246. "We’re drowning in debt, but bought another house"

246. "We’re drowning in debt, but bought another house"

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 the same page, create a financial system that works, and build a sustainable rich life? In this episode we uncover: • How Melissa and Tony built a nearly $900K net worth in 8 years • The "rollercoaster" of their financial decision-making • Why their credit card debt is actually due to real estate • Tony’s “paycheck to paycheck” feeling with a $189k household income • Melissa’s childhood money lessons from her dad, Mr. No • How they navigate financial planning with a baby due this month • Why they avoid combining their high incomes • The cultural influences shaping their financial narratives • What happens when Tony is “comfortable” and avoids change • The deeper reasons behind their ongoing money disagreements • Ramit’s advice on how to communicate about money effectively • A surprising agreement that might change their future Chapters: (00:00:00) Introduction (00:02:28) Their chaotic financial situation (00:07:07) Melissa and Tony’s real estate struggles (00:13:07) Melissa's real estate ambitions vs. Tony’s pessimism (00:20:58) The cycles of making and losing money (00:26:59) The ineffective communication about debt (00:33:57) The danger of making emotional money decisions (00:37:35) Diving deep into their income and debt (00:46:01) Their unspoken rules about money and spending (00:51:56) The painful truth behind being "house poor" (01:00:43) Impact of childhood money lessons on their current finances (01:10:29) The parent-child dynamic in their financial relationship This episode is brought to you by: Superhuman | Turn your inbox into momentum. Sign up at https://superhuman.com/ramit. ZocDoc | Go to https://zocdoc.com/ramit to find and instantly book a top-rated doctor today #sponsored DeleteMe | Get 20% off all consumer plans when you go to https://joindeleteme.com/ramit and use promo code RAMIT at checkout Trust & Will | Protect what matters most in minutes at https://trustandwill.com/ramit and get 10% off plus free shipping Gelt | Book a tax consultation with Gelt at https://joingelt.com/ramit. As a member of my community, you can skip the waitlist 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 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: https://iwt.com/apply

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55. “My top 5 lessons from one year of interviewing couples about money”

55. “My top 5 lessons from one year of interviewing couples about money”

Personal finance can seem complicated, but most issues are linked back to two core influences—how people think and feel about money. Where they land on those scales has a wide range of possible manife...

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54. “We grew up poor—but we could be millionaires” (Part 2)

54. “We grew up poor—but we could be millionaires” (Part 2)

Last week, in part one of my conversation with Austin and Annie, we got deeply personal about their upbringings and the invisible scripts they picked up as kids. I learned that they were passing bad m...

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53. “We want to break the cycle of generational poverty, but we don’t know how” (Part 1)

53. “We want to break the cycle of generational poverty, but we don’t know how” (Part 1)

Annie and Austin were both raised without knowing where their next meal would come from. They came to me looking for a way to break the relentless chain of generational poverty that they’ve experience...

26 Heinä 202247min

52. “He hides purchases from me—and I let him”

52. “He hides purchases from me—and I let him”

Lisa and Jeff are in their forties and have a blended household. They had about a $300k net worth before they were awarded a $1.275M settlement in January of this year. What’s important isn’t the deta...

19 Heinä 20221h 18min

51. “We went bankrupt, but I still have no boundaries with money”

51. “We went bankrupt, but I still have no boundaries with money”

Katie and Cal are in their mid-twenties and, after moving around a bit, they live back home in Alaska with their young children. They bring in about $100k a year and have a good chunk of debt, about $...

12 Heinä 20221h 25min

50. “Maybe buying this condo was a mistake” (Part 2)

50. “Maybe buying this condo was a mistake” (Part 2)

In part 2 of Elena and Eric’s story, we learn about the deep emotional ties that Elena associates with the condo that’s draining their savings account—and why she’s so anxious about outside opinions i...

5 Heinä 202247min

49. “Our housing expense unexpectedly went up $2K when we bought our first home” (Part 1)

49. “Our housing expense unexpectedly went up $2K when we bought our first home” (Part 1)

Elena and Eric are both 25. They live in Toronto, and they make $160k as a household. They love going to EDM festivals and spend thousands of dollars every year traveling to them—it’s their Rich Life!...

28 Kesä 20221h 8min

48. “My husband needs a better job, but he hates the idea of earning more”

48. “My husband needs a better job, but he hates the idea of earning more”

Kara and Sean make $150k annually, with $100k of that coming from Kara’s salary in healthcare. They have a baby daughter, and Kara would like to take a step back in her career in order to spend more t...

21 Kesä 20221h 13min

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