Reply to SAHM: how much does spouse have to earn to make it work?

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[quote=Anonymous][quote=Anonymous]For us it was $115K but its all about lifestyle choices.[/quote]

You have to think long term.  Can you still pay the mortgage, save for retirement and college, will you have $ to take vacations, new cars as needed, and have a 3-6 month emergency fund? Because an emergency fund is much more important when you are Single income with a family. 
  
For us, we always planned as if I'd stay home (despite the fact I was making 6 figures 20 years ago before age 30). That meant purchasing a home we could afford on one salary, living a lifestyle that could be supported comfortably with one income.  
Even though we knew spouse would likely begin to see a nice increase in salary over the years, we lived as if we were not going to get that.  Then when they saw salary double we just saved that extra and never looked back.

But first, you need to be happy with being out of the workforce.  Each year you stay out it is harder to get back in, for most jobs.  So plan, if you think you want to work when they are 10-12 yo, then maybe part time or some side consulting (or side work in whatever your career is) to keep in the market is a good idea.  [/quote]

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