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Money For Couples with Ramit Sethi

243. "She inherited $171K…but it’s already gone."

1/13/20261 hr 25 min

Ramit Sethi of I Will Teach You To Be Rich talks to Mike and Noel, a young couple who are both 34. They married just 6 months ago, but financial fights have become a daily occurrence, even after receiving a $170K windfall. Mike blames Noel for overspending, but admits they both struggle with money, while Noel views the windfall as "guilt-free" spending. With $244K in debt, zero savings, and 82% of their income going to fixed costs, Ramit helps them uncover the root of their money woes. Will they finally get on the same page, create a financial system that works, and...

Clips

Showing 10 of 11
The Inheritance Is Gone
Second-class Citizen Confession
Bank App As Security Blanket
Grief And Guilt Money
My Dreams Are Expensive
The Glade Plugin Reveal
“I Never Considered It Our Money”
The $20 Chicken Fight
Faith, Sobriety, And Tithing
Security Over Everything

Transcript preview

First 90 seconds

  1. Ramit Sethi· Host0:00

    If you or your partner has fallen for a scam, I wanna help, especially if you've recently fallen for an email or text scam, or you've gotten bad financial advice from someone who did not keep their promises, or maybe you just have not even told your partner because you are embarrassed. If this is you, I wanna talk. Apply for free coaching with me by being on my podcast. Apply today at iwt.com/apply. That's iwt.com/apply.

  2. Noelle· Guest0:29

    We just kinda, like, get whatever we want whenever we want it.

  3. Mike· Guest0:32

    I think it's been twice where I've had over $20,000 worth of credit card debt.

  4. Noelle· Guest0:37

    I'm literally spending 150 to $200 a month on Glade plugins for our house.

  5. Ramit Sethi· Host0:43

    Is this gonna be the first time I violate my own rules?

  6. Mike· Guest0:45

    Deep down, I want security, and I just haven't been able to find it. I've very much treated the money that I've made as mine. Truly, like, I've never considered it our money.

  7. Noelle· Guest0:55

    That's when I just kind of realized, we were like, "Oh, we are super screwed."

  8. Ramit Sethi· Host0:58

    You've mentioned a windfall.

  9. Noelle· Guest1:00

    It was $170,000.

  10. Ramit Sethi· Host1:03

    How much of the money is left?

  11. Noelle· Guest1:04

    None of it.

  12. Ramit Sethi· Host1:04

    You have no savings. You don't have enough to even get one day without an income.

  13. Noelle· Guest1:10

    My dreams are expensive.

  14. Ramit Sethi· Host1:12

    [laughs] What happens when you inherit $171,000 and blow through it in less than a year? Today, I'm speaking with Mike and Noelle, both 34 years old. They're married. They earn six figures as a single income household, and yet even after inheriting 171K,

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