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<ul><li>The demerger of <keyword id="15323576" type="General" weightage="20" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword> (JFS) in the coming months and listing on the stock exchanges is a ‘key moment’ for the Reliance Industries’ stock. </li><li>The JFS demerger is expected to act as a catalyst that the parent Reliance Industries was missing, which is evident from the sagging stock price. </li><li>JFS’ entry could also prove to be a challenge to existing players in the space like Bajaj Finance, Paytm and PhonePe, and a successful take off could also result in attrition at banks and non-banking financial companies (NBFC).</li></ul>The <keyword id="17044379" type="General" weightage="20" keywordseo="demerger-of-jio" source="Orion">demerger of Jio</keyword> Financial Services (JFS) in the coming months and listing on the stock exchanges is a ‘key moment’ for the Reliance Industries’ stock, according to analysts at Nomura. Strong fundamentals and business outlook aside, shares of Reliance Industries (RIL) have gone nowhere since March last year. After hitting a fresh 52-week low in March this year, RIL shares are still down over 10% in 2023. The JFS demerger could be just what the parent’s shares need – value unlocking. The JFS demerger is expected to act as a catalyst that the parent Reliance Industries has been missing. “The listing and value unlocking from RIL’s financial services business in the coming months will be a key event for the stock,” said Nomura in its latest note, adding that the decline in Reliance’s shares is due to “index-related sell-off”. According to the terms of the demerger announced in October last year, all existing shareholders of Reliance Industries will get one share in JFS for each share held in the parent company. The company has now <a href="https://www.businessinsider.in/business/corporates/news/ril-calls-for-shareholder-creditor-meeting-to-approve-demerger-of-financial-services-arm/articleshow/99116790.cms">called</a> for a meeting of creditors and shareholders on May 2 for the requisite approvals. JFS is expected to list in September this year. “As JFS scales up, it can drive value unlocking given higher multiples for peers in these industries,” Nomura said. Jefferies has pegged the valuation of JFS in the range of ₹90,000 crore to ₹1.5 lakh crore, with each share of JFS valued at ₹179 in the brokerage’s base case scenario. Demerger to help JFS ‘dominate’ the industry Looking beyond the benefits for RIL’s shares, the JFS demerger will also help the financial services business attract investors and challenge existing players in the sector like Bajaj Finance and Paytm. “The demerger would help the financial services business to attract different sets of investors, strategic partners and lenders having specific interests in the financial services business,” Nomura added. Analysts at Jefferies underlined that JFS would be able to leverage the large distribution network, customer base and deep pockets of Reliance to take on existing players like Bajaj Finance, Paytm and PhonePe, among others. It will also allow JFS to emerge as the fifth largest financial services company in terms of net worth. Reliance has already made several moves to give JFS the best possible start – this includes bringing in KV Kamath, the former non-executive chairman of ICICI Bank, as its chairman. Subsequently, Kamath hired a former ICICI Bank talent, Manish Singh, to help him build a team as JFS draws closer to launch. Analysts are already watching for attrition at banks and non-banking financial companies or NBFCs. JFS to focus on consumers and merchants Leveraging Reliance’s wide reach in consumer and retail segments thanks to Reliance Jio and Reliance Retail, JFS is expected to focus on consumers and merchants as it kicks off its innings post the demerger. “JFS' key advantage will be low funding cost/ better access on the back of the group's high credit rating and ownership of 6.1% stake in RIL,” said Jefferies. Reliance’s retail arm reported<a href="https://www.businessinsider.in/business/corporates/news/reliance-retails-q3-net-profit-up-6-2-at-2400-crore-finance-costs-depreciation-weigh/articleshow/97179758.cms"> 201 million footfalls</a> across its network of 17,225 stores in Q3, which is an increase of nearly 26% year-on-year. Its telecom arm, Reliance Jio, has been the market leader for several months now, with a total subscriber base of 426 million as of January 2023. This gives JFS a strong pool of consumers to dip into. The recent acquisition of<a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms"> Metro Cash &amp; Carry</a> will also give the company access to 3 million merchants, of which 1 million are frequent buyers. Upcoming Reliance AGM could lay down the blueprint of JFS strategy Reliance is expected to lay down the blueprint of its JFS strategy in detail at its upcoming annual general meeting (AGM), likely in August. This is ahead of the expected listing of JFS in September this year. “While significant efforts are needed to scale the financials business, given RIL’s robust execution, capacity to invest, industry-leading retail infrastructure and leading market share across the retail and telecom industry, it appears likely that RIL will dominate the industry,” said the analysts at Nomura, expressing their optimistic outlook. On the whole, analysts are bullish overall on RIL’s prospects and the JFS demerger, which has earned the company a stock price upgrade from analysts at Jefferies – to ₹3,100 from ₹3,060 earlier. Analysts at Nomura have given a target price of ₹2,850. The recent price correction has also prompted the analysts at JP Morgan to say that this is an<a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms"> “attractive entry opportunity”</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a> <a href="https://www.businessinsider.in/finance/banks/news/loan-growth-showing-signs-of-reversal-from-cyclical-highs-but-asset-quality-to-remain-healthy/articleshow/99245377.cms">Loan growth showing signs of reversal from cyclical highs, but asset quality to remain healthy</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-amongst-top-picks-of-analysts-heading-into-the-q4-earnings-season/articleshow/99235686.cms">TCS, Infosys, HCL Tech amongst top picks of analysts heading into the Q4 earnings season</a>

Jio Financial Services demerger and listing a ‘key moment’ for Reliance stock

<ul class="summary-list"><li>A proposed plan in Maui would phase out 7,000-plus short-term rentals to address housing shortages.</li><li>Rental owners say their property values will tank. One said his family may have to leave Maui.</li></ul>Andrew Church has lived on <a target="_blank" class="" href="https://www.businessinsider.com/hawaiian-local-thoughts-feelings-about-tourism-2023-11">Maui</a> for more than two decades, while his long-term partner and fiancée, with whom he has a daughter, was born and raised on the island.After working and saving for years, Church started purchasing properties to operate as rentals in September 2022 and now has four units. His vacation rentals are now the primary source of income for his family.Maui officials have rolled out a plan to phase out 7,000-plus short-term rentals in an effort to open up more housing for local residents and bring down housing costs — a move that Church said will devastate his family."My family is losing sleep every night over this thing," Church told Business Insider. He said if the ban takes effect, he might not be able to pay his mortgage and would probably have to sell everything and leave Maui, where his fiancé's family roots go back over a century."By enforcing this ban, they are going to bankrupt my family," he said.With some of the most expensive real estate in the US, Maui has long had housing issues. Hawaii's median home price is higher than nearly every other US state. Maui specifically had a median home price of around $1.1 million in July 2024, compared to the countrywide median home price of $438,706, according to Redfin.The island's housing problems were exacerbated by the <a target="_blank" class="" href="https://www.businessinsider.com/maui-fires-where-to-visit-avoid-2023-8">wildfire that devastated Lahaina</a> in August 2023, destroying much of the downtown and displacing thousands of residents.The plan to phase out some short-term rentals came in the wake of the fire, but as a tourist destination with local housing issues, Maui is hardly alone. Barcelona and <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-numbers-shrink-hotel-prices-soar-ban-nyc-2024-6">New York City</a> are among the cities that have banned or implemented restrictions on Airbnb and vacation rentals.But on an island the size of Maui, where the <a target="_blank" class="" href="https://www.businessinsider.com/four-seasons-maui-manager-great-time-visit-deals-less-crowds-2024-7">tourism industry</a> is estimated to be directly or indirectly responsible for 70% of every dollar generated, the consequences could be significant.<h2 id="577b47e3-5221-4d7e-a6cd-34798463da7c">Owners say their property values will tank</h2>The ban, which applies to properties on the so-called "Minatoya List," includes 7,160 units largely concentrated in the touristy areas of South Maui, primarily Kihei, and West Maui, mostly Kaanapali.The properties are technically zoned for residential apartments but, since 2001, have been allowed to legally operate as short-term rentals — and have been taxed to that effect. The list is named for the city employee who initially wrote a memo about allowing the short-term rentals, which was eventually put into law.<div type="image" title="Aerial view of fire damage in Lahaina" height="723" width="1024" msid="113169089" hostid="261" sizebytes="184546"></div>Maui Mayor Richard Bissen earlier this year announced a plan to end those permissions. The Maui Planning Commission voted unanimously in favor of it, recommending it be approved by the city council. If approved, the ban will take effect, depending on the area, in 2025 and 2026.Church said three of his four properties are on the list, but when he bought them in 2022 and 2023, he had no idea the list existed. When researching the properties, he confirmed their tax status as short-term rentals on the county site.He said the units were marketed and sold to him as vacation rentals and that no one, not a real-estate agent or a government official, mentioned the list to him. Church said other owners he knows said the same thing and are also concerned about the financial impacts of the ban. The Maui County mayor's office did not provide comment when reached by Business Insider.Jason Gobey, another <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-hosts-competition-summer-travel-direct-bookings-influencers-boost-revenue-2024-5">short-term rental owner</a>, told BI he researched and spoke to real-estate agents as well as others before buying his one-bedroom condo in Kihei in 2019. He also said he confirmed the property's tax status as a short-term rental and had no idea there could be an issue with it.Gobey and his wife live in Arizona but spend about four months of the year on Maui. He said he does not make a substantial profit on his condo but that buying it and renting it out was the only way they could afford to visit Maui as often as they do, during which time they are also spending heavily on the local economy."We bought it to use it," he said. "But we need some income off of it."Both owners said their property value is going to plunge as a result of the ban. They said plenty of similar units have been listed for sale since the ban was proposed, but that no one is buying them. They feel certain that if they eventually sell their properties it will be at a substantial loss.Though some of the Minatoya List properties will likely be converted to long-term rentals, Church said it is not financially feasible for him. Due to the high costs associated with property maintenance, he thinks he would have to charge far too much to make a long-term rental work.Gobey said since he and his wife spend a month on Maui every few months or so, his unit will just sit empty when they are not on the island. Both owners said the people who help them maintain the units, like proper managers and cleaners, would also lose work as a direct result of the ban.<div type="image" title="Beach scene" height="683" width="1024" msid="113169086" hostid="261" sizebytes="88980"></div><h2 id="8211afe0-0b5d-4768-8694-bf33b931d67c">The ban should help Maui's housing problem, but the wider impacts are unclear</h2>The owners also said they did not think phasing out their rentals would actually solve Maui's housing crisis, saying the value of the properties would likely still be higher than the average family could afford.However, Justin Tyndall, an associate professor of economics at the University of Hawaii at Manoa, said the policy change would have a <a target="_blank" class="" href="https://uhero.hawaii.edu/maui-short-term-rentals-the-minatoya-list-and-housing-supply/">significant positive impact on housing in Maui</a>, increasing the long-term residential housing stock by 13%."That would just be a huge flood of new units. Some of them would end up for sale, or some of them would be rented out to locals," he told BI, adding, "It would definitely make housing more affordable."Even if many of the properties would still be unattainable to lower-income residents, increasing the supply of housing would likely put downward pressure on home prices and rents more broadly.Tyndall said Maui's housing issue largely comes down to a lack of housing supply resulting in extremely high prices. A significant driver of that is how few new construction projects there have been on the island over the past two decades, in part due to government regulations that make obtaining a permit difficult and costly.He said some of those regulations make sense, like those intended to protect ecologically sensitive areas, while others are misguided, and that there are changes the government could make to encourage developers to build more housing.But the benefit of adding the Minatoya List properties to the housing stock is that they are already built.He said the property value of those units will almost certainly go down, but that that's not a bad thing for the broader Maui housing problem. He also noted that 85% of the units on the list are owned by people who live out of state, while 92% are owned by people who don't live on Maui.While he said there's a consensus among experts that the change will benefit Maui housing by increasing supply and bringing down costs, he is still looking into what the broader impacts might be."Maui is so dependent on tourism, taking away 7,000 visitor accommodation units will certainly reduce tourism levels," Tyndall said. "It's unclear by how much."He added that most hotels on the island generally operate at 60 to 70% capacity, so some would-be short-term renters will likely end up there, but at this point, it's still a big unknown.If the change leads to a significant reduction in <a target="_blank" class="" href="https://www.businessinsider.com/maui-food-truck-owner-irresponsible-to-tell-tourists-island-is-closed-2023-8">tourists visiting Maui</a>, it would mean less tax revenue for the county and job losses for people in the service industry.As for the short-term rental owners, Tyndall said folks should've known this was a possibility and that many people who work in real estate at least knew about the list."Property investment involves risk," he said."There's no guarantee you can operate a vacation rental in perpetuity."Are you a short-term rental owner on Maui, or have you or your family struggled to obtain housing on Maui? Want to share your perspective on the plan to phase out some vacation rentals? Contact this reporter at <a target="_blank" href="mailto:kvlamis@businessinsider.com">kvlamis@businessinsider.com</a>.

Maui could soon ban some Airbnbs. Short-term rental owners say it will be financially devastating for them.

<keyword id="6378916" type="General" weightage="100" keywordseo="cement" source="Orion">Cement</keyword> companies are planning to hike the price between Rs 10 and Rs 30 per bag in November after a increase of about Rs 3-4/bag last month, said <keyword id="141615" type="General" weightage="80" keywordseo="emkay-global" source="Orion">Emkay Global</keyword> Financial Services Ltd. Emkay Global in a recent sectoral report said the average pan-India cement price increase was about Rs.3-4/bag in October 2022. On a month-on-month (MoM) basis, prices rose by 2-3 per cent in the East and South, and about one per cent in the West; while declining 1-2 per cent in the northern and central regions, the report said. "Cement companies are attempting price hikes of Rs10-30/bag across regions in November 22. Absorption of these price hikes will be uncovered over the next few days," said Emkay Global. Industry volumes likely to have declined by a high single-digit YoY and a low double-digit MoM, in October 22, owing to a high base, as the festive season was spread across October-November last year. According to the report, a delayed exit of monsoons and labour shortage owing to festive holidays impacted demand in October 22. The demand is expected to improve in upcoming weeks, with all major festivals ending and given the onset of a busy construction season. The cost pressure is expected to ease in coming quarters for the industry players and the industry margins are expected to bottom out in Q2, with peaking of costs, higher exit of cement prices and pick-up in construction activities in coming quarters, said Emkay Global. The international petcoke prices are down by about 30 per cent from the peak of $195/tonne. Further the dip in the fuel prices are expected to provide cost savings of at least Rs 150-200/tonne from Q3FY23, Emkay Global said. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/myositis-the-condition-affecting-actress-samantha-prabhu-is-more-common-among-adult-women-say-doctors/articleshow/95304784.cms">Myositis – the condition affecting actress Samantha Prabhu – is more common among adult women, say doctors</a> <a href="https://www.businessinsider.in/india/news/delhi-pollution-air-quality-severe-for-3rd-straight-day-noida-records-529-aqi-gurugram-at-478/articleshow/95313876.cms">Delhi pollution: Air quality 'severe' for 3rd straight day; Noida records 529 AQI, Gurugram at 478</a> <a href="https://www.businessinsider.in/business/corporates/news/kv-kamath-appointed-independent-director-of-reliance-industries-jio-financial-services/articleshow/95313728.cms">KV Kamath appointed independent director of Reliance Industries, Jio Financial Services</a>

Cement companies plan price hike of ₹10-30 per bag

<ul class="summary-list"><li>Shannon Detrick has spent over $10,000 for friends' weddings and bachelorette parties since 2022.</li><li>She emphasizes the importance of cost transparency and financial awareness in wedding planning.</li></ul>This as-told-to essay is based on a conversation with Shannon Detrick, a 29-year-old based outside Sacramento, California who works in the wedding industry. The following has been edited for length and clarity.Since 2022, I've been part of four weddings and bachelorette parties, spending $10,804 altogether. It's crazy to say that out loud — $10,000. That's almost half the cost of my own wedding. And that doesn't even include the four weddings for which we've been guests but not part of the wedding party.But it's been really fun and well worth it to go on these awesome trips with my friends and have moments that really connect us. It's a once-in-a-lifetime thing I'm doing with my friends to honor them.<h2 id="984fcd25-32e8-4746-940e-e3ef312b8ca7">I've spent over $10,000 on weddings I was part of</h2>For the first wedding, I <a target="_blank" class="" href="https://www.businessinsider.com/how-much-average-bachelorette-party-costs-supplies-experiences-travel-2023-3">spent $965 on the bachelorette party</a> in Palm Springs and $916 on the wedding.The second bachelorette party was in Miami and I spent $1,425. That wedding was within driving distance, and my husband and I spent $522 on it.For the next wedding, I helped plan the bachelorette party in New Orleans. It cost $1,536 overall. My friend lives in Denver, so I had to fly my husband and me out for the wedding, and we spent $1,782.The most recent wedding was definitely the one I spent the most on. My friend's wedding was in Maine, but most of the bridesmaids live in California, so she wanted to have her bachelorette party in California so that we could all drive there. That was nice because it took out the cost of flights.Her sister and I were the maids of honor and we planned the bachelorette party in Sonoma, which is a very expensive area. It was also her 30th birthday, so we chose to be more extravagant about some things. It was exciting — it was the first time we experienced a trip like that, and likely the last time too.Overall, I spent $1,676. Here's the breakdown:<ul><li>The house we stayed in was $519 per person for three nights. We split the bride's portion among us.</li><li>Because I only live a few hours away, I only had to pay $45 for a tank of gas for transportation.</li><li>I spent around $300 on things like decor, customized sweatshirts, and custom itineraries.</li><li>The cabana and spa services for our spa day were gifted, but the tips were split between the maids of honor. I contributed $100.</li><li>All of the meals, drinks, and wine tastings for three days came out to $712 a person, with each of us splitting the bride's costs as well.</li></ul>The wedding was in Maine. My husband wasn't able to attend due to schedule conflicts, and I spent $1,982 alone.<ul><li>Hair and makeup cost $290.</li><li>My dress was gifted so it was free, but alterations cost $200.</li><li>The rehearsal dinner was black-tie, so I rented my dress from my monthly Rent the Runway subscription. I pay $155 a month for 10 items, so the cost of my rehearsal dinner dress was around $15.</li><li>My portion of the cabin rental was $672 for three nights.</li><li>My airfare to get to Maine was $760.</li><li>The bride and groom covered most of the food costs that weekend, so I only spent $45.</li></ul>All in all, the cost was worth it and I'd do it again.<div type="image" title="Shannon Detrick wears a green dress as she laughs with two of her friends" height="1536" width="2736" msid="114168789" hostid="261" sizebytes="247540"></div><h2 id="478ca437-60c0-404d-9a7a-873492259b75">My husband and I tried to keep costs low for our wedding</h2>I was the first of my friends to get married, back in 2020, right before the pandemic. We wanted to have fun and <a target="_blank" class="" href="https://www.businessinsider.com/i-had-an-expensive-wedding-regret-it-2019-7">not spend a ton of money</a>. It cost around $25,000 to $30,000, which was on the lower end for <a target="_blank" class="" href="https://www.businessinsider.com/most-least-expensive-states-to-get-married">California weddings</a>. We mostly paid for it ourselves, with our families pitching in around $10,000 total.I don't believe in the "keeping up with the Joneses" mentality and refuse to go into debt for anything like this, so right after we got engaged, I started mapping out roughly how much we needed to save.We tried to <a target="_blank" class="" href="https://www.businessinsider.com/bridesmaids-rising-wedding-costs-gen-z-millennials-2024-8">keep costs low for everyone</a>. I had six bridesmaids and understood that everybody had different financial backgrounds. I kept it very open-ended when it came to my bachelorette party, which took place in a small winery town near me. I said, "If you want to come, come. If not, that's totally fine."At the wedding, most of the members of our wedding party stayed for free in the big house on the wedding venue's property. I let everyone choose their own bridesmaid dresses, just asking that they be burgundy. I think most people spent around a hundred dollars on their dresses. Hair and makeup cost around $150 total per person. I informed everyone of the pricing in advance and told them it wasn't mandatory. We also covered food and beverages.<h2 id="c96f837e-6097-4b3e-ae0b-4c0833d5c6e3">It's essential to set expectations and have cost transparency</h2>Being asked to be part of a friend's wedding party is emotional; obviously, you want to say yes. But it's important to understand that it comes with a financial obligation.All my friends have been really good about being upfront about costs and not putting expectations on each other. I don't know if maybe my wedding set the tone for everyone being really conscious of how much they're asking, but it felt like everything was pretty well reciprocated when I attended their celebrations. At one of my friend's weddings, she let us stay at her Airbnb for free since her accommodation at our wedding was also free. I didn't expect that, but it was awesome to have that reciprocated.It's the couple's responsibility to be <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/money-conversations-friends-dont-avoid-2022-4">super transparent about costs</a> if possible; everyone has different ideas about what's expensive. Be really open to everyone's personal limitations — what you may view as a once-in-a-lifetime opportunity could put your friend or family member in an uncomfortable financial situation.It's really important to focus on your priority — to be surrounded by the people you love — rather than on materialistic things. If a friend pressures you or says, "If you don't attend this, we're not friends," then they're <a target="_blank" class="" href="https://www.businessinsider.com/data-americans-dont-talk-about-money-with-friends-2021-6">not a good friend</a>. <h2 id="faebfd63-5f01-4f20-a485-509262eb0fbc">The cost of things can be hard to figure out</h2>It's hard to know how much being part of a wedding party will cost because many times, the couple hasn't even <a target="_blank" class="" href="https://www.businessinsider.com/financial-therapist-helped-me-budget-for-month-wedding-cost-2024-7">done their own preliminary budgeting</a> when selecting their wedding party.I have a unique perspective because from 2021 to 2023, I worked in marketing for a bachelorette company. The company helped people plan group travel, so I was very immersed in that world and knew about all of the popular destinations, the costs, and all of that. After that, I moved to an online wedding planning company and worked as the director of social there for about a year, and now I'm a full-time contractor still working with clients in the wedding industry.So I haven't been surprised by the cost of things. I'm usually the person that people turn to to ask if a price is normal and what they should expect for these things. There's no "normal." It's up to you as a group to figure out what you're comfortable spending and be really transparent from the beginning.That's why I post videos on <a target="_blank" class="" href="https://www.tiktok.com/@shanndetrick?lang=en">TikTok</a> and <a target="_blank" class="" href="https://www.instagram.com/shanndetrick/?hl=en">Instagram</a> about how much I've spent on weddings; it's not because I have regrets or to make my friends feel bad in any way. It's to help make people aware of the costs and hopefully make smart decisions from there. It's a lot easier to understand what you're signing up for if you know from the beginning.There's also the issue of <a target="_blank" class="" href="https://www.businessinsider.com/turning-weddings-into-vacations-less-money-wasted">budgeting time off to attend friends' weddings</a> — it starts to add up. A friend's bachelorette trip was in March 2022 and while I technically had unlimited PTO at the bachelorette party company I was working for, I felt stressed about taking time off — which is ironic, because I was going on a bachelorette party and experiencing the things we were selling.At one of the next weddings I'm in, a bridesmaid works hourly and was like, "For every event, I have to <a target="_blank" class="" href="https://www.businessinsider.com/using-vacation-days-for-friends-wedding-2019-8">take off time</a> and I'm missing out on the money." So she's not just taking the time off, she's also missing the compensation that comes with that time off. That can be really, really challenging.<h2 id="fe9bdd79-db96-4312-836b-0b666af0dbc4">I have no resentment about how much I spend because I plan for it</h2>I'm in two more weddings and three bachelorette parties next year. I already <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/how-to-budget">have my budget</a> for next year's weddings outlined.Fortunately, my husband and I can afford to take on these expenses. I've never gone into debt for any of this. Of course, the money could have hypothetically gone toward other things, but it's a choice I've made. I don't like to live in the past and worry about all of the other things I could've spent the money on.When I say yes, I know what I'm saying yes to, and I don't feel any resentment. I always say to my friends, "You get one and then I'm not doing this again." It's fun and exciting to be part of their wedding events; I wouldn't miss it. It's totally worth it.If you'd like to share your story about the financial aspect of attending or planning weddings, email Jane Zhang at <a target="_blank" href="mailto:janezhang@businessinsider.com">janezhang@businessinsider.com</a>.

I've spent over $10K on friends' weddings in 2.5 years. Anyone who puts you in a hard financial situation isn't a good friend.

<ul class="summary-list"><li>Ellen Yin quit her job and started a social media marketing agency in 2018.</li><li>Her husband, laid off in 2021, now manages their household, allowing Yin to focus on her business.</li></ul>This as-told-to essay is based on a conversation with Ellen Yin, a 30-year-old business owner based in Oregon. Business Insider has verified the financial claims. This story has been edited for length and clarity.During my junior year of college, I cold-pitched an apparel company on Instagram to be a content intern on their PR team. The role was unpaid at first but became a paid part-time position and then my first full-time job.I stayed until they restructured and let go of their staff — that was my first experience getting <a target="_blank" href="https://www.businessinsider.com/laid-off-cant-find-job-retirement-worry-ageism-social-security-2024-5">laid off</a>.In March 2017, I landed a marketing and PR coordinator position at a healthcare company. <a target="_blank" href="https://www.businessinsider.com/met-husband-at-work-worried-look-unprofessional-2024-3">At this job, I met the man</a> who would become my husband. Now, he also manages our household while I <a target="_blank" href="https://www.ellenyin.com/">run my own business</a>.<h2 id="4bbf4f58-5bf4-47c3-b638-7414bcf2c2ce">I worked at the second job for less than a year before quitting on my own accord</h2><a target="_blank" class="" href="https://www.businessinsider.com/quit-6-figure-coo-job-gave-up-apartment-moved-home-2024-8">I quit my job</a> without a backup plan because I felt my creativity was stifled in that role. My husband encouraged me to quit when I wasn't happy.I planned on applying for new marketing positions, but during my job search, I landed a freelance marketing client.He was a former colleague, and he and his wife also owned two local coffee stands. They heard that I understood social media marketing.They were my first clients and paid me $300 for my first project. I landed two more clients through referrals and scaled into a boutique social media marketing agency.<h2 id="86406419-1279-415a-b715-4c870f5f5973">I formed an LLC in January 2019</h2>After finishing 2018 with $88,000 in revenue, I went all in on entrepreneurship. That summer, I started my podcast,<a target="_blank" href="https://cubicletoceo.co/"> "Cubicle to CEO</a>."<div type="image" title="podcast cover art for Cubicle to CEO" height="3000" width="3000" msid="112679458" hostid="261" sizebytes="379918"></div>I let go of all but one of my agency clients by the end of the year and decided to no longer offer services. I created digital products and training courses for freelancers and a product called Hashtag Hacks, which brought almost 9,000 new students into our ecosystem.We now operate as a media business model with our podcast as the flagship product. We have two full-time employees and occasionally use contractors.Our revenue was more than $550,000 in 2023, and I hope to grow that this year. My take-home pay after business expenses is also in the six-figure range.<h2 id="4d0eb53c-dac4-438a-8a1d-713c96b2e5ed">My husband was laid off in late 2021 and hasn't worked since</h2>When I left my corporate job, my husband still worked at my former company. After he was laid off, he started consulting with my dad's biotech company when needed, but for the most part, he's just been responsible for all our household tasks.We decided mutually that he should have that time off. My husband has worked his whole life, so it was nice to give him time to pursue some of his other creative pursuits. He has since finished writing a film script, which he'd never done before.I travel a few times a month for speaking gigs, so having him at home to support and manage the household while I'm gone has been helpful. We're unsure if we want to have children but are open to the idea and leaning toward yes. If we do, we'll re-evaluate our working arrangement.<div type="image" title="a woman with her arm up on a stage" height="2614" width="3486" msid="112679736" hostid="261" sizebytes="368254"></div><h2 id="9cf56fe0-b2fc-43a5-96a9-5f4ca2c83472">We talk about our arrangement often</h2>My husband does everything — laundry, house cleaning, and driving me to places and the airport. He enjoys cooking, but we probably eat out more than we should. In our discussions, he's said he doesn't have any resentment.He's good at taking care of a lot of the household labor in a way that I'm not naturally good at. It allows me to stay in my lane and focus my time and energy on what I'm best at to provide for us financially.He also works one to two hours a week in my business on recurring content tasks, like our podcast transcripts, populating different links in our blog posts, and helping our content manager with anything administrative.<h2 id="99697c87-e7c6-463c-ac69-e662f60e5a66">I started my business when I was 23, and I just turned 30, so it can feel like a lot of pressure</h2>Being the sole income earner in our family can be stressful at times; it would be unrealistic to say that it's not. Over the last few years, we've purchased a home, bought two cars, and had a wedding. I've also made investments as an angel investor. However, this arrangement is what I feel is best for us despite the stress.Being the breadwinner has not impacted our relationship romantically. We're both extremely honest; if we feel something, we'll communicate directly about it to each other, and we don't hold stuff in.It's been helpful to be married to someone who sees our marriage as a partnership and is not intimidated or feels any ego about the financial piece of it.<h2 id="1a42e2d7-d374-4676-af0c-4f4f08af74e6">I'm proud that we're a debt-free household outside our mortgage</h2>We always discuss big life decisions and decide together. Our money is our money; we share it equally, and it's a pooled account.My ultimate goal is to sell my business one day, and we're working toward that.I'm the eldest daughter of 1st generation Americans and immigrants. Growing a business and being a female breadwinner has been my greatest personal development experience.Want to share your story? Email Lauryn Haas at lhaas@businessinsider.com.

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I've spent over $10K on friends' weddings in 2.5 years. Anyone who puts you in a hard financial situation isn't a good friend.

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