Episodes

  • What would you do differently with your money if you weren’t constrained by “supposed tos?”

    What would you do differently with your money if you weren’t constrained by “supposed tos?”
    Dec 20 2024

    We’ve talked a lot about what we’re “supposed” to do to be real adults and be considered successful on the right path. We've tackled everything from college to marriage to homeownership to having kids.

    Topics covered in this wrap-up episode

    * What makes an adult?

    * Do you really want to follow that prescribed path?

    * The importance of re-examining your life path and money to determine if you really want to do it.

    * Realities of today: working hard doesn’t guarantee you financial success.

    * What’s something each of us would have done differently if we felt we could?

    * What are we doing now that’s unconventional according to society?

    * What’s the biggest surprise from this season?

    * What’s something you want to delve into deeper in the future?

    Our takeaways from season 2

    * The importance of financial coaching to help you decide what really matters to you.

    * How we’ve made unconventional choices and they’ve worked out for us.

    * The research really helps us understand how the American Dream isn’t what it’s cracked up to be and might not even be attainable in the current stage of capitalism.

    Our financial resource

    Sarah and Miranda agree that the CFPB offers great tools for understanding money.

    * Sarah Li-Cain

    * Miranda Marquit



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    24 mins
  • Are you stupid if you live in a high-cost area?

    Are you stupid if you live in a high-cost area?
    Dec 3 2024

    Geo-arbitrage is the practice of moving from an area with a high cost of living to a place with a lower cost of living. It’s one of the bits of advice some FIRE enthusiasts suggest for those looking to reach financial freedom faster. But does using geo-arbitrage always make sense?

    Topics covered in this episode on geo-arbitrage

    * What is geo-arbitrage?

    * Is moving really just about the money?

    * How to understand your lifestyle and how it fits into geo-arbitrage

    * Reasons to move

    * Realities of moving to a low-cost-of-living area and some of the challenges

    * Understanding taxes—it’s not just about income taxes

    * Living in a high-cost-of-living area can be the right choice to save your sanity

    Sources used for this episode on LCOL vs. HCOL area

    * Our rant episode that includes info from Eric Rosenberg about choosing a HCOL area

    * Our episode on choosing whether to have kids

    * Cost of moving information from HireAHelper and Nerd Wallet

    * Find information on state and local taxes and property taxes from the Tax Foundation and Bankrate

    * CNN Money’s cost of living calculator that can help you compare salary needs in different areas

    * Cost of childcare by state according to World Population Review

    * Home insurance cost by state from Insurance.com

    Our financial resource

    If you want to learn more about geo-arbitrage and how to make it work, check out this article from Smart Asset.

    * Sarah Li-Cain

    * Miranda Marquit



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    31 mins
  • Should you bust your butt to maximize your earning potential?

    Should you bust your butt to maximize your earning potential?
    Nov 26 2024

    We’ve talked a lot about hustle culture and the grindset bros and girl bosses who drive the narrative that time is money and you must be productive all day, every day. But is being a workaholic really the way to make all the money?

    In this episode, we discuss how you don’t always have to be productive and how sometimes it’s okay just to do something because you enjoy it and not because it makes you money.

    Topics covered in this episode on finding time to NOT be productive

    * The “time is money” concept and the reality behind exchanging time for money

    * “Passive” income and what that means

    * The horribleness that is feeling that you have to monetize everything you do

    * Why you don’t have to “maximize” your time to be successful

    * The fact that minimum wage workers often work harder than others and the reality that many people need side gigs to survive

    * Tips for breaking out of the productivity trap

    * Understanding “enough”

    * Using values-based spending to require less

    * How to use self-care effectively without breaking the bank

    Sources used for this episode on sticking with your “real” job

    * How Toxic Productivity Can Affect Chronic Illness

    * Information on the negative impacts of toxic productivity from the Newport Institute

    * Drexel University’s report on how minimum wage isn’t enough for most people to live on

    * MIT’s living wage calculator

    * Miranda’s article on how hard you have to work earning minimum wage

    * Information from Civic Science about how many more people are taking on side hustles

    * Sarah’s Substack, Search For Enough

    * Why Do I Feel Guilty When I Relax?

    * American Heart Association article on self-care

    * Self Care: What It Is and What It Is Not

    Our financial resource

    Consider checking out our friend Kara’s website Bravely Go. She talks a lot about sustainable finance, values based spending, and taking care of yourself in this late-stage capitalist hell. Also consider reading the book Laziness Does Not Exist.

    * Sarah Li-Cain

    * Miranda Marquit



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    37 mins
  • There's no ladder to climb

    There's no ladder to climb
    Nov 19 2024

    A friend recently walked off a job that pays fairly well for this area because the work environment was toxic and he wasn’t getting the time and flexibility he needed to be with his son. In fact, an MIT Sloan Management Review survey from 2022 pegged a toxic work environment as the number one indicator of people leaving during the Great Resignation.

    You don’t need to stick with the traditional career path, staying with a job for two to three years—or longer. There are a number of interesting ways to change things up and get a little more from your life and work without following a prescribed path.

    Topics covered in this episode on nontraditional work arrangements

    * How exhausting the corporate ladder can be

    * General feelings about burnout

    * The reality that you could lose your job at any time—it’s not more stable than freelancing or being an entrepreneur

    * Life also contributes to burnout

    * Building an FU fund and concerns about having to do what you must in order to survive

    * Alternatives to sticking with a traditional job

    * Sabattical or mini-retirement

    * Part-time work

    * Barista FIRE

    * Job hopping and how it can lead to better jobs and better pay

    * The realities that you need to plan ahead, especially for healthcare, if you want to take an unconventional approach to work

    * Acknowledgement that it requires resources to take advantages of these alternatives

    Sources used for this episode on sticking with your “real” job

    * The SHRM’s survey results on burnout

    * Whistleblower story referenced by Sarah

    * Jillian Johnsrud talks with Forbes about mini-retirements

    * Read about choosing a part-time job to help with Slow Fi

    * Money Flamingo explains Barista FIRE

    * Using job hopping to increase your salary

    * Experian offers insight into state requirements for unemployment for seasonal and part-time work

    Our financial resource

    This article on job hopping from Indeed offers a look at the pros and cons of job hopping, plus provides helpful information on deciding when to leave a job and gives concrete tips for successful job hopping.

    Consider supporting us by upgrading to a paid subscription here (so we can continue to keep doing this work)

    Subscribed

    Or, 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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    24 mins
  • It’s ok to keep your 9-to-5

    It’s ok to keep your 9-to-5
    Nov 12 2024
    We hear it all the time from hustle bros and entrepreneurial gurus: the only way to live your best life is to quit the 9-to-5 ASAP and build your own business empire. Otherwise, you’ll die sad and alone and probably poor as well.It’s easy to disparage the “traditional” job. We talk about escaping the rat race and finding financial freedom. In this episode, we talk about how even though the regular career path can be tedious at times and even lead to burnout, you don’t HAVE to quit your 9-to-5 to have a good life and build wealth.Topics covered in this episode on keeping your 9-to-5* We talk about hustle culture and how it can be toxic* There are risks that come with quitting a 9-to-5 and you need to think about them* Consider the fact that starting a business can take a lot more time than you think* Are you prepared for the stress it might put on your family?* Not everyone wants to be an entrepreneur, and that’s just fine* We talk about how you can build wealth while working a 9-to-5* Sometimes even having a business and doing entrepreneurship looks suspiciously like a “real” job* Consider adding a side hustle to your 9-to-5 if it fits your goals and objectives* If you decide to transition away from a 9-to-5, be intentional about it and plan ahead* Acknowledgement that there are issues with a W2 job and that you could easily lose that as quickly as you lose income from a freelance business or entrepreneurial ventureSources used for this episode on sticking with your “real” job* Small business failure rate as reported by Lending Tree* Collected data on how much small business owners work* As promised, the essay from Judy Brady (Syfers): I Want a Wife* Use the Investor.gov calculator to estimate your potential earnings through investing* Miranda’s post on HSAs on her website, as well as something she wrote for Money Talks News* Article on the value of employee benefits from Nerdwallet* Listen to this great episode from Buzzsprout with Sarah about her transitions from teacher to freelancer and what that decision-making process looked likeOur financial resourceHustle culture is steeped in toxic productivity. Before you decide to use it as a way to escape your current woes, take a step back. Our friend Tiffany Grant has a great look at hustle culture, its pros and cons and how it can lead to burnout. 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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    34 mins
  • 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