My wife quit her job today, so we celebrated with sushi.
Well, it was actually an early birthday lunch for her, but I love getting two for one. We drove into D.C. and went to Sushi Taro. The food was excellent, but I couldn’t eat too much because I’m still getting over a stomach bug. I had the bento box with sushi, and she had the chirashi bowl. For dessert, the hoji-cha pudding was superb. The matchaccino was really good too. I highly recommend Sushi Taro if you’re near the Dupont Circle area.
Anyway, let’s get back on topic. My wife had an exit interview this morning, and now she’s officially free.
She spent over 8 years in consulting, moving from company to company (Booz Allen, Deloitte, Navigation Arts, EPAM) and taking on many different roles. It was a good run, but we’re both glad it’s over.
It was definitely nice having a dual income all these years, but it was starting to take a toll on our family life. Our son just turned 2, and Mrs. FrugaLee decided she wanted to spend more time with him. Her job was requiring travel once in a while now, and we figured it was a good time to make the jump.
Last month, we set a goal for her to quit by May 28, 2017 and to have a bigger emergency fund (around $20k) by that time too. I am also considering changing my schedule to part-time by May, but I may not have to do that. For now, I officially quit driving for Uber and Lyft to have a little more time to blog.
Related blog posts:
- I Started Driving For Uber (and Lyft) and You Can Too!
- I’ve Given 50+ Rides as an Uber Driver. Here’s How It Went.
- How Much Do Uber/Lyft Drivers Make?
I know this will definitely have an effect on our financial goals, but I have a feeling we’ll still find a way to achieve them. Here are some of the pros and cons of my wife quitting her job. Let’s start with the bad.
- Reduced household income (less disposable income)
- Possibility of increased difficulty returning to workforce later
- No more commute
- More time to go grocery shopping, cook healthier food, and eat out less
- More time to spend with our son
- More time to exercise
- More time to learn other things
- More time for friends and family
- More time for life!
- More free time
- Less stress
Can you tell the pros greatly outnumber the cons? It was nice to have the extra money, but we didn’t NEED it. When we go to work, we are trading our time for money. At some point, the marginal amount of money we bring home has a decreasing benefit. I’m thankful for all the things her income has helped afford. It helped pay for her student loan debt, our wedding expenses, down payment on our properties, our cars, and all the other household expenses.
Now, we feel as though we’re in good enough financial shape now that we can claim some of this free time back, at least for my wife. My hope is that I can do the same by the time I’m 35. Once we are financially independent, we can work on things that truly matter to us.
I realize not every family is in the position to just let go of one income. I do believe, however, that every family can make a financial plan to allow this to happen and work that plan to make it happen. For us, it took about 5 years of working on that plan to make today happen.
I hope this post encourages at least one person to set financial goals and work to achieve them.
Image source: Office Space