246. "We’re drowning in debt, but bought another house"
2/3/20261 hr 50 min
Ramit Sethi of I Will Teach You To Be Rich talks to Melissa and Tony, a couple who immigrated from Mexico with big dreams and an even bigger work ethic. In less than a decade, they've built a net worth of nearly $900,000. But beneath the surface of their impressive paper wealth, they’re carrying almost $1 million in debt and are completely misaligned on their financial goals. With their second child due any day, Ramit helps them uncover the root of their money woes, from differing money styles to the profound impact of their upbringing. Can they finally get on th...
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First 90 secondsRamit 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. How much debt are you guys in right now?
Melissa· Guest0:31
924,000.
Ramit Sethi· Host0:33
How's it feel to you to be in debt?
Tony· Guest0:34
It feels like we're never gonna get out of it.
Melissa· Guest0:36
Tony didn't wanna buy another property 'cause he doesn't like real estate investments that much. I was like, "No, let's buy this short sale," and then we bought it.
Tony· Guest0:45
It feels like I live paycheck to paycheck. I don't feel like I'm making any money.
Ramit Sethi· Host0:49
I can't even figure out what page anybody's on right now. It's like a kid wanting to buy a toy. I want this toy. No, I want that toy. You're talking about a million-plus dollars here.
Melissa· Guest0:58
I feel like I'm in the rollercoaster again, trying to see [laughs] what he's gonna say next.
Ramit Sethi· Host1:02
If we end this call right now, I suspect you will go the rest of your life getting into debt, making a little bit of money over here, paying it off, going into debt, and doing it over and over until one day it's like you're in the ocean and it just engulfs you. Do you know anybody who's done that?
Melissa· Guest1:16
Our parents. They lost their houses, 50 [laughs].
Ramit Sethi· Host1:20
And now you're both repeating the same pattern. Today I'm speaking with Melissa and Tony, a couple who immigrated from Mexico to the US in their early 20s.