx for the idea!

you probably might be able to make $1500 from your blog. although if you’re getting an MBA, you won’t have the time to optimize fully.

i bought $2500 worth of a $1 stock once. My wife forced me to sell it at $2.50. within the year it shot up to $35!

by: The Financial Blogger | March 12th, 2008 (8:19 pm)

Are your still with your wife?

LOL!

However, keep in mind that stock like this can also drop to $0.50 in a week.

could your wife become a licensed in-home daycare provider? that way she could stay home with her kids, and care for other families’ children at the same time — and get paid for it!

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