Do we really need two incomes?

[Recchia]

I've always had the opinion that its somewhat selfish to NOT have kids. Giving a child a nice loving home is something that atleast I would like to do with my life. That being said, I would definitely get all my priorities straight before ever doing it, and would definitely put my kid before the desire to live a lavish lifestyle.

[runawayjim]

I've always had the opinion that its somewhat selfish to NOT have kids. Giving a child a nice loving home is something that atleast I would like to do with my life. That being said, I would definitely get all my priorities straight before ever doing it, and would definitely put my kid before the desire to live a lavish lifestyle.

[Captain Worley]

Bravo, Cinco. My wife and I decided not to have kids, but we discussed what we'd do if we di have them, and the path you took is pretty much what we would have done.

Recchia, I heard my grandmother say that about my childless aunt and uncle, and never really understood that point of view of it being selfish.

I guess that a lot of whether or not you can get by on one income depends on how you were raised. Both my wife and I had very thrifty parents who were big on saving and investing, rather than spending. We tend to do the same. I will admit that I spent a lot of money on musclecars when I was single, but got rid of my last one in 2000.

[runawayjim]

I guess that a lot of whether or not you can get by on one income depends on how you were raised. Both my wife and I had very thrifty parents who were big on saving and investing, rather than spending. We tend to do the same. I will admit that I spent a lot of money on musclecars when I was single, but got rid of my last one in 2000.

[TennBear]

I think that some people touched on the issue very well. It depends on where you live, what you expect from life, and what fufills your needs. Those needs can be either emotional or material. I live in the Washington DC area and it is very difficult for most people here to make it without two incomes. That is not to say that it cannot be done, it is very difficult. I live in a mid '70's fixer-upper that cost me $269K when I bought it. It is worth over $500K today. It is not a McMansion, it is just a small house. It is 3 bedrooms (small) and 2 baths. Go with the fact that my mortgage is ~$1600 a month. Tell me how you think that I could afford to live on one paycheck. New Condos here are $300K+, townhouses $500K+, houses $700K+. You are talking $200K a year or more to afford them. I could live on one paycheck if I only wanted to rent and never get ahead. The other option would be to live in the innercity and try to gentrify. For those that can live on one paycheck, I think that that is great if you can afford it or you are willing to do without the other material things that two paychecks would allow you to have. It is just not practical for many people. If you are outside of the Northeast or the Coasts, I am certain that it is much easier, but in places where the cost of living is much higher than the paychecks it is only a remote dream.