Reply to At what net worth would you consider a full time live in nanny for your kids?

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Reply to "At what net worth would you consider a full time live in nanny for your kids?"

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[quote=Anonymous]Presuming you’re doing this above board with someone legally able to work here -

First, do you have the right set up?  You’ll have the most success with a live in if he/she has an in law suite with its own entrance. Don’t underestimate the importance of having a house big enough to accommodate another adult!  Also consider parking and whether you will provide a car to the nanny.

Second, regardless of whether you pay via income or drawing down on your net worth, it really depends on your annual household spend. I wouldn’t consider a live in unless you have enough each year to max out your 401(k), max out your kid college savings, and pay school tuition (if kids are in private), mortgage, bills, travel, medical, emergency savings, etc.

Once you have all that covered, if you can have an additional, post-tax, $75,000 each year that you won’t miss / don’t need, then I think you can afford a live in.

Note - I don’t think all $75k will go to the nanny as salary; with a live in, your home expenses will go up, plus you will likely be including the nanny in events / vacations throughout the year, plus overtime. So I’d budget $75k to cover all that. [/quote]

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