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Money For Couples with Ramit Sethi

7. “My parents keep expecting us to pay for them”

Money For Couples with Ramit Sethi

Ramit Sethi

Business, Relationships, Society & Culture, Investing

4.6124 Ratings

🗓️ 31 August 2021

⏱️ 47 minutes

🧾️ Download transcript

Summary

Barry is a first-generation Pakistani immigrant. His wife, Maria, is also Pakistani and was born and raised in the United States. Cultural expectations are making it difficult to get aligned on their joint finances. Barry has grown up living under a set of unwritten cultural rules whereby the son is expected to take care of his parents financially. They’re paying for family dinners and charity donations right now, but Barry strongly suspects his parents are anticipating moving in with them after they retire.  Maria has been biting her lip so far. She wants financial freedom, but knows she cannot change Barry. He must acknowledge – and possibly reprogram – the dialog around money between him and his family.  Some of this episode will sound confusing if you’re listening to it from a Western perspective, but these cultural scripts that Barry grew up with are very real. (Imagine if I told you that it “might not make financial sense to purchase a house” – that rattles the Western cultural code many people grew up with, which is why they get so angry when I point it out!).  It’s unsettling and uncomfortable to challenge. I know because I’ve been in the same situation as Barry, juggling different expectations from Indian parents. Barry needs to move from “convincing” his parents to fully owning his financial decisions and vocalizing that with love and firm boundaries. Listen to our conversation to hear what that looks like for them and how they plan to compromise between their financial goals and family expectations. Connect with Ramit Website Instagram Twitter Facebook YouTube Linkedin Produced by Crate Media.

Transcript

Click on a timestamp to play from that location

0:00.0

It's not that I'm opposed to donating to this charity, it's that we were signed up to

0:09.3

donate to this charity without being asked, I was very confused by it.

0:13.8

It felt like it was being pulled out of our own pockets and it wasn't appreciated as

0:20.6

like a gesture that we were making.

0:24.9

Imagine that you're married and you and your partner working on your finances, planning

0:30.6

out your rich life, and suddenly you get a phone call from your parents and they say,

0:36.4

we need you to send over $3,000.

0:40.2

You say, what?

0:41.2

For what?

0:42.2

So, you know, we have this donation we need to make or this home repair we need to do.

0:46.4

Go ahead and send the money over.

0:48.8

And you send it and then two months later you get another phone call and another.

0:54.0

You don't know how much it's going to be and you don't know when that call is coming,

0:58.2

but you know that you're expected to help your parents out.

1:03.0

In today's episode, we're going to talk to Barry and Maria who are struggling with how

1:07.2

to handle money around Barry's parents who have these sort of expectations.

1:11.5

Now, before we start, it's important for me to say that culture affects money.

1:17.8

For example, in Indian culture, many parents strongly encourage their kids to become doctors

1:23.7

or engineers.

1:25.1

They also spend huge amounts on their daughter's weddings.

1:28.6

If you grew up in America without understanding the cultural reasons for these beliefs, you

1:34.1

might think they're ridiculous.

...

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