The Two-Income Trap: Why Middle-Class Parents are Going Broke
by Elizabeth Warren, Amelia Warren Tyagi
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other reviews (showing 1-20 of 198)
bookshelves:
economics
Has a copy to sell/swap
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Read in July, 2008
recommends it for:
couples starting out
This book is now five years old, longer than the shelf life of most “policy” books -- most personal finance books, too. So I was fully prepared to find the facts stale, the predictions obsolete. Wrong. Even though it was written before the term subprime entered the lexicon, this book explains why those mortgages were bound to cause problems: Families fail financially when they commit themselves to mortgages and other long-term fixed costs that they won’t be able to pay during the ba...more
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Read in March, 2008
It was an interesting book- lots of history, economics and politics all mixed together. I thought it interesting that several times she writes about how society does not value the contribution of a stay at home mom, monetarily speaking. She also has some good ideas as to how to help equalize the US economic field. The one that stood out to me the most was revamping the way school districts are funded( families are given public school vouchers and can choose which school would get that money- ...more
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recommends it for:
people who feel the economy is rolling right over them.
If you have two incomes in a home, make sure your life is such that you can live on one of the incomes and sock the other income away in savings and investments. Which is extremely good advice (and yes it can be done--you don't need half of that crap people tell you you need).
Don't have kids, but if you must, see if you can refrain from vastly overleveraging yourself to keep your kids competitive in some future labor marketplace. If the houses in the neighborhoods with excellent schools are ...more
Don't have kids, but if you must, see if you can refrain from vastly overleveraging yourself to keep your kids competitive in some future labor marketplace. If the houses in the neighborhoods with excellent schools are ...more
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Read in April, 2008
recommended to Marissa by:
My Book Group--it is our April book.recommends it for: People who have children, mortgages, or credit cards
I had initially thought this book would present a lot of reasons to avoid having two working parents in a home. And while there might be a touch of that, the book is written by two-working mothers who focus, instead, on some of the risks of living a life where two incomes are needed and there isn't an emergency plan available.
I've seen Elizabeth Warren on several PBS shows discussing bankruptcy issues. The information she and Tyagi provide is quite interesting. I have always either natura...more
I've seen Elizabeth Warren on several PBS shows discussing bankruptcy issues. The information she and Tyagi provide is quite interesting. I have always either natura...more
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1 comments
Read in June, 2006
recommends it for:
Everyone
An incredibly well sourced book. Seriously, the last 40 pages are notes and citations.
At the same time, it is one of the quickest reads I've ever encountered. Never dull, always astonishing.
The author/researcher aimed well, did her homework (she's a Harvard professor -- of course she did it), and nailed the target.
The only minor drawback is that she was a little light on solutions at the end, and what she did propose was light on data and relied more on hypotheses. (Which ad...more
At the same time, it is one of the quickest reads I've ever encountered. Never dull, always astonishing.
The author/researcher aimed well, did her homework (she's a Harvard professor -- of course she did it), and nailed the target.
The only minor drawback is that she was a little light on solutions at the end, and what she did propose was light on data and relied more on hypotheses. (Which ad...more
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Read in January, 2006
I read this because I always love a sociological book, and a money book, and this is sort of both. It's a somewhat interesting read about how income just doesn't go as far as it used to, and how most families have to have two incomes just to make it anymore, and how being middle class these days is a challenge. I think these are all good and valid points, however, where it fell short for me was that the author failed to give any solutions for those struggling with their finances. The author d...more
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Read in January, 2008
Today it's much more challenging for families with one working parent to succeed financially than it was decades ago--that may be pretty obvious, but what's NOT obvious it how America became this way. This book explains it in a way that's easy to understand without having knowledge of economics or finance. The book may not provide much hope; while the writers give a few larger-scale suggestions on how the government and educational system could make changes, on a smaller scale we're pretty much ...more
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bookshelves:
money
Read in June, 2008
This is just incredibly depressing. Especially as I was reading Robert Frank's Richistan at the same time.
Basically, if you're a woman you're in danger of going broke.
If you're a woman with a child (married or not), your chances of ending up in bankruptcy go through the roof.
We can not live as well as our parents. Forget the fact that they got pensions and some got lifetime healthcare insurance: Just on a month to month basis, coupl...more
Basically, if you're a woman you're in danger of going broke.
If you're a woman with a child (married or not), your chances of ending up in bankruptcy go through the roof.
We can not live as well as our parents. Forget the fact that they got pensions and some got lifetime healthcare insurance: Just on a month to month basis, coupl...more
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Read in July, 2008
Just finished reading this book today.
The book is very well researched and the tone is a nice balance of academic and conversational (the lead author's research and publication history speaks for itself). The book is very enlightening, and I highly recommend it to anyone who has an interest in personal economics and economic policy.
The only drawback most reviewers point out is that most of her proposed solutions are policy solutions, not things a family can do within it's own bubble. Tha...more
The book is very well researched and the tone is a nice balance of academic and conversational (the lead author's research and publication history speaks for itself). The book is very enlightening, and I highly recommend it to anyone who has an interest in personal economics and economic policy.
The only drawback most reviewers point out is that most of her proposed solutions are policy solutions, not things a family can do within it's own bubble. Tha...more
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Read in June, 2008
I skipped a lot of stuff in this book that I already knew or was common sense for anyone halfway responsible about their money. I did like the "solutions" at the end, though.
**SPOILER**
I really liked the solution that said you don't have to deprive yourself of a dinner out, or that shirt that you really really want, as long as you're not putting it on a credit card. Those small things can be eliminated, should your money situation become dire (like one spouse losing their job,...more
**SPOILER**
I really liked the solution that said you don't have to deprive yourself of a dinner out, or that shirt that you really really want, as long as you're not putting it on a credit card. Those small things can be eliminated, should your money situation become dire (like one spouse losing their job,...more
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This was a very interesting book written by a Harvard law professor about the conspiracy of the banking industry to keep the American public in as much debt as possible. She testified in front of Congress ten years ago about the impending foreclosure crisis due to subprime mortgages. She reveals congresspeople who received payoffs to screw the American people, such as Hillary Clinton and Joe Biden. This is a book everyone should read. The only real issue I had with it was that I don't believe t...more
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Read in July, 2008
recommended to Red by:
Josephrecommends it for: Everyone!
This is not a bedtime story!!! This is scary stuff that will keep you up at night thinking about how to improve your financial situation! Everyone should read this book, and if you skip the Appendix and the Notes at the end, it's a real quick read, but very informative. This book helps to explain why the middle class is in such financial turmoil, why so many people are filing for bankruptcy and losing their homes. Even if you think you're not at risk or you don't own a home, you should read ...more
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Read in December, 2005
A Harvard economist's take on rising rates of bankruptcy among middle class couples. Interesting read, especially since it was written a few years ago now and foreshadowed some of the present problems in the housing market. I particularly liked that it justified my suspicions that couples today are having a harder go of it than our parents did, despite greater levels of education and two steady incomes. Includes good tips for how to stay financially solvent.
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bookshelves:
personal-finance
Read in August, 2005
incredibly interesting, well researched + well written book on why our grand parents + parents were able to make it on one income + why we are so uber fucked + struggling on two incomes. hopefully barry o can actually change the way things are headed in this country. lord knows hillary is part of the two income trap with her heavy back pockets full of credit card company + health care industry monies. i am all for a woman president, but for fucks sake, hrc cannot be the first ever!? i would ...more
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Read in August, 2006
Extremely useful book, I recommend it to just about anyone who has or might have children. Rejects the myths that overspending is the big problem and looks more at public policy explanations for the ties between foreclosures, the link between property values and school districts, other topics. Gives some suggestions for how to protect yourself and ensure a financial safety net on two incomes, rather than using both incomes to cover your fixed expenses.
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Read in September, 2007
recommends it for:
all friends, anyone interested in personal finance
Fascinating and so true . . . a great and thought-provoking read by a renowned Harvard professor. It's about how we (collectively and individually) handle our personal finances and where the very real risks are to middle-class earners. Interesting info about Hillary Clinton and the bankruptcy bill - confirms my suspicion that Hillary is too influenced by corporate interests (i.e. credit card companies). I really recommend this book highly.
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Read in June, 2008
recommended to Cecily by:
Marissarecommends it for: Ryan
This review has been hidden because it contains spoilers. To view it, click here.
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Read in March, 2008
This book created within me frustration, with the desire to put more of a game plan into action for myself..to make more informed decisions... It was a wonderful book for a book club discussion no matter if you agree or disagree with the author. It will get your wheels turning and thinking or rethinking about your steps toward spending..and saving...ect ect ect.
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This is a very interesting book addressing the current high rate of home foreclosures and bankruptcies. The authors believe that, as more families rely on two incomes to make their mortgage payments, they are less able to bounce back from lay-offs, illness, or divorce. They offer small- and large-scale suggestions to turn this trend around.
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bookshelves:
current-events
Read in March, 2006
recommends it for:
young people who want to avoid some financial mistakes
Why are so many people drowning in debt? Why are there so many bankruptcies? Why can't many parents afford to have one parent be a stay-at-home mom/dad? Why do so many families, with two adults in the workforce, not have greater financial security than my parents did 40 years ago? Read this book and find out!
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