Be a Rich Single Momma: Get a Six-Figure Career without a 4-Year Degree

Be a Rich Single Momma: Get a Six-Figure Career without a 4-Year Degree

by | Jun 12, 2012

If you want to become a Rich Single Momma you may consider several pathways.

  • You might have a rich uncle that will leave all his wealth to you. But how many of us have rich uncles?
  • Next on the list is finding a surrogate uncle, we call them sugar daddies. That might be hard to stomach though.
  • Write a bestselling book like Harry Potter as J.K. Rowlings, a single mom, did.

An alternative is a six-figure career. The only problem is you probably don’t have time to go back to school for another four to eight years to become an attorney or doctor. But the good news is you can make six-figures without a 4-year degree. The trade off is a short certification or two-year program, time on the job, the ability to sell yourself and skills, and planning.

I encourage you to evaluate your current job/career, industry, and skills. They could be transferable if you are not in the right industry. Take a look at your job satisfaction and ambition because landing a six-figure job does not happen by magic. Also check where are you in terms of your determination and motivation?

Single moms already have enough to do so it’s no point in adding more long-term stress. But I digress. I am supposed to be sharing six-figure careers that don’t require a degree. Okay, here is the list:

  1. Real Estate Broker
 7.  Network/IT Manager
  1. Air Traffic Controller
 8. Hotel Executive Chef
  1. Small Business Owner
 9. Radiation Therapist
  1. Fire Chief
 10. Court Reporter
  1. Construction Manager
 11. Financial Planner
  1. Plumber
 12. Mobile App Developer

 

Start Your New Career Now

Now before you throw your hands up in despair take a look at the list again. Is there a career you would like to get into? What would happen if you decided today to become a court reporter? The median annual wage for court reporters was $47,700 in May 2010. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $25,710, and the top 10 percent earned more than $91,280 according to the occupational outlook handbook.

Since you are going to combine determination, timing, and location you will be in the top 10 percent. Training can be as short at six months and as long as two years. By using a phased educational approach you can learn while you are working. It will take commitment but you will see your career progress from making the median $47k a year to over $90k a year.

Give Yourself Time to Make 6-Figures

Any occupation you choose from the list is going to require time for training if you are not already in the field. There are certificate programs for most of the occupations available through your local college or an online program. Many related associations offer certificate programs as well. Your path to six-figure income will be a progression. You will start off at a lower pay rate, but as you build education, experience, and skills it will progress. You could be making six figures in less than five years. You must be determined and persistent so put yourself on a career plan similar to the one below.

Court Reporter Career Plan

Activity Year 1 Year 2 Year 3 Year 4 Year 5 6+ Years
Education Certificate 2 year degree 4 year degree
Experience Trainee Junior Junior Level Mid Level Senior Level
Income $40,000 $47,000 $52,000 $65,000 $75,000 $90,000

 

Of course this is an aggressive plan but if you are in the right city and have the right timing you could reach this income level in five to six years. Your plan may not be as aggressive and results may vary. In whatever career you choose, be sure you look at salary information from one or two websites so you know how much you should be paid. Location will be a factor in addition to your experience and specialization.

You can be a Rich Single Momma, but it will take determination, persistence, ambition, and a plan. It will take time but the time you spend dreading the thought of learning a new skill, moving to a new city if necessary, learning how to negotiate a salary, and paying your dues for a few years could be spent just doing it.

Next time I will share my career path and progression with you. Some of what I did was deliberate but much of it happened because I was in the right place at the right time and was not afraid to move into a different career path.

How to Take Control of Your Financial Future

How to Take Control of Your Financial Future

by | Jun 7, 2012

As women continue to break the glass ceiling in the working world, they also need to keep in mind their potential vulnerability in the financial world. Women tend to be more concerned about monthly expenses than saving enough for retirement, according to a recent survey sponsored by the Retirement Services Division of Massachusetts Mutual Life Insurance Company (MassMutual).

But the reality is that women often live longer than men, and therefore will have to figure out how to stretch retirement dollars longer, says Elaine Sarsynski, executive vice president of MassMutual’s Retirement Services Division and chairman and CEO of MassMutual International LLC.

Only 39 percent of women report being confident they know how to calculate how much money they will need in retirement, according to the nationwide survey. And compared to men, women were less likely to increase portions of income saved through work retirement plans, or contribute to a regular IRA account.

“Women need to pay attention to personal finances, because one way or another there is some likelihood they will be doing it alone,” says MassMutual Financial Professional Robin Weingast. “More than  50 percent of women age 75 or older live alone, and the median income of women 65 plus is now $15,000, according to the U.S. Department of Health and Human Services 2011 report on older Americans.”

Sarsynski says it is also troubling to note that when people retire early, they are often doing so for negative reasons like declining health, disability issues or unemployment.  A 2012 Retirement Confidence Survey by the Employee Benefit Research Institute and Mathew Greenwald & Associates found that to be the case for 50 percent of their respondents.

“If you are a woman in this situation, you may be even less prepared to handle such a sudden challenge,” Sarsynski says.

For women in all stages of life, here are some financial aspects that should be reviewed and added to a retirement planning program:

Bank Accounts

If you’re married, sharing joint bank accounts can help highlight how the family income is spent. Chances are you and your spouse don’t earn exactly the same income. Some couples decide to split expenses evenly, while others appropriate the larger income toward the larger bill payments. Whatever you choose to do, consider creating a personal savings account in addition to the household financial contribution responsibilities you already have.

Deal With Debt

Debt accumulation can cause a strain on a spouse’s credit – and finances – even if it happened prior to the wedding. Determine if you will be held responsible for your spouse’s prior debts, and if so, to what extent? If you are able to keep your prior debts separate, it will help to ensure each other’s property remains out of reach of creditors, protecting your individual credit ratings.

Prepare for Retirement

On average, women tend to spend 12 years out of the workforce due to caregiving responsibilities for children, parents and spouses, according to the U.S. Department of Labor. To top it off, women typically earn 77 percent of what their male counterparts earn. This traditionally results in women contributing less to retirement via 401(k) accounts, or receiving less through pensions and Social Security benefits. Because of these factors, women need to start a retirement planning process earlier in life, either setting additional money aside, or meeting with a financial adviser to discuss options.

Get Adequate Insurance

Even with a great retirement plan in place, unplanned factors can impact savings. Disability income insurance can provide a source of income in the event you are unable to work because of an accident or illness. And life insurance can help provide financial security upon death by providing funds for children to attend college, or to help continue with mortgage payments.

Maintenance

Make sure to keep retirement savings and insurance on pace with income. It’s important to keep your retirement savings on par with what you earn. If you receive a raise, consider using a portion of that money to increase your contribution to your 401(k) plan. The same goes for disability income insurance protection. As your income rises, so should how you allocate funds to protect it.

Taking a good look at personal long-term plans can help women be better situated for their futures financially. Retirement is an option for all women no matter their life situations, and can become a reality with good planning. (ARA)

Photo Copyright (c) 123RF Stock Photos