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Southeast WI | $50,000 is just the family living part if you are raising a family - minimum Now add $25-30,000 to that to cover insurance and other things like retirement planning. It should actually be $100,000 total.
I take issue with so many people, even friends, that brag about being self-employed and then their spouse is working for low wages plus insurance or has a decent job like nursing or teaching with great benefits. The issue isn't that a spouse works to support the family, it's that they make a big deal about having their own business but it can't support a family.
My wife and I own a couple businesses we have built from scratch. NO outside income. We are making it work well and I know what I'm talking about as far as what you need to plan on. Younger daughter is only a freshman in HS and is strongly interested in agriculture and our farm. We are very open with our girls about how we've gotten where we are. One of our first conversations with her about coming back to farm she says she will need to find some work in the off-season because the farm won't be able to support her full-time at first - but it will with planning. Open, frank discussions. Don't hide anything. This is a path to successful transitions. | |
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bringing son into operation
