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444-Yes, You Can Afford For Your Wife to Stay At Home...Here's How!
Published 8 years, 9 months ago
Description
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 |