What’s going on Dinks? I hope everyone had a great October. Since most of you reading this are DINKS, then you should enjoy this article a lot. For people that aren’t DINKS, hopefully, this article will keep you motivated until you get there. Today, I will be discussing the effects of couples having dual incomes. Having dual incomes is great if you and your significant other are good with money. A lot of nice things can and will happen if you are on the same page.
The first thing that having dual incomes does is provide you with multiple streams of income. Having money coming in from more than one way feels good. As couples, it will help ease the burden on bills amongst other things. I’ve read that a lot of relationships end over money issues. Hopefully, having dual incomes will help you dodge that bullet.
Pay off Debt Quicker
Having dual incomes will help you pay off debt quicker. Debt is something that many of us struggle to pay off. Some people can only make the minimum payments, while others don’t make enough money to add anything extra to it. This is one significant way where dual incomes. One of your checks could be used for the rent/mortgage and utilities. The other check could be used for credit card debt or student loans. Doing this will eliminate your debt much faster.
With dual incomes, you should be able to save more money. If you’re in a situation where you don’t have any debt, your wife or husband’s check can go straight to the savings account. Depending on your income, you could have enough money saved to last you for 6-8 months in no time. A lot of single people (including myself) struggle with the amount of money that we can save. Having dual incomes can help with that situation.
Besides saving more money, having dual incomes allows you to invest more. Since you have more money coming in, you can risk a little more than if you only had one income. Since you can invest more, the opportunity to get higher returns is there. Stocks, bonds, mutual funds and real estate are a few things that you invest more of your money into.
Peace of Mind
Having dual incomes can help you have a peace of mind. Some people let money or the lack thereof it stress them out. Heck, I’ve been there before. For most of us, having dual incomes would give them a peace of mind. They know that they would have enough to pay the bill and also enough just in case an emergency happens.
In summary, the effects of having dual incomes allow you to have multiple streams of income, the ability to pay off debt quicker, to save more money, allow you to invest more and it gives you a peace of mind. It looks like dual incomes are the way to go.