444-Yes, You Can Afford For Your Wife to Stay At Home...Here's How!

444-Yes, You Can Afford For Your Wife to Stay At Home...Here's How!

Radical Personal Finance

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

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

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