MoneyWise Live


Mom’s Her Own Boss

October 29, 2018

You’re a stay-at-home mom. The kids are a little older now and you have some free hours while they’re in school. You’d like to boost your family income but you’re not sure how. Have you thought about starting your own business?  Just because you’ve been out of the workforce, don’t think you lack what it takes to be an entrepreneur. On this MoneyWise Live, financial planner and teacher Rob West shares the qualities of a successful business woman.

  • What advice is out there for our mom who’d like to start a small business out of her home? She’s never done anything like that before and she wonders if she has what it takes to be successful.
  • Then, Rob discusses what makes for a successful entrepreneur.
  • Our stay-at-home mom has skills— research, problem-solving and planning. We said we’d cover business ideas on another program but is there any advice for starting that process?

Next, Rob and Steve tackle listener questions at 800-525-7000 and via email to Questions@MoneyWiseLive.org on a variety of topics:

  • If you're home is paid and you have no debt and you're interested in making some improvements to your home, is a home equity loan a bad idea?
  • If you have income but want to get a home mortgage from a lender that requires a steady for at least 2 years, are there ways to get around this requirement?
  • A listener calls to relate a story about how she transittioned from full time work to a self employed position, then another calls about her third-generation real estate job.
  • Another listener calls to talk about her dog training business and another tells a story of changing from lawn care to stand-up comedy.
  • Then, a listener relates a story about working for 37 years as a Avon sales person.
  • What is the difference between a home equity loan and a line-of-credit?
  • If you're 72 and want to pay your home mortgage off but it would leave you with about $33,000, should you consider this?

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