It Doesn't Make Cents

By: Sarah Li-Cain and Miranda Marquit
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  • Summary

  • Are you REALLY doing money wrong? Good news: you aren’t doomed to a lifetime of financial failure because you aren’t saving to buy a house, buy a TV with a credit card, or have student loan debt. Get away from all the “supposed-tos” and stop beating yourself up over perceived mistakes. Sarah Li-Cain, AFC® and Miranda Marquit, MBA, are ready to debunk prescriptive money rules and inject a little nuance into your financial life. This season, we’re talking about the common misconception that debt is ALWAYS bad. We’ll dive into ALL THE THINGS. You don’t have to pay that mortgage off early. Go ahead and finance that car. We’ll also tackle the controversial aspects of debt. How much social debt are you carrying around? Are you really immoral if you have your student loan debt forgiven? We promise corny jokes alongside a whole lotta facts. We might even rant a little. Plus, we’ll show you how to use what you’ve learned to get your money to work best for YOU—no matter what some finance bro says. Let’s talk about how money might not be what you think—and how you can use it to create the life you want.

    itdoesntmakecents.substack.com
    Sarah and Miranda
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Economics Personal Success
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Episodes
  • Having children? In THIS economy?

    Having children? In THIS economy?
    Nov 5 2024
    There’s been much hand-wringing over birthrates in recent years. And, depending on where you grew up, you might even be told you’re selfish for not wanting to have children. Or mutliple chilren. In this episode, we’re going to look at the financial realities of having children and explore our society’s obsession with popping out babies—even if we don’t prioritize actually caring for them once they’re in the world. Topics covered in this episode on choosing whether to have children* Having kids is expensive. From birth to age 18 and beyond, you’ll spend hundreds of thousands of dollars on having a kid.* Millennials and Gen Z aren’t sure that they can afford to have children.* Our society, despite giving lip service to the concept of having children, doesn’t actually support them. There aren’t robust community and societal supports.* Families know they’re largely on their own when it comes to the costs of raising kids, and we’re in the top three OECD countries for child poverty rates.* Investing in children offers high economic ROI, but in the U.S., we don’t do it.* We talk about the dismal lack of support for children and families in our states of Idaho and Florida.* We tackle the fact that’s ok to just not want kids—even if you can afford them.* Gen Z’s reasons for not wanting kids include climate collapse, physical danger to pregnant women, lifestyle, and the labor involved.* It’s not selfish to avoid having kids. In fact, if you’re not ready or don’t want them, it’s the unselfish choice to not bring kids into the world.* You can also change your mind. Sarah talks about how she changed her mind about not wanting kids and now has a son.* If you like kids but don’t want them yourself, we talk about ways to care for others’ children.* Finally, it’s fine just not to be interested. We talk about the Western obsession with children and its roots in white supremacy.Sources used for this episode on buy vs. rent* The Institute for Family Studies uses USDA data to calculate that it costs more than $200,000 to raise a child to 18. The cost of the birth itself ranges from almost $11,000 to more than $20,000, and your out-of-pocket cost depends on your insurance.* Millennials say having children is too expensive, and Gen Z also includes cost as one reason they’re reluctant. They also cite impending climate collapse, labor, and other reasons to avoid having children. Pew Research information on a declining desire to have children.* Data from the Center on Budget and Policy Priorities on how direct support to families reduces child poverty. The National Bureau of Economic Research shares the economic ROI of investing in programs that benefit children.* The Journal of Economic Perspectives examines our safety net and finds that the U.S. ranks third among developed (OECD) nations for child poverty. * Pew Research and Justworks share information about the U.S. and parental leave (including maternal). * Information from the World Economic Forum and the White House on affordable and accessible child care.* Our stats for Idaho:* Living wage from MIT* Hunger in Idaho from the Idaho Foodbank* Idaho’s ALICE report* Our stats for Florida:* Living wage from MIT* Hunger stats from Second Harvest* Census data for Florida* Florida’s ALICE report* Maternal mortality on the rise, reports from Yale Medicine and The Commonwealth Fund* Pregnant women in Idaho are encouraged to get extra coverage to be life flighted out, as well as a study showing the loss of OB-GYNs* Report on maternity wards closing* Johns Hopkins reports on how the Texas abortion ban has INCREASED infant mortality* Items from Politico, NPR, and the American Sociological Review about natalism and white supremacyOur financial resourceIf you need help finding financial help as you raise children, check out ChildCare.gov, which offers information on assistance programs that might be available if you qualify. Also check out our friend Brynne’s site, Femme Frugality, which includes a lot of resources for parents of special needs children.Consider supporting us by upgrading to a paid subscription here (so we can continue to keep doing this work)SubscribedOr, for a one-off donation, buy us a refreshing beverage on Ko-fi.And make sure you check out our websites as well:* Sarah Li-Cain* Miranda Marquit Get full access to It Doesn't Make Cents at itdoesntmakecents.substack.com/subscribe
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    38 mins
  • We’re reframing the rent vs. buy debate

    We’re reframing the rent vs. buy debate
    Oct 30 2024
    It Doesn't Make Cents is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.We’re often told that owning a home is the ultimate in adulting and achieving the American Dream. You hear a lot about “throwing money away” as a renter. But are you really? And can you still build wealth even as a renter?In this episode, we’re going beyond the numbers, and which is the “smarter” financial choice. We’re looking at the rent vs. buy debate in terms of lifestyle and your individual money goals.Topics covered in this episode on rent vs. buy* Do expenses truly stay the same when you buy a home? Or do those costs go up, similar to renting?* What’s “throwing money away,” really?* When does it make more sense to rent vs. buy?* How do you decide if it’s time to buy a house?* Building community and putting down roots as a renter.* Buy vs. rent isn’t just about the numbers.* Using your home as a store of value.* Exploring the options when you decide to move out of a home: sell or rent it to someone else.* What you need to know about the upfront costs of renting and buying.Sources used for this episode on buy vs. rent* An interesting article on how more people see homeownership as a lifestyle choice rather than a financial necessity.* We mention Alyssa Davies of Mixed Up Money.* Miranda’s numbers from the episode when comparing her rent vs. buy experience:* I use the quick and dirty rule of 3% a year to average out inflation. Rent was stable for three years, then went up 4% last year. Rent next year will go up 2%, so I just factor that in. When I had a home, my property taxes increased between 2% and 5% yearly.* Right now, in Idaho, with our homeowner's exemption capped, some people see property tax increases that amount to my increase in rent—or more. For example, in the last five years, my rent has gone up by $350. Property taxes on the median home value in my area have increased by about $357. So, my increases are in line with what someone paying property taxes in my area is seeing. * Check out our Season 1 episode on deciding to pay off your mortgage early.* Miranda’s first-person story from Newsweek about choosing to rent after having owned a home.* Information about CCDs, HOAs, CC&Rs, and other important terms that you might need to know when you buy.* Understanding Section 8 vouchers.* Some people are being priced out of homebuying.* Sarah has an article on Zillow about misconceptions related to homebuying.* Jannese Torres tells her story to CNBC about buying in Puerto Rico, even though she rents in Florida.* How to plan to save for renting.* Home Loan Toolkit from the CFPB.* An in-depth article from HomeLight on deciding to sell your home or rent it out.* Government-backed housing and home loan help.Our financial resourceInterested in learning how to build a secure financial future as a renter? The New York Times has an article featuring a variety of successful renters (including Miranda). This is a helpful resource as you decide what works best for you.Consider supporting us by upgrading to a paid subscription here (so we can continue to keep doing this work)SubscribedOr, for a one-off donation, buy us a refreshing beverage on Ko-fi.And make sure you check out our websites as well:* Sarah Li-Cain* Miranda Marquit Get full access to It Doesn't Make Cents at itdoesntmakecents.substack.com/subscribe
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    33 mins
  • Do you NEED to get married?

    Do you NEED to get married?
    Oct 15 2024
    Marriage is considered an essential part of life. Money is part of that. Recently, society has lamented the cost of being single. But sometimes the costs aren’t financial. And there’s a move—especially among those who identify as women—to eschew marriage.* The marriage age has risen over time, especially since Miranda got married.* CNBC gathers information about how money issues can stress a marriage and lead to divorce.* We discuss the expense of marriage, and you can find information about that from the Wall Street Journal and Fidelity.* Here’s some information about the tax benefits of marriage.* What you need to know about married filing separately.* Disability is a different issue. We discuss divorce to qualify for disability benefits and whether you could lose SSI benefits if you get married.* Research on women and heterosexual marriages/relationships:* Unmarried, childless women are happiest people of all, expert says* Pew Research Center* Gender gaps in sharing household responsibilities* More Pew Research Center on women doing more around the house* Married women with children spend more time on housework than single moms* Is Marriage a Bad Deal for Women?* Women and divorce:* More couples are divorcing* Median age at first divorce* Why women file for divorce more than men* Miranda wrote about how women no longer have to settle for someone who doesn’t contribute to housework or support in non-monetary ways.* Sarah shares about ending one relationship and finding her husband when more financially stable.* Financial aspects of divorce:* Debt and divorce* Cost of divorce* How Does Divorce Impact My Business?* Our friend Kate Dore’s article about hiding assets in crypto* Prenuptial agreements:* Savvy Ladies* Kiplinger* Britannica Money* Erin Lowry on Miss Be Helpful* We have resources on managing household finances if you aren’t married and dealing with family issues when unmarried.* Being single is fine:* Miranda writes about enjoying being single* TIME on single people being happy* University of California on unwedded blissOur financial resourceCheck out a guide to managing divorce and your finances from Britannica Money. It breaks down what you need to think about as you’re financially decoupling.Consider supporting us by upgrading to a paid subscription here (so we can continue to keep doing this work)SubscribedOr, for a one-off donation, buy us a refreshing beverage on Ko-fi.And make sure you check out our websites as well:* Sarah Li-Cain* Miranda Marquit Get full access to It Doesn't Make Cents at itdoesntmakecents.substack.com/subscribe
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    42 mins

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