102. “If he doesn’t stop supporting our 31-year old son, we won’t be able to retire”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 30 May 2023

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Janis and Michael have been married for 39 years. They share two adult children; the first is a therapist that recommended coming on the podcast. The second continues to take advantage of them financially. Their story is heartbreaking, totally unique—concerning, but far from hopeless. This episode is brought to you by: Ness Well | IWT listeners can get an extra 5K welcome bonus when they apply for the Ness Card at https://nesswell.com/ramit. DeleteMe | If you want to get your personal information removed from the web, go to https://joindeleteme.com/ramit for 20% off. Methodology | Visit https://gomethodology.com/ramit for 10% off your first order of Methodology. All The Hacks | Check out All the Hacks by Chris Hutchins on Apple Podcasts, Spotify, or wherever you listen to podcasts. Your wallet will thank you later. Links mentioned in this episode • Download the Conscious Spending Plan Connect with Ramit • Get Money Coaching with Ramit • Get my New York Times best-selling book • Get my no-numbers journal • Other episodes • Instagram • Twitter • YouTube 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. Produced by Crate Media.

Transcript

Click on a timestamp to play from that location

0:00.0	Have you heard people talking about the hedonic treadmill, the idea that once you start spending money on certain things
0:06.8	You're not going to enjoy it anymore and then they usually tell you this so therefore don't get on the hedonic treadmill
0:12.9	Don't spend any money if you get a raise bank at all. I don't love that advice. It's just getting people to play small
0:19.3	I would rather you have a philosophy or a framework on how to know when you are ready to spend more in my life
0:28.2	If you told me remit you can't stay at nice hotels
0:31.8	That would actually be very difficult for me because those things are important to me
0:36.2	For a lot of people if they own a house and you say you can't afford it anymore
0:39.9	You've got a rent or move into an apartment. They would find that incredibly difficult
0:44.4	I don't want you to be afraid of the hedonic treadmill and worry about spending money on anything because you're just gonna
0:49.9	Get used to it. So don't do it at all. No, I want you to have a more nuanced perspective on money
0:55.0	That's why this Saturday on my podcast newsletter. I'm going to share six main areas where once you spend money
1:01.6	It's really difficult to go back and my philosophy is to make sure that you are ready
1:07.5	To move up the value chain before you ever spend money on these things
1:11.9	I set my life up so I would never have to take a step back when it comes to nice hotels
1:16.6	I want you to do the same for the important things in your life get on the newsletter at iwt.com slash podcast newsletter
1:24.2	I'm only sending this particular newsletter out on Saturday, August 12th after that. You will not be able to access it
1:30.4	Iwt.com slash podcast newsletter
1:36.6	Your son is 31 you're 63 and you're helping him with his finances
1:42.8	It was an agreement that they were gonna pay it back. He's our kid. He's
1:48.5	He says he's telling us the truth. So okay, I want to believe him
1:52.5	Okay, the question is will I see it again?
1:55.7	Well, that's what my wife and daughter think but I think
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ramit Sethi, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramit Sethi and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.