I've worked for my state government over 10 years in the my two college majors accounting and computing. In Kansas, which is a low cost living area, a good job will earn you $700 per week, or $2800 per month. After taxes and health insurance, I was left with about $2100 a month. From that $2100, I paid daycare expenses of $350 per month, $50 per month for a parking permit, $200 a month in gas and car maintenance to commute, and $100 a month for the dress clothes I needed to work. Leaving me with $1400 a month to pay my share of the household bills, make student loan payments, and hopefully have money left to buy a soda now and then. I was making a decent salary for my area, but I didn't get to keep much of it.
$2100 Net Earnings
-50 Parking Permit
-200 Gas and Car Maintenance
In 2007, my family circumstances caused me to work only part-time. I now work only 2 days a week at my regular job. At the time, I didn't feel like I had a choice, or I probably wouldn't have reduced my hours. But, it worked out BETTER for me and my family. Here is why:
$1100 Net Earnings(Working part-time dropped us into a lower tax bracket.)
- 0 Daycare (Only working 2 days a week, family and friends do this for free.)
- 0 Parking (I work outside the normal 8-5 hours so I don't need a permit.)
- 75 Gas and Car Maintenance (Same distance but now 2 days instead of 5.)
- 25 Clothes (I work from home in my regular clothes most of the week.)
What I need to earn working from home to make up for the income I lost by working only part time is $400 a month. ($1400-1000) I now earn that from my writing. This year, I expensed all of it for the use of my home office and supplies. Any additional money over $400 that I earn writing means I am financially better off than I was before. It has taken me almost 2 years of writing when I had free time to build my monthly residuals up to $400. But, the keywords here are "writing when I had free time."
- I work when I want.
- I have time for my family.
- I have just as much money as I did before.
- In the next few years, as my residuals grow, I expect to exceed what I was making working full-time away from home.