127. “Our financial advisor almost cost us $800k. How do we fire them?”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 24 October 2023

⏱️ 86 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jeff is 50, he’s a specialized surgeon. Susan is 48, she stays at home with their two kids. Their discretionary spending has grown over the years, ballooning at an uncontrollable rate. But their biggest issue is that they’re being taken advantage of by a percentage-based financial advisor. 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. Netsuite | Get visibility to everything in your business one one place. Sign up and defer payments, with no interest, for six months at https://iwt.com/netsuite. Fabric by Gerber Life | Protect your family today with Fabric by Gerber Life. Apply today in just 10 minutes at https://meetfabric.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	That it's a waste of money, that we were fooled by it, that somebody sold it to us and we didn't know better then, but we know better now, and that we could make that money work for us someplace else.
0:15.0	So you don't like being ripped off? Right. I think that was the status part of
0:20.8	seeing your salary and realizing we had so much debt and it didn't
0:26.5	feel good and the money didn't fix the problem. Did you do this conscious
0:30.7	spending plan together? We did.
0:32.8	It was not the 20 minutes version of the conscious
0:36.6	spending.
0:37.6	Oh, how long did it take?
0:38.6	About two and a half to three weeks, I believe.
0:40.5	What?
0:41.5	Three weeks? Days.
0:43.0	Didn't come close to 30.
0:44.0	Let me tell you, it doesn't turn you on, I'll say that.
0:47.0	We don't have a simple financial situation.
0:50.0	I will say that.
0:51.0	Can you just come here for me? This week I'm speaking with Susan and Jeff.
0:58.8	Susan is 48, she's a stay-at-home mom.
1:01.1	Jeff is 51 and he's a surgeon. They've been married for 19 years and
1:04.7	they have two kids ages 12 and 14. Now if you know my book or if you've watched my
1:11.2	Netflix show you know that I talk about financial
1:14.1	advisors occasionally. You know that I never want you to work with a financial
1:19.0	advisor who charges you
	...

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