“Families can’t afford to live on one income anymore”.
This statement seems partially true; that is, it is much harder than ever for families to survive on one income. Ironically though, the higher the income in a family, the more taxes must be paid. Here is an interesting quote from the book “Whatever Happened to Penny Candy”:
“Until the 1970’s, most families were able to improve their standard of living with only one adult working outside the home. In the 1970’s, ’80s and ’90s, mothers and wives got paying jobs usually on the assumption they were helping support their families. Try this. add up the total taxes your household pays (there are many hidden taxes). Chances are you will find that one spouse is supporting the household, and the other is supporting the government.”
We can all agree that we are taxed to death. I’m no economist, but I’ve heard that the onslaught of two-income families was the primary reason the cost of living increased. (We reap what we sow.)
I would also assume that the outrageous lunacy that is our government’s economy (unlimited borrowing which has led us to trillions of dollars of debt) would have a part to play in the ever-increasing taxes that burden the American family.
So, what to do? Some of us believe that the Bible has the best prescription for families–mother working at home, father working to provide the income. And even if you don’t believe the Bible, you can’t deny all the statistics that prove this is the ideal situation.
Some families will hold fast to their faith and remain a one-income family, regardless of the financial struggle. Some are in situations where they feel trapped and unable to cut to one-income.
And while there are tangible answers to our families, where we are, I think it is SO important that we consider this dilemma as we raise our children, and better equip the next generation for these trials our nation has brought on itself.
Because taxes are the primary financial burden on a family, (I would add that insurance is equal to that problem–anyone working on a solution ;-)? that’s where the problem needs to be targeted.
Our family has done a lot of research and come to the conclusion that we want our children, if at all possible, to be self-employed. Self-employment has many benefits, one of which is being able to have control over your tax status and exemptions. We’ve already discovered these benefits with our small family businesses. We always get tax money back because of all our tax exemptions (and so many children 😉
Most of us tend to consider success in a nutshell: “You must go to school, go to college and get a good job.” And that is certainly an option.
But we have found that thinking entrepreneurially widens the possibilities in career, freedom and income potential.
Thinking this way while your children are young gives you plenty of time to prepare them for self-employment. And often, a family can employ all its members in one occupation.
The book “Rich Dad, Poor Dad” says some really strong things about being enslaved to a company, and that the truly free are those who hire others, not who are hired. Food for thought!