36. “We make $145k per year but have $828k in debt — and feel totally paralyzed”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 29 March 2022

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sarah and Nat are physical therapists that are making things too hard for themselves. The enormous cost of education coupled with relatively low pay has left them burdened with debt that colors every decision they make—including whether or not to have more children. They’ve spent ten years worrying about it but are still without a decent plan. I want to help them discover what it would look like to live a Rich Life, with or without debt, and I lead this episode in that direction. But when I walk them right up to their solution, it leads to another, more important, question… Do they even want to change? Tune in to find out. 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

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0:00.0	We don't even have a student loan payment right now because of the wonderful temporary
0:09.6	haul in loans and it's still tight. If I could go back and change it, I wouldn't have done this.
0:15.2	You finished your degree, you come back for your graduation and they sit you down
0:18.9	and they give you an envelope with your number. It was around 175,000 dollars.
0:24.4	Of all the people I meet in financial trouble, the people in the worst situations are veterinarians.
0:35.6	They incur huge costs for school and then they enter a profession that doesn't actually pay them
0:41.9	that much. The second worst group are physical therapists and today I'd like you to meet Sarah
0:49.5	and Nat. They're both physical therapists and they actually met in PT school.
0:54.1	That means they have a huge amount of debt which has grown over the past 10 years.
1:00.2	It now dominates their lives and it hangs over them like a cloud for so many decisions
1:06.9	where they work, where they live even if they should have more children.
1:13.3	I wanted to speak to them because there's so many people who feel trapped by their student
1:18.0	loans that they get paralyzed within action. They develop tunnel vision and only see the world
1:25.4	through the lens of their debt. I wanted to see if I could help Sarah and Nat develop a plan to
1:31.5	live their rich lives even with hundreds of thousands of dollars in debt. Listen to their story
1:38.9	and stay till the end for the follow up. I'm Ramit Sethi and this is I will teach you to be rich.
1:48.2	Sarah, what was the first moment where you realized that you might be in financial trouble?
1:54.8	You go into PT school, you finish your degree, you come back for your graduation and they go,
1:59.9	hey everybody you have this mandatory meeting and they sit you down and they give you an envelope
2:04.5	with your number. It's the most terrible moment because my husband and I now we were dating and we
2:12.7	kind of knew that that wasn't the best part of the fact that we met in PT schools that now we're
2:16.5	going to have two envelopes right. So we're sitting next to each other and we open our envelope and
	...

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