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Money For Couples with Ramit Sethi
154. “We’re drowning in debt, but I drive a BMW”
Apr 30, 2024
Kevin and Michelle, a couple drowning in debt with luxury vehicles, seek financial advice for their growing family. They navigate trust, communication, lavish spending, and setting boundaries to secure their financial future.
01:17:55
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Quick takeaways
- Communication and trust are crucial in managing finances as a couple.
- Overspending on luxury items and vacations hinders financial stability.
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Financial Reality Check
Kevin and Michelle, despite a high household income of $216,000, find themselves in a challenging financial situation. They have $80,000 in credit card debt, significant car payments, a $14,000 mortgage, and just $500 in savings. Michelle handles the finances and is aware of the tight budget due to fixed costs like car expenses and credit card debt. Kevin, on the other hand, feels like everything is fine as long as payments are made, but Michelle doesn't fully believe him, creating tension and concern in their financial discussions.
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