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It used to be that one income could support an entire family of 4 with no problems, with a stay at home wife.
Sometime in the 90's, but really early 00's it really became a necessity for two incomes to support a family.
In 2024 you need two incomes, plus side gigs to support a family of 4.
What is next? Moonlighting. Its already happening, where people are holding multiple jobs at the same time to survive. There are rumbles about this, but it does seem that employers will start making employees contract workers going forward. People will need to hold multiple contract jobs in order to survive in this new economy.
It used to be that one income could support an entire family of 4 with no problems, with a stay at home wife.
In 2024 you need two incomes, plus side gigs to support a family of 4.
One income can still do that, depending on cost choices. My brother-in-law supports a family of 5 on a single income, and has been single income since the birth of their first kid 24 years ago.
You don't have to have multiple incomes plus side gigs. You need to be wiser and more pragmatic with cost.
Quote:
Originally Posted by DannyHobkins
What is next? Moonlighting. Its already happening, where people are holding multiple jobs at the same time to survive. There are rumbles about this, but it does seem that employers will start making employees contract workers going forward. People will need to hold multiple contract jobs in order to survive in this new economy.
Aggregate government (local, state, federal) spending takes approximately 44.4% of the GDP.
On average, a taxpayer works almost half the year for Uncle Sugar.
That is why it takes 2 or more adults working to support a family.
It used to be that one income could support an entire family of 4 with no problems, with a stay at home wife.
Sometime in the 90's, but really early 00's it really became a necessity for two incomes to support a family.
In 2024 you need two incomes, plus side gigs to support a family of 4.
What is next? Moonlighting. Its already happening, where people are holding multiple jobs at the same time to survive. There are rumbles about this, but it does seem that employers will start making employees contract workers going forward. People will need to hold multiple contract jobs in order to survive in this new economy.
Growing up dad worked in a factory and had a second part-time job cleaning a string of beauty shops. I dont remember how many hours per week he worked that second job. Mom did not work, I had 3 siblings. We had a small 3 bedroom on a small lot in a good neighborhood. We had one car, one landline, one TV with 3 channels. We never ate out unless traveling, no take out or delivery, our meals were basic, no soda, no chips, etc. Entertainment was camping, hiking, and picnics, church on Sunday. Dad bought a camper, truck and boat with the second job money and cigarette money (he quit). Our yearly vacation was visiting family in the south. My folks did not drink, mom smoked and cigs were 25 cents a pack. she smoked 2 packs a week.
Today. Big house, 2+ cars, multiple cell phones (400-3K plus monthly bill), TV in every room, streaming, wifi, multiple TV packages, eating out, fast food, extra circular activities, etc. People live larger than they once did and the cost of everything has increased. No one wants to give up the luxuries.
Growing up dad worked in a factory and had a second part-time job cleaning a string of beauty shops. I dont remember how many hours per week he worked that second job. Mom did not work, I had 3 siblings. We had a small 3 bedroom on a small lot in a good neighborhood. We had one car, one landline, one TV with 3 channels. We never ate out unless traveling, no take out or delivery, our meals were basic, no soda, no chips, etc. Entertainment was camping, hiking, and picnics, church on Sunday. Dad bought a camper, truck and boat with the second job money and cigarette money (he quit). Our yearly vacation was visiting family in the south. My folks did not drink, mom smoked and cigs were 25 cents a pack. she smoked 2 packs a week.
Today. Big house, 2+ cars, multiple cell phones (400-3K plus monthly bill), TV in every room, streaming, wifi, multiple TV packages, eating out, fast food, extra circular activities, etc. People live larger than they once did and the cost of everything has increased. No one wants to give up the luxuries.
This. And bravo.
If one looks at the lifestyle even back to the 90s, it is so much different than today. I had roommates until I was 30, and now even suggesting someone have a roommate to lower expenses is like asking them to volunteer for the Bataan Death March. I drank Iron City and Milwaukee's Best until my 30s, and now because of IG/TikTok foodies, if you aren't drinking $13 per bottle microbrews, you SUCK!! I still clip and use coupons. I shop at Aldi, CostCo and Rural King. And I make WELL into 6 figures.
People's lifestyles and subsequent cost choices have gone freaking insane the last 20 years. Just off the rails crazy, and yeah, THOSE lifestyles require a crapload of revenue to just stay a decent bit ahead of total insolvency and debtor's prison. But my lifestyle? Heck, my wife and I could get by one 1/4th my current salary....easily. It wouldn't be as fun having to say no to ourselves more often, but for sure we could do it.
What budget does a family need to be and stay on, given their level of income? A financial planner would be best to work with said family to do a deep dive into their situation.
What budget does a family need to be and stay on, given their level of income? A financial planner would be best to work with said family to do a deep dive into their situation.
You could make good money until life happens. Job lay off - illness - hurricanes - death - births etc. I get it - some live a perfect life - nothing bad happens and they are prepared for every turn or wrench that’s thrown into the gears. But that’s not 90% of the people.
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