This is one of the most hotly debated topics in personal finance – is it more effective to be a one-income or two-income family?
My own life is in that relatively early stage where kids are not yet a concern, but they are in the planning stages. Inevitably, the question comes up in conversation – when a baby is born, will one of us stay home to play “Mr. or Mrs. Mom?”
The common consensus of personal finance gurus seems to be that for a second income to make sense, it has to be substantial. This is in part due to child care costs, additional taxes, and other unforeseen expenses. And it does not take into account the emotional well-being of your kids resulting from either situation.
But I don’t want to skew your opinions in either direction just yet…
Readers – this is your chance to share. Do you think a one income family is financially and emotionally better or do you prefer that both parents work? If you have personal experience with either (or both sides), what lessons have you learned and would you have done things differently?
I’ll be writing a follow-up post and will include the best and most helpful answers!