The masterwife is the one that takes care of all your stuff for you. She is the housewife, a very common profession for married ladies in Japan, though things have been changing little by little. Still, being a housewife means you control the money, which is pretty neat if you ask me.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.