Anonymous
12/02/2014 13:13
Subject: Re:DH didn't make partner - dealing with imminent major reduction of HHI
Anonymous wrote:It sounds like if you returned to working you would break even on the cost of having your younger kids in day care unless you could find a higher paying job. It stinks, but it pretty common for most of us, as I am sure you know.
A family of four can learn to live well on a $100k+ salary, even if it is not what you are accustomed to. It sounds like your house has a big chunk paid for; maybe you can refinance to save a few hundred dollars a month. Your retirement is healthy also - your husband could reduce his contributions for a year or so to see another few hundred in each paycheck.
My only other suggestion, which I know is hard, is to put your older kids in public school. Yes, it's not ideal as the plan you had for them, but you also probably enrolled them in $40K annual schooling planning that your husband would make partner. He didn't so now look at your Plan B.
The bottom line here is with a significant pay cut, you either need to (1) rejoin the workforce at a higher paying gig to help make up for it and keep your lifestyle; (2) make some changes in how you spend (e.g., private school). It stinks, it really does, but your choices are quite clear and not confusing. Pick one.
Exactly.
Anonymous
12/02/2014 10:21
Subject: Re:DH didn't make partner - dealing with imminent major reduction of HHI
Anonymous wrote:
My 32 yo DH makes $275k as an in house attorney. Why does he half to go to the the govt?
your marginal tax rate is 33%.
We make 150k combined and our marginal tax rate is 28% and I'm not complaining.
Non-sequitur of the day!
Anonymous
12/02/2014 10:17
Subject: Re:DH didn't make partner - dealing with imminent major reduction of HHI
It sounds like if you returned to working you would break even on the cost of having your younger kids in day care unless you could find a higher paying job. It stinks, but it pretty common for most of us, as I am sure you know.
A family of four can learn to live well on a $100k+ salary, even if it is not what you are accustomed to. It sounds like your house has a big chunk paid for; maybe you can refinance to save a few hundred dollars a month. Your retirement is healthy also - your husband could reduce his contributions for a year or so to see another few hundred in each paycheck.
My only other suggestion, which I know is hard, is to put your older kids in public school. Yes, it's not ideal as the plan you had for them, but you also probably enrolled them in $40K annual schooling planning that your husband would make partner. He didn't so now look at your Plan B.
The bottom line here is with a significant pay cut, you either need to (1) rejoin the workforce at a higher paying gig to help make up for it and keep your lifestyle; (2) make some changes in how you spend (e.g., private school). It stinks, it really does, but your choices are quite clear and not confusing. Pick one.
A family of four can learn to live well on a $100k+ salary, even if it is not what you are accustomed to. It sounds like your house has a big chunk paid for; maybe you can refinance to save a few hundred dollars a month. Your retirement is healthy also - your husband could reduce his contributions for a year or so to see another few hundred in each paycheck.
My only other suggestion, which I know is hard, is to put your older kids in public school. Yes, it's not ideal as the plan you had for them, but you also probably enrolled them in $40K annual schooling planning that your husband would make partner. He didn't so now look at your Plan B.
The bottom line here is with a significant pay cut, you either need to (1) rejoin the workforce at a higher paying gig to help make up for it and keep your lifestyle; (2) make some changes in how you spend (e.g., private school). It stinks, it really does, but your choices are quite clear and not confusing. Pick one.
Anonymous
12/02/2014 10:02
Subject: DH didn't make partner - dealing with imminent major reduction of HHI
DH being surprised doesn't ring true. You generally know the year or two youre up whether you are being canned. To not only not make partner but not be offered counsel means he is pretty tone deaf. Usually a 7th yr will be talking to recruiters for the in case scenarios. But to be booted at that time is a bit odd.
It sucks btw that the govt track for a fired biglaw is both what people expect as well as the truth.
It sucks btw that the govt track for a fired biglaw is both what people expect as well as the truth.