Hi,
I am struggling with a decision that I need to make in the near future and I could use some insight from the group.
A family member has a significant health issue and I have been on family medical leave since the issue was discovered. Both my spouse and I have demanding jobs and one of us had to step back.
Going forward, DW and I have decided that our family will work best if I quit my job or go part-time. The smart financial decision is to go very limited part-time (30 to 40% if I can swing it) as I have a good thing at work and a lot of support. Going part-time, I will still be able to address my family member's health issues, but there will be less time for other things (less time with kids, less time to maintain the home, less time to enjoy the summer and aging parents, etc.) My guess is that the 30 to 40% will end up feeling more like 60% - 70% as I will have to stay plugged in pretty much every day.
The best family move is to quit my job and devote my time to family, house, aging parents, working on Roth rollovers (which we have never had the time to do), exercise, more vacations, etc.
A complicating factor is that we still have a part-time nanny and will continue to need one for at least the next several months or next year because of health appointments and not wanting to leave children home alone during a difficult time. It seems absurd to keep the nanny and quit my job as the nanny is a significant expense, but having the nanny gives our family extra stability and peace of mind. We plan to scale back the nanny's hours if I quit my job so that will help some with that expense.
DW has an excellent job with very good income and flexibility and we can live comfortably on her income. However, I worry that all of the financial burden is now on her.
We are in good shape retirement wise -- we are likely at 18 to 20 times expenses and will be able to continue to save towards retirement on DW's income. We have a lot saved for college, but may be looking at private high school tuition which we can hopefully pay as we go based on wife's income or invade non-retirement plan savings. I have worked hard for 25+ years and my gut tells me it is time to quit. if I quit, I'll likely do some paid employment a few years down the road but I think it will be hard to come close to my current income or even the part-time income as I am not sure that I would want to go back into law.
I want to quit and DW wants me to quit. What's holding me back is -- sense of self, society's expectations, feeling like a slacker, and giving up what could be a pretty nice part-time job, etc. I know that some of these things shouldn't matter -- just relaying how I feel. I don't love my job -- it is a means to an end.
Appreciate any advice.
I am struggling with a decision that I need to make in the near future and I could use some insight from the group.
A family member has a significant health issue and I have been on family medical leave since the issue was discovered. Both my spouse and I have demanding jobs and one of us had to step back.
Going forward, DW and I have decided that our family will work best if I quit my job or go part-time. The smart financial decision is to go very limited part-time (30 to 40% if I can swing it) as I have a good thing at work and a lot of support. Going part-time, I will still be able to address my family member's health issues, but there will be less time for other things (less time with kids, less time to maintain the home, less time to enjoy the summer and aging parents, etc.) My guess is that the 30 to 40% will end up feeling more like 60% - 70% as I will have to stay plugged in pretty much every day.
The best family move is to quit my job and devote my time to family, house, aging parents, working on Roth rollovers (which we have never had the time to do), exercise, more vacations, etc.
A complicating factor is that we still have a part-time nanny and will continue to need one for at least the next several months or next year because of health appointments and not wanting to leave children home alone during a difficult time. It seems absurd to keep the nanny and quit my job as the nanny is a significant expense, but having the nanny gives our family extra stability and peace of mind. We plan to scale back the nanny's hours if I quit my job so that will help some with that expense.
DW has an excellent job with very good income and flexibility and we can live comfortably on her income. However, I worry that all of the financial burden is now on her.
We are in good shape retirement wise -- we are likely at 18 to 20 times expenses and will be able to continue to save towards retirement on DW's income. We have a lot saved for college, but may be looking at private high school tuition which we can hopefully pay as we go based on wife's income or invade non-retirement plan savings. I have worked hard for 25+ years and my gut tells me it is time to quit. if I quit, I'll likely do some paid employment a few years down the road but I think it will be hard to come close to my current income or even the part-time income as I am not sure that I would want to go back into law.
I want to quit and DW wants me to quit. What's holding me back is -- sense of self, society's expectations, feeling like a slacker, and giving up what could be a pretty nice part-time job, etc. I know that some of these things shouldn't matter -- just relaying how I feel. I don't love my job -- it is a means to an end.
Appreciate any advice.
Statistics: Posted by CedarRams — Mon Apr 15, 2024 1:05 pm — Replies 11 — Views 682