How Much Is Your Mother Worth This Mother's Day? Edelman Index Says: $802,690
For Immediate Release
May 08, 2008
Media Contact:
Mark Bagley
mbagley@RicEdelman.com
703-227-0541
FAIRFAX, Va. -- The job-market value of the role of a mother has increased to nearly $803,000, according to financial advisor Ric Edelman’s Annual Mother’s Day Index™.
Edelman has been compiling the lighthearted annual study for ten years. The basis of the index is that the typical mom actually does many jobs: 17 of them. Using average annual compensation data from the U.S. Department of Labor’s Bureau of Labor Statistics, Edelman totals up the average salaries for those 17 key occupations to arrive at each year’s Index number.
“Since a mother wears so many hats and is on duty 24/7, I structured the Mother’s Day Index to reflect a total of full-time yearly salaries for all the key positions she holds,” said Edelman.
Edelman noted that the average multi-tasking mom routinely is expected to:
| · raise children | · dispense medication and nursing care | · assist with homework |
| · cook meals | · attend meetings and functions | · provide transportation |
| · keep house | · listen to and resolve family problems | · manage family finances |
| · care for pets | · maintain family order and harmony | · keep family on schedule |
The total of the 17 average annual salaries in 2008 is $802,690, an increase of $28,990 over last year.
Since it was first compiled in 1999, The Mother’s Day Index has increased by 58.26%. During that same time, the Consumer Price Index has grown by 29.41%, according to Ibbotson Associates. “Every mom should know that over the past decade her value has increased at twice the rate of inflation,” said Edelman.
Ric Edelman’s Annual Mother’s Day Index
The occupations which compose the Annual Mother’s Day Index and their corresponding median annual salaries are:
| a. | Animal Caretaker | $29,920 |
| b. | Chef | $37,880 |
| c. | Computer Systems Analyst | $72,230 |
| d. | Financial Manager | $101,450 |
| e. | Food/Beverage Service Worker | $19,360 |
| f. | General Office Clerk | $25,200 |
| g. | Registered Nurse | $59,730 |
| h. | Management Analyst | $77,270 |
| i. | Child Care Worker | $18,820 |
| j. | Housekeeper | $18,700 |
| k. | Psychologist | $66,110 |
| l. | Bus Driver | $33,050 |
| m. | Elementary School Principal | $79,200 |
| n. | Dietitian/Nutritionist | $47,890 |
| o. | Property Manager | $52,290 |
| p. | Social Worker | $40,640 |
| q. | Recreation Worker | $22,950 |
| TOTAL | $802,690 |
Edelman, whose firm manages nearly $4 billion in assets for individuals and families nationwide, said the index is actually a conservative number since it does not include the value of the retirement, health and insurance benefits that workers in these positions typically receive.
“Of course, no one can truly place a value on the love and affection that mothers give to their families,” he said. “My index is designed to help us appreciate them: Think of the money you’d need to pay someone to do everything that your mom does!”
Founder and chairman of Edelman Financial Services, Edelman was ranked in 2007 by Barron’s as the No. 2 independent financial advisor in the nation. He hosts The Ric Edelman Show, broadcast nationwide each week by the ABC Radio Networks, and is the author of six books, including the current best seller The Lies About Money.
Edelman Financial is a marketing name for two affiliated registered investment advisers. Edelman Financial Services LLC primarily serves the Washington D.C. area; Edelman Financial Advisors LLC serves clients nationwide via its own advisors and unaffiliated registered investment advisers. Sanders Morris Harris Group (Ticker: SMHG) is majority owner of EFS. Ric Edelman is majority owner of EFA and minority owner of EFS.
Ric Edelman is an Investment Advisor Representative and offers advisory services through Edelman Financial Advisors LLC and Edelman Financial Services LLC, SEC registered investment advisers. Ric is also a Registered Representative of and offers securities for Edelman Financial Services LLC through SMH Capital Inc., an independent broker/dealer, member FINRA/SIPC.
Barron’s cover story “Top 100 Independent Financial Advisers,” August 27, 2007 (compiled by independent financial industry researcher R.J. Shook, based on assets under management, advisor’s contributions to the firm’s revenues and profits, quality of service, and client satisfaction).
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