Comments on: Review: Living Well on One Income

By: deb

deb — Tue, 27 Jan 2009 17:58:14 +0000

I love it when you do these reviews. It really is helpful in selecting great books to read. Thanks for helping us all!

By: Marcia

Marcia — Wed, 31 Dec 2008 20:54:00 +0000

Plonkee, that’s a good point. My FIL decided, after 43 years of marriage, that he was “done” (i.e., he went off and got a girlfriend). Now he and MIL are sharing in retirement and social security. Since she “worked for him” off the books for years, their retirement income is small to be split.

Now, at this point I don’t really care if he can’t afford to heat his cabin to warmer than 60 degrees. But I don’t want her to lose the home she’s had for 37 years. Had she worked part time for someone else for those 43 years (or even 35, after the kids were in school), there would be more money to go around.

By: plonkee

plonkee — Wed, 31 Dec 2008 11:15:24 +0000

Sounds like this book is aimed at people that want to live on one income, but think they can’t. I’m interested in whether it addresses the long term implications of being a one income family.

Often one career (and earning potential) is seriously derailed if extended time off is taken to look after kids. This will have an impact on retirement plans and social security income. It doesn’t help that it’s normally women who both give up their careers and live longer.

Of course all these things can be planned for and taken into account, it’s just that I’ve not seen any *one-income family* books get past the point where the kids leave home.

By: Paul

Paul — Tue, 30 Dec 2008 13:38:46 +0000

Most of us start our marriages with expectations of living the way our parents currently live … i.e., lots of stuff that they took years to accumulate. We think we deserve that lifestyle, with plenty of vacations too. Hence, we get trapped into lots of debt and become enslaved to the 2 income model. But you never quite get happy chasing for that next big purchase. Two days after you get it, you want something else. Learning to be happy with less consumption is important. And a key indicator (in my opinion) is how willing are you to give to others. When my 1st wife divorced me, I actually found leaving the ratrace of consumption and increasing debt to be liberating. You might be surprised how much happier you can be with a more modest lifestyle. My 2nd wife and I consider part of our mission to make other people’s lives better, not just our’s. We can do this on one income.

By: Troy

Troy — Mon, 29 Dec 2008 23:03:56 +0000

I have done both, and I am telling you it is possible and worth it.

I have been a dink and a single income household. High income and average income.

Like nearly everyone, your consumption tends to move in conjunction with your income. It doesn’t matter whether you make 50K or 450K per year. It matters what you spend.

If your priority is to have a one income household, then do it. there are not really any drawbacks. So you buy less stuff. Good. Go out a bit less. Good. It is worth it in so many ways.

By: oneofnine

oneofnine — Mon, 29 Dec 2008 20:28:41 +0000

Trent, can you review the book 1/2 Price Living: Secrets to Living Well on One Income by Ellie Kay? It got good reviews on Amazon but I can’t get it at my local library and I don’t know if I should buy it or not.

By: Marcia

Marcia — Mon, 29 Dec 2008 20:21:37 +0000

Curt, there are lots of studies that have been done on children of working mothers (which usually means day care).

http://parenthood.library.wisc.edu/Hoffman/Hoffman.html

http://www.unc.edu/news/archives/nov99/cox7110799.htm

http://www.associatedcontent.com/article/1152698/bernal_2008_study_of_a_working_mothers.html

The answer, of course, is typically “it depends”.

By: Alex

Alex — Mon, 29 Dec 2008 19:40:10 +0000

My wife and I have debated over this topic for several months now as we are now officially “trying” for our first baby. We both have discussed and understand the benefits and drawbacks that are important to us in making this decision. However, I think the #1 area we’re still struggling with is the stress and squeeze that may occur as a result of savings, retirement, and our child’s education – especially in today’s economy. Can anyone share their experiences?

By: Shelli

Shelli — Mon, 29 Dec 2008 18:39:35 +0000

We are a two-income family, but our goal is to live on one income and give/save the second. We aren’t quite there yet but hope to be soon. I just reserved Living Well on One Income at the local library. Thanks for the review!

By: Troy

Troy — Mon, 29 Dec 2008 18:15:34 +0000

Actually living on only one income is phenominal.

Just like pre-tax retirement contributions force you to save for retirement, living on one income forces your family to scale back and live on less.

It also allows flexibility. It is like driving a car capable of 100 MPH at only 60MPH. Comfy at 60, but can go faster if the need arises.

Living on less, being more frugal, and spending more quality time with the children and not have to race through life is the best gift anyone can have.

Everyone should try it. It is much easier than many think.

By: Peter

Peter — Mon, 29 Dec 2008 07:32:55 +0000

I guess sites like yours (which I love) are little anti-marketing voices in a world flooded with “you must consume” marketing. I hope we get a lot more of these, keep it coming.

We currently live off 1 income (with a baby), but there’s always a struggle, and more importantly, expectations of family/friends/… to both work.

By: Bill M

Bill M — Mon, 29 Dec 2008 04:26:00 +0000

I have lived very well on one income when my wife was home with our kids. Now that the older one is in school and the other one is almost in daycare she started working again just to keep herself occupied.

By: Curt

Curt — Mon, 29 Dec 2008 02:45:14 +0000

In many situations, living on one income can result in greater financial long-term benefits. But few take the time to actually run the numbers. The long-term cost on society of putting kids in daycare should also be considered. I would like to see a detailed study on this subject, but it’s not politically correct in our current culture. So, even if someone did the research it would be attacked from many sides.

By: H

Mon, 29 Dec 2008 01:05:51 +0000

Trent,

I love your book reviews. This gave me lots of food for thought, especially living elegantly while living frugally. It’s easy to iron grandma’s linen table cloth and eat a meal feeling like a wealthy person.

You did comment that you like her personal anecdotes, which I found interesting since the one area I found your book lacking was in that area. I would have liked your book so much more (and I already love it!) if there had been personal examples. Those are the stories that make an impact on me.

Thanks for your work. This is the only blog I check daily.

By: tambo

tambo — Mon, 29 Dec 2008 00:44:06 +0000

We’ve been a single income family since expecting our daughter – who’s now in college. While we have gone without some material things, the peace, happiness and lack of stress in our lives more than makes up for it. It’s great to have someone to handle the day-to-day issues as soon as they pop up. It’s never a problem if a kid gets sick or the car needs service or the phone/cable/power goes out and a repairman is coming. Someone’s home! Housework and supper – and shopping – are easy and handled. It just makes everything a LOT simpler.

My husband and I have traded the ’stay-at-home-parent’ and ‘working-for-a-paycheck’ duties throughout the years as things in our lives change, and it’s worked out really great for us. I wouldn’t trade this lifestyle for anything.

By: Rebecca

Rebecca — Sun, 28 Dec 2008 23:48:00 +0000

Thanks for the detailed review of the book. Based on what you had to say, this definitely sounds like one I want to check out.

By: Saving Freak

Saving Freak — Sun, 28 Dec 2008 23:41:32 +0000

This is a great read for anyone out there wondering if it is possible to go to one income. There are obvious advantages to two incomes but in our family having one spouse at home is invaluable to making the household thrive.

By: GayleRN

GayleRN — Sun, 28 Dec 2008 21:54:31 +0000

I highly recommend living on one income throughout a marriage. This allows incredible flexibility in lifestyle and finances. For example, when we bought a house we financed and qualified for a loan entirely on one income. This meant that we bought a house we could afford no matter what happened. When we had children the question was did I want to stay home not could we afford it. I did stay home, for which my children later thanked me. There was no financial adjustment as we were already living on only one income. The rest had gone into savings. When the divorce came I could easily maintain my lifestyle as once again it had been set up with the idea of living on one income. If a couple can do this they can easily afford college when the time comes or an early retirement.