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

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[quote=Anonymous]The average person COULD stay home with the kids on that salary. My DH makes $160k and I stay home right now, and we can cover a $2300 mortgage, two car payments, teenager in private school, preschooler in preschool, and still have plenty of money left over to pay bills and splurge a little every month.

BUT. We do not have $56k in credit card debt. There's no way I could stay home with that kind of debt lingering over us. In fact, that is the only part of your scenario that makes me think you couldn't stay home, because I have no idea how we'd fit paying down $56k in credit card debt into our monthly budget on roughly the same salary as you'd have. That's just nuts. And furthermore, you are having to put things like water heaters and a fence on your credit card, which  means you can't afford them with cash. Quitting your job and losing that income isn't going to make it easier to replace a roof if it needs it. No idea why on earth you'd take out a loan to give a loan to your BIL but that's neither here nor there except to say that's extremely foolish and you should not ever do anything like that again.

Like I said, with that income, and the $30,000 a year you get extra from your parents and farm land, it absolutely CAN be done by most people, which I want to stress so I don't sound like one of those DCUMs who thinks $155k is poor and nobody could live on it. Lots of people could. But your family, in this situation- no way. You need to be working to pay off that debt. [/quote]

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