278. "We spend 108% of what we make. Are we screwed?"

Ramit unpacks how to stop overspending, take control of your money as a couple, and prepare financially for starting a family.

Ramit Sethi of I Will Teach You to Be Rich talks with Grace and Chris, who are 30 and 29 and have been married for six months. They have around $119,500 invested and unusually low housing costs, yet their finances feel chaotic and unstable. They spend more than they make, struggle to understand where the money goes, and have never had a substantive conversation about money as a couple.

The deeper problem is the dynamic they’ve fallen into. Grace handles most of the money while Chris takes a back seat, and both avoid the uncomfortable conversations they know they need to have. With children now part of their near-term plans, Ramit pushes them to confront where their habits came from and what has to change before the stakes get even higher.

In this episode, we uncover:

Why Grace feels like she’s managing their money alone
How Chris’s avoidance keeps the same cycle going
Why “we’ll figure it out later” keeps costing them
How a $100 weekend budget disappeared at a baseball game
Why 108% fixed costs are only part of the problem
How Amazon, eating out, and social spending keep slipping through the cracks
How inheritance, a mortgage-free home, and family support shaped their relationship with money
How their childhoods taught them to avoid talking about money
Why starting a family makes their financial situation more urgent
How they can finally start making financial decisions as a team

Chapters:

(00:00:00) Introduction

(00:02:36) “I’m crying for help on a sinking ship”

(00:16:53) The baseball game that exposes their money dynamic

(00:24:22) Ramit opens up their numbers

(00:40:37) Where their $119K investments came from

(00:47:40) What their childhoods taught them about money

(00:56:46) They’ve never defined their Rich Life

(01:04:04) What happens if nothing changes?

(01:18:32) Can they make the next 15 months work?

(01:31:43) Follow-ups

This episode is brought to you by:

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

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NetSuite | If your revenues are at least in the seven figures, get the free business guide “Aligning for the Agentic Era: How AI Is Changing Everyday Work” at https://netsuite.com/ramit

DeleteMe | Get 20% off all consumer plans when you go to https://joindeleteme.com/ramit and use promo code RAMIT at checkout

Got a money question you’ve always wanted to ask me?

Join me live on September 17th for “Why Your Budget Keeps Failing.” I’ll show you how to build a Conscious Spending Plan and answer your questions live. Join me: https://iwt.com/budget

Ever wondered what recruiters actually think when they see your application?

On September 16th, Google recruiter Nicky Slavich will reveal what makes recruiters keep reading and when to apply even if you’re underqualified. RSVP free: https://iwt.com/expertsession

Connect with Ramit:

Apply to be coached for free on this podcast at https://iwt.com/apply

Om avsnittet

Fler avsnitt

280. "We have $11M in assets. Why are we still living month to month?"

279. “He lost his $150k job, but I make every decision - can we fix this?”

277. "He has $100K of debt. Should I still marry him?"

276. "I resent carrying our finances. Can we fix this?"

275. "We escaped debt so why are we still spending like this?"

274. "We have a newborn and 89% of our income is already spent...Now what?"

273. "We Spend 139% of our Income and still fund our adult kids"

272. "We own two houses, but can’t afford dinner out"

271. "He hid $30K of debt a month before our wedding"

270. “We’re sacrificing our retirement to pay for our kids’ college”