Thoughts on time vs money

WendyGR · November 2013

DH and I both work full time and are financially comfortable. Funding retirement to the max match, HSA to the max, etc. We do owe on one of our cars and have a mortgage (very comfortable payment; one of us could lose out job and we would still be able to pay our bills). Are working at building up savings. No kids and none in the future.

I have started consulting on the side and I'm torn about how much business I want to go after. On the one hand the extra money is awesome, but on the other hand I have less time for cooking and cleaning so if I keep this up I am going to have to hire someone to clean. DH helps when he can but I feel like it's not fair to dump everything on him when I am the one deciding to do extra work. He points out that we don't NEED the money.

I guess I would just like to hear how other people have decided how to balance time/money and what are the things I should take into consideration.

WendyGR · November 2013

I also want to add that I do recognize that I have to set aside some leisure time or I will go crazy. How much I'm not sure.

hoffse · November 2013

Well I took a job that pays $15,000 less than the job H will take so that I could work reasonable hours for an attorney (on average, 8:30 am - 6 pm and rarely on the weekends, never on holidays). H's schedule is going to be closer to 7:30 am - 6 pm with some weekend work as well. I also make about $30,000-$50,000 less than my friends in huge cities... and many of them work 7 am to 9 or 10 pm on a consistent basis, and they also work weekends and many holidays. These are the firms that have places for their attorneys to sleep at the office. I personally think it's absurd to live life like that, but the money seduces a lot of people into that lifestyle.

For me, it wasn't a particularly hard decision. I've had opportunities to make more and work longer hours, and I haven't taken them. I value my time, and H and I really don't need that extra income. Would it be nice? Sure. But we're both so cheap that with the job I have and the one he will be taking we will still end up making a lot more money than we will spend. It means it might take us an extra year to pay off our student loans or an extra 6 months to save for the down payment on our house, but we actually have a life. And I personally have very high job satisfaction because I get down time.

I think it depends on circumstance. H and I have enough to meet our obligations, fund our retirement, and save for a rainy day and our house. We want children in the future, and I've been researching that recently. They shouldn't be a problem either. If we were struggling to make ends meet, then I would consider doing the traditional biglaw track which would pay more.

But working more just to have more money so you can have more money? I probably wouldn't do it. After you have saved what you need to save, funded your retirement, made an additional emergency fund for the heck of it, and have bought everything you want to buy, what are you going to do with it? As a friend of mine once pointed out, even if you have 4 vacation homes, you can only live in one of them at a time.

vlagrl29 · November 2013

I don't think I would do it. I hate feeling like I'm going going going all the time. It makes me cranky.

lifeonthehill · November 2013

I just posted about being frustrated with this very idea. I am happy I am going to be working less so I can have more time with DH.

Ducktale · November 2013

Agree with the others for the most part, but two other questions--how does DH feel about it? (He sounds hesitant), and does it add to your personal fulfillment? If your sole purpose for doing it would be extra cash, then probably not. But if you enjoy it more than your regular job, perhaps want to do it full time someday, its been your goal to start your own business and be your own boss, etc, then those are important things to consider.

Sisugal · November 2013

Have you considered giving up your FT job and just doing the consulting? That offers flexibility in how much you work and when. Something to think about and explore the ramification..

Sisugal · November 2013

Have you considered giving up your FT job and just doing the consulting? That offers flexibility in how much you work and when. Something to think about and explore the ramification..

Xstatic3333 · November 2013

Ducktale said:
Agree with the others for the most part, but two other questions--how does DH feel about it? (He sounds hesitant), and does it add to your personal fulfillment? If your sole purpose for doing it would be extra cash, then probably not. But if you enjoy it more than your regular job, perhaps want to do it full time someday, its been your goal to start your own business and be your own boss, etc, then those are important things to consider.

I agree with this! If it is something that you'll enjoy or benefit from I'd go for it. Otherwise, it sounds like your hard work has paid off and you're in a great place to enjoy your downtime! I carry two part-time jobs (one every Sunday, the other as-needed) but I'm not in as secure a place as you are yet. I look forward to the day when I can wind down, but until then, at least both are jobs that I enjoy.

WendyGR · November 2013

Ducktale said:

Agree with the others for the most part, but two other questions--how does DH feel about it? (He sounds hesitant), and does it add to your personal fulfillment? If your sole purpose for doing it would be extra cash, then probably not. But if you enjoy it more than your regular job, perhaps want to do it full time someday, its been your goal to start your own business and be your own boss, etc, then those are important things to consider.

Great questions. DH is supportive for the most part, but he can tell I'm starting to get stressed. On the other hand, it is something I've thought about quitting my regular job for so that I can do the consulting full time. I love the consulting. It's a scary thought not having a regular salary and insurance though! I think I will sit down with him and come up with some "what if" scenarios. As in, if I put in this extra work now, at what point would we have enough of a cushion that I could consider either going part time with my regular job or quitting altogether. I think if I knew it wasn't going to be a forever kind of situation it wouldn't feel to stressful trying to do both at the same time. When I went back to school full time for my MPA I was also working full time and it was awful but we worked through it because we knew it was only two years.

Xstatic, I do enjoy both jobs, which is a total blessing and I feel very lucky.

Wulfgar · November 2013

My dad did part time consulting while working for a local University. When he retired from his position, he ramped up his consulting. He found a local company that would give him hours and also give him health insurance. My dad did just recently started working more closely with another consultant that will give him more steady work. Since him and my mother are both "retired" the consulting gives them the travel and play money that they need above their retirement money.

Xstatic3333 · November 2013

It does sound worth it in your case then, OP. That's great you like both positions! I agree that it's a huge blessing.

One thing I usually do is ask my H how he feels before I pick up extra work. Usually he says "go for it!" but every once on a while I'll get "I was really hoping we could just relax that weekend" and then I know it's time to slow down.

maple2 · November 2013

Paying for outside help is a perfectly reasonable option. Especially since the things that you say you no longer have time for are cooking and cleaning rather then exercising or spending time with DH or other activities that are essential to your health and well being.

I don't particularly enjoy cleaning, for example, so if I had a consulting job that I loved that earned enough to pay someone else to clean the house I would absolutely do that instead of giving up the consulting to clean the house myself. Cooking, on the other hand, is something I enjoy. We also don't have a great restaurant selection in our area, and definitely not from a health perspective, so I would be much less inclined to increase our eating out as a way to compensate for my extra time being spent elsewhere.

tlc35 · November 2013

maple2 said:

Paying for outside help is a perfectly reasonable option. Especially since the things that you say you no longer have time for are cooking and cleaning rather then exercising or spending time with DH or other activities that are essential to your health and well being.

I don't particularly enjoy cleaning, for example, so if I had a consulting job that I loved that earned enough to pay someone else to clean the house I would absolutely do that instead of giving up the consulting to clean the house myself. Cooking, on the other hand, is something I enjoy. We also don't have a great restaurant selection in our area, and definitely not from a health perspective, so I would be much less inclined to increase our eating out as a way to compensate for my extra time being spent elsewhere.

Totally agree with this. I would much rather work a few more hours and pay someone to clean because I strongly dislike cleaning. Since you enjoy the consulting I would keep doing it. If you find yourself frazzled or with no time for yourself you can cut back.

Thoughts on time vs money

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