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
  • 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

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