81. “We’re broke—but $55,000 private school tuition is a non-negotiable” (Part 2)

Money For Couples

Ramit Sethi

Relationships, Society & Culture, Investing, Business

4.6 • 3.1K Ratings

🗓️ 7 February 2023

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

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Summary

In part two of our revealing conversation with Sarah and Kevin, we offer solutions for their serious debt accumulation problem and grapple with the hard truth about their biggest non-negotiable expense: $55k a year for their three daughters’ private school tuition. Links mentioned in this episode Join the Earnable program Get Money Coaching with Ramit Connect with Ramit Download the Conscious Spending Plan Get my New York Times best-selling book Get my no-numbers journal Other episodes Instagram Twitter YouTube This episode is brought to you by: LMNT | Right now LMNT is offering my listeners a free sample pack with any purchase, that’s 8 single serving packets FREE with any LMNT order. This is a great way to try all 8 flavors or share LMNT with a salty friend. Get yours at DrinkLMNT.com/RAMIT. 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	On the income that the two of you make, you make too much money to be behaving this way.
0:09.8	There are sacrifices that are going to have to be made.
0:14.6	So goodbye, Tesla.
0:17.6	Goodbye to a lot of the expensive things you would have ordinarily done because you were
0:22.7	taking all of that money and redirecting it to $55,000 a year for private school.
0:31.0	Are you both mentally centered and emotionally ready for that?
0:37.7	That is a struggle.
0:39.7	That will definitely be a struggle.
0:42.6	So the question simply asks, are we setting ourselves a failure?
0:46.8	Well, what's the worst case for YouTube?
0:49.6	Absolutely speaking.
0:52.8	Continuing down the path.
0:54.4	Slow.
0:55.4	Yeah, for sure.
0:56.4	The path that we're on is the worst case.
1:02.6	Wow.
1:03.8	Wait until you hear this episode.
1:06.0	Sarah and Kevin make over $250,000 a year, but they're broke.
1:11.4	They recently sold their house and paid off a bunch of debt.
1:14.3	About six months later, they're back in $50,000 of credit card debt again.
1:22.0	In part one of our conversation last week, we discovered some of the psychology behind
1:26.0	how they treat money.
	...

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