193. “I’ve filed for bankruptcy twice. Will I ever stop spending?” (Part 1)

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 28 January 2025

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

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Summary

Despite their best intentions, LaKiesha (38) and James (45) have fallen into a cycle of overspending—convincing themselves that wants are needs and that enjoying money now outweighs planning for the future. Their lack of financial foresight has left them without a safety net, and the weight of their debts has even led LaKiesha to file for bankruptcy. Recently, they moved in together; but with that fresh start comes the baggage of their complicated financial pasts. Trust has been tested, and they’re being forced to confront their differences in financial values and upbringing. Can they break free from the habits that have kept them stuck? This episode is brought to you by: DeleteMe | If you want to get your personal information removed from the web, go to https://joindeleteme.com/ramit for 20% off. 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 Fabric by Gerber Life | Join the thousands of parents who trust Fabric to protect their family. Apply today in just minutes at https://meetfabric.com/ramit. Shopify | Sign up for a $1 per month trial period at https://shopify.com/ramit. Facet | For Money for Couples listeners who enroll with Facet, they will waive the $250 enrollment fee for new annual members and they’ll add $500 into your brokerage account when you invest and maintain $5000 in the first 90 days of membership for Core, Plus and Complete members (promo does not apply to Foundations members). Check out their membership options at https://facet.com/ramit Links mentioned in this episode • Get my new book: Money for Couples Connect with Ramit • Download the Conscious Spending Plan • Listen to my book—now on Audible • Get my no-numbers journal • Other episodes • Instagram • Twitter • YouTube 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	Big news. My new book, Money for Couples, is officially out. Please go to IWT.com
0:06.8	slash money for couples and get a copy right now. It really helps, especially today and tomorrow.
0:12.5	Now, I wrote this book so that you and your partner can get on the same page with money,
0:16.8	even if one of you is a spender and one of you's a saver. Even if you worry about money and you're not sure how to get your partner to want to be a team
0:24.8	player with you, I give you word for word scripts and I help you create your rich life vision
0:30.5	together. Get this book right now. It's brand new at IWT.com slash money for couples.
0:36.8	On today's episode,
0:38.3	as it relates to money,
0:39.6	I don't value it.
0:40.6	It's disposable.
0:42.2	Meet Lakeisha and James.
0:43.9	Lakeisha is 38,
0:45.5	James is 45,
0:46.9	and they are caught in a cycle of overspending.
0:49.8	In things that I can't afford,
0:51.9	but I will convince myself
0:53.1	that's out of necessity.
0:54.4	I have set my future self-club for failure. I have not thought about the future because the
0:58.9	future seems so far away, and I wanted to enjoy my money now. Their spending habits have stopped
1:03.7	them from saving and investing. It's heartbreaking. I wish I did ask savings. There was nobody else to
1:10.0	hold me accountable.
1:11.9	And they've both accumulated a lot of debt, which has even caused Lakeisha to file for bankruptcy.
	...

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