Mar 29, 2017
444-Yes, You Can Afford For Your Wife to Stay At Home...Here's How!
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
* Don't have good data on your income and expenses? Start tracking it with YNAB! Get a free 34-day trial at www.radicalpersonalfinance.com/YNAB
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…