Reply to Fair division of household responsibilities vs. income

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think what the 'dh earns $3m' pp is not saying is that income is not salary. Virtually no one has a $3m salary. It's either that the dh is some kind of equity partner or is in tech where RSAs are in play or it's bonused or he has his own biz. All of which are not static and can easily fluctuate (no way has pp's dh made that income for more than 2-3y running) so the reality is that they aren't just saving bc they have 'ambitious retirement goals', they are saving and pp is still working bc the dh's income is not carved in stone. Our HHI is $750-$1m depending on year and we also do all our own chores for this reason. Once you are at high earning threshhold, until your net worth is at x and is x% liquid, you have to keep being frugal. [/quote]

If those high levels of income are uncertain year to year then it is even more insane for you to be doing menial household work instead of outsourcing whatever you can.   Time is money.  Assuming your combined work week is 100 hrs or 5000/yr your hourly time is worth $150-200 just in direct income. That's what you are paying to scrub toilets and sweep floors when you or your spouse do it yourself.  It's astounding that such highly laid professionals don't get such a simple concept.    [/quote]

That’s… not how it works.  [/quote]

That's absolutely how it works.  If my time is.worth $200/hr then that's what it is worth.  If I choose to do menial household chores rather than hire them out for $25 an hour I need to also understand that I am paying $175/hr to wash dishes.

It's called opportunity cost look it up.  You must work for the government where productivity doesn't matter and in fact is frowned upon.  Probably a.school teacher.[/quote]

Again, it doesn’t work that way.  Certainly there is an opportunity cost - as there is anytime you do anything with your time over something else.  But he isn’t getting paid by the hour - he isn’t going to make more money by taking an hour on Sunday to work instead of doing chores.  There may be a cost in that he didn’t get to relax or didn’t get to do something else more enjoyable, but there is no “$1000 lost.”  I’m not sure how you are logically reaching your conclusion - truly baffled. [/quote]

You have to be a government employee with your transparently non entrepenurial attitude.   No it is not about hours worked.  It is about understanding that the marginal value of a high earners personal time is worth even more than the hourly value.  Unlike a government drone who thinks the very best use of their spare time in the evening is taking out the garbage.  Because doing extra work will never result in more value it has zero marginal value so in that case working for minimum wage IS a better use of YOUR time.

But the guy who makes $3000000 makes that kind of money because he does things which leverage the value of his time.  It doesn't tha e to be doing his job.  It could be almost anything which resulted in future value creation.

What do you think is a better use of Warren Buffets time,washing dishes,or playing bridge(one of his hobbies)?  [/quote]

I don't make 3mm a year, but I make a lot of money. I'm guessing you don't make a lot of money because you don't seem to understand how it works.

The truth is, even if you outsource, there is a lot to be done around the house. Outsourcing is often more hassle than it is worth. And even for wealthy people who earn a lot, it is often the case that the "imputed" income of doing your own work is higher than what you might earn in those hours if you could find hourly work for a few hours a week.

But all aside, it comes down to respect and fairness. I don't think my wife should work endlessly at housework because I can and do make a lot of money. I'm glad that she was willing to leave her job to take care of the home front. She does most of the house work, by far, but I'm not going to put my feet while she works around the house just because I can make a lot of money while I'm working. Maybe that means that I value helping my wife more than I value my free time, but that's just the reality. And in a family, I don't think it's fair to make everyone else do all the non-earning work just because I work and make money.  [/quote]

OP and her husband are outsourcing their kid for 10 hours a day.

Seems to me if you've decided that's acceptable then you can outsource just about anything else.[/quote]

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