What is meant by "dual income trap?"

[Anonymous]

thanks

[Anonymous]

Living a lifestyle where you need both incomes to make it, which creates problems when one person gets laid off OR if one person (usually the mom) wants to stay home with the kids.

[Anonymous]

I'm no expert but doesn't it mean that, a family tends to feel they can't get by with one income, so both parents work. They then become accustomed to the lifestyle that two incomes produces and they often take on debt (mortgage, car, etc...) that they can only pay off with two incomes. So, their attempt to avoid ''poverty'' by taking on two jobs becomes its own trap because they're now dependent on both incomes.

[Anonymous]

This should help you:

http://lmgtfy.com/?q=dual+income+trap

[Anonymous]

Yes, to the above. Furthermore, when a family only has one income earner, they are usually better able to adapt to emergencies and situations that throw off their normal lives (job loss, illness, issues with a child that require significant time, etc.).

[Anonymous]

OP here - thanks, I get it. Never saw "lmgtfy." Cute, smartypants!

[Anonymous]

So, dual income trap = total and complete bullshit, then?

[Anonymous]

Anonymous wrote:Yes, to the above. Furthermore, when a family only has one income earner, they are usually better able to adapt to emergencies and situations that throw off their normal lives (job loss, illness, issues with a child that require significant time, etc.).

Wait - wait. You're saying it's easier for a family to adapt to emergencies when only one spouse has an income? Wouldn't that make many emergencies HARDER to adapt to? Can you explain why not?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, to the above. Furthermore, when a family only has one income earner, they are usually better able to adapt to emergencies and situations that throw off their normal lives (job loss, illness, issues with a child that require significant time, etc.).

Wait - wait. You're saying it's easier for a family to adapt to emergencies when only one spouse has an income? Wouldn't that make many emergencies HARDER to adapt to? Can you explain why not?

Clearly having only one person working makes it much easier to deal with a job loss. Clearly.

[Anonymous]

I can see how having one spouse not working can help in some situations, like if there is a sick family member you need to take care of or something like that.

[Anonymous]

The book was very thought provoking. It convinced me to not purchase a home that required both incomes to service the mortgage. DH and I both make reasonable good incomes, but not more than 140 on either of us, so we chose to purchase the house with just one income.

[Anonymous]

Anonymous wrote:OP here - thanks, I get it. Never saw "lmgtfy." Cute, smartypants!

One of my favorites

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes, to the above. Furthermore, when a family only has one income earner, they are usually better able to adapt to emergencies and situations that throw off their normal lives (job loss, illness, issues with a child that require significant time, etc.).

Wait - wait. You're saying it's easier for a family to adapt to emergencies when only one spouse has an income? Wouldn't that make many emergencies HARDER to adapt to? Can you explain why not?

Clearly having only one person working makes it much easier to deal with a job loss. Clearly.

Because the no working spouse can go back to work, and the family's expenses only require one income to meet. If you're living at the edge of 2 incomes, then you continue to need both incomes to meet expenses. Clearly.

[Anonymous]

It is outdated in my opinion. These days, it is not as easy for the other person who has been out of work to get a job. Even something like a retail job or a temp job. Also, it is more important to have back up health benefits etc.

[Anonymous]

Anonymous wrote:It is outdated in my opinion. These days, it is not as easy for the other person who has been out of work to get a job. Even something like a retail job or a temp job. Also, it is more important to have back up health benefits etc.

The idea is still good, and practiced by many on DCUM who choose to make decisions on things like how much mortgage they can afford by counting on only one income, thus avoiding the trap.