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Snave-- That was a smart move on the part of you and your wife. That's basically what we are doing. Our son was born 2 weeks ago. I have gone from a full-time staffer at a major metro daily newspaper to a freelance writer. It will save us on day care, but because I am self-employed I am eligible for a solo 401K, which will allow me to sock away the first $15,500 in income plus 20 percent of what I make over that.
So basically, we gained more freedom, saved on daycare, but still found a way to sock away the max possible into retirement accounts. That money really does add up, and the younger you are when you put it away the better!
So basically, we gained more freedom, saved on daycare, but still found a way to sock away the max possible into retirement accounts. That money really does add up, and the younger you are when you put it away the better!
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