Well it's been 4 years since I wrote this review, after my DH gave me the book. I'm still being frugal and staying at home, doing many things myself in order to pay for college. I only have a junior in HS at home now but still can't bring myself to reenter the workforce for what my aftertax income will be-it just isn't fair! We are preparing for a job transfer-cleaning out & renovating the house (which I love to do) & is the most effective use of my time right now-no point starting anything now.
Mother's day is around the corner with 2 kids away at college having their finals. I scoured the web without luck, looking for a nice reflection on the rewards of SAHM. I think I will write my kids a letter, thanking them for their success and how great that makes me feel-the most wonderful Mother's day gift of all! My rich reward-to see them mature into adults and accomplish their dreams. I continue to be amazed at my kids accomplishments and it brings me such joy to know I played a big role in that, despite how hard and unfulfilling it was when they were little. Fall is busy watching them compete in football & XC. My son is a year away from graduating w/a 4.0 in EE at the best engineering school in the country, president of his fraternity, captain of football....my daughter runs XC for a top 20 D1 NCAA team...& my HS junior is top notch Ultimate Frisbee & basketball ;) All 3 are very happy-what more could you ask for? Hang in there moms-your fulfillment is yet to come, it does get better. It wasn't easy & I DO have video to prove it ;)
ORIGINAL REVIEW:
Ok, I know this is a bit technical but well worth deciphering. I'm glad to see it's risen to front page status, because parents need to make an informed decision. Please leave a comment to let me know what you think.
I am a CPA and have been a SAHM for 18 years. Many are shocked to know that I have skills and chose to stay at home. I have been puzzled for years why more couples haven't figured out how little of the 2nd income they keep, after taxes and day care. I figured it out years ago & like John Galt, checked out. I have talked many couples into having one stay at home, by explaining it from a financial perspective (not to mention all the other reasons, especially that you might as well sign up for a slew of ear infections & tubes in the ears, with an infant daycare.)
It helps to understand how much of the second income you actually keep, on an after-tax basis. When your taxable income rises above $65,000 you are in a 25% FIT (federal income tax) rate. Add 7.5% for FICA and state & local taxes of 5%, leaving you with 62 cents of each additional dollar earned. Daycare can easily run be another 20%, plus the expenses of working outside the home (car, clothes, gas, eating out). So, if the second income causes taxable income to exceed $65,000, you may only be keeping 40 cents of each additional hard earned dollar. Not including the phase-out of the Child Tax Credit as AGI exceeds $110,000.
There is no question that whatever choice a mother makes, it is stressful. I think it's a matter of choice, which stress you choose. My conclusion is this was not a privilege, it was an obligation. It wasn't easier having 3 in less than 4 years. For my sanity, it would have been easier to drop them at daycare, however, I might have been paying to work with 3 in daycare, after taxes.
Sometimes I needed to cling to the things that went well. It's been 20 years now since we made the decision for me to stay at home with the kids. It's hard to tell if you're doing the right thing for years-you don't have an annual review, you don't get a raise when you double or triple your responsibilities. No feedback (but a lot of back talk ;), unfulfilling and very little appreciation for the menial tasks-food prep, laundry, cleaning, shopping (groceries, clothes, etc). Your resume is your kids and you hope you're doing the right thing. It can be very insecure for them and you're doing the best you can, giving them what they need, making them strong, but not enabling, coddling, spoiling...they don't appreciate it now, but will get it later. I didn't have any of the working mom guilt. We supoorted their various interests, to help them figure out where they'll be successful. I am in awe of my kids, brings me to tears how well they're doing. My son graduated Scholar-Athlete and Valedictorian, my daughter won XC state. There were a lot of tough moments for me, working would have been easier and emotionally better for me, since I am so extraverted. But, I have no regrets and I will take full credit for their successes (along with the support of my husband).
I'm alone all day, every day from 7-5. I could easily get a job, but I don't want to miss a minute of the next couple years. I don't think it's worth it to bring home about half a dollar for each dollar earned, if takes any time away from my kids. Especially, if I have to turn around and give it to someone else to do things around the house. I'm focused on getting them into good colleges now. I remodeled our house, alongside my brother & own a 18V Ridgid tool set. I try to figure out and manage things myself around the house. I do enjoy it-painting, yardwork, iPhoto & iMovie, etc. I don't think I'll look back on life and say I wish I'd have worked more.
PS-If you want to read more about the pros of SAHMs, read the chapter-"The Most Important Story You'll Never See on TV", in Bernard Goldberg's "BIAS".