-my college roomate friend earn TC with Fang company 300k, wife no work, single income family. -my TC is 150k and wife income also bring in 150k, total also 300k. Which family’s TC is considered better and more successful family?
N+1 job redundancy.
Break it down into an hourly wage. Your friends makes $150/hour. You and your wife make $75/hour. Time is life, and you have to give twice as many hours to achieve the same result. How is this even a question? The family with one $300K earner has an additional 40 hours a week to enrich in the prosperity of the family and its children. The other one spends those hours enriching a corporation. Look, always make sure you are getting paid first, in both time and money. Giving twice your time for the same result is objectively less successful.
That’s very good point! However, my friend’s wife doesn’t have good skill to get good job. But my wife can earn good stable 150k. However I earn 50% less than my friend. Should I feel jealous? I think the only good thing is Incase if I get laid off my wife can still support the family. But if my friend get laid off then there is no support. My friend does work more hours than me tho doing more travel since higher level in the company. My job is a lot more relaxed than his.
It just feels like you are seeking unnecessary validation for no good reason. Living your life based on others will do you no good if you look at it from a jealousy mindset because there is no ceiling. If you do get to 300K, you will know someone who makes 450k and its the same cycle. Its always good to have a positive goal based on others life but this mindset is more harmful to you than anyone else.
diversified portfolio is better all things equal
OP, If you keep on comparing yourself with others, you will never be happy.
2 income will pay more SS taxes. And you’ll have less manpower to care for kids.
Doesn't matter
You've provided only one of the factors that is relevant in determining which family is more successful. I'm guessing theirs, given how fixated on TC you are, suggesting you're younger and less mature.
And why does this matter to you again?
Less risk when two people are working. Plus both people have the potential to get to 300k. The family with one working member will have less flexibility. Let’s say 300k hates the job, can he/she leave? No, he/she carries insurance for the family.
Was going to say this. The 2x 150 has better growth opportunities than the 1x 300
Yeah that’s what I am thinking. My company is going through layoff right now that’s why I am not as afraid if I get laid off. Can have the wife still support me while I find new job or go back to school for career change for fang company. https://www.oregonlive.com/silicon-forest/2020/01/intel-plans-layoffs-in-data-center-group.html
It really depends on your definition of success. But I can’t think of anyone in their right mind who would say one family is “better” than the other especially based on how much money they make. If either of you have kids, the friend probably doesn’t have to pay for day care.
We both have 2 kids each. Both live in the same city Portland. Our kids are also around the same age.