how much do i need to earn to support my wife and 5 kids monthly?

Question

(this is my brother asking on my account not me) but how much do they need to earn? what's the maximum i need to earn? what jobs can support that much income? and then if my wife has a part time that pays three tiems as much as a teacher. then waht do i need to earn now? i would like answers to both the one where she doesn't work and does. :)

Answer 1

All depends on the cost of living for the area they are living. What does a home cost (rent or mortgage payment)? What does food cost? Clothing? Insurance? etc. etc.

Take the sum of the total estimated annual expenses plus at least 10% additional for savings/emergencies and that will give you an annual minimum income. Divide by 12 to get monthly or divide by 2080 (52 weeks at 40 hours per week) to get hourly. That is the minimum that either one or both income earners need to "just get by".

As for the second part of your question about whether or not she should work, if you can be happy with "just getting by" and that is where your income alone is, then go for it. Otherwise, I would say both should work.

Remember that this is for figuring how to just squeak by, which is never good and only if you absolutely have to. Best to have both working (unless she needs to be home to take care of kids' issues) to have more money available and put more away for future needs.

Answer 2

You can take the amount you pay for rent/mortgage and either double or triple it. If you're paying half your income to rent, you'll always feel poor, but if your rent is one-third your income, that's about right.

To find the right job for you, I'd suggest "What Color is Your Parachute" which is a great book to read about finding the right place for you.

With five kids and a wife whose part-time job pays three times as much as a teacher, you have to ask if it's worth it for you, the husband, to work, or if it would be better for you to stay home with the kids while your wife works full-time, if she's willing.

With five kids, I imagine you need a home/apartment with three bedrooms. You and your wife need to focus on raising them together. You need a job that will support that.