Attention moms! Do you know how much you REALLY make?
The Cost of Work: How Much Do You Really make by Scott W. Danger, CPA The decision to be a stay-at-home mom is one of the most difficult many new or prospective parents face. The main reason many parents feel it is not a possibility is because of their financial situation. How can a couple with two wage earners get by on one salary while adding another member to the family? It’s certainly not easy. Every family is different but they all have one thing in common: Nobody takes home their entire salary. That is where the “Cost of Work” comes in. Let’s use an example. Joe and Julie are married and expecting their first child in three months. They live in a modest house in the suburbs. Joe is an Electrician with good benefits including family health insurance and Julie is an Office Manager downtown. Joe and Julie both would like her to stay home with the new baby, but they don’t see how they can make it work. How could they ever get by without her $25,000 salary? Let’s look at how mu...