Why not work more to pay off debts?

[Exile]

If your employer has a 401(k) plan in which you participate and one that is based on your hourly wages, there is an extra advantage to working overtime : The more hours you put in, the faster you build your 401(1k) balance. In addition, you also shield some of your paycheck--including overtime hours-- from taxes. If your employer matches your total contribution, that's gravy on your mashed potatos.

Based on the foregoing, I sought out overtime when I was working. As a result, DW and I were able to pay off our bills and retire sooner than would have otherwise been possible.

[LivingAlmostLarge]

My DH and I have only been salaried workers. I had no idea people made so much overtime. But we're both of the idea that we should work harder at our first/primary jobs and get bigger raises/bonuses/promotions than waste time working 2 jobs. The first job pays well and the faster you climb the ladder it's way more than a second job.

[JeanneElle]

Originally Posted by Kris10Leigh

For my family, we believe that family come first. As long as our children's needs are met and met well, then I don't believe we need to be away from them any more than necessary by taking on extra work. And be careful about how you judge a woman's choice to stay home with the children. That's a touchy subject and very, very much based on individual circumstances.

Thank you!! Our kids are the future, and I think those families who choose to keep a parent home to care for the kids full time, at the expense of ideal personal finances, shouldn't be looked down on.

It's only a few years before the kids are old enough to not need a parent at home, and you never get that time back. I'd rather have a modest but adequate retirement with a close knit, well adjusted family, than be travelling the world and not know where my grandkids are.

I know this isn't always the case - there are many two income families who do just fine with childcare because they're lucky to have good people to care for their kids. Here in BC, however, there's a shortage of good daycare & before and after school care, and I have friends who have had problems, so I'm a little biased in this regard...

[JeanneElle]

Re: working more to pay off debt: my hubby already works 6-7 days a week and takes OT when he can get it. As soon as our youngest is in school full days, the plan is for me to look for a part time job during school hours.