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<\/a><\/p>\nSheryl Sandberg is no stranger to success. As a vice president at Google from 2001 to 2008 and the COO of Facebook since 2008, she\u2019s managed to accumulate a net worth of more than $1 billion, according to Forbes. When the mother of two released her book \u201cLean In: Women, Work, and the Will to Lead\u201d in 2013, she also became a household name. Not every mother will agree with the advice and assertions Sandberg set forth in her book and on her website, LeanIn.org. After all, with a $1 billion net worth, she definitely has more resources at her disposal than most working moms. But with today being Mother\u2019s Day, GOBankingRates spoke with mothers to get their advice on how women can take control of their careers and mitigate the bank account-draining effects of parenthood.<\/p>\n
<\/p>\n Secret Costs of Being a Mother <\/strong><\/p>\n It\u2019s no secret that having and raising a child is pricey. The USDA estimated that in 2011, the annual cost of raising a child ranged from $12,290 to $14,320 per child for a two-child, middle-income married couple. This means that by the time a child reaches adulthood, parents will have spent somewhere in the ballpark of a quarter of a million dollars raising him. But while these costs are often shared by mothers and fathers alike, one cost in particular has a big and negative impact on mothers alone: loss of wages.<\/p>\n Gender Pay Disparity Is Widest Between Men and Women With Children <\/strong><\/p>\n A look at gender pay disparity worldwide, released in December 2012 by the Organisation for Economic Co-operation and Development (OECD), found that the gap in pay for full-time workers is highest when comparing women and men with children. For childless workers of comparable ages, male wages were just 7 percent higher than their female counterparts. With children added into the equation, however, the gap more than tripled to 21 percent. How does this gender pay disparity translate into actual dollars and cents for moms? A 2010 study from the National Bureau of Economic Research (NBER) found that for low-skill mothers, who often earn less, the difference is less staggering: They experience a lifetime wage loss of $49,000 and a pay reduction of about 6 percent when they have a child. For high-skilled women, however, the numbers are much higher, with lost lifetime wages estimated at $230,000 and as much as a 24 percent reduction in pay each decade after their child\u2019s birth. Clearly, parenthood costs a lot \u2014 and it costs mothers more.<\/p>\n How to Avoid Losing Out on Wages <\/strong><\/p>\n Sandberg makes three main suggestions for women to follow to see greater professional success: jump into a career at full speed before starting a family, let go of unattainable goals (i.e. \u201chaving it all\u201d) and\u00a0speak up when men and women are held to different standards. The following suggestions from working mothers can also help women find a better balance between life and career, and home and work without sacrificing money in their savings accounts.<\/p>\n Read:\u00a0\u2018Shark Tank\u2019 Star Barbara Corcoran and Robert Kiyosaki Reveal Financial Lessons From Mom<\/a><\/p>\n 1. \u201cLean In\u201d and Stay Visible in Your Workforce <\/strong><\/p>\n When it comes to the workplace, there is a definite double standard when it comes to mothers and fathers. While a father\u2019s devotion to his kids and family life is seen as admirable, the same traits in a woman can often be perceived as a lack of commitment or inability to handle more responsibility. Liz O\u2019Donnell, founder of HelloLadies.com and author of the book \u201cMogul, Mom & Maid: The Balancing Act of the Modern Woman,\u201d shared her experience with this double standard: \u201cSeveral years ago I worked as the head of marketing for a company that was conducting a search for a VP of Sales. I was told by my boss, months after the position had been filled, that the executive team had mentioned me as a possible candidate but decided not to ask me about the job because I was a mother and the job required frequent travel. I have two children. Who did they hire? A man \u2014 with three children.\u201d It\u2019s times like these that it pays to take Sandberg\u2019s advice to lean in. If she could do it differently, O\u2019Donnell said she would have expressed an active interest in the job, rather than thinking, \u201cIf they think I\u2019m qualified, they will let me know.\u201d By putting themselves forward, women can make sure they are considered for opportunities and promotions, and stay on pace with their male or childless colleagues.<\/p>\n Keep reading:\u00a0Lisa Vanderpump and Other \u2018Real Housewives\u2019 Share the Best Money Advice From Mom<\/a><\/p>\n 2. Work With Your Partner<\/strong><\/p>\n Sandberg lists choosing a partner as the most important choice a woman will ever make in her life. \u201cI don\u2019t know of a single woman in a leadership position whose life partner is not fully \u2014 and I mean fully \u2014 supportive of her career. No exceptions,\u201d Sandberg writes. As executive director of The Adoption Consultancy, Nicole Witt talks to many women who are making the transition from a working woman to a working mom. Those first months and years after returning to work after becoming a mother can be especially crucial. \u201cEnlist your husband (or a key support person) to be available in case of morning setbacks, last-minute daycare pickups, etc.,\u201d Witt advises. \u201cThey can get away with a little tardiness or absence from work much more than you can right now.\u201d<\/p>\n The NBER\u2019s findings support this claim. While it uncovered \u201csome evidence of negative consequences of parenthood for men \u2026 in nearly all cases the effects are not statistically significant.\u201d<\/p>\n Related: The Secret to Success Behind 30 Millionaire Moms Like Kim Kardashian<\/a><\/p>\n 3. Become Your Own Boss <\/strong><\/p>\n Not every mother is interested in pursuing a corporate career. According to the Bureau of Labor Statistics, 70.1 percent of mothers with children under 18 worked in 2014. In comparison, 92.8 percent of fathers participated in the labor force. These numbers demonstrate what a lot of women know: being a working mother is not easy, and it\u2019s not the right choice for everyone. Karen Lee earned a master\u2019s in architecture, but soon noticed that mothers in her field either had to commit to working full time or leave their careers to stay home with their families. There was little middle ground or flexibility. So, she left architecture to go into financial planning. \u201cI was told if I gave it five solid years to build my practice, I could write my own schedule after that,\u201d said Lee. The idea of being her own boss was appealing to Lee, and she built and maintained a business that allowed her to put in office hours only two days a week. \u201cFind and build a small business for yourself that you can start early in life and nurture over time while you have and raise children,\u201d Lee advises. \u201cDon\u2019t hold out hope that corporate America will support your choice to be a mother and work.\u201d<\/p>\n 4. Make the Best Choices \u2014 and Accept Them <\/strong><\/p>\n \u201cIf I had to embrace a definition of success, it would be that success is making the best choices we can \u2026 and accepting them,\u201d writes Sandberg. When it comes to being a working mother, so often it\u2019s all about compromises. But even with the sacrifices mothers make, they can still find success in knowing they\u2019ve done the best with what they had and by accepting what they\u2019ve been able to achieve. This is a lesson that marketer and mother of two, Theresa O\u2019Neal, had to learn as she tried to balance motherhood and her career over the years. \u201cLooking back I might have momentarily felt the frustration of \u2018missing out,\u2019 but in the long run I never \u2018missed out\u2019 on a thing,\u201d O\u2019Neal said. Her advice for young women and mothers? \u201cDon\u2019t become frustrated with temporary financial or career setbacks. Look at it as a longer journey where you will reap the benefit of having a more fulfilled life in the long run.\u201d<\/p>\n This article by Elyssa Kirkham first appeared on GoBankingRates.com<\/a> and was distributed by the Personal Finance Syndication Network<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" 4 Ways Working Moms Can Earn More Money Sheryl Sandberg is no stranger to success. As a vice president at Google from 2001 to 2008 and the COO of Facebook since 2008, she\u2019s managed to accumulate a net worth of more than $1 billion, according to Forbes. When the mother of two released her book…<\/p>\n<\/a><\/p>\n