136. “We have $500k in debt. Can I retire early?” (Part 1)

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 26 December 2023

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

David's 33 and Halima's 37. They’re been married for one year, a second union for both. The deep emotional (and financial) scars from those past relationships tint how they see the world today, limiting their ability to cooperate and leading to ill conceived get-rich-quick schemes and mounting debt. This episode is brought to you by: Superhuman | Get a free month of lighting fast email at https://try.sprh.mn/ramitsethi. Rocket Money | Stop throwing your money away. Cancel unwanted subscriptions – and manage your expenses the easy way – by going to https://rocketmoney.com/ramit. Long Angle | If you've made a lot of money and you're looking for a community of peers to turn to for advice, go to https://www.longangle.com/ to learn more. Fabric by Gerber Life | Protect your family today with Fabric by Gerber Life. Apply today in just 10 minutes at https://meetfabric.com/ramit. LMNT | Right now, LMNT is offering 8 single serving packets FREE with any LMNT order. This is a great way to try all 8 flavors. Get yours at https://drinklmnt.com/RAMIT. Links mentioned in this episode “We 4x’d our salary as COVID nurses. The experience haunts us. So does the money” Why I Don’t Own A House as a Multi-Millionaire… 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	You know what you don't need? Some dude coming on a video and telling you that you're spending too much on Topo Chico.
0:05.7	Get a life, okay? What I'm going to give you instead this Saturday is actual numbers from three real people.
0:12.8	Their actual spending, how much they make, their debt,
0:15.5	and where their money is going.
0:17.2	And then I'm gonna tell you what I would do if I were then.
0:21.1	You and I don't need more tips. What we need is to see real numbers and you can get it this
0:26.0	Saturday January 6th at iwt.com slash podcast newsletter. Seeing where I've come from, everything I've been through, I actually feel like I'm rich.
0:38.8	I've hit rock bottom twice and I feel like I did a pretty good job at climbing myself out of it.
0:45.0	One time I was basically on the point of, I was basically homeless.
0:50.0	With my first marriage, I divorced my ex-husband because of financial infidelity.
0:56.0	And it ended up the day after Halloween,
0:58.0	we got a knock on the door.
1:00.0	It was the owner of the house with the sheriff another cop evicting us.
1:06.0	I lost everything except for my children.
1:09.0	Both of us went through a lot and I want to show her that life is better now but financially
1:16.9	we're pretty much back in the hole. Meet David and Helima.
1:25.0	David's 33, Helima's 37.
1:29.0	They've been married for about a year.
1:30.7	This is their second marriage for each of them. Now they initially came to speak to me because David wanted to know if he could retire early.
1:39.0	But when I started to peel the layers of their finances, I was truly shocked and not just once multiple times in this conversation you're
1:48.8	going to hear the ways that both of them treat money we're going to delve into their past to try to
1:53.8	understand their behavior and you are going to hear a lot of puzzling explanations
	...

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