Retirement, Freelancing, Investing, and a New Baby – How to Have It All?

Retirement, Freelancing, Investing, and a New Baby – How to Have It All?

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Did you ever consider retiring early, but without constantly thinking about whether you’re going to have enough money? Even though the corporate world wants to convince you that this is just not possible and that you need to work for as long as you can – that’s not true at all! If you plan out things correctly from the onset of your adulthood; you’ll be able to retire early and enjoy the fruits of your labor!

Saving Money With A Family

So, all of us would like to retire early; after all, there’s absolutely nothing better than knowing you’ve got the financial security without constantly working all day long. Of course, unless you’re born into a rich family, there’s practically no way to have a decent retirement without ever working. However, the line of work you get into will make a huge difference (duh) – but even more importantly, the kind of job is best for you to find. Or rather – the kind of job you don’t!

Sure, once you start searching for ways of saving money, all the guides in the world will have some basic sound advice. But when you try to test them out in reality, you’ll find out a hard truth – being thrifty when you’ve got a family isn’t easy. Naturally, you can save up a tidy sum by not splurging on things you don’t need when you’re young and single. But once you’ve got a new baby on the way, can you still save up enough money for early retirement? Don’t worry – the answer is actually yes! And we’ll tell you all about it.

Balancing Work And Family Life

Balancing your Family and Your Work

Let’s get one thing out of the way – if you’re willing to focus hard enough on your work, you can definitely save enough money to retire before your golden years. However, if you’re looking to start a family, or you already have a new baby – you also need to be careful so your family life doesn’t suffer. Yes, maintaining a balance between your work and your home life is difficult if you simultaneously want to save money; but it’s not impossible.

Increasing Efficiency

Increasing Efficiency

Yes, you definitely need to work hard to save money or to build up your savings for some investment. One of the ways would be investing in long term goals, like retirement, so you can be safe and sound if something unexpected happens. You can invest in various stocks and dividends, but the ones that can generate a lot would be high dividend stocks. Those are the stocks that pay out a dividend significantly in excess of market average dividends.

But in order to make an investment in stocks, you’ll need money earned from a job. So, while you’re doing that, you need to remember an important distinction between hard work and smart work. Sure, depending on what kind of line of work you’re in – you may definitely be working in a thought-provoking position that requires more brains than brawn. But if you take a moment to think about it, you’ll come to a realization. Even at a smart job, you may be doing some stupid work. If you’re not efficient in the way you do things in your workplace, everything will take longer. And that will make you less efficient overall, forcing you to spend more time working.

Mind you, this isn’t any extra work that’s netting you higher profits – you’re just not getting the most out of your daily schedule. Sure, if you’re used to a specific routine, that’s not easy to shake. But don’t worry – with enough effort, you can be a lot quicker at what you do without losing focus.

If you don’t have time-tracking as a part of your job role, that might explain why you’re not spending your work hours efficiently. So, install a time tracker yourself; there are plenty of apps on your phone for such a thing. Then, after a week has passed, check how many actual work hours you have. Perhaps you’ve been slacking off on something? Or there are menial tasks to delegate to someone else? Whatever it is, we’re guaranteed there’s at least a little room for improvement.

At the end of the day, though – your career may just be too demanding for your family life to bear. Regardless of how many improvements you make, the higher-paid positions that allow you to save up money require a lot of overtime. If that’s the case, there’s only one solution on the horizon – freelancing.

Freelancing As A Solution

Freelancing as a Solution

Yes, especially in this economy, freelancing might not always seem like the most attractive option. But if you have the skillset and the guts to go out on your own – you’ll find that this is the perfect way to achieve everything you set out to do! You can build a nest egg and make money for further investments, retire early, and support a family with a new baby.

So, how would this work? In the broadest possible sense, freelancing means that a business or person pays you to employ your talent or skills on a specific project organization. Unlike with a full-time job, you get to make your own hours. However, also unlike a full-time job, you are your own boss. And that has its ups and downs, but if you learn how to do it well it will turn out to be the best decision you’ve ever made.

Crucially – you can do it from home. Of course, if you have enough work and clients, chances are you’ll still need the help of your spouse or a nanny to take care of your new baby. But you’ll be far more flexible, both in terms of scheduling and in terms of your finances. Remember – once you deal with the overhead and taxes, you keep all of your money! So, at the same time, you can work from home, take care of your baby (and any possible future children down the line), and save up money for retirement!

Of course, many people will tell you that this is risky. And without a doubt, not having a full-time job with a new baby is not ideal. But if you have an employable and monetizable skill, you will find that the age of the Internet has made freelancing more attainable than ever before. For most modern office jobs, you can basically do the accompanying tasks remotely. Meaning that all kinds of people are opting for freelance.

Plus, there are companies that offer constant project-to-project work as well. Looking for clients is not that difficult; at least not as hard as many people make it out to be. Once you have a good reputation and a couple of projects under your belt, you’ll have no trouble finding work. In fact, more often than not, work will find you.

So, at the same time, you can work from home, take care of your baby (and any possible future children down the line), and save up money for retirement! Of course, many people will tell you that this is risky. And without a doubt, not having a full-time job with a new baby is not ideal. But if you have an employable and monetizable skill, you will find that the age of the Internet has made freelancing more attainable than ever before. For most modern office career opportunities, you can basically do the accompanying tasks remotely. Meaning that all kinds of people are opting for freelance.

Plus, there are companies that offer constant project-to-project work as well. Looking for clients is not that difficult; at least not as hard as many people make it out to be. Once you have a good reputation and a couple of projects under your belt, you’ll have no trouble finding work. In fact, more often than not, work will find you.

What do You need?

So, what do you actually need to start freelancing? Well, first of all, you need a skill that’s sought after by remote job companies and individuals worldwide. The good news is – your startup costs won’t be that high, especially if you work from home instead of a coworking space. The potentially bad news is – you will need some business acumen and skills. However, this isn’t rocket science. And it’s something you’ll need if you want to get the most out of your freelancing life. While some sleepless nights will be in order, we recommend you talk to an accountant or a CPA with experience.

For starters, you’ll also need a strong desire. You need to be passionate about what you do. Sure, most people will tell you that having a marketable skill is the most important thing. But the truth is, any skill is marketable if you’re good enough. Of course, programming, design, or writing are the most basic ones that will get your foot through the door.

Also, you will need enough money for all of the starting costs. These aren’t high, as we’ve mentioned; but if you need software or training courses, you may need a credit card for a couple of online memberships. Luckily – there isn’t much you can’t learn online these days.

Next – you need a good workstation at home. That means a computer you can rely on to get the job done and a good internet connection. Having a comfy chair and a proper desk always helps; it keeps your mind psychologically rooted in the feeling of being in an office.

Crucially, there are no age limits when it comes to freelancing. If you end up liking the combination of a relaxed home atmosphere and constant income – you may not wish to retire early at all. On the other hand, if this is still your goal, you will be able to build up sizable savings through freelancing work. The key thing to remember is – it’s never too late to begin.

All estimates show that the “gig economy” is on the rise, especially in the United States and the Western hemisphere. There has never been a better time to become your own boss before now. So, what are you waiting for? All that’s holding you back is uncertainty. But if you play your cards right, you can be damn sure that you’ll make it. Just put together a solid plan about how you’ll transition from a full-time job to a freelance career, and don’t make the jump until you have enough saved to cover at least 6 months of expenses.