I have three kids: one in 3rd grade, two in 2nd. I too went through the zOMG MUST HAVE BABY I ONLY KNOW HOW TO DO THAT!!! freakout when the boys went into 1st grade. (Perhaps I felt that even more intensely because all those year of 3 kids in less than 2 years lead to a very intense young parenting experience) A very very VERY wise friend of mine urged me to sit on that for a year. I'm so glad I did so--if I'd been pregnant while adjusting to my kids being away all day at the same time, I would have been a mess, and would have really stressed my partner AND my kids out, not to mention making a pretty major decision while in a full fledge fear reaction. Dunno about you, but I have never made the best decision when I was totally reactive and in panic mode.
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However. As a BTDT, you will not believe this but I can't stress to you enough about how little free time you have even if you SAH with kids in school (I do, and don't at this point have any desire or need to go back to paid employment under someone else), esp. if you get involved with their education (something I highly recommend). I find i have to zealously guard my time in order to have SOME time at home and for ME--otherwise literally I would be going/doing for someone else every minute of the day. In many respects I feel I am far busier now than I ever was when I had 3 kids under the age of 2 in my home, or three preschoolers.
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As far a personal long range plan--I love pottery and clay sculpture and plan on persuing that more (in fact, am doing so currently). If I sell some works here and there, great. It's kind of odd, I always thought of myself as a writer (and I enjoy that too) but now I see myself more of a clay artist. Very slowly I am setting up a home studio as time permits me to work on it (I have access to a lot of open studio time elsewhere). But I also *like* being a homemaker. I am more of a homemaker now than I ever was as a mother of very young children, which is how it should be IMO. When your children are very young you should really concentrate on them. Now I have time to actually do stuff around the house without A) my horde instantly destroying it, I get to enjoy it for a few hours, and B) feeling guilty about the time it takes away from my partner and kids and C) feeling cranky and powerless as I never accomplished anything because of the previous two things.
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Of course, I was content with my life before kids. I accomplished everything I wanted to academically, so the thought of going back to school is just yuck to me. I would want to take a bunch of remedial stuff (I graduated with my degree in 96, I don't remember anything from calculus or physics or stuff like that) why? The thought of grad school gives me the willies. I am smart, but Academia just ain't my thing. I hate cubicle employment. I really enjoyed corrections and working with homeless folks, but I can have more fun (and only marginally less pay, ha ha) as a volunteer working with my folks. Once i am done with some school (my kids school) obligations I may persue some wildlife rehabilitation work (first as a volunteer, maybe professionally later, if it's not too much of a bother).
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I can see how this lifestyle might not appeal to everyone, but I've always been kind of a weird person so...it works for me. :)