257. "We really want a house - but have $0 in savings"

Molly and Jason are 45 and 46, living together with a 2-year-old daughter. They earn $142,000 a year combined. They have $0 in savings, $46,000 in debt, and a net worth of just $4,842. They dream of buying a house, investing in real estate, and retiring early. But when Ramit opens their Conscious Spending Plan, the picture is stark. Fixed costs at 77%. No savings rate. $25,000 in credit card debt in Molly's name that Jason can't fully account for. And a financial system built entirely on Venmo transfers, separate accounts, and crossed fingers. What Ramit finds underneath the numbers is a relationship where one person is managing everything alone, and the other has quietly checked out. Molly researches, opens accounts, tracks the bills, and covers the overdrafts. Jason works, pays rent, and sends Venmo transfers when asked. Neither of them planned financially before having a baby. Neither of them has seen what a real financial partnership looks like. But something shifts. When Ramit shows them that working together they could reach $1.75 million by retirement, something clicks. They stop explaining why things are the way they are and start talking about what they are going to do. In this episode we uncover: Why two people earning $142,000 a year can have $0 in savings and $46,000 in debt The Venmo money transfer system that has kept them financially disconnected for years What it looks like when one partner manages everything alone while the other disengages How $4,000 in annual subscriptions disappears when nobody is looking at the full picture Why dreaming about real estate investing is the wrong move when your own finances are on fire The moment Jason admits he feels resentful and apathetic about money The plan to sell the truck, wipe the credit card debt, and combine finances for the first time What Ramit means when he says the biggest savings anyone can make is on housing costs The follow-up update from Molly and Jason Chapters: (00:00:00) "We wanna be rich. We have $0 in savings" (00:03:01) Meet Molly and Jason (00:10:00) How often do you talk about money? (00:14:00) Jason completely disengaged (00:19:00) No decisions are ever made (00:30:00) Dreamers who won't save $250 a month (00:34:11) Opening the Conscious Spending Plan (00:40:15) Fixed costs at 77% (00:46:50) Separate accounts, Venmo transfers, no shared vision (00:59:20) "Resentful. And apathetic." (01:03:00) Money psychology and upbringings (01:17:46) "You're gonna sell a truck and pay off debt" (01:41:13) Follow-ups This episode is brought to you by: Gelt | Book a tax consultation with Gelt at https://joingelt.com/ramit. As a member of my community, you can skip the waitlist ZocDoc | Go to https://zocdoc.com/ramit to find and instantly book a top-rated doctor today #sponsored Leesa | Go to https://leesa.com for 20% off select mattresses PLUS get an extra $50 off with promo code RAMIT, exclusive for my listeners Fabric by Gerber Life | Join the thousands of parents who trust Fabric to protect their family. Apply today in just minutes at https://meetfabric.com/ramit MasterClass | For unlimited access to every class and an additional 15% off any annual membership, go to https://masterclass.com/ramit Connect with Ramit Get my new book, Money For Couples Get Money Coaching with Ramit Download the Conscious Spending Plan Listen to my book now on Audible Get my New York Times best-selling book Get my no-numbers journal Other episodes Instagram Twitter YouTube If you or your partner get stressed spending $150 on dinner, or are covering up spending, I'd like to help. Apply to be coached for free on this podcast at iwt.com/apply