Ideas, Happenings, and Shiny Things!

Thursday, May 26, 2005

The Double-Income Trap

I hope I'm not making you think too much, as summer is starting, but this was an interesting article.. most of us are not in danger of entering the double-income trap YET (with the notable exception of Lisa and Ryan ;-) ), but I think considering these things is important, so...

Feeling the Pinch of a Double Income

Some interesting quotes/excerpts...

The problem is...

For a number of reasons -- layoffs, medical emergencies, ailing parents and new babies -- couples are realizing that double-income days don’t necessarily last forever. They’re buying financial help books, refinancing mortgages, shopping warehouse stores and searching desperately for ways to work from home.

They are, according to authors Elizabeth Warren and Amelia Warren Tyagi, stuck in a “two-income trap.” Their book, The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke, tackles the question: Why are dual-income families, who earn far more than their single-income counterparts of past generations, hitting financial bottom?

And the promise of the article...

But for those who haven’t yet committed -- for college students, newlyweds and young marrieds -- there’s hope.

I'll let you read the article to learn the solution offered.

Though we may not be in a 'double-income' trap, yet, I think we are also in danger of falling into the 'high-income' trap. It's never too early to start practicing saving and depending on a lower income than we have. I'm off to work on my budget...

Sorry for the serious post. ;-) Now back to your regularly scheduled silly programming...

Posted by Christa at 10:30 AM.