The Two-Income Trap: Why Middle-Class Parents are Going Broke
by Elizabeth Warren, Amelia Warren Tyagi
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Book Summary Information
Author: Amelia Warren Tyagi, Elizabeth WarrenEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2004-08-18
ISBN: 0465090907
Number of pages: 255
Publisher: Basic Books
Book Reviews of The Two-Income Trap: Why Middle-Class Parents are Going Broke
Book Review: Disappointing lack of solutions
Summary: 2 Stars
In light of the recent housing bust, I read "Two Income Trap" looking for solutions. I came away from the book disappointed - I saw nothing that could be applied to families today. Vouchers? That was the solution? How about going back to a 20% down payment and traditional term mortgages vs. ARMs? How about delving into the warped perspective that housing prices always go up and you could double or triple your money in just a few short years?
The idea that most of the families who are in trouble got that way to get into a good school district does not ring true. Maybe if some data had been provided on the rate of foreclosed/bankrupt parents in "good" school districts during the boom had been provided it would seem more believable, but the data was weak in this section of the book. The use of statistics in the book was interested but a HUGE point was missed: kids are expensive. If you want to have a child, you need to look at the huge impact it's going to have on your financial life over the next 18+ years. To me, the true threat to stability in the profiled families seemed being unprepared for the expense of children if one or both parents become disabled or unemployed.
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