It’s Just Money: SAHM Edition
I took some heat for yesterday's post about the phrase "It's just money." A few fun responses include, "You're again advocating for irresponsibility," and "It must be nice to not care about money."
In a surprising twist, I received about a half-dozen messages from one particular group of people: Stay-at-home moms and husbands of stay-at-home moms. I didn't necessarily connect these dots when I wrote yesterday's post, but these folks sure did. I'll summarize their takeaway: It's nearly impossible for a family to decide to become a one-income household without implementing the "It's just money" mindset.
Think about that. In more than 90% of situations (by my estimation), a family will end up worse off financially by electing to have one spouse stay at home instead of paying for childcare and having the second spouse work a paid job. In other words, the only way to make the decision for one spouse to stay at home is to acknowledge that other factors are more important to them than having more resources.
Each respondent shared their personal versions of this story. Every version was different, but all included one key theme: Sacrifice. In order to connect the financial dots, every single-income family must decide what gets sacrificed. For some, it's vacations. For others, it's dining out and lifestyle. Some people give up the possible opportunity to retire earlier. Others live in more conservative houses or drive older vehicles.
Regardless of each family's version of sacrifice, the math equation is the same. If a family chooses to have one spouse stay at home with the kids, they will inevitably have less material wealth than had they made the opposite decision. It's just money. I love it!
I can relate to all of these families, as Sarah and I made a similar decision to be a one-income household when we became parents. It hasn't always been easy, financially speaking, but we would have made the same decision 100 times out of 100. It's the biggest no-brainer for us in the world. As a finance guy, I understand the opportunity costs of such decisions, and if I let the materialistic side of me win, we would be much better off financially. However, it's just money. Sacrifices must be made. Values must win out. Meaning must prevail.
Whatever you're up to in this season of life, I hope you're able to feel confident and convicted about meaning prevailing over money. This isn't about me forcing my values on you, but rather, it's about encouraging you to let YOUR values supersede your materialistic instincts so you can live your most meaningful life. Your future self will thank you so much for that gift!
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