243. "She inherited $171K…but it’s already gone."
Money For Couples with Ramit Sethi
Debt composition and repayment plans
They break down student loans, credit cards, and family loans and outline payoff timelines and automation.
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
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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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