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:

Bilt | Join the loyalty program for renters at https://joinbilt.com/ramit

Wispr Flow | Try Wispr Flow for free at wisprflow.ai/ramit

Gelt | Book a tax consultation with Gelt at https://joingelt.com/ramit. As a member of my community, you can skip the waitlist

Netsuite | Get the free guide “Demystifying AI” at https://netsuite.com/ramit

Fabric by Gerber Life | Join the thousands of parents who trust Fabric to protect their family. Apply today in just minutes at https://meetfabric.com/ramit

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

How Are Connor Bedard & The Chicago Blackhawks PERCEIVED Around the NHL?