143. “I maxed out my credit cards on our $45k wedding. Are we broke?”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 13 February 2024

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

Amy and Tori are in their late 20s. They recently got married and honeymooned in Greece, racking up tens of thousands of dollars in credit card debt. A brand new house, changing jobs, and influential backgrounds all come into play as they work on a plan to pay it down. This episode is brought to you by: AG1 | Take ownership of your health with AG1. Get one year’s supply of Vitamin D3 K2 and five free AG1 travel packs with your first purchase at https://drinkAG1.com/ramit. Babbel | Right now, when you purchase a 3-month Babbel subscription, you’ll get an additional 3 months for FREE. Just go to https://Babbel.com and use promo code RAMIT. Rocket Money | Stop throwing your money away. Cancel unwanted subscriptions – and manage your expenses the easy way – by going to https://rocketmoney.com/ramit. Mint mobile | To get your new wireless plan for just $15 a month, go to https://mintmobile.com/ramit. 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. Connect with Ramit Get the Podcast Newsletter and exclusive Q&A about the show Get Money Coaching with Ramit Download the Conscious Spending Plan Listen to my book—now on Audible 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	There were definitely a couple of times where I had $10,000 in my savings account and then like
0:08.3	frivolously drained it. That's I think what freaked story out so much is that when we first started dating like it is like Jekyll and freaking hide it's two different people like last week
0:18.6	We brought in I mean truly like five thousand dollars just in one week and she still felt super guilty about I don't know I think we maybe spent
0:27.7	$75 on a date it definitely feels sometimes like a divided effort not a united effort it is stressful very stressful if one of you were to become injured for three months you couldn't bring in any income. What would happen?
0:42.6	I think we would lose everything.
0:44.0	Credit cards are already completely maxed out.
0:46.6	We would have to either sell or rent the house.
0:50.0	And then, God forbid, the emergency bills and all that that comes with it.
0:53.8	I mean, yeah, and some deep shit, that's for sure.
0:57.4	I could cry right now, honestly.
1:05.0	Meet Amy and Tori and Tori. Amy's 28, Tori's 27, they're recently married and suddenly they feel like they are drowning with their finances.
1:13.3	We're going to start at how they got married
1:15.7	and how they spent tens of thousands of dollars
1:17.9	on their wedding and put it on a credit card.
1:21.9	Listen to what happened next.
1:27.1	Our wedding was approaching and we were feeling the stress financially.
1:33.4	How many months out was your wedding when you wrote this application?
1:37.1	Our whole wedding planning process was only four months.
1:39.8	Well, I guess since it's only four months,
1:41.2	you might as well just take me back to the beginning.
1:42.8	Okay. What happened? I had recently quit my job so I went on a trip with my mom and I fell in love
1:51.4	with this wedding venue so we'd been engaged for a year and a half
	...

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