Double Income

[Josh123]

I'm 24 and not married and was curious about how much easier it is when people get married and switch to a double income? Some of my friends are married and I get frustrated trying to figure out how they afford the things they have.

 

[Slew Foot]

We pretty much doubled our income while our "nut" stayed the same so we got more spending money. Dont worry about your friends, they're probably up to their ears in CC bills and will be losing all their crap soon anyway. Be happy with your new family.

 

[Lamont Burns]

the double in "double income" will lead you...

married w/o kids is also another nice situation, while it lasts.

 

[meltdown75]

well it's easier for me since my wife is good with money and i'm not

but if by easier you mean it allowed us to get approved on a higher mortgage... then yeah... and build up a credit ratings by using credit and then paying it off over time...

it's all relative though man. there is no one correct answer to your question IMO.

managing money never gets easy for some folks...

 

[vi edit]

Get a roommate and you'll gain about 50% of the double income benefit.

At least then you are splitting housing/utility costs.

 

[Demon-Xanth]

Financially, a DINK has the best possibility to live a comfortable life. Though that doesn't last often.

 

[kranky]

Originally posted by: Josh123
I get frustrated trying to figure out how they afford the things they have.

This is not a healthy way to be.

 

[Tiamat]

living within "means" is impossible for many people; plenty of examples out there today

If you are good at saving money now, it will work out even better when your collective income doubles. Just keep a tight handle on the spending and you will be able to do ok. Your friends that have so many nice things now, well I bet they haven't saved up for their retirement very well, they may not have established college funds for future children (this will become more important as tuition keeps increasing), they may also just be tossing expenses on credit cards.

 

[Josh123]

I try to think possitive but sometimes it gets to me. I have great credit for my age from what I've been told, I believe my score is around 750ish.

 

[Joemonkey]

Originally posted by: Tiamat
Your friends that have so many nice things now, well I bet they haven't saved up for their retirement very well, they may not have established college funds for future children

and what's wrong with this? Enjoy your toys while you're young and can enjoy them. Kids can get loans to go to college, and taking care of my retired ass will the the problem of the folks 2 generations from now

 

[Blieb]

Originally posted by: Josh123
I'm 24 and not married and was curious about how much easier it is when people get married and switch to a double income? Some of my friends are married and I get frustrated trying to figure out how they afford the things they have.

They're in debt up to their eyeballs and/or have no retirement money or savings set aside.

That's the answer.

We have some CC debt we're trying to clear up and then it's back to the ROTH, 401k, savings & investment races ... ok ok ... she'll beat me up for kids and countertops too.

 

[LS21]

generally i think people on this forum are more credit-aware and credit-responsible

who knows what debt a girl will bring to the relationship

 

[Nitemare]

elimination of one mortgage/rent and a set of utility payments

that's about it

 

[Special K]

Originally posted by: Demon-Xanth
Financially, a DINK has the best possibility to live a comfortable life. Though that doesn't last often.

Why do you say it doesn't last? Just because sooner or later they decide to have kids, or have one that was unplanned? Or were you implying divorce?

 

[IceBergSLiM]

Originally posted by: Special K

Originally posted by: Demon-Xanth
Financially, a DINK has the best possibility to live a comfortable life. Though that doesn't last often.

Why do you say it doesn't last? Just because sooner or later they decide to have kids, or have one that was unplanned? Or were you implying divorce?

anyone of those would do it. The odds are pretty high for one or the other eventually occurring.

 

[Demon-Xanth]

Originally posted by: Special K

Originally posted by: Demon-Xanth
Financially, a DINK has the best possibility to live a comfortable life. Though that doesn't last often.

Why do you say it doesn't last? Just because sooner or later they decide to have kids, or have one that was unplanned? Or were you implying divorce?

They decide to have a kid.

The smart ones plan, the stupid ones don't.

 

[rh71]

dual income allows you to have toys without living paycheck to paycheck.

 

[whylaff]

Originally posted by: vi_edit
Get a roommate and you'll gain about 50% of the double income benefit.

At least then you are splitting housing/utility costs.

Try to get a female roommate. It will improve your odds of obtaining the "extra" benefits that some of your recently married friends may enjoy, although it is still a gamble, as you may just end up watching her bring other guys home and then subsequently listen to the relationship itself and then her attempt to talk about the relationship to you. You will find yourself angry and oddly curious, but mostly pissed off and depressed. Given all of that, however, don't fall into the trap of getting married for just those extras either. Unlike most retirement and pension programs, your vested interest decreases over time. I?m not sure how this relates to double income, but I?m sure it does in some way.

 

[BarneyFife]

Originally posted by: Josh123
I'm 24 and not married and was curious about how much easier it is when people get married and switch to a double income? Some of my friends are married and I get frustrated trying to figure out how they afford the things they have.

Being a single gives you the most freedom. Enjoy it while you can.