Two Incomes and Still Broke? : It's Not How Much You Make, but How Much You Keep

Rating:
Summary: Literally life changing book for me
Review: After buying this book and working through the figures, my husband and I determined that we could live on one income after our baby was born.

Why do we think we have to have two incomes to survive? It's because our existing lifestyle choices necessitate the additional income. Bigger house? Two brand new cars? Designer clothes? Stereos, appliances, toys, etc. If you think you need a big, brand new house and fill it with a lot of things, you will need two incomes and then some.

The main lesson I learned from this book is the high cost of an additional income, especially after having kids and incorporating daycare expenses.

Read this book with an open, objective state of mind and it can work for you, too.

Rating:
Summary: Really opened my eyes!
Review: I was amazed at how much a second income could really cost after reading this book. My husband and I don't have any children yet, we are both professionals with advanced degrees, but after reading this book and doing the math, we realized that we would be better off financially if I quit my full time job and worked out of my home part time. I quit 4 months ago and financially we're in just as good of a position as we were before, and I am much less stressed. Now I'm able to shop for bargains, cook healthy, less costly and better tasting meals and we are both much happier. We would have never done it without this book!

Rating:
Summary: insightful, practical, non-biased advice
Review: If you're trying to decide of you can live on one income once the baby is born, you need this book. Unlike a lot of similar books, this book doesn't try and sway you one way or the other. (In other words, some families may find they're better off with one income, some families will complete the same worksheets and find they do indeed need two incomes.) It offers little in the way of philosophical, social or political justifications for one parent at home. It provides a way that each family can analyze what they spend and if two incomes is necessary. Some families may be surprised to see that having a second salary may cost them more! The points about taxation were especially revealing, and you don't have to have your masters degree in economics to follow this book!