444-Yes, You Can Afford For Your Wife to Stay At Home...Here's How!
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 29 March 2017
⏱️ 38 minutes
🧾️ Download transcript
Summary
Today's show comes by inspiration of this listener question: "Joshua, will you please send me a link to the best show on your website for a woman wanting to convince her husband that they can make it financially if she stays home?"
Well, I didn't have such a show. But now I do.
Here it is!
Joshua
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DATA:
| Working (Conservative) | Staying at Home | Difference | |
| Husband | $60,000 | $60,000 | |
| Wife | $60,000 | $- | |
| Total | $120,000 | $60,000 | $60,000 |
| Employment Taxes (7.65% -- 6.2% SS + 1.45% Medicare) | $9,180 | $4,590 | $4,590 |
| Income Taxes (Turbo Tax Estimate, 30 years old - 2 kids, no deductions) | $12,849 | $1,756 | $11,093 |
| $22,029 | $6,346 | $15,683 | |
| Income, net of tax | $97,971 | $53,654 | $44,317 |
| Cost of Childcare ($7k x 2) | $14,000 | $- | $14,000 |
| Income, net of childcare | $83,971 | $53,654 | $30,317 |
| Commuting Costs Saved ($200/mo) | $2,400 | $- | |
| Work Lunches Saved (100 lunches @ $15) | $1,500 | $- | |
| Work Clothing Saved ($50/mo x 12) | $600 | $- | |
| Dinners Out Saved ($60 x 50) | $3,000 | $- | |
| Household Savings due to frugality ($200/mo x 12) | $2,400 | ||
| $9,900 | $- | $9,900 | |
| Income, net of working costs | $74,071 | $53,654 | $20,417 |
Transcript
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| 0:00.0 | This episode is brought to you by Pepsi Max. Christmas is great, but there's loads of ways to make it better. |
| 0:08.0 | Like sneaking some chili into the gravy for some extra oint or build in a playlist that will even get your |
| 0:14.8 | none up on the table or just cracking open an ice cold Pepsi Max. |
| 0:20.1 | Christmas. Better with Pepsi Max. |
| 0:25.0 | Today's show comes in by request of a listener who writes in and says this. |
| 0:32.0 | Joshua, will you please send me a link to the best show |
| 0:34.9 | that you have for a woman who is wanting to convince |
| 0:38.1 | her husband that they can make it financially |
| 0:41.4 | if she stays home? Well, unfortunately or fortunately I had to respond back and say, |
| 0:46.8 | well I don't have that show. But today I will create it for you. Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, |
| 1:11.7 | skills, insight, and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less. |
| 1:19.0 | My name is Joshua Sheets and I am your host and today we tackle this question because yes you really can yes |
| 1:27.0 | you no matter what you really can afford for your wife to stay at home? This question is one that's particularly important to me because it's something that I heard and answered so many times when I was doing active financial planning for individuals. |
| 1:50.4 | There would be so many people who would sit down with them and ask them and talk to them about what they wanted and what they were trying to accomplish. |
| 1:56.5 | They would say, well, we'd really like to be able to afford for my wife to stay at home. |
| 2:01.0 | Stay at home with the children usually or sometimes stay at home just stay at home with the children usually, or sometimes stay at home just regardless |
| 2:04.4 | to the children. And yet so many people don't see a way to make this happen. So many people have |
| 2:10.1 | this desire, but they don't think that it's financially feasible. Well today |
| 2:15.2 | my goal is to convince you that no matter who you are and no matter what |
| 2:19.5 | circumstances you face it is financially feasible. |
| 2:24.0 | That's a tall order I know, but I'll do my best to at least persuade you in that direction. |
| 2:30.0 | That said, I want to start by acknowledging that I do not believe that this question or this decision is fundamentally a financial decision. |
... |
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