150. “We’re broke, but I spend $350/mo on clothes” (Part 2)

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 2 April 2024

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In part two with Elizabeth and Jonathan, 36 and 38, we continue unpacking their complicated personal backgrounds with money as they relate to current spending, investing, and saving habits. They’re stuck in a loop of debt and financial stress, but are they ready to make positive changes? This episode is brought to you by: Sidebar | Join thousands of leaders from companies like Microsoft, Amazon, and Meta who have taken the first step towards accelerating their career https://sidebar.com Trade | Right now, Trade is offering our audience a free bag of coffee with any subscription at https://drinktrade.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. Masterclass | For unlimited access to every class and 15% off an annual membership, go to https://masterclass.com/ramit. Fabric by Gerber Life | Protect your family today with Fabric by Gerber Life. Apply today in just 10 minutes at https://meetfabric.com/ramit. Links mentioned in this episode • “We have no savings but bought our kid a $500 toy for Christmas” (Part 1) 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	I've always put myself last as far as I want you know things for my daughter for my husband.
0:12.2	Just want to reiterate you have $25,000 in credit card debt and you spend $350 in a month on clothes.
0:17.8	I should not be buying more clothes.
0:20.2	I have plenty.
0:21.6	I'm not here to beat you up or berate you that's not my job that's not what I do.
0:25.0	No. There's just not enough money. We've tried to get out of debt many times and we never get out of debt ever.
0:32.0	That's why it keeps accumulating. It just keeps getting worse.
0:36.7	Why have you created a life where you have to do this?
0:40.0	Probably because we didn't value ourselves enough to create something good.
0:46.7	We created something bad because that's what we thought we deserved.
0:52.3	Wow.
0:54.0	You think you deserve a bad life?
0:57.0	Some days?
0:58.0	Not all days.
1:09.7	Welcome back to part two of my conversation with Elizabeth and John. Recall that they are in their mid-30s. They have an eight-year-old daughter and they can't seem to figure out why they
1:14.8	struggle to save money. They have fallen into this pattern of paying some bills
1:19.2	but letting others go late and they are rotating things while Elizabeth desperately
1:25.0	tries to manage the money using a notepad where she tracks random expenses.
1:31.0	Last week we left at a pretty dark moment where they were just starting to realize how
1:36.6	serious their situation is. Well today we're going to get back into that conversation.
1:41.3	We're going to go over their numbers and I think you're going to be surprised.
1:44.7	I wanted to know what is it going to take in order for Jonathan and Elizabeth to get serious
	...

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