Wednesday, February 27, 2008

Is Dual Income the Right Decision for You?

This question comes up in most working families with children. The decision is very personal and it varies based on everyone’s specific situation. Every family has different spending habits, views on raising children, and views on their careers.

Some people value their own self worth by their career. For these families I think it is a no-brainer to go the dual income route. After all, if staying home raising your children makes you unhappy, then your entire family will likely be unhappy. I know people who made this decision and I’m confident they are better parents for it.

For some families the decision is not an easy one. Many families feel strongly about staying home and raising their children, but don’t feel they can meet their financial goals. If you are in this position and aren’t sure if you can make it work financially, you might find this calculator from MortgageLoan.com useful.

Fortunately for us, the decision was easy. My single income is enough to support our family. Plus, my wife’s “dream job” is raising our children. For our family, I’m confident when our children grow up and look back at their childhood, they will remember us more for the amount of time we spent with them and care less about the money we made.

How about you? What decision is right for your family?

2 comments:

Anonymous said...

But do you get to spend that much time with the kids, since you're the sole breadwinner? I know it's great for the mom but I'm wondering how men fare in this set-up if they do want more time with their children.

T Struck said...

I'm actually very fortunate because I work out of a home office. I put in long hours at work but the hours are flexible and I can work late at night if necessary. I see my 3 kids every day before school and every day after school. I'm also able to tuck them in every night. It is a real blessing.

Copyright 2008 Daily Money Tips - All Rights Reserved

The articles on Daily Money Tips reflect the opinion of its author only and should not be considered professional financial advice. Please consult a financial professional before making any major financial decisions.