If you choose to work, then decide whether you want to wait for your employer to hire you back, apply elsewhere, or whether this is a time to start your own business. If your wife decides that she enjoys working, you could transition to the stay-at-home dad role (no child care expenses) while you work on starting your business.
Part of the "starting my own business" would be to do what I enjoy: coaching athletes (and being one myself). I don't think it would amount to as much work as contracting in terms of hours spent at w*rk and commuting (ick)... the idea appeals to me, and it's what I want to do, but there are other considerations, income being one. Stay-at-home dad at this point would make me crazy! Maybe when they're both school-aged that will be realistic. I'll lose my mind trying that right now!
Your situation mirrors mine. You have plenty of money/ income. So now you only have to figure out what keeps you happy. In my case I've done light consulting, one day a week on average, but it really makes a difference in my attitude. I have a friend, he's 68, a real rocket scientist. He commutes from Utah to Arkansas to build missiles, and we play tennis when he is here. Same kind of thing. I'm guessing you need some work, but not full time. In your area of expertise it is available. And thanks for your service, my dad lost a couple or three body parts in the navy in WW2. I know freedom isn't free for men like you. God bless you my friend.
Funny! I have my coffee mug that says "Rocket Scientist" as I was an aerospace engineering major in college... and my business name will likely incorporate "rocket" in it because of that.
We set up an S Corp through Legalzoom 15 years ago. It was super easy. California taxes most entities an $800 minimum tax. Keep that in mind when you think about setting up an entity.
Appreciate the insight. Based on what I've learned, I will start out as a sole-proprietorship and carry liability insurance as it's a requirement in coaching athletes anyway. If things get big or I bring on assistant coaches/nutritionists/PTs, etc., I would probably go LLC or S-corp depending on the situation. But Sole Proprietorship is the way to go for now in a relatively low-risk business situation.
When my kids were the age of yours private school was not on the radar. Less than 10 years later, they were in private school and we paid a boat load of money to keep them there through high school graduation. My only point is that limiting your income can also limit some choices that may not even be in your sight when it comes to children and their expenses.
Thanks! My wife and I furthered our discussion this morning. I told her what I wanted to do, and she said, "Go do it then." I said, "Well, we're adults with kids... we can't just always follow our dreams at every turn... yet!"
I'm pretty well made up: if DW gets the call back to work, I will start my coaching business. I've run all the numbers and the initial investment would be paid back (or absorbed) very easily, and I could probably become profitable this year. It won't be a lot, but it'll be enough to cover the gap in our child care costs until they start elementary school. Eventually, I'd love for it to cover my bike habit.
If DW doesn't get the call back - she gets RIFed - then all bets are off. I'm keeping ears open to DOD contractors and others, along with the remote possibility that the previous employer calls me back... I just know I'm not going to take something I'm not 90% happy with until her situation squares itself away, hopefully in June.
For now, we wait. Patience is not a virtue I am tremendously blessed with....
We are blessed that we have the savings we have, and if we let it sit untouched for another 8-10 years, we can dream big again even if we don't add another dime...
(fingers crossed)
