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|Subject: Re: Is $1 million enough?||Date: 5/13/2007 2:55 AM|
|Author: OldOne||Number: 57335 of 77123|
I think you will live to regret this.
Just as one glaring example, where will college expenses for your children come from?
As I recall, parents must divulge their income and assets for scholarships. If your assets last, scholarship committees will want you to deplete them befofre they give your children any money. Even state schools are pricey these days.
For us I think that may be doable. We won't have a mortgage payment for some time, as we plan to stay with family for a year or two. So we may be able to get by with much less than $3750/month, although traveling expenses will be the majority of the costs.
We would do this today, but we need another 11% CAGR out of the market and 3% CAGR out of our house over the next 3 years. We miss family and would like to get out of high cost California. But I'm tired of working and would like to stay home to take care of the kids etc. We have a toddler, and one on the way.
While your desire to be with your young children is admirable, I think your kids need an example of parents who actually earn living expenses instead of living off handouts (free rent) from relatives.
I would never want my kids to see me voluntarily taking handouts. If disaster struck (disability, unemployment, medical problems) that is a different story. But atually planning to live off the generousity of relatives is giving your kids an example of never growing up, and taking irresponsibility to the max.
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