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Quality of life: One income beats two

Two income families aren't getting what they want, and it's costing them more. Learn more from Joanne Watson, author of "How to Help Your Husband Make More Money, So You Can Be a Stay-at-Home Mom".

Not enough quality time
In a poll by Survey USA, 73 percent of moms surveyed said being a two income family doesn't allow enough time with the kids, and 87 percent said they would prefer to be home if they could afford to.

Yet, if one income isn't enough to pay the bills, many women will go to work when they would rather be home. However, a better solution is to help your husband make more money.

Take this example: Sam makes $40,000. Sam and Donna's family expenses are $50,000. In order to cover the $10,000 shortfall, Donna would have to earn $25,000 out of which she would pay childcare for two children, office wardrobe, possibly a second car and insurance, office lunches and more meals out or convenience foods due to busy schedules.

Even if Donna's income were higher, the same expenses would have to be deducted. And, the higher combined incomes might put Sam and Donna in a new, higher tax bracket, which would mean Sam would take home less than what he was taking home before Donna went to work.

Instead, Donna and Sam could just work together to boost Sam's income by $10,000 for the same net result, but with Donna able to stay home. Something that isn't that hard to do when armed with the right information. In fact, couples working together have an advantage. Helping your husband may not sound "politically correct", but working as a team to increase one income may be the ticket to having a lower-stress, family friendly lifestyle, and still being able to pay the bills. The joys and rewards of being home with your kids makes one income beat two, hands down.

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