I'm looking at this. but I'd have to back to work after a few years. there is a calculator on line that makes it look like the opportunity cost for this, with lost wages, would be staggering. maybe 400k in my case.
has anyone done this and gotten away with it financially?
You can always make more money, but you can't make more time.
Personally, I went back to work FT after a 3 year hiatus of being SAH for logistical reasons. Financially, it was a fantastic decision once the stars aligned, but that was absolutely it. There is almost no other redeeming value in me going back to work besides the money I made the past four years. And we don't even live off of my money and never, ever have. 9 or so years ago, my husband and I watched a lecture by Elizabeth Warren on the two income trap and it scared the living daylights out of us. We resolved to never build a life completely dependent on two incomes to survive and to stay the hell away from debt.
Pros of working
*Money - we met many of our financial goals the past four years, but this was not all me. My husband doubled his income the past four years, so there is that too. We aren't FI, but are sitting on a nice fat pile of FU money. Again, if I quit, the only difference would really be to our savings rate. We live on much less than my husband alone brings home.
Cons of working
*Long commute
*More stress at home
*More difficulty scheduling vacations, family trips, etc
*Constant rat race pressure
*Deep and depressing time poverty which is endlessly frustrating to both my husband and I.
*I feel constantly like I contributed more to the family when I was at home at least part-time compared to now.
Anyway, I don't have a career. Don't want one, never did, so that does not factor in my decision to quit or take jobs period. I've never had a problem bouncing in and out of the workforce because my skills are easily maintained outside of it with online courses and relevant volunteer work. My daughter is 12, so I am not quitting to SAH FT with her at this point, however, I feel I should be more accessible to her than I am now for various reasons. My goal is really to find a part-time job close to the house and take care the household part-time. So I am quitting my FT job in October to do this. Who knows how much potential money I am losing. It isn't worth it to me or my family, so I don't think about it at all. I am just looking forward to having my time freed up.
In the end, it is up to you what you value more. It is a lifestyle decision for the most part, not a financial one. What do you think you will regret more in 10-20 years? Will you look back and lament not spending more time at the office? Only you know for sure.