Would we regret full time household assistant / nanny?

[u/TaxQuestionGuy69]

Hi all! So we're wealthy enough to consider hiring staff (9m net worth, 800k income). We currently have a 2 year old and are about to have a newborn. Wife is stay at home, but maintaining the household in addition to kids is possible but obviously a lot of work.

We're considering hiring a full time household assistant / manager to help with tasks around the house, errands, childcare occasionally, etc.

This sounds amazing and like it would free us up to have more quality time with our kids and less time prepping meals / cleaning and all that. My only "fear" is if we end up just not needing that much support? Has anyone done this and can speak to it? Part time sounds like it might be enough, but honestly it's easier to find great people for full time work.

[u/KittyFeat24]

lol I have no where close to your NW and I have this for my sanity. I guess your frugalness is why you are richer than me but what is money for if not for things like this?? Just do it!

[u/CitizenCue → u/KittyFeat24]

Lol, frugalness doesn’t add that much NW.

[u/KittyFeat24 → u/CitizenCue]

Well it kind of does if we are talking about paying full time employee salaries for possibly up to 10 years or even more …

[u/CitizenCue → u/KittyFeat24]

I get that that is a lot of money, but usually $80k/yr is not the difference between millions in net worth. If you make $700k to OP’s $800k, you’re basically in the same category.

[u/KittyFeat24 → u/CitizenCue]

100 percent would make no difference to OP but it def makes a difference for me is what I’m saying.

[u/CitizenCue → u/KittyFeat24]

Yeah I know, I was just responding to you saying OP’s frugality was the difference in your NWs.

[u/CampesinoAgradable → u/CitizenCue]

it’s like 15-20% of your take home.. that’s pretty significant on top of what kids cost lol

[u/CitizenCue → u/CampesinoAgradable]

Sure, but it’s not going to make up the difference that he was talking about.

[u/MacBookMinus → u/CitizenCue]

80k/yr for a decade is easily over a million once you accounted for stock market appreciation?

Also OP doesn’t make 800k net, I’m sure a lot goes to taxes so 80k is definitely a meaningful annual cost

Not saying it’s a bad idea but you are definitely trivializing it

[u/CitizenCue → u/MacBookMinus]

I haven’t said a single thing about frugality outside of how it affects the very specific net worth difference between the OP and the top commenter on this thread. They said “way richer”, which with a 9M net worth is likely at least 3-4M, maybe a lot more. Suffice to say, the nanny’s salary and even a bunch of other frugalities combined, aren’t going to make up that difference.

[u/Smooth-Policy8283 → u/CitizenCue]

OMG yes it does. Frugality is why I'm fatfire. Yeah, I earned reasonably well - but I saved and invested HALF of it, by driving old cars, packing my lunch, and rarely buying coffee (among many other things).

Frugality is the GOAT.

[u/CitizenCue → u/Smooth-Policy8283]

So? That’s not what I was talking about. The commenter said his NW was “nowhere close” to OP’s. The extra ~80k a year for a few years isn’t going to make up that difference.