Money or family? Which one is more important for work life balance? I think most of us would say family is more important, but let’s not criminalize money in the process. This article will help you remember the importance of family and put money’s importance into perspective.
Money can be used for good or evil. You shouldn’t love it, but you should definitely use it for your family’s benefit. For instance, most parents want to send their children to college, and that costs money without scholarships. So it’s obvious that we should put some focus on doing good work to earn money.
But how much money is enough? The honest answer is that it depends on your specific situation. But in general, if you have food, clothing, and shelter, that means that you’re able to meet your basic needs. Everything else is extra! I know it can be hard to think that way here in the United States, but it’s the truth. The U.S.A. has abundant wealth, but too many of our family relationships are in disarray.
Here are some factors that will help you determine how much money you need:
- Your specific financial goals
- Your current household income
- The amount of debt you’re in
- The amount that you have in savings
- The number of children/dependents you have
- The cost of living where you live
- How close you are to retirement
Table of Contents
More money or more time with family?
Deciding on whether to focus on making more money or spending more time with your family is an age-old dilemma. Thankfully, these days many more parents (especially fathers who are stay-at-home dads and work-from-home dads) are embracing having a bigger presence at home.
In a 2015 study by the American Journal of Men’s Health, children were found to have positive relationships with both the father and the mother when dad stayed at home as a caregiver and mom worked away from home. It’s time to destroy the negative stay-at-home dad stigma that “stay-at-home dads are losers.” Stay-at-home dads and stay-at-home moms are some of the most loving, productive, and creative people and family business owners in the world.
Here are some great benefits of being a stay-at-home or work-from-home parent:
- More time with your spouse
- More bonding with your child(ren)
- More intimate and consistent input in how your child(ren) is raised
- More insight and input on what your child(ren) are learning, eating, and doing
- Elimination or reduction of child care costs
- Increased flexibility to be with your child(ren) if they get sick or injured
Let’s be honest and look at some challenges of being a stay-at-home or work-from-home parent:
- The temptation of being an over-protective or micro-managing parent
- The possibility of myopically making “mom” or “dad” your sole identity (you are more than a parent!)
- Having less time to focus on earning money
- Dealing with more distractions (children, pets, etc.)
But it must be asked: why can’t you make more money and spend more time with your family at the same time? A family business is the answer.
Starting a family business is a great way to spend time with family while making money at the same time. Remember to take time away from the business to just be family. Family businesses are fun but can turn ugly if money and status become too much of a focus. If you want to go this route, remember that you are family first and business partners second.
I’ll end this section with some important questions to answer and things to consider to help you determine if you need to spend more time with family:
- Do you think you’re “doing your duty” as long as you’re keeping the bank account full?
- Do you frequently miss important milestones and experiences with your family?
- Do you hear your spouse and children talk about the lack of quality time spent with you?
- Are your children always asleep when you get home?
When your life is coming to an end, you will likely be more concerned about spending time with the people you love. Therefore, put money in the proper perspective and cherish every moment that you have with your family members and friends.
How to make money without sacrificing family relationships
If you’re like me, you want to provide a good life for your family and your family to come. There are certainly ways to balance earning a living and being present with your family. One positive thing from the Covid-19 pandemic is that it has created an opportunity for many families to live, work, and play together at home (I know it’s not always peachy, and our alone time is necessary sometimes).
Here are several ideas for how to make money without sacrificing family relationships:
- Don’t work (too much) on weekends
- Work from home part-time or full-time
- Teach your kids how to do certain business functions
- Take breaks away from your phone and computer
- Take vacations
- Start to earn passive income
The benefits of blogging and passive income
I’m a big fan of blogging and generating passive income. I can do all of my hard work, smart work, and delegating on the front end. Then, the content that I publish can earn ad and affiliate revenue WHILE I’m spending time with my wife and kids. Check out this blog post if you want to learn how to launch a blog in 2021.
Whether you’re making big bucks or barely breaking even in your business, be a good steward of the money that you earn. Think about how some of your money can be used to bless others and help secure the financial legacy for your family.
Want more family business ideas? Here are 16 family business ideas that you can consider.
The best work life balance jobs
Is work life balance really a thing? Some say that life includes work and everything else, but if we’re honest…work or “earning a living” is a big, clear part of our lives that stands out. Balance is needed if you want to have quality time with your loved ones and help provide for them. A good work life balance job allows you to earn money and disconnect from it so you can spend time with family and friends. Here’s a shortlist of the best work life balance jobs that you can pursue:
- Dental hygienist
- Marketing assistant
- Substitute teacher
- Nail technician
- Fitness trainer (virtual trainers are doing well these days)
- Library assistant
- Package delivery person
- Lab technical assistant
- Content manager
- Copy editor
- Corporate recruiter
- Retail salesperson
- Telemarketer (yeah, I know…not the greatest reputation)
Five ways to delegate tasks to create more time for loved ones
Money is a tool that can be used to help life and business be more efficient. Having money gives you the option to delegate tasks by paying someone to do it. Giving these tasks to others will give you more time to spend with your family and friends. Here are some things that you can delegate so that you can have more time to strengthen relationships:
- Deep home cleaning
- Home repairs
- Yard work and lawn care
Of course, you can spend time with loved ones while doing the previously listed activities with your family. If you have children, they need regular chores so “delegate” tasks around the house to them! Hooray for Saturday family clean up day!
Delegate business tasks
If you’re an entrepreneur, you need to learn how to work ON your business instead of IN your business. Delegate tasks to others within your business so that your company can run more efficiently and effectively. It’s all about teamwork. Your successful efforts here will help you get more done as a team so that everyone can go home and spend time with their loved ones.
Lending money to family members
One more thing. Sometimes, family and money can be a dangerous mix. Many of us have experienced family asking for money. I’ve loaned money to family members with the expectation of it getting paid back. But it wasn’t. I have to especially remember the importance of family in those situations. I likely won’t loan money to those family members again, but I will still love them and support them in other ways.
When it comes to money vs family, there’s no contest. Cherish your family relationships more than anything else on this planet.
- Family and relationships are the most valuable things on this earth
- Money is a tool that should be used for good
- You should be a good steward of your money for the greater good and your family’s future
- Delegate tasks in life and business so that you can have more time with loved ones
- It’s totally fine for fathers to stay-at-home and work from home!
Money and resources are good to gain, protect, spend, and leave for your descendants (or a trust or charity). Just know that you can’t take any of it with you when you die. Therefore, place more value in your relationships during your time on Earth and be grateful for all that you have.