A study published in Motherly magazine in late January captured how, despite that many women have joined the workforce during the past 100 years, many still considered it to be optional whether to have a career or stay home with the kids. The authors note that they’re slowly realizing though that a single income doesn’t stretch as far as it once did though.
Many millennials in Fort Myers were fortunate enough to grow up with moms who could still choose to stay home. Many had kids in recent years and expected to be able to have the same choices as their own moms. Many financial planners find themselves advising them that their money woes are caused by not bringing in enough income to cover their expenses.
The authors found that the cost of living has increased so much in Florida and the rest of the country that there’s little left over that millennials can save for emergency expenses or retirement.
Home ownership is far less attainable than it used to be for previous generations. Data compiled by researchers at Motherly shows that in 1940, the average home only cost $2,930 and should have only increased to $30,000 by 2000 if we account for inflation. The average house was $119,000 by 2000. As of 2017, it had approximated $200,000.
Also, student debt has increased. The number of individuals who took out loans to pay for their education nearly doubled between 1993 and 2012 to over $25,000 per graduate.
Health care costs reached over $10,000 per person per year by 2016. Grocery prices averaged as much as $170 per month. Then there are also bills for child care, cellphones and the internet, all essential expenses for most individuals.
Marriages often crumble in part because of financial pressures that a couple faces. If you’ve delayed forwarding your career to stay at home with the kids, and you need to go back to school or gain work experience to obtain a job, then you may get your ex to foot the bill for some of your expenses. An alimony attorney can help you make sense of what type of spousal support is appropriate in your situation.