Show Notes
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 learn to trust each other with money?
In this episode we uncover:
• How Mike’s money anxiety leads him to check his bank account 20 times a day
• The shocking truth about their $170K windfall
• Why Mike’s anxiety worsens when he makes more money
• The one money rule Mike and Noel both broke
• How Mike’s upbringing shaped his money habits
• Why Noel feels like she's "drowning" and has no control over their finances
• The spending categories that reveal their money psychology
• Why Mike's "money is mine" mentality is holding them back
• Noel’s struggle to “hand over her paycheck”
• The credit card debt that keeps piling up
• Ramit’s radical approach to cutting fixed costs
• The “Glade Plug-in” budget that explains everything
• Noel’s difficult decision about tithing and faith
• Why benchmarking against past mistakes is a recipe for disaster
• The truth about their approach to money
Chapters:
()“We just kinda like get whatever we want whenever we want it”
()“I was stressing more than ever before”
()The one money rule they both broke
()“You treat me like a child”
()Ramit identifies their “money leaks”
()“I don’t want to hand over my paycheck”
()“My goals are not being met”
()The “Glade Plug-in” budget
()“I do wanna have a Glade budget”
()How Mike’s upbringing shaped his money habits
()Ramit shares his radical advice
()Preview for part two
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