The master wife 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.
That housewife has really smooth skin.