My wife and I both work for the man.
She works for the government man and I work for the tech startup man. It would be very difficult for her to get fired based on performance. It would be very difficult for me to keep my job if I had a bad month or two. She gets small, predictable bumps in pay. I’ve doubled my income in just two years.
We are not entrepreneurs at heart. We like to go to work, help our companies and get our paychecks. Extreme saving is our path to financial independence. For us, this is the easiest and more predictable way to get where we work to go.
I’m extremely proud of my wife. She left a great, relaxing life in South Korea to start over in America with me. I feel blessed each day but I sometimes question why she did this.
After we got married (and she was legal to work) she secured a government career on her own and has since been promoted quickly. I offered to help her get interviews at private companies but she wasn’t interested and didn’t need me to achieve her goal. As a libertarian, I didn’t understand why anyone would want to work for the government! But she did. And I’m happy for her.
When investing, I’d recommend diversifying your portfolio. You should also try to diversify your income streams. Without planning to do so, we diversified our W2 income. My job is sink or swim. I have the potential to make multiple six-figures in the next few years if I absolutely crush it. But my company could run out of money and fire me in the next few months. I’m not sure what will happen. But I know we’ll be alright because we’ve hedged our bets and our career fields aren’t correlated.
One of the simplest ways for a dual income couple to get rich is by living on one income and saving/investing the other. This not only keeps your savings rate extremely high, it also keeps stress due to job loss at a minimum. I know this isn’t always possible. But I’m tired of seeing couples making a boatload of money lose everything due to a weakening economy. Keeping lifestyle inflation in check will significantly reduce your stress.
So if (when) I fail miserably, she is our safety net. I’m a small-cap stock. She’s a government-backed bond. I have both investments in my diversified portfolio. We have both in our household.
Dual income in different fields helps us live a relatively low-stress lifestyle. It’s not the quickest way to get wealthy, but it may be the safest.