Is the single income family dead? (million, rent, taxes, rates)

[mysticaltyger]

Originally Posted by Ceece

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.

That's a very good point. It's always a tricky balance. Sorry to hear your husband wants a divorce

[Sonnenwende]

Most women throughout history created income for their families inside or outside of the home. It could have been through spinning, weaving, basket making, helping the husband run the family business, wet nursing, selling food, etc. The whole idea that men should have an idle wife is a relatively modern one.

[drshang]

A lot of people in my age bracket and demographic (graduate degree or college degree, high 20s and low 30s) don't even want to have kids for a lot of the reasons in this thread.

I haven't read the Two Income Trap but I saw a presentation by Warren that pretty much explained the logic in her book and it's scary. Granted, Warren is a somewhat radical feminist and some of her ideas are a little bit suspect but honestly, her data that supports the fact that, really, we aren't overconsuming that much is really interesting.

The thing a lot of people must understand about "overconsumption" is that the cost of things like eating out, nice clothing, etc., is really peanuts compared to things like overpriced housing in good school districts (or private school), college or healthcare. Having to pay an extra 100k for an overpriced house will pretty much equal out any amount of spending on eating out or nice clothing.

I think her book or her presentation(s) (you can find a lot of them on youtube I think) are really interesting. The problem is, for many people that I know in my demographic, we've "solved" this problem by basically just deciding not to even bother having children, which pretty much is one way to get around this problem.

Just as an EDIT: a major problem here is that the cost of raising children is increasing at a rate around double that of inflation because children create a lot of expenses in education, healthcare and housing more than anything else. These are the three things that have seen price increases at a disproportionate amount compared to things like clothing, TVs, cars, good food or other things that are thought to be associated with "over consumption." The changes in the structure of our economy and the cost of education, housing and healthcare have crippled families of any size, and we have "made up for it" with the two income family. The problem is there are a whole host of new problems created with the two income family, and Warren gets into that if you really are interested in it. Ultimately, the most educated in our society are opting out of having children at a really high rate, because of the ridiculous added expenses associated wtih kids that continue to grow at a rate disproportionately high to both inflation and incomes. Many of us see the road to financial freedom in four words: by not having kids.

[sheriwx]

Originally Posted by Sonnenwende

The whole idea that men should have an idle wife is a relatively modern one.

I don't know how you think being a Stay At Home Mom is being an "idle wife". You underestimate the hard work it takes to keep a home running and raising your own children. IMO, the value of having a SAHM more than makes up for any loss in income. Working outside the home to support your children is a sacrifice, and staying home to take care of the home and kids is also a sacrifice. I've never met a SAHM who I could classify as an "idle wife".

[debtmonger]

It's all about priorities and learning to live on less than you make. It's hard to raise 2 kids on one income and try to keep up the neighbor's across the street that are in debt up to their eyeballs.

Can you raise a family on one income? Sure, many families are doing it. And they are not making six figures either. They are making good decisions and are willing to make the sacrifices necessary. I agree it is getting harder, but if you live without much debt, it can be much easier than you think.

[Pitt Chick]

Originally Posted by Sonnenwende

The whole idea that men should have an idle wife is a relatively modern one.

I can assure you that my lifestyle is far from idle!

[sterlinggirl]

Originally Posted by drshang

Ultimately, the most educated in our society are opting out of having children at a really high rate, because of the ridiculous added expenses associated wtih kids that continue to grow at a rate disproportionately high to both inflation and incomes. Many of us see the road to financial freedom in four words: by not having kids.

I wonder what Darwin would say about that...

A SAHM doesn't need to be, and shouldn't be helpless or dependent on her partner for support later in life. Although they may be at home, they can still find ways to earn an income by starting a microbusiness.

[mimimomx3]

Originally Posted by Pitt Chick

I can assure you that my lifestyle is far from idle!

I think they meant 'idle' in the economic sense, as in not bringing in money. At least that's how I took it. No mother is idle!

[cat24]

Thank you all for you kind words & insight. It's very refreshing to know there's other people out there, like myself, who are still keeping the single income family alive! I guess the most immportant thing is that we feel we are doing the best thing for our family.

[f_m]

I guess it depends on where you live. I have a friend that chose to live in small town Kansas, though he does have a good job, so his wife can stay with the kids. He had offers elsewhere, but the cost of living would be probably twice.