SAHM but want to do something else too

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Hi all 👋;

This is my first thread, so please be gentle!

I am currently a SAHM to my lovely DD 4.5 months old. My DH works full time. Prior to May 19, I worked full time from home as a paraplanner (writing suitability reports for financial advisers), and had run this business for 5 years. I also worked as a budgeting adviser for CAB two days per week. I have a law degree too (relevant).

I shutdown my business in May just before DD was born, and DH and I a had agreed that I would SAH for 3 years to avoid childcare being needed. Financially we can afford this - DH's salary plus my disability benefits (I have cerebral palsy and this physically limits me somewhat), so money is not the issue.

DH has told me that (quote) "I don't mind if you work or not", but I am starting to wonder whether I should do something to fill some time, as I don't want to just be chained to nappies and bottles.

I did look at part-time jobs, but where we are this would mean either in Waitrose or high end clothing stores and as this means standing for a long time, I'm not sure my disability would cope.

I have an idea of starting a "financial wellness coaching business" where I would meet clients in their homes; but I think in order to best sell myself, I would have to get a masters degree. I can get a degree through the OU (in either critical thinking or psychology), which I think would help me in the "coaching" part of my business idea (as I'm already experienced in finance). To do this I could get a postgraduate loan, which would be added onto my existing student loan from undergrad.

Now to the crux - DH thinks adding more onto my student loan and taking 2/3 years to do this masters might be a waste if my business doesn't take off, but he also accepts that part-time work May not suit my physical difficulties.

What do you all think? Should I do it or just stay looking after DD for 3 years?

Thanks!

Why can’t you go back to being a paraplanner?

What grumpy said. I wfh around DD, have done since she was a week old. Your best bet is to sell yourself based on the skills you already have.

Can you not do work projects in what you used to do, but as a freelancer? That way you can do exactly the amount that suits you and you already have the skills.

I could- but if I'm honest, I didn't like it. Financial advisers don't tend to be very nice to paraplanners in my experience as they treat you like secretaries, so I would prefer to move away from that.

Do the course if you can afford it

I don't think you need any further qualifications - you know a lot about finance and can help people immediately. Honestly, every qualification you get you'll still feel like you need more. Your DH is right in that you would be mad to get a top up to your student loan. You don't need it.

Once you have a computer and a good webcam you could start tomorrow! I would do online coaching via skype or whatsapp video. It keeps running costs super low and has more flexibility than travelling to see clients face to face.

I've created this business model myself but in a different field. My business turns over 6 figures so if you get the formula right you can be very successful.

Difficult. I was going crazy when my baby was that age, so completely follow why you'd want to get out of the house.

Your career plan sounds a bit vague if I'm honest. I'm not sure why a masters in critical thinking or psychology would help you become a financial planner/coach. Aren't there industry specific qualifications? If you are purely considering whether it is worthwhile from a financial perspective, I think starting your own business in this area just seems like quite a big risk. How will you find clients - particularly enough clients to not only pay for the outlay of a masters and childcare, as well as business expenses (insurance, renting a space for meetings)?

I 100% wouldn't discourage you from going back to work. But I wonder if you need to think of other options. You are well qualified so I'm sure you have other options. Financial clerk type work (payroll etc)? Paralegalling? Even qualifying as a solicitor?