Money For Couples with Ramit Sethi 182. “We’re $350k in debt & have no savings. Will I have to work until we die?”
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Nov 12, 2024 A couple grapples with their newfound income after years of financial struggle, confronting the emotional hurdles tied to their past debt. They share personal stories that shaped their money beliefs and stress the importance of recognizing deep-rooted attitudes towards finances. The discussion also highlights strategies for managing debt, the necessity of financial awareness, and the value of planning for a brighter future. Ultimately, the conversation embodies the journey from scarcity to stability, urging a balance between financial prudence and enjoying life.
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Sudden Income Increase
- Don and Tana, 50 and 48, lived paycheck to paycheck and relied on assistance for years.
- Their income recently increased significantly, leaving them unsure how to manage the change.
Psychological Hurdles
- Ramit observes that Don and Tana's high debt and low investments are concerning.
- Their increased income presents an opportunity, but their worry and constant work ethic are psychological hurdles.
Income Transformation
- Don's income quadrupled after taking a COO role and then starting a consulting business.
- Their household income increased five to ten times, making more now monthly than they did annually.