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Re: Doing an OB PhD with a family
PhD student who had a child in the 3rd year.
In general, having a kid made me reassess my commitment to academia. I came in with the sole desire to be a research professor, but I left for industry after graduating. The flexible schedule was nice, but as others said, research can easily dominate your life. To a large degree, those who spend all their time thinking about research have a big leg up in this very competitive market. Carving out time for work and protecting family time is key, though, to keeping your family happy. So it's a balancing act that will likely hurt your career prospects, all else equal. OB is arguably the most competitive B-School PhD field to land a TT job, so this matters more for you than for others (say in Finance or Accounting).
IDK about your family's financial situation, but stipends usually mean that you are scraping by, potentially going on public assistance like the first responder mentioned. You also need to realize that your life will be very unstable for the next 10-15 years on a variety of financial, geographic, and other life dimensions until you either get tenure at a school or leave the profession. There's no in-between here, and progression is very much not linear like in a conventional career. It's a very tough road without a family, and with a family, it's even tougher. While your family might make the mental stress of a PhD a bit lighter, it will largely be because you don't have the luxury of dealing with academic stress. The existential stress of reviewer criticisms, not being able to publish, and not getting a job take a backseat to immediate financial pressures, negotiating family and work time with your spouse, and other things that keep your family unit functioning.
My take is that, after two years of uncertainty pre-graduation, I wasn't willing to sacrifice stability any longer, especially since outside options pay roughly the same and largely consist of the same work. I graduated last year, and I am a data scientist in industry. While my work has a lot of boring elements and I can't necessarily choose what I want to work on at all hours of the day, I couldn't be happier with the stability my family has. I also found academia wasn't all that it's cracked up to be. It's glacially slow, the daily work can be very boring and frustrating, and most of my peers and the tenured/tenure track professors in the department didn't enjoy their jobs nearly as much as you might think. There's a "sunk cost" mentality in academia, where people invest a lot into this career, realize they don't like it, but feel like they invested too much time, are too specialized, or too risk averse to leave. That's a recipe for disillusionment, so make sure you are wildly passionate about research before entering.
Given that you have a kid already, you probably have thought these cons through, but I wanted to provide an alternate opinion. Good luck!