Young couple financially stable with big dreams but wife now wants to quit her job.
Im 29 making 135k my wife is 27 she makes 58k yr. We both have some college education but no degrees. We have 3 kids ages 1,3 and 10. We started out young as you can see … and against all odds we beat the stereo type given to teen parents . We are both go getters and are always thinking of ways to make our selves more successful. We have a very good relationship and try to raise our kids as best as possible.
We own a house valued around 190k. I owe about 92k on it and have around 10 years left to pay it off on a 15yr mortgage. I currently have 132k In my 401k, 8k in Roth IRA, 66k In stocks. About 3k in savings, wife likes to spend so I never have too much in the bank . I’m about to get a promotion and will be making anywhere from 180k- 220k per year.
My wife wants to quit her job when I get my promotion. We would be loosing her salary which as stated is about 58k a year. She is a very smart and has been in management position since she was 23. She tells me she is tired of workin dealing with the stress that comes with her position and then getting home to care of the kids by her self . She says she is burned out and feels we make enough money for her to quit. She wants to dedicate her self to the kids and enroll them in more activities and so on . I totally understand since I work in the oil field so I’m usually gone 2 weeks at a time and I know it must be hard on her balancing work and time for the kids. I also think it is very important for the kids to at lease have the full attention from one of us but at the same time I feel my wife still has a lot of potential to better herself. I feel she is a very smart person and would throwing her future out the door.
Our plan has always been to Pay off my house and rent it. Once the house is paid off we wanted to buy buy our dream home which is in the 350-450k range. I know my job in the oil field is not the most stable but that is why I want my current house paid off before We purchase our dream home, If I were to lose my job and went able pay my mortgage on the bigger house, I will always have something to fall back on that is paid for. Im very good at my job and I’m actually one of the youngest persons to take the position I will be taking soon so I feel I’m in a good position that even if it were to drastically slow down and there were to be a large amount of layoffs I’d still have a job. If everything were to go well I also want to star investing in businesses such as food trucks, retail clothing, real state ect….I still don’t know exactly what but once I have enough money saved up I want to be able to make my money into more money and make myself economically stable to the point where I can quit working in the oil field and be able to go home every night to my wife and kids. I want to know what is the right thing to do? Should I let my wife quit her job and be a stay home mom? If I do I will it be a huge set back on the things We had planned out for the future?Am I thinking too big too fast? Is there a better way to set myself up for the future to become more economically successful? Any feedback is welcomed good or bad !