163. “I work & watch my infant FT b/c we can’t afford childcare”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 2 July 2024

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

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Summary

James and Nicole, 42 and 44, just had a second baby—but they weren’t prepared for the additional costs associated with a growing family. They spend 90% of what they make and struggle to afford childcare. Nicole’s maternity leave is ending – how will she balance work and raising an infant? This episode is brought to you by: 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. Superhuman | Get a free month of lightning fast email at https://try.sprh.mn/ramitsethi. 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. DeleteMe | If you want to get your personal information removed from the web, go to https://joindeleteme.com/ramit for 20% off. Trade | Right now, Trade is offering our audience a free bag of coffee with any subscription at https://drinktrade.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	I've got a new tour date in Seattle Thursday July 18th tickets are on sale now at IWT.com
0:07.3	slash Seattle I love talking to you on the podcast I love seeing you on YouTube and now I am coming to the stage. I've already met people in New York, Boston, Philly all over.
0:18.0	And now I want to bring couples in front of you so you can watch me ask them the toughest questions about money
0:25.1	live. I'll be in Seattle Thursday July 18th get your tickets now at IWT.com
0:30.9	slash Seattle.
0:38.0	What is the plan once the baby gets here? Daycare is obviously very expensive and I know we can't afford that.
0:43.0	At this point in my life, I should be able to buy the expensive set of knives.
0:48.0	Like, you know, I should be able to buy the expensive furniture.
0:52.0	I should be able to go on the trip that I want to go on.
0:56.4	And I think a lot of the decisions we make are like, oh yeah, we can afford that. We're
1:00.5	the type of people who should have that kind of thing.
1:03.0	Was that a problem?
1:05.0	Not until I started having a family.
1:08.0	All the stuff that's surrounding us is what we actually did choose, that's not like what we really want.
1:16.7	Hold on you went bankrupt? Yes, three years ago I filed. I see this cycle and this thing that I've been doing and I feel like we're heading that
1:28.4	way again. It's a lot to change. It's some radical changes not only to our current situation but our
1:35.4	mindset it's hard to wrap my head around.
1:45.0	Today I'd like you to meet Nicole and James. Nicole's 44, James is 42.
1:49.0	They recently had their second daughter, and they tell themselves a lot of stories about money.
1:54.4	Today we're going to dive into those to try to understand why they can't change
1:59.2	their habit of overspending.
2:01.2	Before we get to the episode, if you enjoy this show, please do me a
	...

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