Here's my theory. Feel free to agree, disagree, discuss. FWIW, I have three kids myself.
Before kids my happiness levels were on a scale from 1 to 10. My grandmother's death, a bout of food poisoning, law school finals period were examples of #1. My wedding day, trips to Italy, Thailand, law school graduation all examples of #10. Before kids, there would be long periods (maybe even years) between when I'd be all the way at a #1 and all the way at a #10. Things didn't shift so rapidly.
After having a child, the scale EXPANDED to span from -10 to 20. The highs are so much higher but the lows are so much lower. And you can experience a -10 covered in baby poop and vomit with hurting nipples and scared out of your mind for your baby's health one morning followed by a 20 that evening when baby finally feels better and decides to give you a big gummy grin and slobbery kiss for the first time. Or a -10 one morning when your elementary schooler is crying because a friend was mean to her yesterday and you're worried that she's not integrating well socially and a 20 that afternoon when she comes home so proud with a math test and says that she and Larla are friends again. Just quick examples I tried to come up with off the top of my head. Basically the scale expands because now you feel the happiness and fear/worry/sadness of your child as well.
Add another child and the scale EXPANDS again from -20 to 30. I had two under two so there were plenty of examples of -20. haha But when the two kids would say "I love you" or even just be kind to one another, or how the baby would laugh at her older sibling. My heart would explode to new levels of happiness never reached before.
After my third, my scale is now -30 to 40. We just had a stomach bug come through the house, and the baby is teething, and my husband is stressed about work, and I'm stressed about getting everything ready for the holidays and my job, and my elementary schooler is being a pain about doing his writing homework, and the middle kid is just not listening this week, and all that has led to some serious -30 moments especially when everyone was taking a turn barfing. But when the older two decide to put on a puppet show to entertain the baby and she belly laughs at their antics and I sit in awe of their creativity, teamwork, and love for the baby. Man, that's a 40.
So this has been my experience. And my answer to "should you have another" is can you or do you want to handle going down another 10 points on the misery scale. If so, you'll be rewarded with another 10 points on the joy scale. At least in my calculations!
And I'm sure at some point the negative drop would be even larger if you were looking at no longer being able to afford housing, clothes, food or general care for the children obviously. So this assumes you can generally afford the additional child, though additional financial concerns do add to our negative drop.
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