If you are a long time reader, you have followed me through my $1,500 projects that started back in 2007 and concluded in 2009. The goal was to create or save the equivalent of $1,500 on a monthly basis so my wife can stop working. In May 2009, my wife quit her job and we became a single income household. I read this post again recently and found it interesting that I had 2 plans back in 2009 in order to cover my wife’s income:
#1 Make a lot of money online (currently at 10K/month of gross income with 50% participation in this amount)
#2 Work hard and earn a big pay check.
Back in 2007, my total income was at $63,000 (read how I went from 30K to 176K in 8 years). In 2009, my total income (not base income) was $103,000. It was then easy to make the decision to go with a single income household. In that year, my bonus was literally more than what my wife used to make in a year. Since then, I have never looked back. Today, my base income is at $79,000. That alone covers $1,333 of my $1,500 per month. I also have to add my bonus and online income to the equation in order to cover the $1,500/month my wife used to make.
When you only look at numbers, living on a single income appears quite easy as I make a lot more than I used to. Unfortunately, the expenses increased accordingly too! It is true that it requires sacrifices from time to time but it’s really worth. Let me tell you why…
My wife and I have a simple way of taking care of our household:
She takes care of the house and kids.
I take care of making money.
This seems quite simple and even stupid when you say it that way. But the key lies in simplicity. Since my wife takes care of our house and kids (this includes not only chores but everything), I can focus on one of the thing I do best: making money.
I don’t have to bother with when I need to bring that cat costume for my daughter’s presentation or when they go to the dentist or when the latest arrival has an appointment with the pediatrician. I don’t even have to wonder what we will eat at night! Mind you, I still cook, but everything is ready when I get home. This is why I can focus on being awesome at work and awesome in my business. This is probably how I can grow both my career and business at the same pace simultaneously without burning out! My brain power is focused on a very limited number of things. This is likely how I can become better and faster.
So while I was looking to make more money so my wife could stop working, the answer was in the goal. As soon as she had stopped working, we saw our household income increase significantly! Believe it or not – having my wife stop working was the fastest way to earn a stable 6 figure income.
Another impact of having my wife at home is the free time that we all benefit from. Every weekend, we wonder which activities we will do as all the chores and boring stuff have been done during the week. Therefore, we are all set to enjoy the weekend the way it should be. We have enough time to work on landscaping or renovation, going to the park, inviting friends over for a nice lunch, etc.
It’s basically like having mini-vacation each week!
There is a long list of advantages for having only one person work while the other takes care of the household. Among them, I would only list the *most* important:
- More time with the kids
- Quality time to help them to do their homework
- Time for community volunteering
- No more “gotta run to catch the daycare on time”
- More time to start a garden and eat better food
- More time to try new things (activities, recipes, hobbies, etc)
- You save money on afterschool daycare
- You save money on clothing (only 1 person needs to dress for work)
- You save money on dining out (how many time you eat out because you’re too tired?)
- More activities
- More fun
- Less stress
- Less arguments with your better half
- More energy… which leads to more S…..X (don’t laugh, it’s true!)
All right… I should have put the Energy advantage first…
I now look back at my previous life back in early 2009 and really don’t have any regrets today. In fact, if I had known this, I would have started on my $1,500 project before my wife gave birth to our first son! Life is just easier and more fun… in fact, life is now the way it should be!
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