Some background:
I have been a lawyer for 8 years. I currently provide contract services to a government entity in Oregon; my contract pays $3,000 per month gross (since it's a contract, they do not withhold taxes). I mostly like the job, and I have no overhead expenses other than my 60-mile round trip there, which I make about twice a month in my 50 mpg vehicle. I am otherwise able to work from home.
I live in Washington and I have two children under the age of 4. During my 10-16 hours of work each week, family cares for them free of charge. My husband is the primary breadwinner, with a salary of $125,000 plus benefits. He travels for work regularly, which makes the flexibility of my schedule all the more merciful. We have a mortgage but no other debt. We are new to MMM but still have about $250K in retirement and other savings. We are in our mid-30s.
Here's the issue I can't quite wrap my head around:
Our schooling options here are limited, and after much research and discussion, my husband and I have concluded that for us the preferred educational options would be either
(1) a Montessori school, costing $1500/month for both kids, that is a 20-minute drive away or
(2) homeschooling.
I have reservations about the former due to the cost and the drive, and I have reservations about the latter because I fear my kids would be missing out on a fun, social experience. On balance, I slightly prefer the homeschooling option over the Montessori school, but it's probably a 52% homeschooling versus 48% Montessori school breakdown.
Here's the real money party of the issue I can't wrap my head around:
If we sent our kids to the Montessori school, then I would be free to work more hours. I am hopeful that I would be awarded another government contract, this one in Washington, about 10 minutes drive from the Montessori school (thus 30 minutes from home). That contract would pay $40,000 annually. Again, I would be responsible for paying my own taxes out of that amount. I could continue my Oregon contract and take on this new contract if the kids were in school. I would have to acquire an office space and pay some additional liability insurance, bar dues, etc. Between those costs and Montessori school, this would amount to about $2,000 in overhead.
Because my family understandably does not wish to care for my children full-time (let me be clear ... I can't believe how lucky I've been to get wonderful, free childcare for this long), the two lifestyles would look something like this:
Option A - Oregon contract alone
I would homeschool our children, continue to get assistance with their care from family free of charge, but my monthly salary would remain at $3000 pre-tax.
Option B - Oregon contract + Washington contract
I would send our children to Montessori school, and my monthly salary would be $3000 + $3333 pre-tax, but minus $2000 in overhead.
There are two remaining intangibles:
1. Taking on the additional Washington contract would contribute to my future job security, in that I would be growing both my knowledge base around Washington laws and making professional connections here that I otherwise would not.
2. The Washington contract work I would be doing would be interesting but stressful. Between both contracts, I would still have flexibility but it would be a much more hurried pace of life.
I'd love to hear some thoughts from anyone who made it this far. I can't see the forest for the trees on this one. THANK YOU so much for your help and thoughts!