If East Bay Rep. Eric Swalwell does decide to run for president — “We’re getting pretty close,” he says — the Dublin Democrat will give up the House seat he has held since 2013.

“Burn the boats,” Swalwell said, name-checking what Spanish conquistador Hernán Cortés did when he invaded the Aztec Empire in 1519. “They stormed the land. And he had them burn the ships behind them so there was no looking back.

“I would want people to know that I’m putting my all into this and I don’t have a life insurance policy.”

The four-term congressman said he wouldn’t resign to run, but would not stand for re-election to the House in 2020. Right now, he says, one of the biggest obstacles to a presidential run is one that many politicians blow off: He’s wondering whether he will have time to spend with his two young children and his wife.

On the new episode of the “It’s All Political” podcast, Swalwell said, “If you’re seeking such a big job that would affect so many people, I think you have to assure the people you’re asking to vote for you that you’re not hedging. And that you don’t have a lifeboat waiting for you.”

That sound you hear in the background could well be former East Bay Assemblywoman Catharine Baker — a San Ramon Republican and Swalwell constituent — printing “Baker for Congress” yard signs. Although she insists she hasn’t picked a path in politics after losing her re-election bid in November.

“I haven’t decided what is next for me and my family or how best I can be of service, but I love our community and know I will be staying very much involved,” Baker said Tuesday.

Of course, Baker would be joined in the race by every Democrat on every mosquito abatement district east of the Caldecott Tunnel. Why not take a shot? Remember, Swalwell was the longest of long shots, a 31-year-old Dublin City Council member, when he defeated 20-term Democratic Rep. Pete Stark in 2012.

But the stakes were lower for Swalwell then. He had a day job as an Alameda County prosecutor and no kids. If he ran for president, he’d he be giving up not only a safe seat but also influential spots on the House Judiciary and Intelligence committees — perches that make him a ready and willing guest on cable TV news shows.

So before he jumps into the presidential demolition derby, Swalwell says he’s asking himself three questions: “Can I make a difference? Do I think I can win? And can I find child care to do the first two?

The child care challenges may be the most daunting. Swalwell and his wife, Brittany Watts, a sales director at the Ritz-Carlton in Half Moon Bay, have two children under 2 years old. Watts just ended her maternity leave.

“So we’re trying to just sort out — ‘How the hell do you do something like this?’ — and still see your kids and make sure that her dreams and aspirations aren’t deferred for too long,” Swalwell said.

That level of introspection and concern for the career of one’s spouse sounds so not like a politician. Part of that attitude is generational. Swalwell is a Millennial, a generation that is a bit more open to risk-taking when it comes to leaving jobs than the Baby Boom generation.

“I’ve told our staff as we plan and look (at running) that the one thing I don’t want on our agenda is, ‘What do I do if I lose?’” Swalwell said.

Another Millennial who has already jumped into the race, the 37-year-old mayor of South Bend, Ind., Pete Buttigieg, just announced that he would not seek a third term.

It’s also a high-risk game for Butttigieg: Win the White House or find a day job. Unlike many politicians, he isn’t wealthy. His family, like Swalwell’s and many others of their generation, is carrying more than $100,000 of student loan debt.

“To me, it’s not so much a question of political strategy — it is just that you should be going to serve where you belong,” Buttigieg said this week on “It’s All Political.” “I love being mayor of my hometown. It’s exciting. But it’s also not a job you can do forever.

“The whole idea of my coming in was that we needed change, innovation, fresh blood,” Buttigieg said. “So it would be a little weird if I was the one who was hanging on.”

If Swalwell runs for the White House and falls short, he says his conscience will be clear.

“The truth is, I was the first in my family to go to college. That’s all my dad wanted me to do,” Swalwell said. “I’m going to be fine. I’m playing with the house’s money as far as making my parents proud.

“We’re not trying to sell a book or get a leadership position anywhere else,” Swalwell said. “If I’m going to run, it’s going to be because we think we can win and, more important, make a difference.”

Joe Garofoli is The San Francisco Chronicle’s senior political writer. Email: jgarofoli@sfchronicle.com Twitter: @joegarofoli