Editor’s Note – This is an archive of Issue #13 of the Quotacy Newsletter, which was sent out on 5/7/2017. The Quotacy Newsletter consists of articles that we hand-picked from across the web, and it’s all about keeping our readers physically and mentally healthy so their lives are as great as possible. We go over topics ranging from physical fitness and dietary advice to cyber security and financial planning – anything that can help make life easier.
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Don’t let making a living
prevent you from making a life.
– John Wooden
The Real Costs of Having a Baby
According to a new study performed by NerdWallet, parents across the country tend to drastically underestimate the cost of having a baby, especially within the first year of the child’s life.
The study examined over 2,000 adults 18 and older and asked them about the financial implications of having a child, and compared their answers with actual figures for households making $40,000 and $200,000.
While over half of new and expecting parents thought that a baby would only cost around $5000 in its first year, the truth is that a baby’s total care cost for year one averages around $21,000 in $40,000 households, and up to $51,000 for $200,000 households.
The study also found that most Americans looking to start families underestimate the savings they need dedicated to their new baby, with almost 40% reporting that they didn’t have anything set aside specifically to care for the baby.
FOCUS ON: Love and Money
Dating and Debt
As more and more Americans are leaving school with hefty student loans, the issue of a person’s financial baggage has begin to creep into their budding relationships. Apparently, dating a debtor is a big issue for people looking for love.
SoFi surveyed over 2,000 millennials asking about their dating habits and their partner preferences in the debt age, and found that building a relationship with a financial fixer-upper isn’t a simple issue.
A few interesting statistics:
– Almost 40% of people would rather tell a potential partner that they had an STD than a large debt.
– 30% of people say that the right time to have the debt conversation is when you become exclusive partners. almost 60% say that you should only have that conversation when you begin to share expenses.
– Around 30% of people would reconsider committing to a long-term partner if they had debt in excess of $50,000.
FOCUS ON: Understanding Debt
How Late Payments Really Affect Your Credit Score
We all know that paying off your credit cards late is bad for your score, but the actual details of what knocks your score down are a mystery to most.
Luckily, the finance wizards at DoughRoller have layed out a few tips for minimizing the damage that late payments will have on your credit score.
If you’ve got late payments, there are a few things you can do to help mitigate the damage.
– Ask your lender to erase one-time late payments.
– Prioritize paying off your necessities and bills that are already past due before moving on to new payments.
– Talk to your lender about finding a new payment plan that works for you – having an account go to collections costs them a lot of money.
FOCUS ON: Your Financial Future
7 Tips for Downsizing in Retirement
As you approach retirement, you’re most likely moving through a period of drastic financial changes. Your family’s home has begun to feel a little too big, now that your birds have left the nest, and if you still have mortgage payments, it can begin to bite unnecessarily into your budget.
Downsizing into a house that fits your family snugly can give you the opportunity to make your life match your needs as you leave your career and begin living off of your retirement savings.
In most cases, downsizing will make a lot of financial sense, but you need to look at all factors to find the home that’s right for you. Making sure that the real estate market will treat you kindly and evaluating how much your nest egg will grow will help you make a more informed choice about your new locale.
FOCUS ON: Science!
“Exercise-in-a-Pill” Boosts Athletic Endurance by 70%
Finally, the thing we’ve all been waiting for – exercise in a pill! Sadly, it isn’t quite that magical, but some awesome new scientific breakthroughs are paving the way to make exercise more attainable.
Scientists recently discovered a compound that mimics the physical effects of exercise, and tested it on sedentary mice. After being given the experimental drug, these mice were able to run for longer and burn more fat than their test-mates.
This compound is called GW1516 for now, and it increased the endurance of the mice due to an increase in glucose management efficiency – the mice became more energy-efficient.
Scientists are hopeful that this drug might let people who can’t normally run for long periods of time, like the elderly, and obese people, reap the physical benefits of running more easily.
Thanks for Reading
And have a great day! If you need help, here’s a Dutch goose parade.
Header Photo Credit to: Icewerks
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