43. “Our $300k income is variable and declining but we aren’t adjusting our lifestyle”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 17 May 2022

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

How do you manage your finances when your monthly pay is inconsistent? Vince makes around $300k a year in the mortgage industry, while Kasey focuses on raising their kids at home. Despite that rather high average income, the actual monthly takeaway is incredibly variable—one month could be $25k, the next month just $2k. That uncertainty is causing Kasey a lot of stress. On top of that, Vince’s income has been steadily decreasing. Vince chooses to remain positive; Kasey is afraid of the worst happening. But neither of them is willing to look at what they will do if that worst-case scenario does happen. When times are good, they spend guilt-free. But when times aren’t as good, they begin to worry that they’ll never come back out of that hole. There are reasonable concerns when it comes to not knowing how much money you will have coming in month to month. There are also ways to work around this. Let’s find out exactly how worried Kasey and Vince should be, and what they can do to set themselves up to feel more secure. 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	Hey, before we get back to the episode, I want to make sure you know about something that
0:03.6	I am sharing this Saturday.
0:06.1	Every year, my wife and I take a mini sabbatical.
0:08.8	It's four to six weeks of traveling.
0:11.5	We've gone to Japan, India, Paris, London, and a bunch of other places.
0:15.6	And this Saturday, in my newsletter, I'm going to share how we do it, how we decide where
0:20.2	we're going, how we make it an unforgettable experience, and even how I set up my logistics
0:26.5	so that my business can run without me being there.
0:30.3	If you've ever thought about traveling more or even taking a sabbatical, I want you to
0:35.0	sign up at iwt.com slash podcast newsletter.
0:39.9	This Saturday, September 30th, you can get this new newsletter that I'm sending out only
0:45.5	at iwt.com slash podcast newsletter.
0:48.6	Now let's get back to the episode.
0:55.0	Every other weekend when we'd visit with my mom, we were middle upper class, and then
1:00.2	during the week, we'd go back to our trip.
1:03.0	So I feel like my carefree attitude with money comes from my dad being such a rock and
1:11.2	we'll figure it out.
1:14.3	I don't know how to enjoy spending the money that we earn without
1:25.1	categorizing everything and always feeling like, if I don't save more, more, more, more,
1:32.6	more, the next month, we're not going to eat.
1:37.1	I know logically that's not the case, but it can feel that way at times.
1:43.6	It feels stressful.
	...

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