53. “We want to break the cycle of generational poverty, but we don’t know how” (Part 1)

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 26 July 2022

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Annie and Austin were both raised without knowing where their next meal would come from. They came to me looking for a way to break the relentless chain of generational poverty that they’ve experienced… and that they fear they’re passing on to their two young children. The good news is that it’s not too late for them, or anyone, to start making the right decisions and move toward a Rich Life they can be proud to pass on. They bring in about $130k a year in a low-cost region, and since they’re only in their twenties, they can expect to make more money as they get further into their careers. Annie and Austin have never been taught about money. So listen in as I meet them where they are: zero savings, $68,000 in debt, and no tools for managing their finances. Stick around next week for part two of this conversation, where we dig into the numbers and present long-term solutions. 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'm sending out this Saturday.
0:06.4	Have you ever wondered how to use your money to buy back your time?
0:09.9	This is something that people love to talk about, but very few people actually spend their
0:14.6	money to get their time back.
0:17.4	I want to show you 20 ways to buy your time back this Saturday from all areas of life
0:23.2	and all different income levels.
0:25.9	This Saturday, September 23rd, you can only get it at iwt.com slash podcast newsletter
0:32.3	that's 20 ways to buy back your time I'm going to show you this Saturday.
0:36.1	Now let's get back to the episode.
0:40.3	How old is your oldest?
0:43.6	Six.
0:44.6	And you both said that she's spoiled.
0:46.6	We didn't have anything, so we're over compensating both of us because I don't want them to go
0:50.7	through what we went through.
0:52.8	As kids, there was times where the water wasn't there.
0:55.5	There was times where we didn't have groceries for the week.
0:59.4	For me, there was only situations where money was never there, so I never learned what to
1:05.0	do when you do have it or more importantly, how to appropriately allocate it or like how
1:11.0	to budget.
1:12.0	I remember going through that, and that's not what I want for her.
1:15.9	I never learned any of that, so we're repeating the same pattern because we don't know how
	...

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