286. "We have $40,000 in credit card debt, but I can’t say no to my kid" cover art

286. "We have $40,000 in credit card debt, but I can’t say no to my kid"

286. "We have $40,000 in credit card debt, but I can’t say no to my kid"

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Summary
 Ramit digs into why a couple with just $1,400 in savings has spent $7,300 dining out this year and how struggling to say no to Lisa’s son keeps them spending. Ramit Sethi of I Will Teach You to Be Rich talks with Trevor and Lisa, who have been together for eight years and married for six. When Lisa’s 14-year-old son asks for fast food, she often says yes. After a long workday, eating out feels easier than cooking. But those everyday decisions are adding up, and their finances can’t support them. For Lisa, saying no brings back memories of going without, and she worries cutting back will leave her doing more cooking. Trevor worries about their spending, but they struggle to make changes together. With debt mounting and retirement approaching, Ramit challenges them to set spending boundaries, share responsibilities, and build a plan as a team. A special thanks to our partners at Monarch for sponsoring this episode. Try Monarch free today and get 50% off your first year of Monarch Core at https://monarch.com/ramit, promo code RAMIT. Sign up through Ramit's link to get his exact Conscious Spending Plan categories already set up in your account. In this episode, we uncover: How Trevor and Lisa spent $7,300 dining out this year while having just $1,400 in savings Why Lisa says yes to her son’s fast-food requests even when he asks for two drinks How saying no to her son brings back Lisa’s own memories of going without Why cutting back on eating out feels like more work for Lisa, rather than a shared responsibility How their initial spending plan puts fixed costs at 230% of take-home income Why they each have roughly ten credit cards—and are still making minimum payments How one month’s subscription spending reached $1,118 against a planned $304 How a missing $696,000 mortgage pushes their reported debt to roughly $739,000 Why Ramit suggests Lisa close her dog-grooming business and get a full-time job Why their hope of retiring in five years requires far bigger changes than they expected ⏩ CHAPTERS: (00:00:00) Introduction (00:03:57) Why money conversations feel so difficult (00:10:06) What their spending plan reveals about their relationship (00:19:42) Unpacking their income, savings, and fixed costs (00:37:53) Credit cards, subscriptions, and dining out (00:52:52) How childhood money experiences shape their habits (01:07:06) Cutting housing costs and uncovering the missing mortgage (01:23:39) Should Lisa close her business? (01:35:04) Sharing responsibilities and building a plan together (01:44:32) Follow-ups 💡 RAMIT’S PODCAST NEWSLETTER • I share new ways to think about money every Saturday. Get the emails here: https://iwt.com/podcastnewsletter 🙌 GET HELP FROM RAMIT SETHI • Order my new book: Money for Couples: https://iwt.com/moneyforcouples • Take control of your money with the Conscious Spending Plan: https://iwt.com/csp • Optimize your credit cards with the 1st chapter of my book: https://iwt.com/chapter1-pod • Join my Rich Life: Road to $100K program: https://iwt.com/100k • Listen to my book — now on Audible: https://amzn.to/48zko28 🤳 CONNECT WITH RAMIT SETHI • Instagram: https://www.instagram.com/ramit/ • X: https://twitter.com/ramit ✅ SUBSCRIBE SO YOU DON’T MISS ANY EPISODES https://youtube.com/user/ramitsethi/featured/ This episode brought to you by: Kindred | Apply now at https://livekindred.com/ramit to join for free and earn 5 nights of travel credit Grow Therapy | Visit https://growtherapy.com/ramit to find a therapist today Facet | As of the date of this recording, Facet is waiving the enrollment fee for new annual members, and for my audience, Facet is offering $300 into your brokerage account if you invest and maintain $5,000 within your first 90 days. Head to facet.com/ramit to learn more about which membership option is best for you. Offer has been extended to 12/31/2026. #FacetAd DeleteMe | Get 20% off all consumer plans when you go to https://joindeleteme.com/ramit and use promo code RAMIT at checkout You’ve saved, invested, and maxed out your 401(k), but you still don’t feel rich. Starting November 16th, I’m going live for three nights to run real numbers and show you how to use your money to live the life you want. Sign up at iwt.com/live. 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 Apply to be coached for free on this podcast at ⁠⁠https://iwt.com/apply⁠⁠
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