re: What is a good income to raise kids on?

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Wife and I make 150 to 165ish together depending on bonuses. We are expecting our first kid and I'm freaked out about money.

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Chill. I make 60, and my wife is a stay at home mom. No day care costs.

If she's breast feeds, it doesn't cost much. Pretty much diapers and wipes. She doesn't need to buy a bunch of fancy clothes either.

If you've filled your life with debt, you'll need to worry. If you live under your means, the $ part isn't as big of a worry as most say.

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but I don't see how some families can do as much as they do (vacations, weddings, college, etc)

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They enjoy credit card bills and being stressed, that's how.