Skip to main content

At-home parenting

this is a repost of an article on Motley Fool or Fool.com (by the way, if you can afford to invest, they've got great advice, and a good sense of humor. I get no recompense for that recommendation, nor do they advise me on my money. I just enjoy reading their stuff)

This article does not address to moral or personal implications of deciding to be a one-income family, but does hit the economic side of it. This is worthy all of your consideration.


Should You Work or Stay at Home? - Yahoo! News

By Motley Fool Staff Motley Fool Staff – Fri Oct 24, 3:22 pm ET
Related Quotes Symbol Price Change
IBM 82.07 -2.28
LLY 31.73 -1.75
MSFT 21.96 -0.36

Everything changes when you have a child.

No, we're not talking about the late-night feedings, the sleepless nights of crying, or the (hopefully) temporary disappearance of your social life. We're talking about your financial life.

You may have had a plan going into the final months before your child was born. If both you and your spouse work, you might have planned for both of you to be back to work within a month or two after your child's birth. Yet when your child actually arrives, you might catch yourself thinking about other possibilities.

Smart economics
From an economic perspective, your first instinct is probably that you'd be a fool not to go back to work. After all, you've gotten used to having two paychecks to support your lifestyle. Now that you face the expenses of raising a child -- which some sources estimate at $10,000 per year or more -- it hardly seems like the time to cut your income voluntarily.

When you're considering the question of whether or not to have one parent stay at home, however, you have to think about both sides of the equation. Although staying at home will reduce your family income, it may also save you a ton of money that would otherwise go toward daycare expenses. Depending on where you live and the level of involvement you want from a nanny or other childcare professional, it's not unheard of to pay upwards of $1,000 per week for the type of full-time care that you could provide free of charge if you chose not to work. That might be plenty of incentive for you or your spouse to stop working.

Opportunity cost
On the pro-career side, the cost of giving up your job to stay at home is more than just the salary you lose. In many cases, you're also sacrificing your prospects for future job advancement. Although explicit gender-based employment discrimination is illegal, labor laws haven't stopped some companies from treating employees who choose families over career opportunities with a degree of skepticism. And while women still face the brunt of such discriminatory practices, men increasingly face the same issues in deciding whether or not to take advantage of paternity leave under the federal Family Leave Act.

Luckily, some companies recognize the value of workers with families. Many large companies, including Microsoft (Nasdaq: MSFT - News), IBM (NYSE: IBM - News), and Eli Lilly (NYSE: LLY - News), offer paid paternity leave along with other parental benefits. But if you decide to stay home beyond your benefit period, then for most employers, all bets are off, and you risk having to start over if you later decide to reenter the workforce.

Intangible benefits
Of course, deciding whether or not to stay home with your new child is much more than just an economic decision. Ideally, you wouldn't have to factor finances into your decision at all. But for most of us, practical reality demands that we think about money matters.

By working together with your partner, however, you can reconcile the emotional needs of you and your child with the pragmatic considerations and come up with a solution that will work for everyone. If you consider all the options, you may find that making a good decision is easier than you thought.

Comments

Popular posts from this blog

Book Review: The Heart Mender by @andyandrews (Andy Andrews)

The Heart Mender: A Story of Second ChancesEver read a book that you just kind of wish is true?  That's my take on The Heart Mender by Andy Andrews.  It's a charming story of love and forgiveness, and it's woven into the historical setting of World War II America.  For the narrative alone, the book is worth the read, but the message it contains is well worth absorbing as well.However, let's drop back a minute.  This book was originally published under the title Island of Saints.  I read Island of Saints and enjoyed it greatly.  Now, Andrews has released it under a new title, with a few minor changes.  All of this is explained in the Author's Note at the beginning, but should be noted for purchaser's sake.  If you read Island of Saints, you're rereading when you read The Heart Mender.  Now, go ahead and reread it.  It will not hurt you one bit.Overall, the story is well-paced.  There are points where I'd like more detail, both in the history and the geog…

Curiosity and the Faithlife Study Bible

Good morning! Today I want to take a look at the NIV Faithlife Study Bible. Rather than spend the whole post on this particular Study Bible, I’m going to hit a couple of highlights and then draw you through a few questions that I think this format helps with.



First, the basics of the NIV Faithlife Study Bible (NIVFSB, please): the translation is the 2011 New International Version from Biblica. I’m not the biggest fan of that translation, but that’s for another day. It is a translation rather than a paraphrase, which is important for studying the Bible. Next, the NIVFSB is printed in color. Why does that matter? This version developed with Logos Bible Software’s technology and much of the “study” matter is transitioning from screen to typeface. The graphics, maps, timelines, and more work best with color. Finally, you’ve got the typical “below-the-line” running notes on the text. Most of these are explanations of context or highlights of parallels, drawing out the facts that we miss by …

Foolishness: 1 Corinthians 1

In Summary: 1 Corinthians opens with the standard greeting of a letter from the Apostle Paul. He tells who he is with (Sosthenes) and who he is writing to. In this case, that is the “church of God that is in Corinth.” He further specifies that this church is made up of those who are sanctified in Christ Jesus and called to be saints. 
He then expresses the blessing/greeting of “grace and peace” from God. From there, Paul reflects on his initial involvement with the Corinthian people and the beginning of the church. After that, though, there are problems to deal with and Paul is not hesitant to address them. He begins by addressing the division within the church. Apparently, the church had split into factions, some of which were drawn to various personalities who had led the church in times past. There is no firm evidence, or even a suggestion, that Paul, Cephas, Apollos, or anyone else had asked for a faction in their name. Further, the “I follow Christ” faction may not have been any le…