253. "I’m 53, exhausted, and still living paycheck to paycheck"
3/24/20262 hr 2 min
Ramit Sethi of I Will Teach You To Be Rich talks to Tania and Mike who are in their 50s, married 21 years, and earning over $225,000 a year. By most measures, they should be fine. But they’ve been trapped in the same debt cycle for two decades. Cashing out 401(k)s, borrowing from family, and digging themselves out only to fall right back in. Again and again.
When Ramit opens their Conscious Spending Plan, the numbers are genuinely shocking. Fixed costs at 155%. Savings at 0%. Guilt-free spending at -73%. They are spending more than they make every single mo...
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Showing 10 of 12Transcript preview
First 90 secondsRamit Sethi· Host0:00
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Tanya· Guest0:29
[gentle music] I've just always lived paycheck to paycheck since I was in college, and it's not gotten any better. I just move money from one place to another and put it in a spreadsheet. There's not a plan. There never has been a plan.
Michael· Guest0:42
I'm guilty of coaxing her into buying stuff.
Tanya· Guest0:45
He knows exactly what to say to end up getting what he wants.
Ramit Sethi· Host0:48
What is the emotional cost of living this way?
Michael· Guest0:50
Gray hair, stress.
Tanya· Guest0:52
Anxiety and less years on my life, and a lot less sleep.
Ramit Sethi· Host0:55
You are both spending like you make- A million dollars a year ... and you're in your 50s, and you don't have enough retirement, not nearly enough.
Michael· Guest1:02
It's the same cycle, 20 years. We seem to dig ourself out, and as soon as we dug out, we find a new hole.
Tanya· Guest1:09
I'm not good at not giving people what they want.
Ramit Sethi· Host1:11
What happens if nothing changes?
Michael· Guest1:12
We don't retire. We die working.
Ramit Sethi· Host1:15
[gentle music] What would you do if you were stuck in a cycle of debt for over 20 years? Today, I'm talking to Michael and Tanya. They're in their 50s, married for 21 years, and they earn over $225,000