117. “He earned $17k last month—but it's not enough” (Part 1)

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 15 August 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kara and Drake are 38 and 37 with two infant children. Kara used to earn as much as $20k in a month, but has pulled back on work since becoming a mother—leading to painful identity issues. Drake has picked up the slack, but gender roles loom large in their at-home dynamic. This episode is brought to you by: 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. BetterHelp | Visit https://betterhelp.com/ramit today to get 10% off your first month. Masterclass | For unlimited access to every class and 15% off an annual membership, go to https://masterclass.com/ramit. DeleteMe | If you want to get your personal information removed from the web, go to https://joindeleteme.com/ramit for 20% off. Connect with Ramit • Get the Podcast Newsletter and exclusive Q&A about the show • Get Money Coaching with Ramit • Download the Conscious Spending Plan • Get my New York Times best-selling book • Get my no-numbers journal • Other episodes • Instagram • Twitter • YouTube • Submit a question for the newsletter iwt.com/askramit 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

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0:00.0	I was recently helping one of my money coaching students with his finances, and he said,
0:04.8	I have a financial advisor, but I'm not sure if I actually need him.
0:08.2	I said, well, how much are they charging you?
0:09.8	He goes, I don't know.
0:11.1	I said, email him, find out.
0:13.0	Look at what his advisor sent to him.
0:15.4	It says 0.25%.
0:18.7	That's per quarter.
0:20.9	Look at how tricky some financial advisors are.
0:24.0	Who else breaks down your fees by quarter?
0:27.1	Advisors, because a 1% fee per year means you're paying about 28% of your lifetime investment
0:34.0	returns to fees.
0:36.6	If you're not even sure how much your financial advisor costs, or you want out of this relationship,
0:42.6	but you're not sure how to move your assets, or you just feel like you're getting ripped
0:45.7	off.
0:46.7	I want to help you on my podcast, fill out the application below, or go to iwt.com slash
0:52.1	F-A.
0:53.1	And if you're selected, I will personally help you work through this challenge as a couple.
0:57.6	So apply at iwt.com slash F-A.
1:04.9	There's so much generic advice when it comes to personal finance.
1:08.3	You know, my philosophy, I'd rather just show you people's real numbers.
1:13.8	So this Saturday, I'm going to give you three examples of real couples spending.
	...

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