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There are two risks: death of the wage earner, and job loss. The impact of death can be mitigated with insurance, job loss can be mitigated with savings. But i

There are two risks: death of the wage earner, and job loss. The impact of death can be mitigated with insurance, job loss can be mitigated with savings. But it also probably means living a less robust lifestyle to keep expenses reasonable for a one-income household. The trap many DINKs fall into (not accusing you, just riffing on my observations) is living a lifestyle that's on the edge of affordability for two earners, and thus feeling like they HAVE to have two earners indefinitely.

dudul 8y ago
This last comment is very true. I remember when my wife and I were looking for a house to purchase, we did the math based on my single salary, not hers at the time. We knew we wanted kids soon, and she had already decided she wanted to stay home. The bank obviously approved us for a huge mortgage but we stuck to our calculations and we've been doing just fine since then. I know a few couples who didn't take the loss of 1 income into account and they are really struggling.
sbinthree 8y ago
Not to mention that daycare in cities where people who tend to be dual earner make big incomes tend to live can often cost at least half of the gross of the lower earning parent. Meaning working is something people do for a net contribution of less than minimum wage, even as a high income earner.
toasterlovin 8y ago
IMO the best strategies for people who aren't in the top 1% are extreme strategies. Our strategy is: single income, live in a neighborhood with bad schools for cheaper housing, then homeschool the kids.
- arandr0x 8y ago
  This is not a strategy I would ever choose, but considering you probably live in the US, this is a very smart optimization of your local conditions and it must not have been easy to go against some of the default assumptions about school and family life. We live in an age where people absolutely need to get creative like this and think about the ways they may be able to get the things that truly matter.

dudul 8y ago

This last comment is very true. I remember when my wife and I were looking for a house to purchase, we did the math based on my single salary, not hers at the time. We knew we wanted kids soon, and she had already decided she wanted to stay home. The bank obviously approved us for a huge mortgage but we stuck to our calculations and we've been doing just fine since then. I know a few couples who didn't take the loss of 1 income into account and they are really struggling.

sbinthree 8y ago

Not to mention that daycare in cities where people who tend to be dual earner make big incomes tend to live can often cost at least half of the gross of the lower earning parent. Meaning working is something people do for a net contribution of less than minimum wage, even as a high income earner.

toasterlovin 8y ago

IMO the best strategies for people who aren't in the top 1% are extreme strategies. Our strategy is: single income, live in a neighborhood with bad schools for cheaper housing, then homeschool the kids.

arandr0x 8y ago
This is not a strategy I would ever choose, but considering you probably live in the US, this is a very smart optimization of your local conditions and it must not have been easy to go against some of the default assumptions about school and family life. We live in an age where people absolutely need to get creative like this and think about the ways they may be able to get the things that truly matter.