Via Hot Air Headlines comes this reaction to this NYT article on Wall Street women and their stay-at-home husbands. Let me make something clear: while it is not exactly sunshine and unicorns, I am not a victim for staying home with the kids. For that matter, neither would my wife be if she did. What happened was basically this (from the Time piece):
In one instance, the husband put the brakes on his architecture career when his banker wife started to make twice his earnings. At that point, “the solution seemed obvious.”
Indeed. Being able to live on one income* has a lot of advantages, assuming that you can live on that income. And it’s more flexible than you think: I know one family that has a stay-at-home mom with three kids and half my family’s income. The trick is to not rack up stupid amounts of either credit card or student loan debt.
…Oh, I am so going to Hell for that smug statement. Took me twenty years to learn how to avoid those pitfalls, let me tell you.
Moe Lane
PS: I’d go into this more, except that the plumber’s here and I have to get the kids’ room straightened away. And most of the rest of the house, frankly.
*Mind you, I do generate income while still staying at home.
Which gives you a point up on me.
🙂 But I’ve got a larger garden and more livestock, so I’ll take that point back, thankyouverymuch.
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I’m doing laundry!*
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*Classical reference.
Kudos on the land and livestock.
There are many things to consider, the main one being the marginal expense and tax rates paid on the second income. For a married couple, the OASDI taxes paid on the second income are completely lost since Social Security retirement benefits are based only on the higher salary. There is still a marriage tax penalty for working couples, the expenses of transportation to work and possible child care expenses.
Couple are often lucky to clear 30 cents of each dollar from the second income. If you love your job, that’s one thing but, if you have constructive ways of filling your home time, that’s another.
“…or student loan debt”
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This is where we messed up.
A friend and co-worker has what I consider the ideal — they’ve always managed a single-income family (for the kids) and he’s managed to work from home most of the time. BOTH parents at home!
I’m not a stay-at-home dad, but because Mrs. Cat’s job had her up and out of the house *very* early, I was the one to get Junior Cat up, fed, scrubbed, and to school on time .. it’s not easy!
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Much respect, Mr. Lane.
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Mew