MSW Can I raise a large family on a LCSW income -- and how?

[BX1959]

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.

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[RisinOutlaw]

Operating on the assumption that the cost of living and average LCSW income is similar between Arizona and Texas, I would say that yes, it is possible. In fact, many families do such a thing on a lesser income. However, those people arent sending their kids to private schools. Your preference for private education indicates to me that you may have a preference for "nice" things overall (which is fine, not making a judgement). If that is the case, then you will probably not make enough to provide that type of lifestyle.

Fresh MSW's around here genereally start in the mid-upper 30's to low 40's (if you're lucky). After a few years of experience and gaining independent clinical licensure, you could realistically see 50-60k. However, if you don't go into management/supervisory positions, your earning potential is limited.

All of that being said, how old are you? If you're young, think long and hard about altering your life's trajectory based on the girlfriend that you're dating who you might marry sometime in the future, and might have a large family with. Hell, if she's getting a BSN, why don't you just be the stay at home parent?

 

[deleted480308]

single earner msw will not be able to feed their wife/5kids and send them to private school unless you are a weird anomaly

 

[AcronymAllergy]

Houston's cost of living is low, but private school isn't cheap even in Houston. Heck, the folks I know who live in that area pay close to $10k/year per child just for private preschool, although that of course also serves as daycare. I'd imagine it gets more expensive as the kiddos get older, though.

While the salaries in Houston in many professions tend to receive a bit of a bump because of huge oil and medical presence, I still don't know that it'd be possible to comfortably raise a large family on just an MSW income. Heck, I know single-earner psychologist families in/around that city who earn $100k/year, "only" have 2 children, and have to budget pretty strictly to keep everything in order. They obviously aren't starving with that salary, but they do have to plan ahead and work hard to stay within their means.

And keep in mind that if you and/or your girlfriend have any student loans (which these folks did not), that's going to significantly impact things.

Perhaps it might be best for both you and your girlfriend to work for a few years so that you can build up a decent savings, which might then allow her to stay at home for at least the first few months after each child comes along? Or heck, depending on how much you're able to save, maybe even the first few years until all/most of the kiddos have gotten into at least preschool.

 

[Spydra]

OP you mention your girlfriend wants to be a stay at home mom and homeschool the kids which is much cheaper than moving to an area with better schools or going the private school route. Many couples find a way to support large families on one income, regardless of career choice. If I were you I'd do a google search and look for blogs from people doing this because that will tell you more clearly how they're doing it. Many of them homeschool the kids, some start their own gardens and raise chickens, sometimes the stay at home mom sells tupperware or avon on the side, etc. There are all kinds of ways to make this work if you're willing to make sacrifices. You just have to decide what sacrifices are ok for all of you to make and factor in a plan to cover emergencies (being between jobs, home repairs, kid breaks an arm, etc).

 

[olayak]

Go into administration. A lot of social workers end up as human resources directors or other high level positions in hospitals or other mental health agencies. Some end up as Vice Presidents or even CEO of the agency.
Or you can write books about mental health. Or have a private practice. There are so many things that you can do with the degree. It's only limited by your imagination. It is what you make of it.