00:00 Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize.
My wife and I have grown a TON financially after watching Ramit's Netflix special and then watching the podcasts. Thank you so much for the financial counseling from a distance!
I was actually the person speaking at 57:02 I will say the experience was incredible the setting was amazing and being there in the room doesn't compare to listening or watching at home. Ramit was so personable speaking with the audience several times all while maintaining a connection with the guests. This podcast has meant so much to me and my wife, we listen every week and discuss our thoughts. Thank you Ramit!
My mom always said “ we have no money”. I was thinking we were poor. Then I knew that my mom saved all money she earned as full time teacher for 40 plus years, just living my father’s income also as a teacher. They have no debt. They paid their children’s college tuition. ( we have no student loans) and they supported buying houses for their children. Huge down payment. I
Do you think your mom’s statements about having no money has affected your beliefs about money as an adult? Would you have preferred she explained how they were investing their money instead of simply saying you all had no money?
@@CambieSweets Well, I should have noted that I grew up in Japan. My parents never refused allocating money to educational opportunities but not so much for toys or fancy clothes or such. I think I leaned differences between Need and Want since young age as her comment. Investment is not the first option for Japanese people, especially in 80's and 90's.. But I wish they told my WHY they are saving money for what. I just found out my mother saved all her income after I glow up.
@@zacharyfair6738 My grandparents were farmers, and they always brought in tons of vegetables and rice to our home. (I am Japanese ;)) Also I glow up in 80's so life was good :)
There are classes in prisons based on your videos. I was talking to a family member and they were telling me about you but I mentioned that I have been listening/following you for close to a year and watch your podcasts weekly. Good realistic advise passed to those who are looking to re-enter society. Keep up the great work!
These people are us, like 3 years ago. My wife finally made a stink about getting cleaners and a lawn maintenance guy, and we went ahead and did it. Turned out to be a great idea - highly recommend if you can afford it.
@@joeyjoey22 Whatever makes you happy is great, but hiring help does not make you useless. Paying my wonderful cleaning lady to come once a month while we’re at work gives us extra time with our kids, and costs very little compared to our income. It would be a waste of time and money for us to instead have to take time away from making money and being with our kids to do even more cleaning than we already do.
I love this episode - especially the idea of using money to make things that matter to us “magical”. We recently went on vacation and spent slightly more for a hotel room with a separate bedroom so the kids could go to bed before we did - it made the vacation so much more relaxing for all of us! We’ve never done it before because I was tyrannical about finding the cheapest room, and now I so regret ruining my own vacations over $100 a night. Another example is that we’re planning a jewelry purchase for a major milestone and I’ve been looking at the cheapest options while feeling a bit uneasy/unhappy with the look. Yesterday I saw a higher quality (and more expensive) piece of jewelry that was so so beautiful in person and I imagined how magical it would be to open that box and see the reflection in the mirror each time I wear it. I think I’m going to go for the magical option!
He’s so proud he neutralized every challenge to frugality that came up that he didn’t notice he is making her never get what she wants over and over and over
He just admitted he knows it. She cares about his feelings so much she can’t enjoy what she wants without his enthusiastic consent but he’s happy if he just get what he wants and thinks she doesn’t have feelings that are different from his feelings. That’s the developmental milestone you’re supposed to reach at 18 months old.
If I could rank my favorite formats, it'd be 1) at home, 2) in front of an audience, and 3) at the studio. We all like the at home because its different and people tend to be more vulnerable. I'm not sure if this couple just happened to be very charismatic, but I liked the audience interaction here more than when it feels a little stale in the studio. The studio seems like the worst of all worlds - people aren't willing to be as honest like at home, and the banter isn't as dynamic as when there's audience laughter in the background. Thanks for trying new things to keep us entertained!
One thing my mom would tell me growing up was “buying drinks at a restaurant isn’t worth it” because we could get the same drinks for cheaper elsewhere.
I mean, we do this too and we’re not Asian!! 😂 half of it is the cost, but half is the empty calories. I tell the kids we’re picking either drink or dessert.
The earliest childhood memory is my mom telling me to be very careful using credit cards to avoid debt. Scared the hell out of me but it worked, I've never been in cc debt.
What a lovely couple! The body language is telling… especially Noor… Jibran will need to learn to pay more attention to Noor’s desire’s or slowly resentment will build and divide them. Noor would do well to speak up to both her husband and his parents. Great episode Ramit… I really enjoy this live format!👏🏻
"His life wasn’t interrupted or as tiring as mine." I think we (and Ramit) are missing the elephant in the room - it sounds like this poor woman is doing the vast majority of childcare, at one point running on 2 hours of sleep. That's so unhealthy. I feel so bad for her. And then Jibran is "scrolling"? Is he picking up other childcare tasks during the day so she can nap? They don't say. Lack of sleep and domestic inequity of course will impact finances and the relationship as a whole. I love Ramit's work but I find that when it comes to his guests having children, especially the health impact on mothers, he has a real blind spot.
When the husband said he started cleaning by "grabbing the vacuum" that let me know the wife does the cleaning in the house. Cleaning starts from top to bottom not ground up-- when you wipe down tables, counters, etc. things fall on the floor. Why would you ever vacuum first? They need a cleaner, some childcare support, etc. and they can afford it. At a certain point, the wife needs to go ahead and get the support she needs regardless of his opinion.
She said she was working remotely and raising a baby and toddler. She was working on her reports at night. That sounds like hell to me. I get the husband is focused on work but then he should be ok with hiring help at home.
picked up on this too. this relationship is a lot more toxic than most people seem to think. needing to feel like he's given approval for something as basic as getting some takeout or hiring a cleaner (when, like you said, he's clearly not pulling his weight at home) or trying to not tell him about getting a person to mow the lawn (but he finds out anyway! via doorbell cam!) and he just gets a tesla because it "saves money" (eyeroll)? no.
We make 250k and we both think doordash is a monstrous waste of money. We work regular 9-5 with occasional OT so I'll gladly pick up whatever my wife wants. The doordash markup is crazy even on a 250k income.
My wife and I make similar and we don’t bat an eye at ordering DoorDash occasionally. If the markup is crazy we might abstain but if it’s reasonable we don’t sweat it. It doesn’t make an appreciable impact on our overall finances 🤷🏽♂️
I don’t order directly through DoorDash but have noticed the markup through some sites. I ordered hot dogs online for pickup once, and when I arrived to pick up saw that the online order price was something like $1.50 more per item. We were on a time crunch that day so it was okay but it felt deceptive because it wasn’t tacked on as an online order fee. Next time, I will skip that place unless we have time to order in person.
I used to think a lot of these services and apps where just for lazy people. My girlfriend and I are high earners, and I would kind of judge her for using the grocery apps (where someone gets the groceries and delivers them to you). Then I looked at it from a financial standpoint. She makes $100+ an hour, she can take 5 minutes to load her cart on the app, hit send, then she can work another hour or two at the office. When she gets home the groceries are there. That makes total sense to me now.
Caleb is gonna have bodyguards, chairs flying, a heavy metal band playing, crowd and guests exchaging hate words, and fire coming out of barrels. Caleb is gonna come through the door wearing a suit jacket and tie on top and beach shorts and flip flops on the bottom and walking through fire as if it's a WWE intro
I don’t think I liked this format too much. It becomes too formal and misses the conversational notes that Ramit catches during the computer interviews. Plus there’s no way someone would get truly vulnerable in front of an audience. Lastly, I think Ramit pushes the travel money dial way too much, like the kids are probably the biggest money dial, I think he’s missing that perspective.
I agree. It is a hard, but temporary, stage they are in. Traveling with Little’s is the hardest. Plus the Little’s will not even remember it. I would rather go as a couple while someone safe watches the Little’s. Or just take short family trips until the Little’s are older. My husband and I took vacations with our little grands. Not too fun. Bottles, diapers, strollers, temper tantrums etc. Now they are 14 and 11 and are good traveling companions.
When Ramit asked about what she meant by “missing out on life” she said travel, so I think that was lead by the couple. I think it comes up a lot because a lot of people, including a lot of guests on the podcast, really glamorize travel.
How come we didn’t get to see their expenses? I enjoyed this episode. I like how she gifts teachers extra money despite her husband not supporting. It’s important to give back if able.
I feel some concern over this young woman's fixed smile and laugh. It is possible (from experience) that this is covering up a great deal of dissatisfaction, frustration and even hurt in perhaps not getting enough support as a working mother, not having her desires for important life experiences valued. The idea that she thought she had to hide paying getting the lawn mowed is very telling.
Correct. The husband gives off MAJOR control freak vibes, but he's acting fake in front of camera. It's in his eyes. They remind of a couple I'm friends with, coincidently also have two young kids, almost same exact scenario. Comes from immigrant household, so he's super cheap. Wife eventually dropped the dreaded "D" word on him if he didn't lighten with the control. To this day they still go to marriage counseling to try to keep it together for the kids. I see a potentially similar fate for these two if he don't change.
@@TheEarthGerm i notice how she sits through most of the interview. She is almost crunched up against the farthest side of the chair. I prob notice as during a counseling session the therapist asked my then husband to look over to see how I was sitting. I wasn't even aware of it, but it was just like she is. I wish them the best.
The money phrases I heard the most are “always pay yourself first”, have an emergency fund” “invest in something important to you,” “never co-sign a loan”, “work hard” “educate yourself through life long learning” and if you’re given something, make sure you’re giving something back in return.”
"You must work to earn what you want." My parents didn't have many direct conversations with us about money, but they would discuss the budget in front of us, we were always on the verge of losing our house, and they were always in debt. We almost never had enough money for food, and any household item that broke such as the clothes washer sent my parents into a panic because they had no money to buy a new one and would have to finance it. They told us kids we had to buy our own clothes at the age of 14, so I have been working a job and filing taxes every year since I was that age. It was a very stressful money environment. I have a lot of difficulty with money as an adult because of that experience while growing up. Your podcasts and your workbook have helped me figure out how to have a functional financial life, but I have a long way to go. Thank you Ramit!
When my parents got married they used the envelope system and lived on my dad’s income, they saved, bought furniture etc with what my mom made. That always made sense to me
@@mhodge0890more like the circumstances you are put in. Me and my partner are currently on less than 50k in in school full time right now only working maybe 13 hrs a week and she works full time her income goes to our absolute necessities and my income is used for the slight fun spending we get and saving and investing Edit: I would like to add that we are currently at my parents so the rent is substantially cheaper, that being said that is part of the “circumstances you are put in” that I was kinda referencing
@@mhodge0890 Average household income is ~$73k in the US. Half make, and live on, less than that. Make $80k, live like a $50k+$30k household, et voila!
My family of four have lived on my income for the last 8 years. With both the kids back to school, my wife's income is going back up. With her extra income, I can scale back a bit to help cover family tasks.
17:18 My Mom would say we have been in worser positions in life and we will get out of it again whereas my Dad would say I have to do it now or else the costs will get higher and I may never be able to do it. Both have had an habit of taking debt and not paying it off.
The comment about "do you enjoy this" reminds me of my time in Air Force Basic training. The basic tasks were supposed to rotate. However, there was one gal who really liked ironing, so she got to take care of it for all of us. I liked polishing, so I did all the brass work and polishing faucets. A few like running the floor polishing machine, so that was their job. Some liked laundry. After all, the true purpose of basic is to train teamwork, and after the 1st week or 2 we learned to ignore the "schedule' and just work together.
It's good to have this for a change. Audience is respectful and have good reactions, almost like this is Oprah and Dr. Phil. If this was Caleb's show, there'd be bodyguards, chairs flying all around, aggressive cheering or booing in the crowd, audience roasting the guests and guests fighting back, heavy metal band in the background, it's Jerry Springer for finances lol.
I feel soooo bad for her!!!!! Being so shy to ask for a nanny.....Women in the northern hemisphere are tortured with all this childcare + house work and society tries to tell them it's normal and okay!!!!!! It's not okay!!!! I wish society would support families much more...
Advice I would here whenever I had a financial struggle "If money can fix the problem, it's not really a problem.... get to work and make something happen."
I remember my father saying, “it’s only money.” This from an immigrant whose first business went bankrupt, he paid all his debts off eventually. We had nothing but it taught me that there is more to life than money.
For this couple, they are super, super well off and doing extremely well for their ages. Like i said, its a great format to have here and its great that it starts off with a very successful couple to not have too much criticisms. Just imagine 40+ years old, negative net worth, spending on cars and eating out all the time how the audience will react
From what I’ve seen, Ramit’s show skews heavily towards the top 1-5% of earners. And I agree, few financially non-successful couples would sign up to put themselves in front of a live audience.
My mom would always say that "credit cards are evil and they will always lose you money" or that I couldn't go to a two day camp because "we can't afford it" all the while I saw them spending thousands a year on new couches, cameras, or restaurants that I never went to. Even now at 55 and 65 they are still paying off their mortgage and student loans. They say that I am foolish for buying a used car and staying out of debt. I feel like I am putting their words to action while they don't. I can still have fun without being afraid of money like they are.
My parents never talked about money. We never went without the essentials, but we knew there wasn't much left over. It was the same for most people in Ireland back then (1970s-80s). When I was 14 I worked for the milkman, delivering milk and collecting money from customers. One day I had to knock at the back door of Eamon Andrews' house (an Irish TV presenter). When the door opened, I was blown away by the fact that they had a color-matched (white) TV sitting on the kitchen counter. I never knew such things existed! The other thing that blew my mind was seeing Close Encounters of the Third Kind. There's a scene where the little kid, Barry, wakes up to find all his toys moving around. The fact that a kid with a single parent could own that many toys and live in a house like that was just nuts to me. I've lived in the US since 1990, and I don't think I would ever have lived this lifestyle back in Ireland, Celtic Tiger or no.
I heard “school is not a fashion show” from my father a lot. He meant we shouldn’t spend money on nice clothes, makeup, and jewelry. My mother, sister, and I would hide our purchases when we came home for fear of being caught having bought something at the mall. But we would mainly just window shop and not buy anything.
Sorry, not a fan of this format. Seems like there really wasn't as much focus on the couple and just constant cuts into and out of the conversation, felt disjointed.
My advice to all - who have either not realised this strategy or forgotten along the way to wealth: Get a comfortably high number, then start living off its interest "4%" may tickle some ears.
Best advice..better than Ramit.. Get to 2.5-3M. Enjoy the extra $100k that the investments throw off. Continue to invest and grow but maybe pull back a little on investing. Ramit is projecting way too much and telling ppl to gas off way too early...30s still have strong compounding...get to your 40s then let go a little.
@@FIREownyourtime Thank you. Try Ramit crowd yells at you if your savings rate is more than 20% as if you're not allowed to retire early and as if you must be ruining your life if you do that
@@FIREownyourtime you do realize most people never ever get to 2.5 million in savings? People live off of social security that is much less than that, and they are fine. Anyway I don't think you have to worry about this couple, they both seem like they are going to be working for a hot minute, they like it (at least Jabron does)
Yup, if they start to do extravagant trips and order doordash and pianists and stuff, they won't reach 9M AND they will require more than now to be able to keep their new lifestyle in retirement. Of course, there's a happy middle to be found somewhere.
My Mom recently told me that the first money lesson she learned was to not throw money away. And this was literal. She was given a dime to buy some milk at school which cost 7 cents at the time. She didn’t have pockets because it was the 60s and put the change in her lunch bag which ended up in the trash for the first few days before my grandparents caught on. 😂
Tbh $1m net worth at their age with kids isn’t actually a lot of money and if they start to spend a lot more, they won’t be a $9m couple because they wouldn’t be investing as much as they currently are. I think they should def not argue over the little things but this escalated pretty quickly into overspending and justifying future purchases they don’t yet have money for.
100%. This was an incredibly one sided conversation. Ramit didn't challenge Noor on any of her cavalier attitudes towards money. She clearly doesn't appreciate that they are only in this position because of how hard and tirelessly her husband works. It's not a coincidence.
I heard a lot of "gorib baap er borolok chelay" which loosely translates to " poor father's son who leads a lavish life." As I grew older I stopped resenting that statement since it made a lot of sense when I heard what my father had to go through and the sacrifices he has to make (mum included when it comes to sacrifices) to give me an education and a life that he didn't get and I took for granted when I was in my adolescence. Tell you what I had an ICSE education, when I wanted to move out of Calcutta to pursue my degree from Pune, my dad was all gung ho about it, I had belly full of food, never had to worry about whether there will be roof over my head tomorrow. In India that's already a privilege and I was living a rich life, I just didn't know and appreciate it.
$250k in salary, majority of their wealth in their home, and kids. I’m not sure what Ramit is telling them to do is gonna work. If they spend like he wants they will be in trouble
Yup. They need to continue their path until they are at least 1M liquid net worth excluding their house before letting go. In their early 30s, the compounding power is still in the 10-20x, why give up that power for short term happiness. Another 5 years, the snowball will be large enough, then let go. Too early Ramit, too early.
What will I do now, if I'll have $9M in 35 yrs? My answer ----> I will not count my chickens until they hatch. 😊 I think Ramit encourages folks to overspend before they actually have enough to maintain their current lifestyles in case something catastrophic happens (economic downturn, stock market crash, job loss, spousal death/injury, divorce, etc....)
Exactly... If we extrapolate everything until a person is 90, so many ppl will be uber rich.. but life happens. Layoffs, business failures, spousal sickness or death etc. I am in the camp of don't count your chickens before they hatch. They didn't get to their current point being lazy on finances and certainly should not lax from now.
I think you are missing the point though. They can do some things to take the load off in their daily life and live a little fuller on vacation. Their COL is low. Is Jibran going to quit his job and side hustle? No freaking way. Also that 9 mil assuming they work doesn't include social security or any raises. They will be fine, but if they don't loosen up a little they might not be a family at some point (or at least one without resentment/burnout etc)
@@dawn6275 I don't think "loosening up" financially is what would determine if they remain a family or not. Otherwise, rich (lavish living) people would never get divorced, as long as they can maintain their lifestyles. Also, my point is that one should be careful about currently spending based on assuming the guarantee of future wealth because many things can happen between now and then.
My dad said "they're printing more every day". My parents were never in debt, paid off their house in 5 years, and were very generous to us kids (without over the top spoiling). My parents never fought about money. I am grateful I grew up like that, middle class.
This video was like therapy for me. I see a lot of their relationship in my marriage (just with less income lol) but this was a great reality check for me. I need to spend more time doing what my wife loves to do, traveling.
My mom told us while we were growing up to pay yourself first. Then she clarified by saying you have to set 40% of your money aside to have fun and pay your bills with the rest. My parents are really bad with money.
Ramit I spend £12 a month for CZcams without adds and now you’ve decided to put them in the video. Come on man 🤷🏻♂️ . I feel sorry for the people who need to watch the adverts on CZcams and your adverts.
@@enriquejaimes3368 that is true (if you plan to have children- though there are MANY single parents out there too, let's not forget! and these are disproportionately women bearing the financial brunt of that) but it also means ALL the expenses are on the single person. No shared rent, utils, car, etc
@@enriquejaimes3368single people have kids. First off. Secondly, living with a single income is harder with the economy than living with two incomes. It's much more expensive to be single unless your income is high
jibran actually doesn't need to change. he knows what he's doing. hes focused and lasered in. he's done a good job preventing his wife from making them poor
Growing up in the 70s and 80s there were so many fewer options compared to today with eating out. It just wasn't a thing for middle-class America, except more for special occasions. Delivery wasn't really a thing except for the local pizza or Chinese restaurant.
This was an interesting format. It’s good to mix it up but I do prefer the usual format… maybe not being in front of an audience leads to more vulnerability. Thanks for sharing from the live shows though! Much appreciated
Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Dianne Sarah Olson who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!
hi, i'm 39 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply
Thank you for this episode. Really enjoyed this, the sound was clear, and the audience participation works too. I welcome the engagement and input from the audience. I do miss the thank you note that you usually give at the end of each video.
Lol you should try me... diagnosed with cancer in grad school, have a mountain of student loan debt from grad school... would love to be "worth a million" and feel like I have problems. These people have no idea about what having no money is.
My mother would sit me down to make a list of everything that needed to be covered with the money my dad gave her. Food, sending money to her mom, bills, etc. I could see how little was left and I started doing math before asking for things. At some point, I stopped asking and just planned to use my allowance. If it didn't fit in my allowance, I wasn't gonna get it. It's an invisible script because I still live by my allocations and it keeps me with enough disposable income to theoretically do things but I never ask for anything unless I know the answer will be yes.
One thing I remember growing up: Once I asked my dad why we didn't have properties and were not as wealthy as his cousins. He answered that it is because we are intellectuals, not businessmen. (Father and grandfather are public school teachers)
Exactly!! But I do think in the near future of say 5 years maybe when they hit $2.5M then it's ok to relax a little and invest 20-30% instead of 50-60%. I think they should work backwards and define their investments first before spending.
@@FIREownyourtime Yeah, most people in the comment second complain about not having a million, but would never do the actions this guy is to get there. Also, yes, saving more earlier is better
Dad: “Get good grades! Why is that important?” Me: “To get into a good college.” Dad: “And then?” Me: “To get a good job.” Dad: “Why?” Me: “To earn lots of money.”
I like the idea of offering this for in person, but I don’t think it’s right for CZcams. I agree with some of the other comments that it’s impossible to be vulnerable in front of such a large audience. I prefer the at-home videos where couples are in separate rooms; they feel more authentic. I also agree that this format would be difficult and awkward for those who aren't top earners. The cuts felt strange, especially with the commercials-I felt like it was taking place in three different locations.
Childhood financial phrase: Step father said to me when mom gave me weekly school lunch money, when I was 14, “when will you stop playing the momma for money.” I was already paying for all school clothes and supplies.
After school as a twelve year old latch key kid I came home hungry. When my mom found out that I ate a can of condensed soup she screamed at me saying that I by eating one can of soup took as much food that could feed an entire family. I was grounded for 3 months! I had never heard that we didn't have enough money for food... My parents did not talk to me about money. I think they just thought I was supposed to somehow pick up signals. We lived in a very nice house and we had first television in town so it wasn't like we lived as though we were broke.
@mickylord21 I lost the chance to talk with my parents about the latch key incident.. Maybe if they had lived longer I would have brought it up.. But they both died in the same week when I was 24. Dad had a heart attack .. couple days later my mom had a stroke.
My parents never talked about money but their actions demonstrated we were poor. We lived in the "projects" in New York, during the 50's - 70's, when it really was a government benefit because most of the families were two parent families, who worked. We never could have seconds at dinner and we did not have allowances. Anything we received for birthday, fun, etc. was given to us by my grandmother. I think my mother used credit cards to purchase quality clothing for herself and my siblings so that she could dress us up to look like we had money and were important. Because of this experience and at one time being a sole parent , money security means a lot to me, so I don't have outstanding bills, look for deals, and try to save as much as I can.
My Mom’s a retired nurse, still working an on-line part-time job (related to her previous work) because she enjoys it. She grew up poor in a rural area. Her phrase about finance: “If you got it, don’t spend it; if you don’t got it, then definitely don’t spend it”.
Funny thing about $$ conversations growing up is that a lot of the negative things i heard were from people OUTSIDE of my immediate family. Other kids saying that my parents were broke because I was wearing clothes from K-Mart, or because I didn't have my hair done up a certain way. But that was not how i felt growing up because my dad spoiled us and was very generous with his $$.
17:18 my parents would always say “I don’t get paid until next week.” And my grandma would always say “your parents owe me money”. 😂😂😂😂. She lived with us so it was kinda chaotic to know my parents always owed her money.
Thanks, Ramit! Love the content, and I’ve been learning a lot from your podcast and CZcams videos and book! Feeling like there’s a lot of sponsored advertising in the more recent videos it’s a lot. The other CZcamsrs I watch usually just mention one sponsor. It feels like it’s every few minutes…..
As they counted a large stack of cash, my parents would remind me, 'Remember, don’t tell anyone we have money.' Their savings strategy was simple: keep quiet about having money, so people wouldn’t come asking for it or trying to sell them something.
Growing up, my mom would say, "God will provide." And my dad would make me write an essay for money but was really generous when he drank. Now, I live all mantras. God will provide, if i can justify it, it's fine, and i love spoiling people, especially if im drinking. My younger brother put me on to you because God provides for me, but I need a plan to control my generosity and compassion for other people's stories. ❤
This was a brilliant episode. Loved that the couple were so articulate and transparent. So refreshing that the husband is so hard-working and money-oriented and looking out for his family for the future. A rare gem in young people nowadays. And that the wife is balancing the life experiences for now. Reaching a balance was the lesson they needed to learn and Ramit helped them with this.
Young people, please, please, PLEASE do not discourage your parents from getting a part-time job after retirement! People need to continue to have a purpose, or they will slowly fade away.😢
Purpose doesn't need to be from a menial job. Good grief, I'm glad my parents had ZERO need to work in retirement. Both kept very busy doing other things.
My parent mother, used to always say " money doesn't bring happiness" ( she left my wealthy and abusive father), and then i also remember she would often complain about being " in over draft". We were poor. She is still poor and so am I. So what does that say? I kind of wish she put more emphasis on me saving money.
I think you're on to something. Money doesn't bring SOME people happiness because SOME will always find a reason to be miserable. I think money could bring a lot of people happiness especially those of us that grew up poor.
Good video, I like your normal video calls better than the open in-person discussion. It seems in the video calls, the conversation gets a lot more intimate and psychological (wouldn't expect people to want to fully open up when they have an audience staring them in the face), while this feels more like an entertainment piece. Solving financial problems, rather than financial entertainment.
“We don’t have any money” was a comment I heard a lot growing up and now ,even if I have money, I’m constantly saving because my mindset is we still don’t any or we may not have any in the future. I am still frugal and I don’t need to be. I am generous with my kids and loved ones but definitely frugal with myself.
00:00 Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube
Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize.
My wife and I have grown a TON financially after watching Ramit's Netflix special and then watching the podcasts. Thank you so much for the financial counseling from a distance!
i love that so much, congrats. i bet you two will get his new book coming out next year
I learn something almost every episode. Thank you Ramit and your team ❤
Congratulations 🎉
I was actually the person speaking at 57:02 I will say the experience was incredible the setting was amazing and being there in the room doesn't compare to listening or watching at home. Ramit was so personable speaking with the audience several times all while maintaining a connection with the guests. This podcast has meant so much to me and my wife, we listen every week and discuss our thoughts. Thank you Ramit!
LUCKY! thanks for going
I just signed up on the waitlist. Hope I get to attend!
My mom always said “ we have no money”.
I was thinking we were poor.
Then I knew that my mom saved all money she earned as full time teacher for 40 plus years, just living my father’s income also as a teacher.
They have no debt. They paid their children’s college tuition. ( we have no student loans) and they supported buying houses for their children. Huge down payment.
I
Do you think your mom’s statements about having no money has affected your beliefs about money as an adult? Would you have preferred she explained how they were investing their money instead of simply saying you all had no money?
But did they have a life?
It sounds like they made sacrifices to start building a legacy for your family. Very admirable.
@@CambieSweets Well, I should have noted that I grew up in Japan. My parents never refused allocating money to educational opportunities but not so much for toys or fancy clothes or such. I think I leaned differences between Need and Want since young age as her comment. Investment is not the first option for Japanese people, especially in 80's and 90's.. But I wish they told my WHY they are saving money for what. I just found out my mother saved all her income after I glow up.
@@zacharyfair6738 My grandparents were farmers, and they always brought in tons of vegetables and rice to our home. (I am Japanese ;)) Also I glow up in 80's so life was good :)
There are classes in prisons based on your videos. I was talking to a family member and they were telling me about you but I mentioned that I have been listening/following you for close to a year and watch your podcasts weekly. Good realistic advise passed to those who are looking to re-enter society. Keep up the great work!
That's so cool! I think the interpersonal aspect and Ramit's calm demeanor make his content a great choice.
These people are us, like 3 years ago. My wife finally made a stink about getting cleaners and a lawn maintenance guy, and we went ahead and did it. Turned out to be a great idea - highly recommend if you can afford it.
That’s me and my husband. He makes a million and I told him no way we’re becoming that useless by hiring someone to clean 😂
I did that a few years ago too. So grateful to be able to “buy” my time back.
@@joeyjoey22 Whatever makes you happy is great, but hiring help does not make you useless. Paying my wonderful cleaning lady to come once a month while we’re at work gives us extra time with our kids, and costs very little compared to our income. It would be a waste of time and money for us to instead have to take time away from making money and being with our kids to do even more cleaning than we already do.
I love this episode - especially the idea of using money to make things that matter to us “magical”. We recently went on vacation and spent slightly more for a hotel room with a separate bedroom so the kids could go to bed before we did - it made the vacation so much more relaxing for all of us! We’ve never done it before because I was tyrannical about finding the cheapest room, and now I so regret ruining my own vacations over $100 a night. Another example is that we’re planning a jewelry purchase for a major milestone and I’ve been looking at the cheapest options while feeling a bit uneasy/unhappy with the look. Yesterday I saw a higher quality (and more expensive) piece of jewelry that was so so beautiful in person and I imagined how magical it would be to open that box and see the reflection in the mirror each time I wear it. I think I’m going to go for the magical option!
He’s so proud he neutralized every challenge to frugality that came up that he didn’t notice he is making her never get what she wants over and over and over
He just admitted he knows it. She cares about his feelings so much she can’t enjoy what she wants without his enthusiastic consent but he’s happy if he just get what he wants and thinks she doesn’t have feelings that are different from his feelings. That’s the developmental milestone you’re supposed to reach at 18 months old.
If I could rank my favorite formats, it'd be 1) at home, 2) in front of an audience, and 3) at the studio. We all like the at home because its different and people tend to be more vulnerable. I'm not sure if this couple just happened to be very charismatic, but I liked the audience interaction here more than when it feels a little stale in the studio. The studio seems like the worst of all worlds - people aren't willing to be as honest like at home, and the banter isn't as dynamic as when there's audience laughter in the background. Thanks for trying new things to keep us entertained!
I agree with the ranking. I also like the variety of formats-I hope he keeps all 3!
One thing my mom would tell me growing up was “buying drinks at a restaurant isn’t worth it” because we could get the same drinks for cheaper elsewhere.
Agreed. We didn't go out to eat often but we were drinking water without question
Is this not the most Asian thing ever 😆😆😆
I mean, we do this too and we’re not Asian!! 😂 half of it is the cost, but half is the empty calories. I tell the kids we’re picking either drink or dessert.
Not even usually a cost thing, but also a calorie thing. But at fast food places if I'm sitting in I'll get a zero drink for the free refills.
We would sneak in our own juice boxes 😂
The earliest childhood memory is my mom telling me to be very careful using credit cards to avoid debt. Scared the hell out of me but it worked, I've never been in cc debt.
What a lovely couple! The body language is telling… especially Noor… Jibran will need to learn to pay more attention to Noor’s desire’s or slowly resentment will build and divide them. Noor would do well to speak up to both her husband and his parents. Great episode Ramit… I really enjoy this live format!👏🏻
My father that grew up very poor said you will never forget your first million dollar mistake. He was absolutely right about that.
"His life wasn’t interrupted or as tiring as mine." I think we (and Ramit) are missing the elephant in the room - it sounds like this poor woman is doing the vast majority of childcare, at one point running on 2 hours of sleep. That's so unhealthy. I feel so bad for her. And then Jibran is "scrolling"? Is he picking up other childcare tasks during the day so she can nap? They don't say.
Lack of sleep and domestic inequity of course will impact finances and the relationship as a whole. I love Ramit's work but I find that when it comes to his guests having children, especially the health impact on mothers, he has a real blind spot.
When the husband said he started cleaning by "grabbing the vacuum" that let me know the wife does the cleaning in the house. Cleaning starts from top to bottom not ground up-- when you wipe down tables, counters, etc. things fall on the floor. Why would you ever vacuum first? They need a cleaner, some childcare support, etc. and they can afford it. At a certain point, the wife needs to go ahead and get the support she needs regardless of his opinion.
It also sounded like his parents had a lot of judgment for the way she did things. Sounded like she was overwhelmed. That was brushed over quickly.
She said she was working remotely and raising a baby and toddler. She was working on her reports at night. That sounds like hell to me. I get the husband is focused on work but then he should be ok with hiring help at home.
picked up on this too. this relationship is a lot more toxic than most people seem to think. needing to feel like he's given approval for something as basic as getting some takeout or hiring a cleaner (when, like you said, he's clearly not pulling his weight at home) or trying to not tell him about getting a person to mow the lawn (but he finds out anyway! via doorbell cam!) and he just gets a tesla because it "saves money" (eyeroll)? no.
@harmonyae7033 Not every woman works in that order. I couldn't care less if someone wants to vacuum first.
We make 250k and we both think doordash is a monstrous waste of money. We work regular 9-5 with occasional OT so I'll gladly pick up whatever my wife wants. The doordash markup is crazy even on a 250k income.
My wife and I make similar and we don’t bat an eye at ordering DoorDash occasionally. If the markup is crazy we might abstain but if it’s reasonable we don’t sweat it. It doesn’t make an appreciable impact on our overall finances 🤷🏽♂️
I don’t order directly through DoorDash but have noticed the markup through some sites. I ordered hot dogs online for pickup once, and when I arrived to pick up saw that the online order price was something like $1.50 more per item. We were on a time crunch that day so it was okay but it felt deceptive because it wasn’t tacked on as an online order fee. Next time, I will skip that place unless we have time to order in person.
I agree with you! I don't believe that one should be wasting money on things that can easily be solved with an alternative.
I haven’t got food delivered in a long time, I always pick up if I’m getting takeout because I just can’t deal with delivery fees 😂
I used to think a lot of these services and apps where just for lazy people. My girlfriend and I are high earners, and I would kind of judge her for using the grocery apps (where someone gets the groceries and delivers them to you). Then I looked at it from a financial standpoint. She makes $100+ an hour, she can take 5 minutes to load her cart on the app, hit send, then she can work another hour or two at the office. When she gets home the groceries are there. That makes total sense to me now.
His fidgeting near the end is so revealing. I hope he becomes more comfortable with spending.
Caleb Hammer is gonna copy this live event format and complete his metamorphosis into Full Springer.
Lol
Caleb is gonna have bodyguards, chairs flying, a heavy metal band playing, crowd and guests exchaging hate words, and fire coming out of barrels. Caleb is gonna come through the door wearing a suit jacket and tie on top and beach shorts and flip flops on the bottom and walking through fire as if it's a WWE intro
Heavy metal band playing 😂😂😂@@MattsGamblingSlots
Caleb Hammer is a great success by simply copying everyone else.
😂😂😂😂😂😂
I don’t think I liked this format too much. It becomes too formal and misses the conversational notes that Ramit catches during the computer interviews. Plus there’s no way someone would get truly vulnerable in front of an audience. Lastly, I think Ramit pushes the travel money dial way too much, like the kids are probably the biggest money dial, I think he’s missing that perspective.
I agree. He doesn't have kids so he may not fully understand
I agree. That's a very good observation.
I agree. It is a hard, but temporary, stage they are in. Traveling with Little’s is the hardest. Plus the Little’s will not even remember it. I would rather go as a couple while someone safe watches the Little’s. Or just take short family trips until the Little’s are older. My husband and I took vacations with our little grands. Not too fun. Bottles, diapers, strollers, temper tantrums etc. Now they are 14 and 11 and are good traveling companions.
When Ramit asked about what she meant by “missing out on life” she said travel, so I think that was lead by the couple. I think it comes up a lot because a lot of people, including a lot of guests on the podcast, really glamorize travel.
I listened on Spotify and it wasn't too far off of a normal episode in that format.
How come we didn’t get to see their expenses?
I enjoyed this episode. I like how she gifts teachers extra money despite her husband not supporting. It’s important to give back if able.
Geeze Im 10min in and I feel like I’m watching a nonstop ad-reel
for real.. he could cut back the editing in the start. just give the conversation and the little break ins for details.
One set of ads in the first 10 minutes. What are yall talking about?
I feel some concern over this young woman's fixed smile and laugh. It is possible (from experience) that this is covering up a great deal of dissatisfaction, frustration and even hurt in perhaps not getting enough support as a working mother, not having her desires for important life experiences valued. The idea that she thought she had to hide paying getting the lawn mowed is very telling.
Correct. The husband gives off MAJOR control freak vibes, but he's acting fake in front of camera. It's in his eyes. They remind of a couple I'm friends with, coincidently also have two young kids, almost same exact scenario. Comes from immigrant household, so he's super cheap. Wife eventually dropped the dreaded "D" word on him if he didn't lighten with the control. To this day they still go to marriage counseling to try to keep it together for the kids. I see a potentially similar fate for these two if he don't change.
@@TheEarthGerm i notice how she sits through most of the interview. She is almost crunched up against the farthest side of the chair. I prob notice as during a counseling session the therapist asked my then husband to look over to see how I was sitting. I wasn't even aware of it, but it was just like she is. I wish them the best.
The money phrases I heard the most are “always pay yourself first”, have an emergency fund” “invest in something important to you,” “never co-sign a loan”, “work hard” “educate yourself through life long learning” and if you’re given something, make sure you’re giving something back in return.”
@@awolf876 I love all of these! Now I will make sure that my kids hear more of them! Thanks ☺️
"You must work to earn what you want." My parents didn't have many direct conversations with us about money, but they would discuss the budget in front of us, we were always on the verge of losing our house, and they were always in debt. We almost never had enough money for food, and any household item that broke such as the clothes washer sent my parents into a panic because they had no money to buy a new one and would have to finance it.
They told us kids we had to buy our own clothes at the age of 14, so I have been working a job and filing taxes every year since I was that age. It was a very stressful money environment.
I have a lot of difficulty with money as an adult because of that experience while growing up. Your podcasts and your workbook have helped me figure out how to have a functional financial life, but I have a long way to go. Thank you Ramit!
When my parents got married they used the envelope system and lived on my dad’s income, they saved, bought furniture etc with what my mom made. That always made sense to me
Great time to be alive when you can rely on one income. Welp those days are gone unless you make 150k plus
@@mhodge0890more like the circumstances you are put in. Me and my partner are currently on less than 50k in in school full time right now only working maybe 13 hrs a week and she works full time her income goes to our absolute necessities and my income is used for the slight fun spending we get and saving and investing
Edit: I would like to add that we are currently at my parents so the rent is substantially cheaper, that being said that is part of the “circumstances you are put in” that I was kinda referencing
@@mhodge0890 Average household income is ~$73k in the US. Half make, and live on, less than that. Make $80k, live like a $50k+$30k household, et voila!
My family of four have lived on my income for the last 8 years. With both the kids back to school, my wife's income is going back up. With her extra income, I can scale back a bit to help cover family tasks.
17:18 My Mom would say we have been in worser positions in life and we will get out of it again whereas my Dad would say I have to do it now or else the costs will get higher and I may never be able to do it. Both have had an habit of taking debt and not paying it off.
The comment about "do you enjoy this" reminds me of my time in Air Force Basic training. The basic tasks were supposed to rotate. However, there was one gal who really liked ironing, so she got to take care of it for all of us. I liked polishing, so I did all the brass work and polishing faucets. A few like running the floor polishing machine, so that was their job. Some liked laundry. After all, the true purpose of basic is to train teamwork, and after the 1st week or 2 we learned to ignore the "schedule' and just work together.
It's good to have this for a change. Audience is respectful and have good reactions, almost like this is Oprah and Dr. Phil. If this was Caleb's show, there'd be bodyguards, chairs flying all around, aggressive cheering or booing in the crowd, audience roasting the guests and guests fighting back, heavy metal band in the background, it's Jerry Springer for finances lol.
lol caleb is so lame. ragey childish stuff. only my youngest friends like that shit lol
I love that he’s not only not willing to splurge on dining or cleaners, but he’s willing to do those things! Huge positive in this modern society.
I feel soooo bad for her!!!!! Being so shy to ask for a nanny.....Women in the northern hemisphere are tortured with all this childcare + house work and society tries to tell them it's normal and okay!!!!!! It's not okay!!!! I wish society would support families much more...
It's rare that a nanny is justified
So blessed to have retired parents. They have helped cover for us as needed.
@@laundrygoddess4 It would be very interesting for you to see how most rich families live
Advice I would here whenever I had a financial struggle "If money can fix the problem, it's not really a problem.... get to work and make something happen."
I remember my father saying, “it’s only money.” This from an immigrant whose first business went bankrupt, he paid all his debts off eventually. We had nothing but it taught me that there is more to life than money.
I love this format, laid back yet informative
A very lovely couple. They have done so well at such a young age. I wish them well.
For this couple, they are super, super well off and doing extremely well for their ages. Like i said, its a great format to have here and its great that it starts off with a very successful couple to not have too much criticisms. Just imagine 40+ years old, negative net worth, spending on cars and eating out all the time how the audience will react
From what I’ve seen, Ramit’s show skews heavily towards the top 1-5% of earners. And I agree, few financially non-successful couples would sign up to put themselves in front of a live audience.
My mom would always say that "credit cards are evil and they will always lose you money" or that I couldn't go to a two day camp because "we can't afford it" all the while I saw them spending thousands a year on new couches, cameras, or restaurants that I never went to. Even now at 55 and 65 they are still paying off their mortgage and student loans. They say that I am foolish for buying a used car and staying out of debt. I feel like I am putting their words to action while they don't. I can still have fun without being afraid of money like they are.
My parents never talked about money. We never went without the essentials, but we knew there wasn't much left over. It was the same for most people in Ireland back then (1970s-80s). When I was 14 I worked for the milkman, delivering milk and collecting money from customers. One day I had to knock at the back door of Eamon Andrews' house (an Irish TV presenter). When the door opened, I was blown away by the fact that they had a color-matched (white) TV sitting on the kitchen counter. I never knew such things existed!
The other thing that blew my mind was seeing Close Encounters of the Third Kind. There's a scene where the little kid, Barry, wakes up to find all his toys moving around. The fact that a kid with a single parent could own that many toys and live in a house like that was just nuts to me.
I've lived in the US since 1990, and I don't think I would ever have lived this lifestyle back in Ireland, Celtic Tiger or no.
Money phrases:
The classic "Money doesn't go on trees" and the most frequent one: "Beggars can't be choosers". Oof. Still sorting through this today.
I heard “school is not a fashion show” from my father a lot. He meant we shouldn’t spend money on nice clothes, makeup, and jewelry. My mother, sister, and I would hide our purchases when we came home for fear of being caught having bought something at the mall. But we would mainly just window shop and not buy anything.
I hope you have a much healthier marriage
@@M_SCOr just single and happy.
Yes, I’m single and happy! 🥳
Sorry, not a fan of this format. Seems like there really wasn't as much focus on the couple and just constant cuts into and out of the conversation, felt disjointed.
My advice to all - who have either not realised this strategy or forgotten along the way to wealth:
Get a comfortably high number, then start living off its interest
"4%" may tickle some ears.
Best advice..better than Ramit..
Get to 2.5-3M. Enjoy the extra $100k that the investments throw off. Continue to invest and grow but maybe pull back a little on investing. Ramit is projecting way too much and telling ppl to gas off way too early...30s still have strong compounding...get to your 40s then let go a little.
@@FIREownyourtime Thank you. Try Ramit crowd yells at you if your savings rate is more than 20% as if you're not allowed to retire early and as if you must be ruining your life if you do that
@@FIREownyourtime you do realize most people never ever get to 2.5 million in savings? People live off of social security that is much less than that, and they are fine.
Anyway I don't think you have to worry about this couple, they both seem like they are going to be working for a hot minute, they like it (at least Jabron does)
I know exactly what this guy thinks when he heard they would have 9.8 million dollar: "we're not there yet".
Yup, if they start to do extravagant trips and order doordash and pianists and stuff, they won't reach 9M AND they will require more than now to be able to keep their new lifestyle in retirement.
Of course, there's a happy middle to be found somewhere.
@@maxinoumeWhybwoukd they need $9m? They don't spend now...
My Mom recently told me that the first money lesson she learned was to not throw money away.
And this was literal. She was given a dime to buy some milk at school which cost 7 cents at the time. She didn’t have pockets because it was the 60s and put the change in her lunch bag which ended up in the trash for the first few days before my grandparents caught on. 😂
Tbh $1m net worth at their age with kids isn’t actually a lot of money and if they start to spend a lot more, they won’t be a $9m couple because they wouldn’t be investing as much as they currently are. I think they should def not argue over the little things but this escalated pretty quickly into overspending and justifying future purchases they don’t yet have money for.
100%. This was an incredibly one sided conversation. Ramit didn't challenge Noor on any of her cavalier attitudes towards money. She clearly doesn't appreciate that they are only in this position because of how hard and tirelessly her husband works. It's not a coincidence.
My dad always saying “money comes and goes” he’s 75 and still works construction jobs he hates even though he could easily retire
I heard a lot of "gorib baap er borolok chelay" which loosely translates to " poor father's son who leads a lavish life." As I grew older I stopped resenting that statement since it made a lot of sense when I heard what my father had to go through and the sacrifices he has to make (mum included when it comes to sacrifices) to give me an education and a life that he didn't get and I took for granted when I was in my adolescence.
Tell you what I had an ICSE education, when I wanted to move out of Calcutta to pursue my degree from Pune, my dad was all gung ho about it, I had belly full of food, never had to worry about whether there will be roof over my head tomorrow. In India that's already a privilege and I was living a rich life, I just didn't know and appreciate it.
$250k in salary, majority of their wealth in their home, and kids. I’m not sure what Ramit is telling them to do is gonna work. If they spend like he wants they will be in trouble
Yup. They need to continue their path until they are at least 1M liquid net worth excluding their house before letting go. In their early 30s, the compounding power is still in the 10-20x, why give up that power for short term happiness. Another 5 years, the snowball will be large enough, then let go. Too early Ramit, too early.
What will I do now, if I'll have $9M in 35 yrs?
My answer ----> I will not count my chickens until they hatch. 😊
I think Ramit encourages folks to overspend before they actually have enough to maintain their current lifestyles in case something catastrophic happens (economic downturn, stock market crash, job loss, spousal death/injury, divorce, etc....)
Exactly... If we extrapolate everything until a person is 90, so many ppl will be uber rich.. but life happens. Layoffs, business failures, spousal sickness or death etc. I am in the camp of don't count your chickens before they hatch. They didn't get to their current point being lazy on finances and certainly should not lax from now.
Thought the same podcasts before. Until you have the money a lot of life can happen 🙈
I think you are missing the point though. They can do some things to take the load off in their daily life and live a little fuller on vacation. Their COL is low.
Is Jibran going to quit his job and side hustle? No freaking way. Also that 9 mil assuming they work doesn't include social security or any raises. They will be fine, but if they don't loosen up a little they might not be a family at some point (or at least one without resentment/burnout etc)
@@dawn6275 I don't think "loosening up" financially is what would determine if they remain a family or not. Otherwise, rich (lavish living) people would never get divorced, as long as they can maintain their lifestyles.
Also, my point is that one should be careful about currently spending based on assuming the guarantee of future wealth because many things can happen between now and then.
I would hear "money is a tool" and "you can always make more". Looking back i think these were good money lessons.
"It's only money" sounds like well grounded parents with a high level of emotional intelligence.
My dad said "they're printing more every day". My parents were never in debt, paid off their house in 5 years, and were very generous to us kids (without over the top spoiling). My parents never fought about money. I am grateful I grew up like that, middle class.
Even when I made less money, I saved to get a cleaner to deep clean twice a year. Now every 4 months. It's worth your mental health
I agree with deep cleaning but it sounds like she doesn't want to cook or clean on a regular basis at all
@laundrygoddess4 Nor should she tbh. She's practically working 2+ full time jobs between kids and work 😊
This video was like therapy for me. I see a lot of their relationship in my marriage (just with less income lol) but this was a great reality check for me. I need to spend more time doing what my wife loves to do, traveling.
My father said I don't have five cents for a Hershey bar. That changed my life about money.
$9M??! I would buy a meal subscription service and have my house cleaner over twice a week!
9m?
My mom told us while we were growing up to pay yourself first. Then she clarified by saying you have to set 40% of your money aside to have fun and pay your bills with the rest. My parents are really bad with money.
😂😂ngl, I thought paying yourself first means treating yourself
My mom would say “¿Mi cara parece un banco? “ TRANSLATION : does my face look like a bank?
I love that they’re still in love with each other & still choose each other till this day
A combined networth of $1 million isn’t a lot actually. I have a $1 million networth alone and it’s not enough for retirement. I am 37
Bruh, she was full time taking care of two kids (+pumping at night) AND working a full time job. Doordash and cleaner is incredibly reasonable.
Ramit I spend £12 a month for CZcams without adds and now you’ve decided to put them in the video. Come on man 🤷🏻♂️ . I feel sorry for the people who need to watch the adverts on CZcams and your adverts.
This is a great episode.
I’ve gotten Door Dash 3 times. I was sick when I knocked over one of my smoothies, one time. Just sick. 😂😂😂
I wish he'd not be exclusively about the couples. Us singles need financial therapy too! 😂
Tbh, being single is playing the financial game in easy mode. Miles away from having a family and kids.
@@enriquejaimes3368 that is true (if you plan to have children- though there are MANY single parents out there too, let's not forget! and these are disproportionately women bearing the financial brunt of that) but it also means ALL the expenses are on the single person. No shared rent, utils, car, etc
@@enriquejaimes3368single people have kids. First off. Secondly, living with a single income is harder with the economy than living with two incomes. It's much more expensive to be single unless your income is high
Romain Faure is great with singles.
Your financial life as a single "should" be very easy. If it's not there are either unusual circumstances or you're living beyond your means
jibran actually doesn't need to change. he knows what he's doing. hes focused and lasered in. he's done a good job preventing his wife from making them poor
Keep these live events coming!! Great great energy and amazing listen! :D
Growing up in the 70s and 80s there were so many fewer options compared to today with eating out. It just wasn't a thing for middle-class America, except more for special occasions. Delivery wasn't really a thing except for the local pizza or Chinese restaurant.
This was an interesting format. It’s good to mix it up but I do prefer the usual format… maybe not being in front of an audience leads to more vulnerability.
Thanks for sharing from the live shows though! Much appreciated
Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Dianne Sarah Olson who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!
smart, You've done well for yourself. It’s all about accumulating wealth through compound interest investment.
hi, i'm 39 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply
He does not have more stamina. He’s burnt out just like you are, he’s hiding it better than you can. Thats just how we roll…
Thank you for this episode.
Really enjoyed this, the sound was clear, and the audience participation works too. I welcome the engagement and input from the audience.
I do miss the thank you note that you usually give at the end of each video.
Lol you should try me... diagnosed with cancer in grad school, have a mountain of student loan debt from grad school... would love to be "worth a million" and feel like I have problems. These people have no idea about what having no money is.
They never claim to have no money. They disagree on how to manage what they have.
You can be worth a billion dollars and still have problems. You sound like you need mental health support.
This is why men don’t like to go to counseling. Your spouse and the therapist are basically just getting together to work on you. 😂😂😂😂
The point just flew over your head
@@cornellcornell1 it’s a joke, you silly, silly, silly person. You must be fun at parties…
My mother would sit me down to make a list of everything that needed to be covered with the money my dad gave her. Food, sending money to her mom, bills, etc. I could see how little was left and I started doing math before asking for things. At some point, I stopped asking and just planned to use my allowance. If it didn't fit in my allowance, I wasn't gonna get it.
It's an invisible script because I still live by my allocations and it keeps me with enough disposable income to theoretically do things but I never ask for anything unless I know the answer will be yes.
One thing I remember growing up: Once I asked my dad why we didn't have properties and were not as wealthy as his cousins. He answered that it is because we are intellectuals, not businessmen. (Father and grandfather are public school teachers)
I’ll always remember my mom telling me I had “Champagne taste on a beer pocketbook”, and therefore I “better marry rich”.
We didn’t get to where we are by spending money
Exactly!! But I do think in the near future of say 5 years maybe when they hit $2.5M then it's ok to relax a little and invest 20-30% instead of 50-60%. I think they should work backwards and define their investments first before spending.
@@FIREownyourtime Yeah, most people in the comment second complain about not having a million, but would never do the actions this guy is to get there. Also, yes, saving more earlier is better
I'm a networth millionaire and I don't door dash and have cleaners. I wouldn't be a millionaire if I did.
Dad: “Get good grades! Why is that important?”
Me: “To get into a good college.”
Dad: “And then?”
Me: “To get a good job.”
Dad: “Why?”
Me: “To earn lots of money.”
Love the format. Good change!
Only criticism is that it felt like the interview was being interrupted to get commentary a lot more than usual.
I could relate to this couple so much!!! Thank you for sharing this!
I like the idea of offering this for in person, but I don’t think it’s right for CZcams. I agree with some of the other comments that it’s impossible to be vulnerable in front of such a large audience. I prefer the at-home videos where couples are in separate rooms; they feel more authentic. I also agree that this format would be difficult and awkward for those who aren't top earners. The cuts felt strange, especially with the commercials-I felt like it was taking place in three different locations.
The episode is keep getting better and better. We done Ramit
Childhood financial phrase: Step father said to me when mom gave me weekly school lunch money, when I was 14, “when will you stop playing the momma for money.” I was already paying for all school clothes and supplies.
After school as a twelve year old latch key kid I came home hungry. When my mom found out that I ate a can of condensed soup she screamed at me saying that I by eating one can of soup took as much food that could feed an entire family. I was grounded for 3 months! I had never heard that we didn't have enough money for food... My parents did not talk to me about money. I think they just thought I was supposed to somehow pick up signals. We lived in a very nice house and we had first television in town so it wasn't like we lived as though we were broke.
I'm so sorry 😟
I'm curious. Have you ever talked to them about this?
@mickylord21 I lost the chance to talk with my parents about the latch key incident.. Maybe if they had lived longer I would have brought it up.. But they both died in the same week when I was 24. Dad had a heart attack .. couple days later my mom had a stroke.
@Joce123 Man sorry to hear that. I actually lost my dad while I was 24 which was my reason for asking to begin with
My parents never talked about money but their actions demonstrated we were poor. We lived in the "projects" in New York, during the 50's - 70's, when it really was a government benefit because most of the families were two parent families, who worked. We never could have seconds at dinner and we did not have allowances. Anything we received for birthday, fun, etc. was given to us by my grandmother. I think my mother used credit cards to purchase quality clothing for herself and my siblings so that she could dress us up to look like we had money and were important. Because of this experience and at one time being a sole parent , money security means a lot to me, so I don't have outstanding bills, look for deals, and try to save as much as I can.
Tuesday, time to settle in for tacos and Ramit
My Mom’s a retired nurse, still working an on-line part-time job (related to her previous work) because she enjoys it. She grew up poor in a rural area. Her phrase about finance: “If you got it, don’t spend it; if you don’t got it, then definitely don’t spend it”.
Funny thing about $$ conversations growing up is that a lot of the negative things i heard were from people OUTSIDE of my immediate family. Other kids saying that my parents were broke because I was wearing clothes from K-Mart, or because I didn't have my hair done up a certain way. But that was not how i felt growing up because my dad spoiled us and was very generous with his $$.
17:18 my parents would always say “I don’t get paid until next week.” And my grandma would always say “your parents owe me money”. 😂😂😂😂. She lived with us so it was kinda chaotic to know my parents always owed her money.
Thanks, Ramit! Love the content, and I’ve been learning a lot from your podcast and CZcams videos and book! Feeling like there’s a lot of sponsored advertising in the more recent videos it’s a lot. The other CZcamsrs I watch usually just mention one sponsor. It feels like it’s every few minutes…..
As they counted a large stack of cash, my parents would remind me, 'Remember, don’t tell anyone we have money.' Their savings strategy was simple: keep quiet about having money, so people wouldn’t come asking for it or trying to sell them something.
Growing up, my mom would say, "God will provide." And my dad would make me write an essay for money but was really generous when he drank. Now, I live all mantras. God will provide, if i can justify it, it's fine, and i love spoiling people, especially if im drinking.
My younger brother put me on to you because God provides for me, but I need a plan to control my generosity and compassion for other people's stories. ❤
This was a brilliant episode. Loved that the couple were so articulate and transparent. So refreshing that the husband is so hard-working and money-oriented and looking out for his family for the future. A rare gem in young people nowadays. And that the wife is balancing the life experiences for now. Reaching a balance was the lesson they needed to learn and Ramit helped them with this.
Young people, please, please, PLEASE do not discourage your parents from getting a part-time job after retirement! People need to continue to have a purpose, or they will slowly fade away.😢
Purpose doesn't need to be from a menial job. Good grief, I'm glad my parents had ZERO need to work in retirement. Both kept very busy doing other things.
@@debbielockhart7762 you somehow made a confusing leap to “menial”🤦♀️
@@SnarkyRamit 😆
How MANY sponsors are there??? How many sponsors do you need?
I agree, it felt a bit overkill
Why is it a bother ? It is not mandatory, I just skip it when it comes up
let him get his bag
Just skip through & quit whinging & whining!
Fast forward works 🙂
This was such a fun episode. I love the vibe a live meeting with an audience brings!
My parent mother, used to always say " money doesn't bring happiness" ( she left my wealthy and abusive father), and then i also remember she would often complain about being " in over draft". We were poor. She is still poor and so am I.
So what does that say?
I kind of wish she put more emphasis on me saving money.
I think you're on to something. Money doesn't bring SOME people happiness because SOME will always find a reason to be miserable. I think money could bring a lot of people happiness especially those of us that grew up poor.
Good video,
I like your normal video calls better than the open in-person discussion. It seems in the video calls, the conversation gets a lot more intimate and psychological (wouldn't expect people to want to fully open up when they have an audience staring them in the face), while this feels more like an entertainment piece.
Solving financial problems, rather than financial entertainment.
For the record, and to give Ramit’s team some positive feedback: I LOVE the intro to this video. Editing style and music choice was top notch!
Thanks for another great episode! Absolutely fantastic!
“We don’t have any money” was a comment I heard a lot growing up and now ,even if I have money, I’m constantly saving because my mindset is we still don’t any or we may not have any in the future. I am still frugal and I don’t need to be. I am generous with my kids and loved ones but definitely frugal with myself.
That was a lot of fun, looking forward to seeing more of these live episodes! Loved everything about and the couple was fantastic!
I love the event idea with the audience 😍but i would love if you minimize the breaks for the advice and also the ads !