Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hey, great for you~
I just think that the col is different in each area
I should add that our first house was 35,000. It was two years old.
Can not find same house now for less than 250,000. It would be 30 years old now.
Hey, great for you~
I just think that the col is different in each area
I should add that our first house was 35,000. It was two years old.
Can not find same house now for less than 250,000. It would be 30 years old now.
I would imagine my cost of living is higher than yours here in MS.We have unique issues here that really drain tax payers and insuerd motorists etc.etc.
I know of many families who were able to live on a single income (not large) with many kids (4+). They were able to make it but they made trade-offs like always buying used everything, buying a house in a bad(ish) neighborhood (or renting), making all meals from scratch via very careful planning, going without cable and without multiple after school activities per kid, finding entertainment at the library and free public parks, and many other smaller actions that made a big difference.
Do you have two cars? Sell one. Do you have cell phones? Why? Cancel them and get vonage. Do you have wireless internet? Cancel it. Do you have cable? Cancel it. Do you eat out? Make planning meals a family responsibility and plan very carefully. Did you use disposable diapers? Use re-usable cloth diapers if you have another kid (and wash cloths instead of wipes.) Some of the trade offs aren't fun, but there is a way. I know many families who have made it on one income (and done well, but always with trade-offs that aren't always fun.)
Yes, I express the same beliefs as stated above. I'm just so amazed at how young people underestimate the responsibility's of raising a family today. I know a few people who have had children and today they are upset because they can't buy a home and because the wife has to work to help out with the bills.
I do believe a man can be single source of income but it's going to take proper planing (type of job, what state to live) of 15-20 years before you even have a family for things to go smoothly instead of using a haphazard go for broke approach.
Also, many young people have money when they are young but blow it on cars, electronics, expensive clothes and other things when that could
have been used to buy financial planing books as well as a portion of that could have been saved as a down payment for a home.
Consequently, family's who appear to be successful many are in fact financially overextended because they feel they need to live a certain way in order to be happy. You got to always humble yourself and remember that something as a 1 bed condo in any town, USA would be a 5 start resort in some place like the African Congos..
It does depend on what that one income is and where you are trying to live. This is how we did it:
I refused to have kids unless we owned our own home so that became a priority. It was tiny but livable. Then we limited ourselves to 2 kids because that's all we had room for and that is when we went to one income. We never took vacations and drove our cars for 10+ years. As that one income continued to increase we got took advantage of the housing boom to move up into an area with good public school, but still in a small 1970's "starter home". We lived with a dated kitchen and baths and unfinished backyard until that one income increased again then we started fixing things up, including a new kitchen, a patio and a lawn. After 10 years the planter areas in the backyard are still nothing but dirt but at least we had usable outdoor space. We haven't got around to fixing the bathrooms yet so everyone has always showered in the master bath because the other one has been broken for years. As a result the master bath got even MORE worn and torn. There was never any savings and no college fund so the kids had no choice but state schools so thats where they are. There were times of debt and financial strain but in the end we always got caught up. Over the years we often congratulated ourselves on being smart enough, and lucky enough, to make it work.
The kids are both over 18 now so we were successful in doing what we set out to do. My husband contiued to move up in the company and is now a pretty big deal making a very good income. But there is a downside to this arrangement that I didn't anticipate. Just as the two income model can trap families, the one income model can leave the nonworking half vulnerable. I always planned on finding some little job once the kids were grown, and using the extra income as "fun money" for us. But the economy in CA has tanked, my husband now wants a divorce, and I'm 50 years old with no recent work experience or job skills, no prospects, and only an old AA degree to my name.
Now instead of doing all the things I did without, I am going to have to do with even less.
It does depend on what that one income is and where you are trying to live. This is how we did it:
I refused to have kids unless we owned our own home so that became a priority. It was tiny but livable. Then we limited ourselves to 2 kids because that's all we had room for and that is when we went to one income. We never took vacations and drove our cars for 10+ years. As that one income continued to increase we got took advantage of the housing boom to move up into an area with good public school, but still in a small 1970's "starter home". We lived with a dated kitchen and baths and unfinished backyard until that one income increased again then we started fixing things up, including a new kitchen, a patio and a lawn. After 10 years the planter areas in the backyard are still nothing but dirt but at least we had usable outdoor space. We haven't got around to fixing the bathrooms yet so everyone has always showered in the master bath because the other one has been broken for years. As a result the master bath got even MORE worn and torn. There was never any savings and no college fund so the kids had no choice but state schools so thats where they are. There were times of debt and financial strain but in the end we always got caught up. Over the years we often congratulated ourselves on being smart enough, and lucky enough, to make it work.
The kids are both over 18 now so we were successful in doing what we set out to do. My husband contiued to move up in the company and is now a pretty big deal making a very good income. But there is a downside to this arrangement that I didn't anticipate. Just as the two income model can trap families, the one income model can leave the nonworking half vulnerable. I always planned on finding some little job once the kids were grown, and using the extra income as "fun money" for us. But the economy in CA has tanked, my husband now wants a divorce, and I'm 50 years old with no recent work experience or job skills, no prospects, and only an old AA degree to my name.
Now instead of doing all the things I did without, I am going to have to do with even less.
I agree it leaves the one staying at home vulnerable. One of my friends has been a stay at home mom for 12 years. When I enrolled in college I tried to persuade her to enroll also because the children were in school all day. But she didnt want to. Now she has gotten a divorce and although she gets spousal and child-support it is not enough. She only has a high school diploma, barely any work experience. That is the only thing I do not like about being a stay at home mom, if things dont work out with the person who is bringing in the income, what is the other person supposed to do? Now her husband has moved on to another relationship and she is trying unsuccessfully to find a job.
I agree it leaves the one staying at home vulnerable. One of my friends has been a stay at home mom for 12 years. When I enrolled in college I tried to persuade her to enroll also because the children were in school all day. But she didnt want to. Now she has gotten a divorce and although she gets spousal and child-support it is not enough. She only has a high school diploma, barely any work experience. That is the only thing I do not like about being a stay at home mom, if things dont work out with the person who is bringing in the income, what is the other person supposed to do? Now her husband has moved on to another relationship and she is trying unsuccessfully to find a job.
I got my AA degree once the kids were in school full time, it was a nice change of pace for me and I'd recommend continued schooling for any SAHM. If I knew then what I know now I would have put in more effort and gone for a BA. I still might
I am a SAHM and have many friends who also quit working to raise their families.
It all about prioritizing and being less materialistic.
So true.
No, the single family income is alive and well. There are many SAHM's that are far from wealthy. Many have to forgo the new car, big screen tvs, dinners out, any little luxury for themselves, and for us this year, no vacation.
We learn to cut coupons and plan meals by the stores weekly circulars. We swap and pass on clothes and books to each other, we shop yard sales and thrift stores and we love public parks, libraries, playgrounds for all the freebies they offer.
It can be done on most budgets. Kids grow up so fast, the time spent with them is priceless.
I'm a guy with a young family & I am very frustrated. When we had our first child 4yrs ago, my wife & I made a decision to be a single income family. 4 years & 2 kids later, we just can't afford it. We are in such a financial bind, it's depressing.
I realize in today's current economic climate, my gripe is small & many may view it as somewhat superficial. By no means am I trying to start a thread about stay at home Moms vs. working Moms, etc. I am just curious if any one else is going through this and if it ticks them off as much as me?
It seems like the option to stay at home with your kids (unless you make six figures) is gone. Please share your thoughts.
No, I don't think so. I think more people are finally realizing that the 2 income family is not the economic cure all that some thought it was. Often, that 2nd income is taxed at a farily high rate. Combine that with the expenses of working (day care, trasportation, clothing, eating out more, stress), and the second income is often not worth it.
Some professors at Harvard came to this conclusion a few years ago and wrote about it in their book: The Two Income Trap
It's funny, I remember my mom saying this to me when I was growing up, long before the book came out (she didn't work full time until I was in 6th grade).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
