243. "She inherited $171K…but it’s already gone."
Money For Couples with Ramit Sethi
Building a rollover fund for variable income
Noelle explains their rollover account; Ramit recommends larger buffer based on fixed costs, not lowest month.
Ramit Sethi of I Will Teach You To Be Rich talks to Mike and Noel, a young couple who are both 34. They married just 6 months ago, but financial fights have become a daily occurrence, even after receiving a $170K windfall. Mike blames Noel for overspending, but admits they both struggle with money, while Noel views the windfall as "guilt-free" spending. With $244K in debt, zero savings, and 82% of their income going to fixed costs, Ramit helps them uncover the root of their money woes. Will they finally get on the same page, create a financial system that works, and learn to trust each other with money?
In this episode we uncover:
• How Mike’s money anxiety leads him to check his bank account 20 times a day
• The shocking truth about their $170K windfall
• Why Mike’s anxiety worsens when he makes more money
• The one money rule Mike and Noel both broke
• How Mike’s upbringing shaped his money habits
• Why Noel feels like she's "drowning" and has no control over their finances
• The spending categories that reveal their money psychology
• Why Mike's "money is mine" mentality is holding them back
• Noel’s struggle to “hand over her paycheck”
• The credit card debt that keeps piling up
• Ramit’s radical approach to cutting fixed costs
• The “Glade Plug-in” budget that explains everything
• Noel’s difficult decision about tithing and faith
• Why benchmarking against past mistakes is a recipe for disaster
• The truth about their approach to money
Chapters:
(00:00:00) “We just kinda like get whatever we want whenever we want it”
(00:07:02) “I was stressing more than ever before”
(00:14:04) The one money rule they both broke
(00:24:29) “You treat me like a child”
(00:32:39) Ramit identifies their “money leaks”
(00:39:34) “I don’t want to hand over my paycheck”
(00:47:30) “My goals are not being met”
(00:55:38) The “Glade Plug-in” budget
(01:00:03) “I do wanna have a Glade budget”
(01:06:50) How Mike’s upbringing shaped his money habits
(01:15:10) Ramit shares his radical advice
(01:21:10) Preview for part two
This episode is brought to you by:
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Connect with Ramit
If you and your partner have a money issue and you want my help, I occasionally select a couple to work with, free of charge. Apply for my help here: https://iwt.com/apply
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