Anonymous
Post 04/20/2014 17:53     Subject: How much is enough in the bank to stay at home?
This thread is so absurd.

My DH makes 100k a year and we have 50k in savings and I sahm because

1. I value my time with my child
2. I couldn't imagine a life where I saw my child for 90 minutes a day

Frankly I think a TON of people that act like they couldn't stay home could. It is just about priorities.
Anonymous
Post 04/20/2014 17:41     Subject: How much is enough in the bank to stay at home?
I think it's enough. DH is retiring so we'll both be at home and we have a bit more than that. No mortgage, 529 are fully funded for private university undergrad and grad schools, no other debts.

I'm curious what OP thinks she and her family will need for retirement nevermind having a SAHP.

Anonymous
Post 04/20/2014 16:40     Subject: Re:How much is enough in the bank to stay at home?
Anonymous wrote:OP here: No question I would be dipping into principal and that is my problem. Let's say the amount is $5 million as a round number. It actually "throws off" "only" $100k a year in cash, the rest is a fairly complicated reinvestment strategy that I won't touch. Again, my spouse's salary is pretty minimal but pays for insurance and allows retirement savings. So not only am I dipping into principal, but also forgoing hundreds of thousands in retirement savings.


1) Whose inheritance?
2) What is your DH's opinion?
3) Have you considered having DH be the sahp since you earn 2x his salary?

What stresses do you currently have at your job? What stresses does your DH? Is part time an option for either you or DH?

How old are your children? Did they inherit anything too?

Do you need to stay in the area? For $100k a year, both of you could sah and live in a lower COLA area just fine. Think university towns.
Anonymous
Post 04/20/2014 16:10     Subject: How much is enough in the bank to stay at home?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I really want to stay at home but my spouse earns only 1/3 of our HHI and it is not enough to cover expenses (and I mean "frugal" expenses by DCUM standards). We have a significant amount in the bank (mid seven figures from inheritance). How much would you need in the bank to stay home? (BTW, I thought there was another thread on this but could not find it)


Why can't your DH stay at home instead?


I'm guessing the answer is that OP doesn't want to work anymore.


Well, and if $5m in the bank isn't a good enough reason to not want to work anymore, I don't know what is.

I suspect DH isn't on board with the idea of either of them staying home, so DW is trying to justify it financially. Why doesn't she go to her financial advisor instead of DCUM? That's the question.


Yeah, that's a pretty good reason I'd probably go part time instead if I could swing it job wise.
Anonymous
Post 04/20/2014 14:50     Subject: How much is enough in the bank to stay at home?
did OP say 5M?
Anonymous
Post 04/20/2014 13:46     Subject: How much is enough in the bank to stay at home?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I really want to stay at home but my spouse earns only 1/3 of our HHI and it is not enough to cover expenses (and I mean "frugal" expenses by DCUM standards). We have a significant amount in the bank (mid seven figures from inheritance). How much would you need in the bank to stay home? (BTW, I thought there was another thread on this but could not find it)


Why can't your DH stay at home instead?


I'm guessing the answer is that OP doesn't want to work anymore.


Well, and if $5m in the bank isn't a good enough reason to not want to work anymore, I don't know what is.

I suspect DH isn't on board with the idea of either of them staying home, so DW is trying to justify it financially. Why doesn't she go to her financial advisor instead of DCUM? That's the question.
Anonymous
Post 04/20/2014 11:40     Subject: How much is enough in the bank to stay at home?
Anonymous wrote:
Anonymous wrote:I really want to stay at home but my spouse earns only 1/3 of our HHI and it is not enough to cover expenses (and I mean "frugal" expenses by DCUM standards). We have a significant amount in the bank (mid seven figures from inheritance). How much would you need in the bank to stay home? (BTW, I thought there was another thread on this but could not find it)


Why can't your DH stay at home instead?


I'm guessing the answer is that OP doesn't want to work anymore.
Anonymous
Post 04/20/2014 09:09     Subject: How much is enough in the bank to stay at home?
Anonymous wrote:
Anonymous wrote:I really want to stay at home but my spouse earns only 1/3 of our HHI and it is not enough to cover expenses (and I mean "frugal" expenses by DCUM standards). We have a significant amount in the bank (mid seven figures from inheritance). How much would you need in the bank to stay home? (BTW, I thought there was another thread on this but could not find it)


Why can't your DH stay at home instead?


Yes, this would be our plan too.
Anonymous
Post 04/20/2014 09:04     Subject: How much is enough in the bank to stay at home?
If you have that much money, then you have access to good financial consultants who can help you accomplish your goals.
That would be the smart thing to do, not wasting time on internet forums.
Anonymous
Post 04/20/2014 07:07     Subject: How much is enough in the bank to stay at home?
Why hasn't anyone yet asked how old her children are?

What kind of care are they getting or are they in school?
Anonymous
Post 04/20/2014 06:57     Subject: How much is enough in the bank to stay at home?
Anonymous wrote:Seriously. I am all for saving, but money is meant to be used to live the life you want. You are living for retirement, and tossing time with your child to the wind just to be incredibly wealthy decades from now.


I'm very financially conservative, but you can totally afford to do this. Quit your job and; live off the interest for 5 years; in 5 years, reevaluate how much you've, spent, how happy you are, etc.
Anonymous
Post 04/18/2014 20:15     Subject: How much is enough in the bank to stay at home?
Anonymous wrote:I really want to stay at home but my spouse earns only 1/3 of our HHI and it is not enough to cover expenses (and I mean "frugal" expenses by DCUM standards). We have a significant amount in the bank (mid seven figures from inheritance). How much would you need in the bank to stay home? (BTW, I thought there was another thread on this but could not find it)


Why can't your DH stay at home instead?
Anonymous
Post 04/18/2014 20:14     Subject: How much is enough in the bank to stay at home?
Go for it. I agree with living your life today. You have no idea what the future holds and sacrificing today in the hopes you will enjoy a wealthy retirement misses the mark. You have ample funds to stay home. Why not invest a little in the now and in being there with your kids.
Anonymous
Post 04/18/2014 20:11     Subject: How much is enough in the bank to stay at home?
Brag...
Anonymous
Post 04/18/2014 19:54     Subject: How much is enough in the bank to stay at home?
OP, I don't really understand your math. You make 2/3 of your HHI and you can get $100k yearly without touching your principal. Are you making way north of $100k currently? You cannot get by on $100k + DH's salary?

If you can't get by on that, then that answers your question. If you can...