131. “We’re worth $5.5M but I feel like it doesn’t belong to me”
Nov 21, 2023
auto_awesome
Matt and Ruane, a millionaire couple, discuss their struggles with money in their relationship. They talk about a condo purchase disagreement, communication issues, lack of trust, and the importance of gratitude. They also explore the challenges of prioritizing their relationship, guilt-free spending, and the idea of hiring household help. They reflect on financial behaviors and building a rich life.
Having separate finances and a conversation where Matt made it clear that his money is his own has led to feelings of being undervalued and a lack of trust for Ruwan in their relationship.
The couple's busy lives as parents and focus on providing for their children has resulted in a lack of connection and a longing for their pre-parenting days.
Despite their high household income and net worth, Matt and Ruwan struggle to loosen their grip on spending money on themselves and hiring help, limiting their ability to buy back their time and enjoy quality moments together.
Deep dives
Lack of Communication and Money Boundaries
The couple's relationship is haunted by a conversation they had before getting married, where Matt made it clear that his money is his own. This has led to feelings of being undervalued and a lack of trust for Ruwan. They have separate finances and contribute a percentage of their income to joint expenses. However, the conversation still affects their dynamic, with Ruwan feeling like the household money doesn't belong to her.
Prioritizing Kids Over Quality Time
Both Matt and Ruwan express a desire for more quality time together but struggle to find it amidst their busy lives as parents. They have focused heavily on providing for their children and have put their own needs and relationship on the back burner. This has resulted in a lack of connection and a longing for their pre-parenting days. Ruwan particularly feels drained from the constant demands of being a mother and is unaware of Matt's desire for more quality time until he expresses it on one of her birthdays.
Underutilizing Financial Resources
Despite having a high household income and a net worth of 5.6 million, Matt and Ruwan underspend on guilt-free spending. They struggle to loosen their grip on spending money on themselves and hiring help for household tasks. Their tendency to control and manage everything themselves, such as doing laundry and grocery shopping, limits their ability to buy back their time and enjoy quality moments together. They have difficulty delegating tasks and fully embracing the idea of using their wealth to enhance their quality of life.
The Importance of Quality Time
Matt and Ruen acknowledge the need for more quality time in their relationship. They highlight that their busy schedules and family obligations have hindered their ability to spend time together. While they both express a desire to have more date nights and couple time, they struggle to prioritize and make concrete plans. The conversation emphasizes the importance of making quality time a priority and finding ways to schedule regular date nights and activities.
Reevaluating the Purpose of Money
The podcast discusses the significance of reevaluating one's perspective on money. Matt and Ruen have accumulated significant wealth but are grappling with the purpose and fulfillment it brings to their lives. They realize that money should be used to enhance their experiences and strengthen their relationship, rather than simply accumulating it. The conversation highlights the need to balance financial responsibilities with guilt-free spending and investing in activities and experiences that bring joy and connection to their lives.
Matt is 40 and Ruane is 38. They have two kids and live in Toronto. They’ve done incredibly well for themselves, with an eye-popping net worth of $5,500,000—but lingering anxiety about money and the overwhelming responsibilities of parenthood have driven them apart.
This episode is brought to you by:
Trade | Right now, Trade is offering our audience a free bag of coffee with any subscription at https://drinktrade.com/ramit.
Rocket Money | Stop throwing your money away. Cancel unwanted subscriptions – and manage your expenses the easy way – by going to https://rocketmoney.com/ramit.
Facet | Get affordable, accessible financial planning with a flat fee membership. For a limited time, the $250 enrollment fee will be waived when you sign up at https://facet.com/ramit.
DeleteMe | If you want to get your personal information removed from the web, go to https://joindeleteme.com/ramit for 20% off.