“Five for Your Eyes” is a new series of posts where I share five features that I found to be interesting or worth reading. I read a lot of books, but I also love reading long-form pieces in publications like the New York Times, the Atlantic, and the New Yorker, looking into slices of the world I was previously unaware of, or have held interests in. I hope some of these articles will interest you as well!
☆ This Calculator Tells You Exactly How Much Money You Lose When You Stay Home with Your Kids (Working Mother)
Is it really worth it to keep working when childcare is eating up my entire paycheck?
If you’re a working mom in 2017, chances are you’ve asked yourself this question a time or 10,000.
It’s no secret that childcare costs are prohibitively expensive—more than college tuition in many states. Paying $20,000 a year for daycare doesn’t make much sense when your take-home pay (after taxes and commuting) barely covers the cost. Or so the reasoning goes.
Michael Madowitz, an economist at the Center for American Progress, a progressive research and advocacy organization, says families often forget the long-term picture when making these calculations. So he developed a calculator that does just that.
In addition to the wages moms and dads lose when they’re not working, they also lose the chance to receive raises and to sock away retirement savings. And because the effects are cumulative, they add up over time to a whole lot of money.
☆ How it feels to be a millionaire & still feel broke (Washington Post)
After the session, a woman — 64 and single — was waiting in a long line of people who wanted to ask me financial questions. It was an hour after the Bible study was over, and she was shaking by the time I got to her. She teared up before she could even speak.
It’s a story I’ve heard before. She had planned on working for another several years to boost her retirement savings, but she got laid off. She’s a year away from being able to collect full retirement from Social Security. She wants to wait to collect until she’s 70, when her monthly payment will increase significantly. But she’s not sure she can afford to delay. She doesn’t have a pension.
As with many of these types of situations, I immediately started thinking about how we could help her get by. What community resources could she tap? I felt my heart racing, already worried about her.
“So how much do you have saved for retirement?” I asked. I braced myself for the answer. It’s usually not nearly enough.
A survey by GoBankingRates.com found that 42 percent of Americans have less than $10,000 saved for retirement. About 14 percent of the survey participants said they have absolutely nothing saved. Based on this woman’s body language, I was prepared for the worst.
“I have just over $1 million,” she said, almost like an apology.
A ROYAL birth is always heralded with great fanfare, and the arrival of the Duchess of Cambridge’s third baby on April 23rd was no exception. Throngs of reporters waited for updates outside the Lindo Wing, a luxurious private maternity ward in London that has often been used by the royals and which boasts a comprehensive wine list for celebrating parents.
Yet the price of delivering the new prince, who is fifth in line to the British throne, was probably slightly less than that of an average American baby. In 2015, the Lindo Wing charged £5,670 ($8,900) for 24 hours in a deluxe room and a non-Caesarean delivery. A survey in the same year by the International Federation of Health Plans found that the average fee for such a delivery in the United States was $10,808.
That rises to roughly $30,000 after accounting for care given before and after a pregnancy, according to Truven Health Analytics. Insurers cover most of the cost, but parents are still left with an average bill of about $3,000. In many European countries, free maternity care is available.
☆The Top Jobs Where Women Are Outnumbered by Men Named John (The New York Times)
In the corridors of American power, it can be as easy to find a man named John as it is to find a woman.
Fewer Republican senators are women than men named John — despite the fact that Johns represent 3.3 percent of the male population, while women represent 50.8 percent of the total population. Fewer Democratic governors are women than men named John. And fewer women directed the top-grossing 100 films last year than men named Michael and James combined.
These comparisons come from our updated and expanded Glass Ceiling Index, in which we counted the women and men in important leadership roles in American life — including politics, law, business, tech, academia, film and media.
Of the groups of leaders we examined, chief executives and directors of last year’s top-grossing films have the lowest rates of women. Top venture capitalists and House Republicans were next, followed by groups of politicians from both parties: Republican senators and governors, and Democratic governors.
☆Why ‘Do What You Love’ Is Pernicious Advice (The Atlantic)
It’s been said in many places and by many luminaries: Do what you love.
But what does this phrase actually mean?
Miya Tokumitsu, a contributing editor at Jacobin magazine and author of the new book Do What You Love And Other Lies About Success and Happiness, criticizes the pervasiveness of this idea in American work culture. She argues that “doing what you love” has been co-opted by corporate interests, giving employers more power to exploit their workers.
I recently spoke with Tokumitsu about work myths and why we should pay attention to them.
Five for Your Eyes – 004
So that was the fourth installment of “Five for Your Eyes“! I hope at least one of the articles intrigued you! Let me know what you think, or anything you thought was interesting!
If you have a recommendation for an article, please share them with me!