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Money For Couples with Ramit Sethi

2. “We’re worth $1 million, but we're so cheap, our friends don't want to see us anymore”

Money For Couples with Ramit Sethi

Ramit Sethi

Business, Relationships, Society & Culture, Investing

4.6124 Ratings

🗓️ 5 August 2021

⏱️ 54 minutes

🧾️ Download transcript

Summary

Ashley and Greg have a household income of over $250,000 and a net worth of over one million dollars. They’ve developed a reputation for being cheapskates. Not only do their friends and family say that they’re cheap, but their friends have started avoiding them because of it. We’re about to discover that cheapness and net worth are not correlated whatsoever. There’s more to I Will Teach You to Be Rich than simply how to make money. You need to know how to live a Rich Life. It’s great to work hard and earn a lot of money, but the psychology of frugality – even austerity – can follow you around forever if you don’t work to break it. Ashley and Greg are about to learn that money is meant to fuel your Rich Life – not to merely be saved for some day in the future. Listen in as they describe their anxiety around spending money. Connect with Ramit Website Instagram Twitter Facebook YouTube Linkedin Produced by Crate Media.

Transcript

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0:00.0

It's annoying. How much money do you make an hour and how much time are you spending trying

0:08.5

to save two dollars? It doesn't make sense. And it's annoying when we go up for dinner.

0:12.9

You're like, I want this thing, but I'm going to get this thing because five dollars different

0:17.1

and 150 dollar bill who cares. He's cheap.

0:22.9

My guests today are Ashley and Greg. They have a household income of over $250,000.

0:30.1

and a substantial net worth. But what happens when only one person in a relationship wants to

0:36.7

spend money and the other is an aggressive or even obsessive saver.

0:46.0

Would your family say that you are cheap? Yes. Yeah. What about friends? Yes.

0:57.1

So I don't think all of them. You want to know something?

1:01.9

You're cheap. If your friends and family would say it, you are cheap.

1:10.9

It's one thing to be careful with your money. But being cheap is totally different. It puts a

1:16.8

strain on relationships. It shapes and changes your identity. And you end up hoarding money

1:24.8

with no purpose whatsoever. Why do you return all my gifts that I buy you because you don't

1:31.2

want me to spend money? I don't like the gifts. And the real issue that we're going to discuss today

1:38.8

is not about money. It's much deeper. We're going to figure out what's going on here.

1:44.8

Do you want to ask each other anything or share how you're feeling? No.

1:55.0

Today's couple is Ashley and Greg. Ashley reached out to me because there's a serious problem

2:00.5

in their relationship. The way that they view their finances is creating a rift between them

2:07.2

and it's threatening to tear them apart. There's been times where our friends want to go out for

2:12.3

dinner and we don't go and then we stop getting invited. Or like we're particular about like where

2:18.0

we want to go. They'll pick expensive places and we say can you pick something cheaper? And then I

2:24.2

feel like it's just a problem for them. You think you are cheap skates? There's some things that I'm

...

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