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We use the term "home production" a lot at our house.
Love it
By the time you add up all the taxes and additional expenses for food, cars, childcare, etc., it usually works out to less than minimum wage and it comes with the added loss of family connectedness and personal wellbeing. It's a bad deal, quite often.
Yeah the math rarely works out, and even then, there's a tendency for people to under-price the value of family and personal wellbeing because they're hard to quantify.
But when people reflect on their lives later on, overlooking those things are common regrets.