57. “I feel ashamed about having another child because we’re still renting”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 23 August 2022

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rebecca and Joe have two young kids, and a third is on the way. They are renting at the moment and love the neighborhood they live in—but they both think they need more space to match their growing family. Should they keep renting? Buy a home? Move in with his parents? Their lease is up soon and the pressure is on (or so they think). To complicate things, we find out that their fixed costs, alone, make up for 105% of their take-home pay. As a refresher, I recommend spending no more than 60% on fixed costs. But they’re spending more than they make every month. Something’s got to give. They feel frustrated. They feel overwhelmed. They feel like failures as parents because they can't provide for their kids. There are many layers to this on both the financial side and the psychological side. Let’s dig in. 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.
0:34.4	I'm going to show you this Saturday.
0:36.1	Now let's get back to the episode.
0:40.6	This situation is not working, you know, we have like a two-bedroom apartment and we have
0:44.6	a third baby on the way.
0:46.3	I can't deal with the constant every day fire 9-1-1 fire phone calls or text when I'm at
0:55.2	work about how insufferable our current living situation is.
1:00.8	When I get the phone calls or the text of how terrible it is, like it's hard to turn
1:06.9	off the part of my brain.
1:08.1	Do we have enough?
1:09.1	Do we not have enough?
1:10.4	Can we afford a house?
1:11.4	Can we not afford a house?
1:13.0	How much house could we afford?
	...

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