69. “We make almost $300k per year but we can’t afford our mortgage”

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 15 November 2022

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

Chris and Camilla are 33 and 31 and they make almost $300k collectively living in a high cost of living area. They recently bought a vacation home, like everyone on TikTok tells you to do. Surprise, surprise—there’s no fairytale ending here, no mounds of passive income, no soaring property values or slam dunk investments. They thought they’d cash in on a hot market. But with the slow season approaching, they’ve realized they're losing money. How should they handle it? And (gasp) what might other people say if they have to sell? This episode is reminiscent of another Canadian couple, Eric and Elena, from episodes 49 and 50, who also bought a house they realized they couldn't afford. But I think you'll find this one fascinating for the differences—especially in the numbers. 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	Before we get to today's episode, you know I'm out there buying a bunch of different tools
0:04.8	and little gadgets to try to find out little ways to make my life more convenient.
0:09.6	This Saturday, I want to share three of my favorites.
0:12.2	Here's one of them.
0:13.2	I'm going to tell you what it is on this issue of my podcast newsletter and each of these
0:18.4	three tools is under $25.
0:21.4	So to find out the three tools I use that make my life more convenient, much easier, go
0:25.9	to IWT.com slash podcast newsletter, you can only get this issue at IWT.com slash podcast
0:33.6	newsletter.
0:37.6	How many of your friends and family and the people around you talk about their house,
0:40.8	housing costs, housing investments, etc.
0:43.8	Everybody, it's disgusting.
0:46.1	It's the status thing.
0:47.1	If you're not playing that game, then you're, what are you doing?
0:52.0	Even if it's all fake.
0:54.2	One of the things to leading up to this was one of our friends who, you know, we knew
0:59.9	didn't make as much money as we did.
1:02.3	They were able to buy a nicer home, can't help but feel a little jealous, right?
1:10.9	When you bought at the peak, did you have a conversation that it might go down?
1:16.0	Not in depth.
1:17.7	It just all kind of came crashing down together.
1:20.7	Like we have been, it's affected all our areas of our life.
	...

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