Reply to Can I afford to stay home with the kids for 1-2 years?

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Reply to "Can I afford to stay home with the kids for 1-2 years?"

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[quote=Anonymous]Ill be blunt: The credit card debt is absurd considering your HHI. You have a spending problem and its clear you are living above your means. This isnt a 1 to 2 year problem, its a rest of your life problem. Are you putting anything away right now, or is everything basically inheritance? Do you have room to flex your savings rate?

We are debating the same thing - our income is perhaps 170 to 180 (almost identical) with only one of us working but our only debt is our $2,000 a month mortgage - and we save about 50,000 a year into 401k and other assets. We feel cautiously comfortable making the switch - worst case we go down to saving $25,000 or so a year - but it's not without serious consideration we make the switch.

Your nanny is also absurdly overpaid IMHO. There are many excellent nannies to be had for $17 am hour.

My advice is to minimize your 401k contributions for now (while getting the match) and pay down the debt. Get a more reasonable nanny for 6 mo if you can.

You can quit but you need to get your spending in line. Period. [/quote]

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