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Money For Couples

28. “What if we divorce and I end up homeless like my mom?”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.63.1K Ratings

🗓️ 1 February 2022

⏱️ 60 minutes

🧾️ Download transcript

Summary

Most people think if they earned 25-50% more, all their money problems would disappear. Katie and Shawn are a living example that that’s not true. They earn almost half a million dollars per year, so there is no reason they should be arguing over a $600 Roomba. Their world is not in sync with their income. So why does Katie obsessively penny-pinch and prepare for the worst? Let’s just say it has nothing to do with wanting to retire early. Listen as I unearth her deep-rooted fears. Connect with Ramit Website Instagram Twitter Facebook YouTube Linkedin 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

Before we get back to the episode, I want to make sure you know about something that I'm sending out this Saturday.

0:05.0

You know, when I was in my 20s, I spent money like a lot of people in their 20s do going out for drinks, eating cheap food, a little bit of traveling, but in my 40s, my spending looks really different.

0:17.0

And that's totally normal. Have you ever thought about how your money spending changes from your 20s to your 30s of 40s and beyond?

0:25.0

That's what I'm going to talk about this Saturday.

0:28.0

Because as you earn more and as your values change, so should your spending.

0:33.0

Get on my podcast newsletter at IWT.com slash podcast newsletter so I can share what changed in my spending in my 20s, 30s and 40s.

0:42.0

That's this Saturday, October 7th. You can only get this at IWT.com slash podcast newsletter. Now back to the episode.

0:52.0

I am the result of my mom's sacrifices and I can be the American dream that she wanted.

1:02.0

But I want to be different than the situation that my mom had.

1:07.0

You are different. Your mom never had a million dollars.

1:12.0

It doesn't feel like a lot of money.

1:15.0

Try this one out.

1:18.0

One day when I'm an old lady, I might be kicked out on the street in the rain, having to take care of my children with one umbrella and a backpack and that's it.

1:30.0

Katie, did you ever receive that message?

1:32.0

Yeah, because my dad did exactly that.

1:37.0

Most people believe that once they have more money, they'll stop fighting about it. They'll stop being stressed about it.

1:45.0

There's this idea that if you earn 25% more or 50% more, suddenly all of your financial problems will disappear.

1:54.0

I want to show you that that's not true.

1:57.0

Your feelings about money are highly uncorrelated with how much money you have in the bank.

2:05.0

On today's episode, you get to hear from a couple who are high earners, yet they still have tension around money.

2:13.0

Meet Katie and Sean. She's 30. He's 32.

2:17.0

And they're high earners. They make about $460,000 a year together.

...

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