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Would You Go $50,000 In Debt on Purpose?? - UPDATE IN THE OP - Page 2

post #21 of 120
Originally Posted by MeepyCat View Post
Bad jobs can be like abusive relationships. They suck, they hurt you and make you ill, but paradoxically, they provide security (benefits), so it's hard to leave.

That's so true! I'm trying to decide if I want to quit my job or not... I have to give my boss an answer next Wednesday. (It's not so much "quitting" as it's not signing up for another year)

This *really* struck a cord. I was already leaning towards it, but I think I'm officially quitting.


I need a moment....

Ok, to the OP. I guess I'd be willing to go $10,000 in debt if I knew I could pay it off fairly quickly. I haven't actually done it myself, but taking care of some kids in your home sounds like a win win situation.

Good luck!
post #22 of 120
No, personally I would not do it. 50k is alot of debt and it only takes two years to acquire but will take many more years to pay it off especially with interest. There will be alot of financial stress, which then turns into other stresses. Also have you calculated how much would you have to pay for health insurance without benefits from your job.
post #23 of 120
worth it.... Educational debt is worth it to me... (to the tune of $215,000.00) Yes, I'll be paying it back for the next 30 years... but my income potential is now upper 6 figures/lower 7 figures.
post #24 of 120
In your situation, I would do it. If you don't have a job or a very part-time job, you could qualify for wic and/or food stamps and medicaid for your baby. You might be able to COBRA your insurance so you and your dh would still have coverage. Actually some colleges have health plans that students can buy (no idea how much that would be though).

Do you have any hobbies that you could turn into a wahm thing? Could you teach community ed classes? Could you do art classes for kids or dance or something like that? What about selling on ebay or etsy?
post #25 of 120
Yes. If it's the only way, your child's early years are worth way more than 50 k. If it's your only one you'll regret not being there.
post #26 of 120
I would totally do it. Life is too short. Live life. enjoy. and celebrate! Enjoy your kiddo. Things will work out in your's future the way its supposed to.
Seize the moments and have fun
post #27 of 120
No, in that case, I would find a different job and power through it. There is an end in sight, and 50 grand is an insane amount of money.
post #28 of 120
Thread Starter 
So many different answers! I fee so mixed about this! I am leaning towards "I can't do it, it is an insane amount of $" but I see that some posters see what I'm saying about my health and being w/ my child.

Also, someone asked about healthcare costs, but the money we are estimating includes health insurance. Catastrophic, but health insurance nonetheless. We would pay out of pocket for regular dr. visits. There are no pre-existing or serious medical conditions on the part of me, DH or DS.
post #29 of 120
Do you have any idea what the payments would be? I had about 20,000 in loans and was paying close to 400 a month, so, I don't know. I think I would try to find other options first, before taking the loans. I woulnd't stay at a job you hate, but I also wouldn't want 50,000 in debt.
post #30 of 120
Originally Posted by townmouse View Post
Also, if we are talking about the preschool years only, can Dh put off the second half of his education and become the crappy job breadwinner? Then, when ds goes off to kindergarten, you work and DH finishes school.
Thats what I would recommend, too.
post #31 of 120
I think that there are other options that you can do and be able to not work and stay home with your kids at least part time. You can cut your expenses by down sizing your home, frugal everything you can....no cable, net flix, dial up 'net, no eating out etc.

I am so sorry you hate your job as much as you do, I've been there and I am staying home with DS till he goes to school or I make the jump to home school.

Here is what all I had to do to stay home, I was making 25,000.00 yr. not a huge amount but I had a steady pay check where DH doesn't.
We co-house with DH grandparents (who are more like his parents) that cut our housing expenses by SOOO much. It's a little cramped but have two extra people around does make it way easier.

I watch a little girl during the week days, and that brings in a few extra hundred dollars a month.

We do not eat out (sometimes fast food if we are out but we cut as far back as we can) we watch the gas, food, clothes (2nd hand), etc. bills.

DH and I are dirt poor right now, he has been out of work for awhile....But I am happier than I could ever be staying at home. I don't need stuff to make me happy yk?

I think that if you need to be home now go for it, but know that you are going to be really broke for two years.(and all the interest from your bills) I never knew the stress of being broke until two years ago, but stress about money sucks. Please research and have a good plan.

I hope that you find a new job. The boss that you have is toxic and you need to RUN away. I do hope that you feel better, this is hard but let go of your mommy guilt. You are doing the best you can, there is no right or wrong way.
post #32 of 120
I haven't read all the posts here, but have you checked into if you did quit your job and your income level went down would your dh be able to get grants to cover his education and maybe lower your debt amount? I would defiantly look into getting a new job, but I think putting yourself into so much debt may also be extremely stressful and would not be a healthy situation for you either.
post #33 of 120
Is there maybe a happy medium? Could you find a part-time job that offered partial benefits? That way, you won't need to go into debt as far and you would be shelling out less for benefits, but also spending more time at home.
post #34 of 120
Well, that is about how much debt I went into to get my bachelor's so I guess sure. But. Have you calculated how long it will take you to pay back that amount? It takes a long time and the payments are quite large. It also hits your credit a little because they see this large amount of debt that you owe. Of course, your DD will be older and you could move and get a job but you will probably be paying around $700 a month for 10 years. Even if I knew this when I started paying for my BA, I would still do the same thing but I just want to let you know what you would be in for.

You didn't mention what skills you have, what city you are in or what position you currently have but I would recommend you a) go over to WAH Well and ask for some ideas and b) you plan for quitting your job. First, not all WAH jobs include sewing (I WAH as a technical writer) and second, keeping a job like that negatively impacts the family greatly. The other thing to consider is that if you take out student loans now you can pay them back at any time, including while your DP is still in school. If you are the saver type and the loans have completely deferred interest, you could take them out and put them in a separate account just in case.

Anyway, I have a lot to say on the subject but don't really want to tell it all online. Feel free to email me since my PM box is full again if you want to chat.

BTW, our DPs will finish school at the same time, I am so excited.
post #35 of 120
Originally Posted by jazzharmony View Post
I personally would go into a pretty hefty amount of debt if it meant being with my child full time.
post #36 of 120
do you have a plan in place to pay off the debt as quickly as possible when he starts working?

it could take you like half a decade to pay that amount off...or longer...depending how much money your dh makes and how frugal you live.

is there any chance you could find a new job that you enjoy and just switch jobs and not go into debt?

then once dh is working...be the sahm you want to be.
post #37 of 120
Not sure about the specifics of your situation, but we did this. We quit our semi high paying jobs in Japan, got pregnant, moved to the US and dh went to school full time for his MBA. He was in school for 2 years and we had no income except for the savings that we had built up previously in Japan. If you have family around to help (we lived with my parents and they paid for food)that would be ideal. Now we have a billion dollars in loans but dh has a better job and there is potential for him to move up quickly. Well, since then we have moved to the bay area where you need to be a millionare in order to survive, or so it seems, we are scraping by living in a one bedroom apt. I wish you luck in your decision--
post #38 of 120
In your situation, I would.

Your little one is only young once. Take advantage of it while you can. We are living with very tight means right now, but you know what? I wouldn't change it for the world.
post #39 of 120
Originally Posted by Dmitrizmom View Post
worth it.... Educational debt is worth it to me... (to the tune of $215,000.00) Yes, I'll be paying it back for the next 30 years... but my income potential is now upper 6 figures/lower 7 figures.
Wow, may I ask what you do?
post #40 of 120
Haha, I passed $50k this year. And I'm applying to grad school! *manic laughter*
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