Becoming a stay at home parent is a big transition that can make a huge impact on your finances. Life isn’t all about money though, so each of us will have to make our own decision. I’m ready for a change and would like to go over some reasons why I want to be a stay at home dad.
- I love spending time with baby RB40. It’s not fun and games all the time, but even when he is fussy, it’s better than being in some meeting at work. Spending all day with the kid isn’t the same as spending a few hours with him after work. I get to watch him develop and influence that development much more when I spend the whole day with him.
- I get along with kids better than Mrs. RB40 gets along with kids. I can handle baby RB40 better than the Mrs. can. He is a daddy’s boy and I already do almost everything for him. We share our care giving duties pretty equally, but baby RB40 gravitates toward dad for some reason. I’m sure many kids are more attached to mom, but that’s not the case for us.
- We were planning to have only one child and this is it. It’s a once in a lifetime experience and I don’t want to miss it. I always wanted to have kids and be a great dad. My dad didn’t spend a lot of time with us when we were young and I really want to do that for my kid.
- We really like our daycare, but the kids are sick all the time and always have runny noses. Baby RB40’s nose finally dries out after 10 days out of daycare. I think it’s good to build up immunity, but it was just too much because then Mrs. RB40 gets sick, too. The day care also cost $1,250/month… It is tough to stay productive when working from home with baby needing so much attention, but I’m sure it will get better.
- I need a break from working. I’ve been working for 16 years in a high stress job. After careful consideration, I decided that it’s time for a change. I’ll miss the paycheck, but I won’t miss the stress. I haven’t been feeling well for a long time and I need something different. In 4 years, baby will start school and I can start doing some kind of part time work again. Mrs. RB40’s career still has a lot of room to grow and she should continue to get promotions and raises. On the other hand, my career is pretty much at a dead end. You know it’s over when you’re pondering if you should quit or get fired. I’m not going to miss work or my co-workers.
- Self employment opportunities. I’ll continue to work on Retire By 40 and as I have more time, I’ll explore other self employment options. Being a stay at home dad for 3-5 years will give me the time to reinvent myself. I can learn more skills and explore other opportunities.
For 2018, Joe plans to diversify his passive income by investing in US heartland real estate through RealtyShares. He has 3 rental units in Portland and he believes the local market is getting overpriced.
Joe highly recommends Personal Capital for DIY investors. He logs on to Personal Capital almost daily to check his cash flow and net worth. They have many useful tools that will help every investor analyze their portfolio and plan for retirement.