“We make $300k but spend like we make $1M”

[@ramitsethi]

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.

[@GGRetroRally]

Hi Ramit. Please can you explain what to do with your CSP if you investments are made pre-tax through a company match scheme? Do you still need 10% after tax or should this section be adjusted accordingly? Many thanks

[@christinebahra9397]

I love seeing the numbers first.

[@ramitsethi]

Glad to hear it! Thank you for watching

[@hongliennguyen8839]

Me too.

[@mainsocial1105]

Same!

[@alorah4831]

Me too!

[@BelleDividends]

​@@ramitsethiYes! I like seeing the numbers first, so that I know immediately what we are talking about.

[@jaynebirkholz1596]

I really, really wish we could revisit these couples in 6 months, 1 year, 2 years.

[@katet.3543]

one year later would be so interesting

[@nikkibadzik3948]

Yes! Follow ups to see how things turned out based on Ramit's advice would be awesome.

[@martinyeager7948]

Yes, I'd like to see follow from one to three years out.

[@problematicpolarbear6065]

Check the guys 2nd update. The bike is still there in the bsckground. I feel confident telling you right now how those updates are going to look like. Also both their updates were an insufferable stream of corporate -esque bullshit.

[@BlissfulSpec]

Perhaps using the Andy Cohen housewives reunion format and get multiple couples back at a time and focus on the biggest pain points and recaps of each couple.

[@ntimn8r]

Showing the Conscious Spending Plan first is a game changer for this pod cast. Brilliant improvement!

[@ebullock1000]

The “we’ll catch up” mindset is so dangerous. Live in your means -today! Not for the money you’ll have in a few years.

[@CambieSweets]

Borrowing against a future that hasn’t happened yet is wild 😅

[@alwaysemilia]

It’s SO dangerous because they’re basically already living at that future income level. When she starts working, they’d increase their cost of living even more and never get out of the hole. TBH, still not convinced by their follow-ups but time will tell. Wish we got follow ups from the channel

[@jaynebirkholz1596]

​@@alwaysemiliaI agree! Later follow ups would be awesome!!

[@kyleolson9636]

"Catching up" is a reasonable plan for retirement savings if you can not save much while your kids are very young. It is not a reasonable excuse for going into debt during that same period.

[@Dre2011]

This!!!!

[@Sasha-vs6sd]

My gut says he hesitated when she got fired up because if she’s on board, he’ll have to give up his luxuries like his bikes & the gym. Like if she doesn’t follow through, that’s his excuse to not try either.

[@license2Bort]

Ahhh good point!

[@maiknitta]

Yes! You don't have to be faster than the bear, just don't be the slowest person running from the bear kind of mentality. Once they catch up now you actually have reevaluate.

[@tannerdriscoll6699]

Notice how his bike is still in the background in the 2nd follow up

[@BlissfulSpec]

Anyone notice that is $6000 bike was still in the background in the check-in weeks later?

[@lowlowseesee]

good catch

[@latulip100]

The problem I feel with couples is a false sense of security I think. Ooh we’re married, house it’s all good. As a childless cat lady, I got no fall back, and these kittens ain’t earning shit.

[@janineclarkson3991]

Kitten shaming 😂 just kidding kittens turn into cats which are dependents they will keep you careful on your finances, you are the kittens safety net 🐈

[@saagarchandiramani2815]

I think Kathleen's approach and openness to change & being affirmative is so underrated. Her self-awareness is really remarkable and she was able to use it to push past her previous identity of being an avoider in order to form a new one. I think she really led the way for them in this conversation and is a great example of what showing up to do the work looks like.

[@mrs.quills7061]

That’s what I really liked about her. This couple is way different than other higher earners he’s had on, there wasn’t this crazy pressure on each other and they seemed grounded and down to earth. Just make some financial mistakes and felt stuck.

[@holamissmusica]

I feel like you've reduced the number of ads from the previous weeks - thank you! I like the pace and depth of the episodes. I actually feel privileged to hear about the couples' dilemma and how you guide them through problem-solving. Well done on your consistency too!

[@nerdcave0]

Great point about going slow and basically not shaming people through the process.

[@Jerseystructureunderboss]

My wife and I (willingly childless) make $245k to $260k household. We have cut a ton of expenses in the last two years. We will be debt free in 6 months. Convenience spending, eating out, house cleaner, etc., all gone now. Grandma was right: it adds up!!!

[@tomaszp2027]

What's your plan for 6M+? Out of you two couples yours is the one that could afford it much more easily. Are you aiming for an earlier retirement or something else?

[@africansister]

Still u need kids 😊 they will visit call and help u in your old days ❤

[@leonchan7666]

After hearing their 2nd update, I'm not convinced. There was no car was sold, bike was sold, more money into the debt has been automated etc. It was still we're just planning and going to do this and that. I can only guess reality had hit hard after the excitement subsided.

[@norwaybirds3015]

Great format Ramit! I can really see how you listen to your audience feedback to make improvements. It's also appreciated that you don't just give in to those looking for sensationalist drama. I am also concerned that this couple seem to still speak in non-specific phrases about the changes they're making. They should have been able to list 30 things they were changing, reducing, selling... Those vague follow up responses show how difficult it is for people to change. I wish them luck.

[@AmyAnnetteHenion]

I thought the same thing

[@heatherlavere4644]

I thought the same thing, especially with the bike still behind him with the second follow up. I hope the counciling helps and they become honest with themselves. It's not easy.

[@ntimn8r]

They really do read the comments. I feel like everything we say in the comments is literally addressed and changed in the very next episode. Makes me want to comment more, for sure.

[@license2Bort]

Seeing finances first was a great change! Always shocked when couples are unphazed by massive credit card debt and minimal savings (specially with kids). I've seen every single interview on this channel and i still dont understand how it doesnt bother them. I understand their upbringing shaped them, but they are in their 40s...

[@Gioli565]

Same. I’m amazed by it. I’d be terrified

[@esqu1re]

And some are very educated too! But if they aren't exposed to financial education, they become financially illiterate, which is what we see for most of these couples.

[@iyannadaughtrey8119]

It is unbelievable, but then I have to remember that they didn't suffer the consequences of their actions but they were constantly bailed out by family, taking from the investments, or getting a sudden large sum of money. They've never had to change their behavior.

[@mrs.quills7061]

The older episodes used to be like that and have more of a breakdown of the family background/ emotional complexities. I love that it’s come back.

[@janel8733]

Only having $2,000 in savings when you have kids is truly scary.

[@Gioli565]

The fact that they experienced a layoff, just this year, in a single income home, and came weeks away from losing everything and they still don’t have a liquid emergency fund shows they just don’t care. That should have scared the bejeezus out of them.

[@mrs.quills7061]

I know during the pandemic when I was laid off for a few months it kicked my ass into overdrive to have a side thing and start taking my saving and finances way more seriously!

[@janineclarkson3991]

45:00 Caleb Hammer has left the chat - kidding - like his stuff too - different strokes for different folks, the answers come from multiple sources, whatever works for you

[@katiewilson4411]

Thanks for showing the numbers first!

[@CyrinaSwanston]

I love it when the couples seem genuinely connected and want to work as a team!! I could just feel how healthy their relationship is, and how they both are willing to step up and make changes. I love watching your podcast, but I especially love it when you're able to show a couple whose relationship is something to aspire to!!

[@Gioli565]

It’s insane to have $2k in savings on that income

[@TalkingMoneyWithNozi]

I live in South Africa, earn only a fraction of what they do, and I have way more than 2K in savings. I'm so shocked how they can waste so much money it seems unreal

[@ang8925]

​​@@TalkingMoneyWithNoziMy fam is from SA, you would be shocked to hear how hard it is to save in the U.S. w/ the current economic climate. These people are NOT the norm. But even 'high wage earners" are not thriving. An oversees friend came to visit and was absolutely shocked at how much it costs to live a moderate frugal life here. I would not be surprised if you have a much better quality of life than a couple earning $200k a year in the US! Bless you!

[@patrickmartin7242]

That’s misleading. They have 168,000 in liquid investments and home equity

[@brunabodulica4245]

I love how Kathleen has that Drew Barrymore vibe. Love her!!

[@rebvanwinkelstein2578]

I thought the same. Could work as a double 😅

[@shilarakesh]

Me two. Drew Barrymore lookalike for sure.

[@FIREownyourtime]

Utilities are madness, groceries could be $1000, eating out could be $800. Sell one car. Stop vacations for 2 years, throw everything into debt. Sell the bikes. With discipline, they are able to eliminate all debt in 2-3 yrs. Its not about what you make (to a certain extent), but what you get to keep and grow exponentially. In 10 yrs, they will have college costs to deal with. With that kind of income, they should be able to invest $5k monthly. Do it for your future selves.

[@mo1482]

I was shocked the utilities weren't mentioned because who's utilities are $1770/month?!?!

[@lastpolarbearcub]

Yes, what is happening there?? And what is a dog phone for $100 a month???

[@jm9565]

And at their income, they're going to have to pay 100% for college with no financial aid aside from maybe a few grand in unsubsidized Federal loans. They're looking at $35k-45k per year per kid even if the kids go to Cal State or UC schools.

[@kurtwpg]

@@mo1482 Ditto. I watched this weeks ago and I'm not going to go back through the whole video, but what's up with that number? Their utilities are more than some people make in a month.

[@Chikou14219]

I’m 28 and I relate to them and their attitudes/misguided positivity so much. This is a vision of where I’ll be if I don’t change

[@mariepettit2632]

Yes, thank you for the numbers first!! 🙌

[@josephruiz3202]

Epic fail. These guys are talking about “trying” to make changes. So much planning and counseling. Just DO it. After several weeks, they should have said we’ve paid off x amount of debt. I just hear intentions and no implementation. No urgency.

[@tracyaf6084]

I think this is where the gentle approach ends up for some people. They need a stronger “why” to get themselves fired up.

[@dallison1961]

Totally agree.

[@latulip100]

I’m so glad I have an Autistic dad, within their follow ups he’d have sold on eBay 10 things he repaired from the trash. It’s just stuff mate. Cash out stocks, that retirement account was low for his age and income sorry. Should go there

[@ILovePlants33]

And items should have been sold by now. Very disappointing- the 2nd update was just as vague

[@josephruiz3202]

@@tracyaf6084they need a healthy dose of Uncle Dave

[@mitchellvanburen6479]

Shots fired at Caleb Hammer 😂😂😂

[@bobbytabernacle]

Facts 😂 watching Caleb genuinely helped me turn my financial life around a couple years ago but now it’s just pure nonsense and entertainment and I lean more towards Ramit and Money Guy for serious financial advice

[@DK-jq9cb]

@@bobbytabernaclesame! Caleb is purely entertainment at this point. Ramit for reality

[@MufasaJungle]

Classic example of living above your paygrade! $2200 diners, $1859 shopping MONTHLY, guys, are you INSANE?

[@IrisP989]

Mind boggling that at $300K their net worth is like that, their savings basically don’t exist, etc. They have kids to raise and that’s how they live and spend?? We aren’t at $300K yet and are in a much better position in a high cost of living area with 2 mortgages and one car loan (only husband works. One rental). Hopefully this couple will change their ways.

[@davidnprogress]

This is one of my favorite podcasts for sure and should be required watching/listening for any couple. Married 29 years as of this month and living as partners is for sure part of our financial success.

[@kelly4618]

Congratulations on 29 years!

[@ericbarton5053]

Love that you started with the csp! Great episode Ramit!

[@gomezdiana84]

Yesssss.... CSP upfront! Woohoo!!

[@CH-bi8tl]

I'm glad they opened their eyes. I'm hesitant that any changes will be long lasting. They are in their 40s and only 170k in investments combined. They live big and are already saying that when she goes full-time in a few years that they can add things back in. Adding things back in will raise how much they'll need for a comfortable retirement. They will need to be upping contributions once the debt is paid off

[@CH-bi8tl]

@@Britt4880 same. And they are talking more about buying or helping their kids buy assets instead of getting their own future setup. I hope they can get their own future sorted out

[@FunStuffBuddy]

Sounds like they trying to live their “RICH RICH” life! 🤣😂

[@TonyCox1351]

$4K a month on dinner and shopping…sheesh they sure are living rich!

[@BelleDividends]

Yes, they are living their RICH RICH life, but they are going unconsciously about it.

[@KNRS927]

Yep, but they're doing it in an unconscious and unsustainable manner.

[@nysandy80]

True 😂😂😂

[@LORDJesusisLove]

I'm glad that you went back and allowed them to provide a more detailed follow up. You gave them another chance which is great

[@arianehoward4903]

This couple speaks to one another with such respect. I really loved this episode.

[@Smokychedda64590]

At that income, they could have anything they want. But not everything they want

[@lmanderson2012]

As a recovering over spender, these episodes help a lot of unpacking the disconnect between what I'm spending and what I actually have.

[@LoveiDora]

Ramit asks the very best questions in these sessions. You are doing great work!

[@ILovePlants33]

I love the 'what do you hope to get from this' question

[@LoveiDora]

@@ILovePlants33 Yup! that Q puts the entire exercise in perspective.

[@IAmebAdger]

This podcast is improving! Good idea to get Ramit's analysis on the CSP at the beginning.

[@Azel247]

Once you go bougie you can't go back, that's why I take lifestyle inflation in small steps and pace my upgrades. I feel like small upgrades provide just as much enjoyment as big ones and allows for more frequent dopamine hits.

[@kurtwpg]

If you have a paid off car, you can buy $100 things that bring you joy a dozen times a year without batting an eyelash.

[@SisiWang-d6o]

People always think making more would solve the problem and this just shows that it’s not income problem most people have, it’s a spending problem. Mindless spending, keep up with Jones hurts regardless what you make.

[@kurtwpg]

Yeah, she could go out and get a job with a $60k gross, have someone do free child care, and they'd still be increasing their debt. They have fantastic income, it's a spending problem only.

[@Th3Think3r]

Agreed. I feel like they're delaying selling items and making severe spending cuts because they think her upcoming new job will save them.

[@SisiWang-d6o]

@@Th3Think3ragree! Even with second update, they never had solid plan on selling. He still found another way to fund their lifestyle without too much changes (I think, who knows) which is stock option buy out ….

[@charliegolding9439]

We make almost 300K per year. We got debt free, thanks to Ramit, about 1 year ago. About 260K paid off in the previous 5 years! 🎉

[@lapin-rouge]

It’s crazy to think that at making $300k/yr it’s an income problem

[@TonyCox1351]

They spend $4K a month on restaurants and shopping so definitely not an income problem lol

[@YongPark-g3h]

It's an income problem. They make too much money.

[@karlgreen2709]

I also believe that it's not what they are spending on, but rather how they are spending it. The debt don't lie.

[@LBellatrix]

I make 6 figures and my eating-out budget is $150/month. That’s because I cook most of my meals but I would have to really work at it to spend $550/month, which is what they’re spending per person in their household. Even if they’re in a HCOL area, that just seems like a LOT. Or is it?

[@juanseaforth5111]

As an immigrant. I’m so happy I live below my means. Zero credit cards debt. My cars are fully paid off and my mortgage payment is under $1200. Thanks to my parents for teaching us the value of a dollar.

[@rp3504]

I have similar income but save about $7k a month. They could do this if they wanted.

[@jfrederick71]

I sure hope there is a follow-up after a year. Those two stock payouts and where they actually go is going to be interesting. Good luck to Forest & Kathleen.

[@mo1482]

Unfortunately it won't change their habits

[@emilyrivera4986]

I have a question. Why do I see so many families that have a stay-at-home mom or dad eat out so much? Why can’t the person that’s home cook at least 5 days a week? Make some big meals that last 2 days. Baked ziti, Lasagna maybe.

[@michellegreen1072]

They don’t like leftovers. They don’t know how to cook. They feel they are too rich for that. We have a $100 per month eating out budget.

[@ILovePlants33]

Also how the hell is their grocery bill that high with so much eating out???

[@kurtwpg]

​@@ILovePlants33Ribeye and lobster.

[@pam1830]

YAY thank you for reviewing their money FIRST! This is the change that was needed for the podcast/show. (Still hate the quick-cut flashy dramatic intro but that's what skipping ahead is for!)

[@richheruk]

I've been refreshing all morning, waiting for this to drop. 😁

[@dyhppyx]

As an immigrant it genuinely amazes me how entitled Americans sound about having stuff and spending. I wish they could see themselves from my perspective.

[@chrisk4053]

I agree. How can they possibly be in this situation with that income! We have become so materialistic and consumer focused. It has taken the joy away from the simple things of life

[@mspro9032]

I feel like this couple never truly traveled to countries who habe less and are happy. I curbed my materialism as soon as I started traveling and noticing material items are stupid and less is more

[@Bynming]

​@@mspro9032As an avid traveler I feel like traveling is kind of a form of materialism though, not that it's inherently wrong.

[@mspro9032]

@Bynming i respect your view. Although materialism is a tangible item such as a shirt, Stanley water bottle, or shoes. I dont necessarily categorize travel as materialism, but I can see your perspective

[@Bynming]

@@mspro9032 I think if you take the term literally you're right, and perhaps my perspective would require another term, my point is that ultimately, travel is a highly polluting luxury product that we use for our entertainment to an extent, it's not really any less self-indulgent than buying a new iphone every year or whatever else.

[@makeanddohandmade]

Ramit sounds like Dave Ramsey “sell everything until the kids think they’re next” 😜😂 they will not regret this journey together!

[@lowlowseesee]

he did two dave impressions in this one with a few subtle shots at caleb lol

[@ang8925]

@makeanddohandmade yeah I cringed when I heard the Dave Ramsey speak! Ramit completely missed the fact that the expensive bikes were probably put on a credit card that he's paying high interest on, it's all a sunk cost. And same with the truck! Ramit seems to be out of touch with what anything costs nowadays except for an expensive hotel room which is his version of a rich life. $4k for a bike IS alot, but having known serious bicyclsts, I better understand it. Ramit also seems to be clueless as to what is going on in the used car world by where folks are getting bilked on used cars and it has actually been this way since 2015, progressively getting worse. Now there is finally videos of salespeople admitting how they are ripping off customers

[@awb19892]

+1 on showing CSP right away. in many episodes, I'm wondering for 45 minutes if it's a tight situation with a few bad choices on cars with moderate income, or high income and a massive spending problem.

[@Bertuzz84]

Yes, it's so hard to judge anything based on what people are saying. Because peoples own perception tends to paint a terriblty inaccurate picture of their situation. Most of the guests have very impressive incomes. They just can't live like truely rich people.

[@ignitionSoldier]

Off topic, but the wife reminds me of Drew Barrymore a bit.

[@katiewilson4411]

Whoa. Seriously

[@teragram8006]

Yup. Literally kept thinking the same thing, they could be relatives.

[@CambieSweets]

Was coming to comment this. You beat me to it!

[@seanjean9677]

Omg …. I just wrote this lol

[@manubansal1979]

Haha totally

[@DannyDaCat]

Funny how the wife sounds crystal clear with her laptop, but the husband with a literal studio with requisite chair and what looks like a pro microphone sounds like he's talking out of a cardboard box.

[@GeorgeGoire]

True, it’s sounds like he put a high pass filter and left all the weird mid range nasal sound. It’s not the equipment, it’s just bad EQ. He should have left it natural, like she did.

[@shazuanajiji2671]

Thats like commenting how bad the chair is like after hearing ur wife got cancer..cos thats what matters

[@user-km3eu3qx3h]

I also find the set up a bit over the top, if only because they’re in tons of debt. It just points to too much spending when they probably didn’t have the money….

[@lowlowseesee]

the carbon in his "bike" is blocking the wifi yo

[@StevenEdwardsAudio]

@@user-km3eu3qx3hhis setup isn’t extravagant

[@goldengirlgains]

putting the numbersnin the beginning is super helpful

[@dereks860]

I cannot wait for the new book, Ramit!

[@TheJakobRose]

2,000 a month on eating out is more than I spend in a month on every single thing combined 😨 makes me feel better for not being able to save more than a few hundred a month

[@nikkibadzik3948]

Anybody who saves these days deserves massive respect. Way to go

[@moniquereeves5220]

Love this episode STARTING with the CSP! As the listener, it gives so much context and color to the conversation!!!

[@Riverbend1752]

When I was a senior in college looking at job offers, I saw the salary and thought to myself, "This salary is really high. Look at how much I can save!" To see people look at their salary and think, "look at how much I can buy/do," is just really weird to me. It blows my mind that seems to be the default for so many people.

[@ambernelson6124]

It's nice to see couples like this as it's scary but acommon occurrence.

[@bythemoonlight20]

I'd love to hear what these high earners do. Even if it's in broad strokes to protect their anonymity. Love the numbers first too!

[@cognitive-botanical-therapy]

Tech BS like project managers

[@cornellcornell1]

@@cognitive-botanical-therapyit’s bs because you’re jealous

[@Capycorg]

He's definitely in tech!

[@frigiddiva1]

I think this is the type of couple that needs the Ramsay approach.

[@TonyCox1351]

100%. This couple is just addicted to spending money, it’s that simple.

[@namastenadine6690]

Rice and beans for a year. They do have a big shovel ($300k) to get out of debt 💯

[@Sortofwriter]

They wouldn't stick to it, though.

[@spatty2589]

They’d want to upgrade to a more expensive kind of bean to help with their gut health 😢.

[@stop08it]

Do you actually think they’d stick to such an intense financial regimen? People who succeed with DR’s plan are HIGHLY motivated to get rid of debt, you have to be.

[@Hiding11]

Their smirks tell me they both don't plan on doing anything about their problem. These folks must think everyone else doesn't want to live a life like the one they've been living thanks to debt. We just have sense and limitations.

[@deirdrekiely6187]

She looks bored ....lol.

[@newsflash7609]

I think you need to have some empathy for the courage it takes to go on a show like this. People react to discomfort in a lot of different ways. Some people use humor. Do you expect them to scowl and look like they are thinking serious thoughts the whole time? This folks stared into an abyss (yes, of their own making) and they stay engaged and cooperated with Ramit throughout. Many folks have a hard time even admitting small faults, much less life-affecting ones like these.

[@stupididiot2810]

People get nervous in front of a camera. Don’t read too much into it.

[@amypruss8391]

A family making $300k a year can and should afford yoga and a gym membership...it's all the other stuff that's crazy.

[@Capycorg]

I agree but once you have a crazy amount of debt to service... Everything has to get cut.

[@sarahb8073]

A yoga and gym membership can be free on KZbin. Yoga is a spiritual practice anyway that preaches cutting out excess. Body weight exercises are very effective. Running or hiking is basically free. If you make $300,000 you SHOULD be able to afford nearly anything. But not everything. And those are super not necessities nor should they be priorities for this couple

[@Zeroneii3]

110k in taxes is crazy

[@jmabeynot]

Two questions: What is a dog phone? Do I need one for my dogs for $100/month? And two comments: I don't mind the music at the beginning of this episode, but it's too loud, IMHO. I'm a long-time subscriber who really enjoys this podcast, and I hope the rebranding of the podcast helps others find it easier.

[@kvgolfa]

Definitely like seeing the numbers first. Would also like to see their ages like you used to put, how many kids, etc. Also occupation would be nice

[@jenbar308]

And general location! Very helpful context

[@justeder01]

Not one word about the dog phone? Damn! Anyway, great episode. Thanks as always!

[@mwise9435]

i had the EXACT same question... and it was like $100/mo, 1) What on earth is that, and 2) how on earth is it $1200 a year?!?!

[@ElizabethCook-q5g]

Yes, this!

[@kathbrandon8023]

My first question!! Does the dog call them? Do they call the dog? Facetime maybe?? Dying to know 😂

[@rebvanwinkelstein2578]

Quote:The device - nicknamed the DogPhone - is a soft ball that, when moved, sends a signal to a laptop that launches a video call, and the sound of a ringing telephone. ​@@mwise9435

[@CFENC]

Ramit… wtf is the dog phone about?

[@Iamso4u]

Watching this makes me realize how careful I have to be when it comes to lifestyle creep. I feel rich making 80k. And in a way I am because I chose financial literacy FINALLY. Would I like to make more? Yes. But I don’t want to make more and end up feeling like I’m going backwards because of lifestyle creep.

[@sue1703]

It's really sad to see a couple who make such an amazing income living way beyond their means.

[@RB-gq2zy]

It makes me wonder how many are living beyond their means in that income range.

[@excadrillo99]

Girl only just scheduled an appointment and Guy still has his $6K bike in the background of the follow-up weeks later 😂 They didn't make any changes

[@jenlollygag6815]

I saw the bike!

[@zakkrick]

I took out 6k from my 401k to pay off my two credit card debt of 6k. Now I’m saving a lot money now and I know not to be too nice with money because family and cousins will never pay you back when they owe you money. Its been over 20 years and they pretend like there’s nothing wrong but I was struggling with money, so during those 20 years I was using credit card to kinda get by, but now when you’re struggling they won’t even help you or lend a hand. Now I won’t lend out anymore money

[@mmp495]

Sometimes strangers on the street treat you better than your own family. Having boundaries and taking care of yourself is not mean or selfish. It’s protecting your livelihood. Good on you for putting an end to that toxic cycle. 👍🏼👏🏼👏🏼👏🏼

[@BabyBearRudy]

The numbers first helps alot cuz it gives us an idea before we have to peel away the truth from them

[@cognitive-botanical-therapy]

Great episode…. The consumerism here is kinda gross. I think we all used online shopping, ordering delivery food, etc to cope during the pandemic. I want to say something really mean, bc it’s an insane amount of spending, but that wouldn’t be very productive or helpful to them. I want to say good luck… but when I was in tech I worked with many people like this and I don’t know if they can change. No one is entitled to vacation or Amazon purchases or yoga classes… btw by putting off the debt payoff until she’s working full time again, they’re just delaying the hardship! 😮

[@user-km3eu3qx3h]

And making it a bigger hardship. Starting now at least means it’s not as big of a problem. Later on, when it’s bigger, they’d probably have a harder time tackling it

[@martinyeager7948]

I thought the couple did great in the video until the follow-up. They need to be timely and take the big actions they agreed to. Sell the truck and the bike. It that helps them bring back there "out of consumer debt" date back four years that is an additional $10,000 in interest payments they avoid. ($13,000 x 20% interest x 4 years). But the issue is to create the mindset and take action now on the course they developed and agreed to - then enjoy the win.

[@francescaruggiero7673]

grazie grazie grazie Ramit dall Italia... sono così grata di poter ascoltare le tue lezioni sul denaro mi aiuta a crescere

[@MeiyeSong]

The guest on Ramit’s show and Caleb’s are completely different types of people… Ramit’s approach might not work on Caleb’s guests (given how absolutely insane some of the situations are and their mindset) and vice versa. two completely different shows no need to compare

[@rokstar51]

THIS! Really didn't enjoy that commentary from Ramit

[@Alex-jl5om]

Generally speaking feel like ramit is more selective in choosing guests who actually want to change. Caleb’s are more a worst of the worst who truly don’t exhibit attitudes or behaviors of someone who truly wants to change

[@Shampy-x8w]

Caleb remotely never gets into the psychology of his guests that clearly have mental instability. For example, how ramit brings up how was money discussed as you were a kid. And then he relates that to their current behavior. It’s very interesting, but more so can actually help the guests. Caleb’s guests could benefit from that, instead he shrieks at them. And look at the results of Ramits guests vs Caleb’s, not saying ramit has a 100% hit rate, but his method is definitely better than Caleb’s.

[@amazeedayzee]

how do you know theyre fundamentally different types of people, and not just reacting in different ways when spoken to calmly vs being yelled at?

[@markgordon6717]

@@Shampy-x8w I enjoy Ramit's style more than Caleb as it's more of what I need to hear/think of. However, I think that some people (including this couple) need some yelling at to realize how bad it is. The follow up videos for this couple made it seem like they still don't get how much trouble they're in. They are talking about making changes and have started saying no to some things. It's gong to take them 5-10 years at this pace (if at all).

[@stephengorczyca9855]

“That looks like a huffy” got me weak

[@DaxtonFr]

Why not minimize spending to 100k or 150k per year which 90% of Americans would love to have.

[@bri4550]

Awww their communication is actually so cute. I think they will be just fine after they clean up this financial spill

[@clarklowe5632]

$6000 bike isn't that expensive lately that is mid level race bike. They go up to $14,000 and more for top end bikes, both road and Mtb. Entry level race bike is $1000-1500.

[@thewriteplaceforme6874]

*As a single person living outside the US, I'll keep watching no matter what you call this show 💰👀 *Loved the double update! *I'm surprised that as of my writing this comment only one other person mentioned the gambling. She is familiar with being in a family with a gambler. And gambling is an addictive behavior directly related to money. Thankfully, she also has the model of her mom getting much more involved in the finances. Lots of behavioral psychology there, although admittedly maybe not something people want shared on a podcast.

[@Sortofwriter]

Yes that was fascinating to me. I worry for them, because gambling is one of the hardest addictions to break and if he has that in him...

[@verb0ze]

28:15 Kaleb felt personally attacked 😂😂

[@MattsGamblingSlots]

There almost seems to be no middle ground with net worth/income earners. Ramit's guests are typically among the top 10% of income earners and/or net worth and they seem more grounded while Caleb's guests are typically negative net worth, maybe make below the median, are absolutely in the bottom, and almost refuse to change for the better

[@jhamilton6950]

I’ve noticed this too. Maybe the people in the middle don’t feel the need to share their finances publicly or maybe they just aren’t chosen because that would be less entertaining for most people.

[@CamFamX2]

Caleb transitioned to "shock" value guests. I can't stand to watch his stuff anymore.

[@cognitive-botanical-therapy]

The middle ground is kinda boring tho… I think it would make for very boring content 😢

[@CSpottsGaming]

​@@CamFamX2Agreed, I like the shock guests sometimes but I would prefer to see people sometimes that are just regular bad with money, rather than catastrophically bad.

[@KiingM]

I think Caleb has a good middle class mix, just not upper middle class… but you did notice Ramit took a shot at Caleb in this vid right???

[@djspx]

Sounds like weeks later and nothing changed. I was able to sell a bike in 2 hours on my local online classifieds ad.

[@OspreyHomeInspection]

You know, it's kind of weird Ramits deep hate (or jealousy maybe) of caleb hammer. This is like the 5th or 6th time bashing his style, but caleb has only mentioned ramit once and doesn't have anything negative to say about him. Ramit, there's room for both of you on this platform, stop hating because Caleb's done alot to help people too.

[@desireesalas5820]

👏👏👏👍👍

[@pdpgkeeper]

I think the target audience for both are very different. But definitely interesting 😅

[@joycef8443]

Different strokes for different folks in debt!

[@kemi1486]

I identify mostly with Ramit’s channel although I’ve tried watching Caleb Hammer before but his delusional guests are so far beyond frustrating that I can never finish. Romaine Faure has similar guest as Caleb but Romaine’s approach is like Ramit so I enjoy watching his channel to see single people money behaviors.

[@jhamilton6950]

I never would’ve found Ramit if I hadn’t watched Caleb first. At the time, everything I owned was in a checking account and just the phrase “S&P 500” was a foreign language to me. The content is more accessible to people who never would’ve searched for finance videos. The episode where Caleb mentioned Ramit was only because the lady was being irresponsible with spending and going “it’s okay because this is my rich life so I need to spend more money” And tried to blame Ramit because she’d watched like 2 videos with millionaires and apparently skipped the ones with people with a financial situation more similar to her own. He basically said “I’m pretty sure he didn’t say that but I’m not familiar with his content so can’t comment on that.” Ironic that he was a bit more respectful than Ramit talking about him.

[@KNRS927]

Those dining, shopping, and gym membership expenses are wild. I fully embrace the philosophy of "spend lavishly on what you love, and cut back mercilessly on what you don't like". Thing is, two issues can arise. First issue is when the things you love and spend lavishly on happen to be major expenses like cars and house, where one thing you're spending lavishly on is a depreciating asset. Thus, you're locking yourself up into a select few items, including depreciating assets, that leave little to no flexibility. The second issue is you seemingly love everything, and there isn't a single item you don't like. Thus, you try spending lavishly on everything with no form of cutting back. and that's seemingly the issue with Forest and Kathleen. They spend literally on everything, and have seemingly no area they're cutting back in or that they don't like/care for as much. Thus, their spending is through the roof.

[@EmpressoftheLibrary]

Looking at the CSP, their take-home pay for the year is $175,788. The problem is they're trying to live a lifestyle that costs over $238,000 per year to maintain. I've known people like this. They make great money, but are trying to live a life that is WAY beyond their means.

[@lighto76]

Just because one person manages the finances doesn't mean they are skilled at it.

[@twlight9000]

Hearing that the plan to use the stock grants for paying off debt just sounds like another get-out-of-jail free card. Are they actually implementing the steps to live within their means on their monthly incomes? Eventually the stock grants will dry up, and they aren't even thinking about the opportunity costs of the compound interest of keeping that money invested / reallocating it to an ETF. Obviously credit card debt comes first, but if they were already slashing their spending and then using the stock grants instead of just relying on the grants, I'd feel like they were actually set up for success.

[@theintentionalthriver]

Love love love seeing the numbers first. Before I would go to the number part of the video first and then start watching.

[@Noellep]

i really love how this couple interacted.

[@MyrnaMaldonado-q4b]

Planing to much and not taking action … unfortunately I can relate but it feels so good to take action and change things for my own good 😅

[@sealdan88]

45:35 Why do I think Ramit is throwing shade at Caleb again? 😂

[@blurrydog1]

ramit is always throwing shade at caleb 😂 sometimes deserved 💀

[@Jai_BestLife]

I didn't think it's "shade", it's a response to viewers consistently commenting to Ramit to go hard on these people like Caleb. He's reminding everyone that he & Caleb have vastly different approaches.

[@rebvanwinkelstein2578]

I guess it's for the quotes and I don't like it. Caleb spoke very neutral about Ramit when named by a guest in one of the last episodes.

[@syfyfan969]

$65K in credit card debt is nuts

[@CotyWoods-n7g]

LOVED this episode because this couple felt close to my/our journey .

[@latulip100]

As a former basement dweller I feel attacked. It’s how I got out of debt Ramit! 5 years back in dads basement

[@ang8925]

@latulip100 💯 agree w u! That was pretty crappy of ramit to say! Good for you, and you are fortunate to have had the opportunity to go back to the basement to recoup! I've been watching his videos for a month or two now, really the only thing that he says that makes sense is the percentages for spending. But funny enough they don't add up well at all! How he gives the ranges for each category, if you do the math something is going to be underfunded unless you can keep your fixed living expenses below 50%, which I don't think anybody can do in this economy

[@fredvc]

How tf they’re paying almost $1,800 in utilities?

[@dennis38012]

That’s what I was wondering/looking at too lol.

[@alwaysemilia]

They must’ve explained that to him but not shown it in the video bc no way Ramit let that slide. Even if your electric bill was $1000, which is totally insane, how could everything else add up to $800?? Maybe huge water bills for a pool? Or gas bills for a ton of hot water? Idk. Set the thermostat a little lower

[@grant30152]

Maybe they put hoa dues in utilities. Hoa can be very expensive

[@swithheld9905]

heating a pool? CA utility prices can be crazy, but if they live in the sunny part of CA they should invest in solar panels...my rental in San Diego had $0 power bills because the complex had panels. it was amazing!

[@alwaysemilia]

@@grant30152good point! I’d personally put that with mortgage, but that is a possibility.

[@djspx]

Second follow-up was more generalized than the first one.

[@BlahDeDah7]

Forrest out there still driving the truck for sure.

[@artraeusimms6673]

Please continue to start with the numbers. I like that.

[@ThrowBackZone]

I can’t believe they’re spending $5,000 a month more than they earn! 😂

[@rebvanwinkelstein2578]

That would freak me out 🙈

[@bagel_bandanna]

They have amazing communication skills.