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My First Million

56 Minutes of Money Wisdom for High-Earning Couples

My First Million

Hubspot

Investing, Entrepreneurship, Business

4.72.9K Ratings

🗓️ 6 January 2025

⏱️ 58 minutes

🧾️ Download transcript

Summary

Get our Business Monetization Playbook: Episode 665: Sam Parr ( https://x.com/theSamParr ) talks to Ramit Sethi ( https://x.com/ramit ) about money rules for couples in their 30s and 40s.  — Show Notes:  (0:00) 5 rules for money in your relationship (5:25) the 4 money types: avoider, optimizer, worriers, dreamers (10:15) The Annual Review (23:00) Monthly money meetings (26:00) There is no "money person" (31:09) 4 benchmarks for high-earning couples (35:03) Learning to spend (41:01) Investments vs purchases (43:39) Troubleshooting partnership disagreements (49:00) Spending to solve problems (53:00) Fight for simplicity — Links: • Money for Couples - http://iwt.com/moneyforcouples • Ramit on YouTube - https://www.youtube.com/@ramitsethi — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com  • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Transcript

Click on a timestamp to play from that location

0:00.0

50% of couples who talk to me do not know their household income.

0:03.0

Money for most is not a source of connection. It's a wedge.

0:06.0

I want to go deep on this. This is actually cool.

0:09.0

In most relationships, there is one money person.

0:12.0

And this is a huge mistake.

0:13.0

How do you get someone who's a warrior to start spending?

0:16.0

You need to learn the skill of managing money,

0:18.0

but you also need to learn the skill of spending money, but you also need to learn the skill of spending

0:20.8

money meaningful. Tell me what to do. I have seven quick steps. It's very easy. First off,

0:26.9

I feel like I can rule the world. I know I could be what I want to. I put my all in it like no days

0:33.8

off on. All right, we're live. We we're meet so the reason i wanted to have you on

0:38.4

was because sean and i were talking the other day and at the end of the episode at like minute 55

0:42.5

we got to the total end and somehow it came up that my wife sarah and i we do this thing that we just

0:48.2

call our monthly money meeting and the way it works is that we like break down our monthly expenses

0:53.7

our income and we also look, our income, and we also

0:55.4

look at our net worth and we talk about how can we spend the next month to like make ourselves

1:00.6

happier? Like what, how can we use like money as a tool? And are we happy with our consumption

1:06.0

and whatever the previous month? And Sean made fun of me and he was like, that's the right, you're running that like a corporation, like a business. And Sean made fun of me. And he was like, you're running that like a

1:12.1

corporation, like a business. And at first, I was embarrassed to say that I'm running my marriage like

1:17.3

a business. And then afterwards, I was like, actually no, like I can love my wife. And that's the

1:22.4

number one reason why I do this. And also, in order to make it run effectively, you kind of have to

1:26.7

run a tight ship like a business or have like business attributes. And you have this book, Money for Couples,

...

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