I would like nothing more than to have DW agree to stay home. I have been working on her forever on this - we don't need the money. I realize all of the discussion points to the contrary, I am just looking for a way to avoid the rat race

How much do you travel (or will you travel)? How much does your spouse travel?

How secure is the job?

Often the ones making the most are the first to get cut.

How old are the kids? What sort of hours will be expected in your new position? Any travel?

Anonymous wrote:I just got a raise to $400k (from $200k)
Spouse now wants to stay home, but we don't have much in retirement accounts or college funds for kids yet
Also have elderly parents we are helping to support
I'm thinking we aren't financially ready
Thoughts?

How old are your children? What Ypres of activities do they do?
Do you and your spouse have close to a 50/50 routine at home? Or is your spouse the default parent because you work more hours?

For example, do you pick up from daycare or just do drop offs? How many awake hours of the day are you home during the weekdays and how many hours a day is your spouse?

Do you outsource other duties or do you split fairtly evenly?

How much does your spouse currently make? what have you saved for retirement (do either of you have a pension)? What have you saved for college?

With aging parents, time frequently becomes an issue too. They may need more non-financial support that require more time commitments. E.g. If they are hospitalized someone competent should be with them every day.

Let you? Support is a better term.

Yes, my husband supported me staying home on $140,000. You are doubling your income which I would think would replace your spouses income. You could also reduce child care costs. If you cannot comfortable live off $400k, and help family, something is seriously wrong. We live comfortably on half that and still manage to save some.

How much is spouse making and is the single new salary more than the previous combined? You say that you don't have much for retirement - does your spouse currently contribute to a retirement and is there a match? Are there expenses you will cut by having one salary like daycare?

Obviously your ages matter here as does whether or not the job is secure/replaceable.

How is it that you 'let' them stay home? Weird way to word it.

How stable is this job and salary? And why 'spouse'? SAHD are pointless b/c they are shunned by most families who assume they really and unemployed or suffer chronic health issues; SAHM makes sense b/c she will fit better in community. (We say this b/c DH was a SAHD for a couple of years and it was weird dynamic all around b/c I was working a lot).

Not if you're my DH

Work up a post nup to address what happens if you divorce.

Yes DH would let me stay home on 400k.

Depends on the spouse and whether you'd think he/she'd be happy staying home and would pull their weight in nonfinancial ways. If you have the kind of job that your spouse rarely, if ever, gets any household help from you, then it makes it more justifiable.

What comes with the raise? Lots more hours?

I just got a raise to $400k (from $200k)
Spouse now wants to stay home, but we don't have much in retirement accounts or college funds for kids yet
Also have elderly parents we are helping to support
I'm thinking we aren't financially ready
Thoughts?