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Money For Couples

160. “My entire paycheck goes to daycare. Should I stay home?”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.63.1K Ratings

🗓️ 11 June 2024

⏱️ 76 minutes

🧾️ Download transcript

Summary

Live in NYC, Carlos and Amanda, 36 and 28, join the show to talk through a recurring issue in their relationship—her earning ability vs. the possibility of staying home with their kids. They recently moved out on their own and Carlos is in school to put himself in position for a higher income. This episode is brought to you by: ZocDoc | Download the ZocDoc app for FREE at https://zocdoc.com/ramit then find and book a top-rated doctor today. Trade | Right now, Trade is offering our audience a free bag of coffee with any subscription at https://drinktrade.com/ramit. Masterclass | For unlimited access to every class and 15% off an annual membership, go to https://masterclass.com/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. 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. Links mentioned in this episode • Can combining finances lead to long-lasting love? (Cornell Research) 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

Click on a timestamp to play from that location

0:00.0

I've had the conversation with her multiple times that she's much more valuable

0:09.2

than what the education system is paying her right now. I want you to be my partner, not just in marriage, not just in

0:16.0

parenthood, but in finances as well. But it's definitely a bittersweet pill to swallow and we see how much we're paying for daycare

0:25.4

what was the point of going back to work when my whole salary is basically gone

0:30.9

at the end of the month. It kills me as a husband and as a man to not be able to satisfy that for her, not be able to give that to her.

0:41.0

If we continue on the same path that we've been on of never coming to a decision,

0:46.8

continuing the arguments and the tears, there's going to come a day where one of us says I can't anymore you know and just walks away.

1:01.6

Meet Amanda and Carlos and Carlos.

1:03.0

Amanda's 28, Carlos is 36 and they have two young children and they live in the tri-state area.

1:09.0

Now he wants them to be a power couple.

1:12.0

She says she's comfortable with how He wants them to be a power couple.

1:13.0

She says she's comfortable with how things are and she doesn't really want to change.

1:17.8

But when I start asking questions today, suddenly their story gets a lot deeper.

1:22.0

There are tears. They tell me stories about cars

1:24.6

being repoed. I hear about gender roles and separate accounts. Let's meet

1:29.5

Amanda and Carlos and as we get started, I notice an interesting comment they made in their application.

1:39.1

You did say that there are a lot of tears when you talk about money.

1:43.0

That's my fault.

1:44.0

Oh, what do you mean?

1:47.0

Emotions for me are very difficult.

1:50.0

Conversations in general, like finances have always been difficult for me. It's not something my parents ever talked about to me.

1:57.3

Being that vulnerable about it with him and sharing the way that I feel about you know our finances or what we're going to do next is very difficult for me to share and I just get caught up in the emotion sometimes.

...

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