Extended warranties, across everyone, make money for whoever is selling it. On average, you should expect to lose money from every one you buy. Think of these extended warranties as bets against yourself. It can be useful to hedge your bets on large expensive things where you stand to lose a lot of money, but for small things, it's usually not worth it.
I never get AppleCare or any other extended warrant on anything I couldn't afford to replace should it break out of regular warranty. If my device dies outside of the regular warranty and I'd be well and truly screwed, it's better to have the extended warranty, but if it would be no more than an inconvenience and irritation, it's not worth it in the long run over many devices.