Renowned personal finance guru Dave Ramsey addressed a situation that goes beyond financial matters. A Toronto caller named Mercedes, a new mother on maternity leave, expressed her desire to become a full-time stay-at-home mom but was unsure how to approach the topic with her husband.
Despite her husband’s annual income of $975,000, which places him in the top 1% of earners in Canada and well above the average for this group, financial concerns seemed insignificant. However, Ramsey recognized that Mercedes’ hesitations were rooted in deeper emotions and societal expectations.
Ramsey acknowledged the family’s financial stability, stating, “With a salary of $975,000 a year, I think you could probably struggle through.”
While Mercedes earns $90,000 annually, when combined with her husband’s income, financial obstacles to her decision appear minimal.
Mercedes shared her husband’s concerns that she may not want to return to work. She explained that his mother worked multiple jobs, leading him to have similar expectations of her. Ramsey intervened, emphasizing her husband’s substantial income of nearly $1 million per year.
Referring to his own experience, Ramsey recounted how his wife, Sharon, chose to be a full-time mother over 30 years ago, a decision he greatly respects.
He stated, “This is not just about the money. It’s about what you want your life and family to look like.”
Ramsey shifted the conversation from finances to personal values and family aspirations.
In a society that often ties a woman’s value to her career achievements, the notion of “mom guilt” is significant. Ramsey recognized this societal pressure where mothers face judgment and self-doubt regardless of their decision to work or stay at home.
Ramsey advised Mercedes to have an open and honest conversation with her husband, expressing her desires and concerns. He emphasized that only through transparent communication and mutual understanding could they navigate this emotional terrain and align their personal goals with their family’s future.
True wealth isn’t just about monetary figures; it also involves spending quality time with family and making choices that align with personal values and happiness. However, not everyone has the financial ability to stay home with their children.
According to a report by the Center for American Progress, child care costs for American families, especially those with infants, are substantial. On average, child care for a family with an infant costs over $1,300 per month, totaling nearly $16,000 annually, representing around 21% of the median income for a family of three in the U.S.
A recent study by the Pew Research Center, analyzing U.S. Census Bureau data, shows that in 2021, 18% of parents remained out of the workforce, consistent with 2016 figures.
For families grappling with decisions about returning to work due to high daycare expenses or considering transitioning to a single income to care for their children at home, seeking guidance from a financial adviser is advisable. A financial adviser can provide tailored insights and strategies to navigate the financial implications of such life changes, ensuring that decisions align with emotional, practical, and financial considerations.
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This article New Mom Tells Dave Ramsey Her Husband Makes $950K But Won’t Let Her Stay Home — ‘I Think You Can Probably Freaking Struggle Through’ originally appeared on Benzinga.com
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