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Will women finally start re-evaluating the cost of a second income job given rising gas prices?

Unless you work from home, it's worth spending a few moments, either with a spreadsheet program or on paper, to figure out exactly the value of a second income job. People wrongly assume that you need dual incomes to survive these days, but actually, it's completely untrue. And in many cases, a dual income actually ends up costing you more, in higher taxes and greater expense. Start with your added income. Then subtract out all the related expenses: additional clothing costs (biz suits, make-up, hair care, your lunch costs, dinner costs (frozen entrees and take-out vs. if you prepared dinners), ever-rising GAS costs, car annual maintenance costs, car insurance (often cheaper for low mileage vehicles), day care, etc. Go online to irs.gov and calculate your taxes w/ and w/o your income too. Figure your actual net income and divide that by your hours. Now... is it worth it, vs. more time at home? As gas prices continue rising, I wonder if women will start reconsidering. Thanks Ed! Actually, I owe my understanding of this to my older sister who made a point of educated me on this. A few years ago she "did the math" and was stunned to realize that, for all her time and hard work (plus having to be the "superwoman" and do the housework at home too), she was maybe netting 75 cents an hour! So instead she quit her F/T job, their household income dropped from $125,000 to only $65,000, and she started a little home-based business. So not only did their tax burden plummet, they could start deducting legitimate business taxes! As result, their net after-tax, after expense income actually increased about 25%!!! AND she's home all day with her kids, and they eat and live healthier than ever before. And this was when gas was $1/gallon! I think the problem is, most women just assume a dual income is necessary. But it's actually just a scam, because the government wants the additional revenue stream.

Public Comments

1. I don't know your age, but you are very wise. We have always been on a progressive tax base. Meaning the more one earns, the tax rate rises and affects total income. Often the net take home pay from either or both jobs, becomes a diminishing return. Calculating that may result in working for a very low wage on a second job. (Not to mention the stress on health) Bear in mind that next year, 2009, we may very well see a tax rate increase. (We have heard the "promises" to do so). Don't bank on lower wage earners getting a reduction. The numbers of wealthy opposed to the numbers of middle class will not compute in enough higher taxes on the wealthy to offset a reduction of taxes on the, (majority), middle class. I wonder how educated, (err uneducated), politicians are in mathmatics.