I'm hoping to have a career as a social worker while also supporting a large family on a single income. I realize that you don't go into social work "for the money," but if you're the primary income earner, you certainly need to consider the other people in your household.
Let's also assume that my (future) wife stays at home with the kids and homeschools them. This is what my girlfriend hopes to do. If you're talking about, say, 5 or more kids, this would be a major money saver, assuming childcare + private school tuition each cost about $10,000/kid/year. (Yes, I know there's public school, but living in a good school district isn't necessarily cheap. Stick to the childcare cost if you wish.) That being said, she is pursuing a BSN in nursing, and in all likelihood could outearn me over my lifetime, if she did work. But my hope is for her to fulfill her desire to stay at home with the kids. Oh, and we're both living in Houston, which is a much lower cost of living than, say, San Francisco or New York.
So my question is pretty simple: can I support a large family on a single income as a social worker? And what would be the best route to do this?
One possibility would be full-time private practice, but I have to look very critically at the costs of running a practice, along with the overhead.
Another possibility would be to earn a full-time salary as a clinical social worker, but then have a part-time private practice on the side. Wouldn't you still be pegged with the overhead costs, though?
Another possibility would be to do social work full-time, but then work another job on the evenings or on Saturday. Of course, I'd want to spend as much time as I could with my kids.
Or, there's the "none of the above" route: go for a doctorate in psychology instead, or do something entirely different (with an MBA, for instance). I've been flirting with the idea of getting my MSW, and then an MBA while I'm in social work, so that I could leave social work for the business track if the finances weren't working out.
Thanks for your input. Oh, and what do I say to my girlfriend? Yes, we have been discussing marriage finances, not that we're engaged or anything. So far, I've tried to emphasize that I'm willing to switch career paths if the LCSW track isn't financially viable, and I think that's given her a lot of reassurance.
Let's also assume that my (future) wife stays at home with the kids and homeschools them. This is what my girlfriend hopes to do. If you're talking about, say, 5 or more kids, this would be a major money saver, assuming childcare + private school tuition each cost about $10,000/kid/year. (Yes, I know there's public school, but living in a good school district isn't necessarily cheap. Stick to the childcare cost if you wish.) That being said, she is pursuing a BSN in nursing, and in all likelihood could outearn me over my lifetime, if she did work. But my hope is for her to fulfill her desire to stay at home with the kids. Oh, and we're both living in Houston, which is a much lower cost of living than, say, San Francisco or New York.
So my question is pretty simple: can I support a large family on a single income as a social worker? And what would be the best route to do this?
One possibility would be full-time private practice, but I have to look very critically at the costs of running a practice, along with the overhead.
Another possibility would be to earn a full-time salary as a clinical social worker, but then have a part-time private practice on the side. Wouldn't you still be pegged with the overhead costs, though?
Another possibility would be to do social work full-time, but then work another job on the evenings or on Saturday. Of course, I'd want to spend as much time as I could with my kids.
Or, there's the "none of the above" route: go for a doctorate in psychology instead, or do something entirely different (with an MBA, for instance). I've been flirting with the idea of getting my MSW, and then an MBA while I'm in social work, so that I could leave social work for the business track if the finances weren't working out.
Thanks for your input. Oh, and what do I say to my girlfriend? Yes, we have been discussing marriage finances, not that we're engaged or anything. So far, I've tried to emphasize that I'm willing to switch career paths if the LCSW track isn't financially viable, and I think that's given her a lot of reassurance.