There’s plenty of talk on the Internet these days about achieving “financial freedom.”
Forums, YouTube playlists and social media platforms seem to have been set ablaze with discussing this new goal.
If you’re like me, maybe you’ve wondered: What would it look like to be financially free?
To not be tied down to a specific job, able to choose work place and work schedule more freely, to fill up a schedule autonomously instead of being dependent on an employer.
There are libraries of useful information for personal finance and achieving that dream of financial independence, and I recommend diving in.
But I’m here to offer a single, powerful piece of advice. I offer this not as a money-making guru, but as a busy mom who’s seen the effects of making good financial decisions. The tactic I want to talk about today– and one that seems little-known– is using part-time work, particularly substitute teaching, as a lever in achieving financial freedom. Here’s how:
What is financial freedom?
Though there are many definitions out there, I’d define financial freedom as not being dependent on a job for income.
This is not to say one wouldn’t need to work— one just would be free to choose the terms of his or her work.
In real life, I imagine this as not having to fit my schedule into an employer’s. It would look like our family having a cushion of income– through various investments– that meets our expenses and collects compound interest for the rest.
It would look like choosing when my husband or I have to work, setting our task list, setting our hours. It would take the shape of flexible family time and freedom for scheduling our own pursuits.
It certainly wouldn’t look like begging a boss to be taken off the schedule just to attend my best friend’s wedding. Or having to cobble together lesson plans last minute because my child woke up that morning with a cough and a fever.
To me, financial freedom looks like setting our own schedule, not being dependent on a particular job, and not having to worry about covering our basic expenses. My husband and I decided early in our marriage that we wanted a taste of that– but how?
Is it possible to achieve financial freedom as a busy mom?
When you start to add kids to the mix of gaining ground financially, it can certainly add in a new dimension. There are increased costs and time demands when having children, but I’d argue that it’s not impossible. Here are some of my best tactics for getting ahead financially with kids:
Tactics for achieving financial freedom
- Spend less. Even Benjamin Franklin wrote in his 1758 The Way to Wealth, “If you would be wealthy, think of saving as well as of getting.” Reduce unnecessary costs. Even something like buying a used car instead of a new vehicle can dramatically reduce your monthly expenses.
- Earn more. In a way, the “get a job, hippie!” people were right: Increasing money coming in is a powerful lever. If you have a family, it helps to think of this in terms of the team. Can you help increase your spouse’s income if he already has a job? Can you increase your income or start a new position or business? (I’ve written a whole other article detailing different side jobs I’ve worked while in the throes of motherhood, if you’d like to check that out!)
- Get out of debt ASAP. I’ll defer to the established wisdom of Dave Ramsey on this, but you’ll want to prioritize getting out of debt. It compounds against you negatively, not to mention how it can hold you back psychologically. It really is worth getting that debt monkey off your back. Check out library of free information on Dave Ramsey’s site.
- Invest. Investing in index funds in the stock market, for example, can give you a compounding return. The key ingredient here is time. Think of investments you could make to set up a bright future for your family.
Why substitute teaching is a lever to achieving finance goals
Why specifically call out substitute teaching as a financial freedom lever?
Because– for one– I’ve tried it, and it works.
Refer back to my second bullet item on achieving financial freedom: Earn more. Substitute teaching is a great part-time job option for moms. (I’ve listed the job’s benefits, particularly for moms, in this article.)
I’d encourage any mom who needs to increase their household income to try working part-time. Part-time work is an unglamorous but effective lever for financial freedom. This is because it gives you runway to launch into the next steps. (But only if you’re tactical about it!)
What do I mean by runway?
I mean using the income from part-time work, in my case, substitute teaching, to throw at high-leverage goals like getting out of debt or increasing income.
You could use your substitute teaching paychecks to chip away at debt. Maybe you could lift your family out of a debt within a year. Can you think of the impact that would have?
Or let’s say you’re committed to increasing income through creating a small business. You’ve probably heard, “It takes money to make money.”
If you and your spouse plan on starting a business, I think that is a fantastic and impactful method for increasing income. But with business creation comes costs. You simply can’t dodge the bureaucratic setup fees, the marketing costs, and the time or expense in keeping books yourself or hiring someone.
It’s possible to start a business with little overhead, but you’ll need some money to get things rolling before you earn your first buck.
That’s why I recommend part-time work, if you’re not the primary household earner, as an occasional funder of your small business dream. You can still primarily stay home with your kids. I only work about ten days a school year, but that nets us around $1,400 after taxes.
And instead of dropping your paycheck into the consumerism abyss, you could wield it as a powerful tool to get your family floating instead of doggy paddling for your lives. Because it the waters can be rough out there, and I want to keep it absolutely real with you. These are the most effective levers I’m seeing.
Pros, cons and next steps forward in substitute teaching
There’s a variety of pros and cons you’ll need to consider if looking at substitute teaching as a lever for financial freedom for your family.
But, as I argue in this article, I don’t think overthinking and overcomplicating the decision is helpful if you’re truly in a desperate financial spot.
Sure, substitute teaching isn’t all roses (or even their less glamorous cousin carnations sometimes) but I think it’s worthwhile taking on this job in the short term to launch your family to your long-term goals.
Think: short-term pain for long-term gain.
At the risk of sounding like some intense fitness coach barking out impossible orders, I ask you to consider how important financial freedom is to you.
Besides, the benefits of substitute teaching as a mom are substantial:
- Substitute teaching is one of few extremely flexible jobs when it comes to scheduling. You can essentially pick your own schedule.
- There’s a low barrier to entry. Substitute teaching is quite easy to get started. The qualifications are usually minimal. Check out this article on how to become a substitute teacher for more information.
- There are rewarding moments with students and staff. The job is challenging, but I’ve also had so many great experiences getting to know the students, teaching them interesting and valuable things, and building positive relationships with other staff members. Subbing will nearly always be a mixed bag of experiences– but don’t forget all of the good.
Depending on what your small business will be, you can increase the leverage of substitute teaching even further by using your break times to work on business tasks. In my district, we technically must be available during the teacher’s fifty-minute planning period to cover other classes if needed, but I’ve never been called for this. So that ends up being a chunk of time, in addition to lunch, in which I can work on my business.
If I’ve convinced you that substitute teaching can be a powerful lever for gaining more control over your finances, I’d suggest looking up the requirements in your school district and getting started!
Let me know if you pursue substitute teaching! This whole site is a resource dedicated to helping moms and substitute teachers like you. Leave a comment to say “hi” if you’d like to introduce yourself!
