"That said, yes, I do think when an "emergency" hits a dual income trap family--like a child or parent is really sick and needs constant care requiring someone to take extended leave or some other really bad thing--they have no financial or emotional cushion. Since no one is home on a regular basis whose "job" it is to deal with such things, I think it hits dual income trap people a bit more."
I disagree. Because we both work full time, we have access to two networks of emergency backup care. We can both work at home occasionally. Why would two jobs mean we have no financial or emotional cushion? Because neither of us SAH, we both have the "job" to deal with such things, depending on who has the more flexible schedule that day. And we get paid to handle our personal lives since we can use leave |
It is really very simple - don't live on the financial edge. Have a financial cushion. Be part of a community. Some dual-income households have no emotional or financial cushion. Others do have it, in spades. Same goes for single-income households. There is no "dual-income" trap - there is just financial naivete or stupidity (depending on how you see it). Unfortunately, there is plenty of that to go around. |
Are we the only ones who really need both incomes to live a decent standard of living here? (Both incomes around $75k) both jobs are stable, but we really could not have bought a house based on one income. |
We need both incomes but are super-conservative in our approach. We bought our house for much less than we qualified for, pay cash for cars, and we save as much as we can - we have a year's worth of expenses socked away in case of emergency. |
i don't think they are talking child sick in terms of staying home for a day with a cold, but more if one parent needed to be available on an almost full time basis because of a medical emergency or illness or special need. Sure if you have enough income you can hire someone to be with your child through all that however most parents would want to be with their child meaning one has to give up income, leaving them with one income and double income expenses. |
For me, this is the dual income trap. When so many families have two nice incomes (like you), then the price of houses get "bid up," which is what we have seen in the last 30 years in the Washington area. So, yes, you need to incomes like yours just to buy a modest single family home unless you have a leg up somehow (one of you bought a house when you were very young, money from parents, had a windfall along the way, etc). |
This. Our youngest child developed a significant condition that has required many hospitalizations and surgeries. She uses a wheelchair and needs almost two hours a day of hands-on-care to take care of bathing and potty time. I'm at home full time to take care of her. There is no emergency back up care in the world that can do what I do. My situation is IMPOSSIBLE TO PLAN FOR. Just be smart with the resources that you have. That is all you can do. |