How Much Is Your Mother Worth This Mother's Day? Try $761,650
For Immediate Release
May 06, 2006
Media Contact: Will Casserly
wcasserly@ricedelman.com
(703) 251-0110
FAIRFAX, VA (May 4, 2006) ? Your mother may be priceless to you, but in today's job market she's worth over $750,000 per year (up nearly 35,000 from last year), according to Edelman Financial Services' Annual Mother's Day Index?. The study includes the salaries of the many occupations that a typical mother might hold during the course of a given year.
The eighth annual EFS study examined salary data obtained from the U.S. Bureau of Labor Statistics. Edelman's goal was to establish criteria and determine what the combined median yearly salary would be for a multi-tasking mother being asked to:
- Raise Children
- Keep family on schedule
- Dispense medication and nursing care
- Cook meals
- Attend meetings and function
- Assist with homework
- Provide transportation
- Listen to and resolve family problems
- Maintain family orders and harmony
- Manage family finances
- Keep house
- Care for pets
Based on 17 key occupations, Edelman Financial Services LLC estimates that this year a mother?s financial worth is over $750,000 per year, or about $64,000 per month. The occupations and corresponding median annual salaries are:
| a. | Animal Caretaker | $27,900 |
| b. | Chef | $34,870 |
| c. | Computer Systems Analyst | $69,470 |
| d. | Financial Manager | $94,180 |
| e. | Food/Beverage Service Worker | $18,120 |
| f. | General Office Clerk | $24,440 |
| g. | Registered Nurse | $55,680 |
| h. | Management Analyst | $73,460 |
| i. | Child Care Worker | $18,060 |
| j. | Housekeeper | $18,030 |
| k. | Psychologist | $63,340 |
| l. | Bus Driver | $31,750 |
| m. | Elementary School Principal | $76,050 |
| n. | Dietitians/Nutritionists | $45,490 |
| o. | Property Manager | $50,350 |
| p. | Social Worker | $38,280 |
| q. | Recreation Worker | $22,180 |
|
TOTAL |
$761,650 |
"Edelman Financial Services is attempting to quantify and track the true market value of a mother's annual worth in today's economy," said Ric Edelman. "Of course, no one can place a value on the love and affection that mothers give to their families," he said. "But since a mother wears many hats and is on duty 24/7, we decided that a typical mother deserves a full-time yearly salary for all 17 key occupational positions." Edelman noted that these figures should be higher, because they do not include the retirement, health and insurance benefits that workers in these positions typically receive.
"So if you haven't given much thought to the benefits of having a mom, try finding the money you'd need to pay someone to do everything that she does," Edelman said. "Don't forget to put the check in the Mother's Day card - the one for $761,650."
Ric Edelman is the author of five books on personal finance including the national bestseller, The Truth About Money (HarperCollins). His firm, Edelman Financial Services LLC, manages more than $2.7 billion in client assets. Ric also writes a newspaper advice column, syndicated nationally by United Media; hosts weekly radio and television shows in the Washington, D.C. area; offers a comprehensive free educational resource on personal finance online at www.RicEdelman.com; and is Chairman of the Board of the United Way of the National Capital Area.
Rescue Your Money, written by award-winning financial advisor Ric Edelman, is your personal investment recovery plan.
