• secretlife said on Mar 12, 2008....

  hahaha
   
  that's the myth.
   
  i've worked for 24 years.
  luckily my parents watched my kids before they went to school, and i managed to work part time for 8 years. 
   
   

• beyondtheveil said on Mar 12, 2008....

  bronx- I don't know about two low income workers with kids, but it works for two good jobs. We did it for twenty-five years and it worked quite well. 

• uniquely-ironic said on Mar 12, 2008....

  I stayed home for about 2-3 years after my second.  The cost of double day care and such would have consumed my income.  If I had worked in a higher paying field it might have been worth it, if just so that my career would continue to progress.  When I got both kids into school I worked jobs that catered to their school hours.
   
  I don't know how anyone really can NOT have two incomes in parts of CA.  The cost of living is so high that one income more often than not is not enough to cover the bills.  Many one income familys who's supporters make well over $50K still rely on public assistance for housing and medical costs.

• crybabylu said on Mar 12, 2008....

  There is an old saying the more you make the more you spend.

  When I was part of a two-paycheck home, we spent to match to two-people income, and almost lost the farm when one got sick and could no longer work, because our spending was based on two incomes.

• the_infernal_optimist said on Mar 12, 2008....

  It would be more expensive for us if I worked outside the home - I think we figured that with two in daycare, I'd have to start at a solid $10K above what's reasonable. And that's just to make ends meet with them in daycare. That wasn't worth it to us, even if we could've found a job like that for me. So, I stay home and we scrape by on one low income.
  
  When they're in school, I'll get my other degrees and work too, and eventually hopefully teach at the college level - I'll check back then and let you know how it's going. ;-)
  
  ~Infernal
  

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• Eilan said on Mar 12, 2008....

  My husband and his ex-wife's combined salaries were well over six figures.  They didn't have children, but they did have a lot more expenses/bills than my husband and I do.
  
  Some people are under the impression that women in two-income families work to pay for vacation homes and other luxuries.  Maybe in some parts of the country that's true, but it's not necessarily so in Appalachia.  My ex and I both had to work, but we were also in a situation where we didn't have to pay for daycare because a couple of grandparents took turns caring for our girls.
  
  My husband and I are in an odd situation right now, since we've both been at home with the children since he retired in 2005 (he's 16 years my senior).  We're pretty stable with only his pension as our source of income.  However, we could both work and do well for ourselves, even with child care expenses, because we'd have two salaries on top on my husband's pension.  We'll eventually have at least two children in braces, so we might need to look into supplementing the pension at some point.  No rush, though.
  
  I'm thinking about going back to part-time academia, but only if I can get a class schedule that works around my kids' schedule and my school volunteer work.  if that's not possible--oh, well.
  

• Lucytorial said on Mar 12, 2008....

  All I know is that I have to balance out what both incomes mean to our personal lives, when I was on a fabulous salary it made a huge difference we were in US dollars on about 100k per year but I was miserable, I was stressed and the quality of life and my relationship wasn't worth it, now I work part time we have zero free cash but I'm happy!
  
  Much happier, it would be nice to have some spare cash, to be able to not worry about the bills or rent getting paid but in truth I'll fore go that for a better relationship with my spouse and the world.
  

• Fallen_from_Grace said on Mar 12, 2008....

  My personal opinion, based on what I've seen and chatting with friends in the past (for the value that holds), is that the Two Income approach works almost exclusively for DINKs (Dual Income No Kids).  It allows two earners to, essentially, cut their expenses relative to if they were independent.  Once you add kids to the picture, it changes drastically - baby-sitter, daycare/nursery, etc - all additional expenses which would not exist if one of the pair didn't work.
  
  The primary value of "outside career" dual income seems to be making sure the "stay-at-home" doesn't go loony for lack of adult-interaction, doesn't loose ground for if/when they return to the dedicated work-force (usually once nest empties), etc.  If the second income covers its expenses (or even comes close) it may be worthwhile to consider it...but strictly speaking its not profitable on its own.
  
  If you are considering it, be sure to look at what "benefits" you are paying for - it may be worth the net loss just to be with other grown-ups for a few hours a day.
  

• Fallyn said on Mar 12, 2008....

  unless you have free child care.....
  
  daycare for one child is about 10k on average per year, per child.
  
  and then you have dink's.......double income no kids.
  at that point...i'd say, yeah, they are really pulling in extra.
  
  

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• husbandhater said on Mar 13, 2008....

  I work two jobs one of which my hours are close to something like 76hrs a week. Is it worth it? For my body,mind,soul,and health? YES! And do I think we should be taxed at a higher rate? No,b/c the money gets spent even faster.

• silverwhisper said on Mar 13, 2008....

  i don't think i know any other households that are single-income beyond my own, but no, where that's the case i know that isn't about extra income, as eilan mentioned.
  
  ed

• lfbno7 said on Mar 13, 2008....

  It is absolutely crucial to have two decent incomes coming in. Otherwise you're cooked. Taxes my ass. Get that money coming in. It ain't the 50s anymore. Asking if it is worthwhile to have a second income in the house is like asking if it is worthwhile to pick up a suitcase full of money that is sitting on your front porch. Um, duh, yeah, it's worthwhile. The only thing to keep it from being worthwhile is if childcare expenses make it financially stupid to work, depending on what you're earning and what you're paying.

• dailyachesandpains said on Mar 13, 2008....

  It was not a bad thing when we both worked before Little D. was born.  When she came, and you factor in the daycare, commute and gas for two cars, paying more in taxes we ended up in the red.  I am not able to work at this time, I seperated my sacrum while giving birth.  I often need help with taking care of Little Daily and thankfully, I have family that is available when I am in pain.  Mr. Daily works at home too, for the most part, and that also helps. We have saved so much in gas since he's started working from home. 
   
  Daily

• RollingC said on Mar 13, 2008....

  With two incomes coming in....working overtime and the wife taking babysitting jobs on the side....we are barely making it.  But at least we got a roof over our heads and the only time the fridge is bare or near empty is when we've put off going shopping. 
  Inflation is being felt though, like a slow leak in one of your tires.   We need to supplement the income with side jobs or become more efficient in the frugal department to pump the reserves up again.
  Rc

• tizzygirl said on Mar 13, 2008....

  Well I don't even have kids and we seem to struggle on a two income based household, dumb huh?  We both have NICE paying jobs, but not GREAT.  It gets daunting thinking of the milage we put on our vehicles, the payments we pay on them just to have them so that we have something to drive to work AND the gas AND the cost of lunches every day AND the cost of eating out since we don't really have time to cook....so I'm not even sure it works with NO kids.  It kills me to know single Mothers raising children on their own, working their one job have more extra money than we do.  Even with the price of daycare and such it works out more in their favor.  They only have one vehicle and one person's work expenses to work out and they get "breaks" in costs for many things, including TAXES....I know it's not true about every single parent....but most I know have their finances more freed up than I do...So in short, I have no freaking clue if anything really works out unless one or both of you have an awesome paying job and are smart with money....

• one_wired_kitty said on Mar 13, 2008....

  I come from a two-income household. I never went to daycare. I was with either my parents or my grandparents. When Mare Island Naval Shipyard was being shut down, we moved to Washington State. The mortgage on the new house was $1,200 per month ... let's not forget the $1500/year insurance on the house, electric bill, phone bill, car insurance, food, repairs, maintenance ... it takes both of 'em to keep the place running.

• Bronx said on Mar 13, 2008....

  Wow! Thanks, guys. Never expected so many comments. I'll get back to everyone later. Have to run off now.
  
  PS: I'm in such a good mood that I won't even notice the two spammers.
  

• Fallen_from_Grace said on Mar 13, 2008....

  Tizzy - good point.
  
  I think if you take the net income of the second job (after taxes and soc. sec and all) and subtract from it:
  
  • Car payment for second car (if you have a 2nd car)
  • lunches and dinners out (over what the grocery cost would have been)
  • Additional gas plus wear/tear/maint on the car (about 40 cents per mile) for drives to and from the office
  • The additional wardrobe expenses (office clothes, etc.)
  • Incurred/expected daycare expenses
  • Anything else that you have to spend because one of you isn't "at-home"
  Then you can look at that number and decide if you feel its worth it.  remember, even it its a negative number, it might be worth it to you for any number of reasons.  I think the true value can't be put into dollars, there is more to consider than the bank account alone (we all know people with money and screwed up families) but knowing the numbers doesn't hurt, and there is nothing wrong with having lots of money.
  

• tizzygirl said on Mar 14, 2008....

  Fallen- I think you are really right about that.  Because even if the numbers are negative, perhaps they won't be once children get in school or you have a certain number of years experience in a field and qualify to make more.  I mean if they end up being negative for only a certain amount of time and then pay off in the end, it should be worth it.  There is absolutely nothing wrong with having a lot of money as long as it doesn't sacrifice happiness on a regular basis :)

• Bronx said on Mar 15, 2008....

  Hi, everyone. The watchwords in this combined income thing seems to be happiness and extra cash - and a good job, with seniority gained from experience and patience.
  
  I discovered a relevant calculator for this kind of problem. Check it out and see how your own numbers work out - kind of like verifying what you already know, even if it's only by your own intuition.
  
  The combined income calculator, ladies and gentlemen: Second income calculator.
  
  Have you seen this from the IRS - get back a princely rebate of $600 p.a.? Use 'Free File' to receive rebate.
  
  
  Is it all really worth it? Tell me any which way, will you?

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