Home entrepreneur Helping Our Children Escape Our Financial Dilemmas

Helping Our Children Escape Our Financial Dilemmas

by Kelly Crawford

“Families can’t afford to live on one income anymore”.

This statement seems partially true; that is, it is much harder than ever for families to survive on one income. Ironically though, the higher the income in a family, the more taxes must be paid. Here is an interesting quote from the book “Whatever Happened to Penny Candy”:

“Until the 1970’s, most families were able to improve their standard of living with only one adult working outside the home. In the 1970’s, ’80s and ’90s, mothers and wives got paying jobs usually on the assumption they were helping support their families. Try this. add up the total taxes your household pays (there are many hidden taxes). Chances are you will find that one spouse is supporting the household, and the other is supporting the government.”

We can all agree that we are taxed to death. I’m no economist, but I’ve heard that the onslaught of two-income families was the primary reason the cost of living increased. (We reap what we sow.)

I would also assume that the outrageous lunacy that is our government’s economy (unlimited borrowing which has led us to trillions of dollars of debt) would have a part to play in the ever-increasing taxes that burden the American family.

So, what to do? Some of us believe that the Bible has the best prescription for families–mother working at home, father working to provide the income. And even if you don’t believe the Bible, you can’t deny all the statistics that prove this is the ideal situation.

Some families will hold fast to their faith and remain a one-income family, regardless of the financial struggle. Some are in situations where they feel trapped and unable to cut to one-income.

And while there are tangible answers to our families, where we are, I think it is SO important that we consider this dilemma as we raise our children, and better equip the next generation for these trials our nation has brought on itself.

Because taxes are the primary financial burden on a family, (I would add that insurance is equal to that problem–anyone working on a solution ;-)? that’s where the problem needs to be targeted.

Our family has done a lot of research and come to the conclusion that we want our children, if at all possible, to be self-employed. Self-employment has many benefits, one of which is being able to have control over your tax status and exemptions. We’ve already discovered these benefits with our small family businesses. We always get tax money back because of all our tax exemptions (and so many children 😉

Most of us tend to consider success in a nutshell: “You must go to school, go to college and get a good job.” And that is certainly an option.

But we have found that thinking entrepreneurially widens the possibilities in career, freedom and income potential.

Thinking this way while your children are young gives you plenty of time to prepare them for self-employment. And often, a family can employ all its members in one occupation.

The book “Rich Dad, Poor Dad” says some really strong things about being enslaved to a company, and that the truly free are those who hire others, not who are hired. Food for thought!

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Rachel January 22, 2009 - 3:08 pm

You are absolutely right. Besides taxes, there is the added cost of childcare, a second vehicle, work clothes, etc. Often a women is paying just to work!

My husband works for himself. He has tried working at jobs for other people a few times, but always ends up quiting and going back to work for himself. He has so much flexability, no need to “ask” for time off, plead for a raise, or call in when he is sick. He has control over his time and income. If we have new or unexpected expenses coming up (like another child on the way!) He knows he can increase his income, by increasing his effort. How many people in a job can do that?

When you have a job your employer tells you what kind of car to drive, house to live in, when you can vacation, etc. He controls your income, which controls what you can afford. When you work for yourself, the income potential is greater. You control it yourself by how hard and how much you work.

Sorry to get long, but this is a passion of ours, so you better believe we will be teaching our children the same thing!

jonash January 22, 2009 - 3:35 pm

My parents highly praise both Robert Allen and Robert T. Kiyosaki (author of Rich Dad, Poor Dad).

However, I would exersize extreme caution in reading their matierals.
For years I had a vauge uneasy feeling I wasn’t able to voice, until this website helped clarify issues I feel their materials have.


Take it for what it’s worth.


Bethany Hudson January 22, 2009 - 3:43 pm

Good thoughts, Kelly. We really need to educate our children about the economy–including taxes and investing–before they leave the nest.

Suzanne January 22, 2009 - 3:53 pm

I agree with you. I think we must emphasize how to run the business effectively, too. Some people are not natural money managers and it can be quite confusing to own a business at times.

My dad was self-employed until a few years ago and sadly, my parents are far more financially stable now with him working for someone else. He’s very talented at his trade, but not a great businessman. This led to huge stress for us.

That said, I certainly plan to teach my child(ren) things she can do from home and I would encourage her to have a home business.

authenticallyme January 22, 2009 - 4:48 pm

I know that with me staying home…definitely benefitted us financially.

Last year I received $6000 back at income tax time. Apparently, my family is so ‘poor’, that the state of Pennsylvania exercises tax forgiveness on us, and gives us all our state money back. I think we get all the federal back, too. Thank you, Pennsylvania!

Staying home enabled me to prepare food cheaply-take my time shopping at the thrift stores, not be so reliant on a vehicle (while my kids were very little, we only had one car for years…..).

Also, and not that this is a ‘bonus’, but I think because our families regarded us as ‘poor’ as well, they would give us nice gifts at Christmastime, and take the kids shopping for boots, coats, etc if one needed it. Because I didnt work, the extended family wasnt called on for babysitting emergencies or date nights….or when our kids were sick, cause I was home.

Not having money also forces you to look into ways to live cheap…..oned family just told me they spend a fortune on having their 4 kids go for a haircut-almost every month….NO WAY could I afford that (or be inclined to spend money that way, but….). I self taught myself how to cut hair…how to do SO MUCH simply because I had to become creative. If we did have any debt on a credit card some years, we would use income tax time to pay it off. I never felt like I didnt ‘have things’.

I normally get complimented on my outfits and home decor, and I think its comical since its all from thrift-stores-r-us.

I persoanlly could not have managed a home business AND homeschooled AND stayed at home, etc. It would have been overload for me. I know a gal who does it and she always seems stressed or focused on the business because she is RELIANT on it….she is always having to go out of her way to please customers, etc. Maybe she doesnt keep her business simple enough…(like yours, Kelly). I would love to do a business but I am just not sure what I want to do, yet. I personally would love to go to college, but I am not sure yet what will happen. I am very big on telling my kids that everyone is gifted at something, and I want them to investigate their gifted side. Whether it will be birthed into a home business or not, I dont know. But I know it will bless them somehow, in life.

Either way, I do know I have NOT prepared my kids for financial freedom. One of the areas I havent really tackled yet.

Sbyllek January 22, 2009 - 5:12 pm

My husband was self-employed until last August when God gave him a job working for a local company.

You guys must have a great understanding of tax law or our accountant needed more of an understanding, because we were severely taxed each year…more so than he was/is working for another company.

I loved the flexibility he had while self employed, and our kids benefited greatly having daddy around so much during their first years…

I am all for self-employment, it has so many benefits…but for us, less tax was not one of them.

angiejmq January 24, 2009 - 12:10 pm

I think we can look at history,and the state of things today, and see that mothers leaving the home and entering the workplace has not been good for our society. I believe it is a big contributor to the decline of families and the high divorce rate. I, like you, am no economist, but it wouldn’t shock me to find that it’s hurt the economic well-being of our society as well.

I’m always bothered when I hear families say, “She can’t stay at home because we don’t have enough income, insurance, etc.” As Christians, our first job is to obey God, and let Him figure out how it’s all going to work. On paper, my being at home would look foolish to those who value “financial security”. God has always provided. I love being at home. It makes me sad that so many women are missing the same blessing because of the fear that they won’t be able to make it financially.


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