Start Up Questions

[Suzie_Homemaker]

I can see it easy to get trapped in this business.

Although income not great, and high risk, the benefit of tax allowance mean that if work outside the home, I would need earn about $10k more than I do to come out the same.

Sure, outside employment saves cost of health insurance (most of time) but knowing I can deduct 40% of my power, heat, water, house insurance, property taxes, cable, internet, house maintenance from tax bill does have a value.

Having done this long time now, I can see that I have de-skilled myself in many areas meaning if I took job outside home, I would realistically be in min wage employment. Having that $10.35 an hour is more than I get after expenses, but risks are that I not get my 9 hours a day are high. Lot of employers only taking part time worker for min wage jobs so that is a worry and also need to pay utilities etc in full would have to be considered.

I can see how carers get trapped in this business and so if you have FT job already, which pay more than min wage, gives health insurance, paid leave, sick pay and maybe some pension, I would not be willing to give up for high risk of day care as only income.

I would say if leaving work force to become carer, you need to be aware that income will be tight and it very hard to return to work force after a few years being out of it, unless you re-train for something. As we age, we must consider that it likely health will fail before retirement, and those sick days add up. If have serious health issue, even for few months, that can be enough to lose income completely and can you manage with no income?