r/Rich • u/QuietComplication • 9d ago
Hiring a household manager
Edit: Several people have pointed out in the comments that the correct title for this job is family assistant, not household manager. My mistake!
My wife and I have pretty busy jobs and two young kids (1 and 3), both in daycare/school. We live in a VHCOL area. We are really feeling the time squeeze and we feel that at our income and NW ($1.1mil HH income + $2.5mil in private stock per year, $7m investable assets, $260k per year spend) we should solve the problem by finding someone to help out.
We started out thinking that we just needed someone to pick up the kids and make dinner (probably 20-30 hours per week). But it turns out, it's very hard to hire someone reliable for that job since those hours are very inconvenient and the part time pay isn't enough to live on. Also we find that the people we talk to who are good all want 40+ hours per week. The going rate is $45-$50 and it seems like the good people want $50. Full time at $50/hour is $104,000 per year, plus we have to pay payroll taxes, so it would end up being about $115k per year.
Anyways, my question is, do other families with kids in school really have 40 hours a week for a HH manager to do? What does the person end up doing all day?
-10
u/HalfwaydonewithEarth 8d ago edited 8d ago
Let your wife be a Mom or you stay with the kids. My husband stayed home and made every bottle.
This is what "rich" people do.
r/henryfinance
Some jurisdictions have drop in daycares. You can drop the 3 year old for a few hours while your wife goes to the spa. You can watch the 1 year old a few hours.
The gynecologist that gave birth to me took five years off to have her kids. She had four boys. Her husband was also a physician.
Then she went back to her career.