“We’re in $30k of debt…and just bought a timeshare”

[@ramitsethi]

0:00 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.

[@alpinismutilitar3886]

Love your video.

[@ciclurieconomice8494]

@@alpinismutilitar3886 me too.

[@truejamaicanjam2246]

How to get out of a timeshare program? I need someone's help please and thanks...

[@jennrichey5709]

My husband and I went to a timeshare presentation in Maui to get a free dinner. We agreed in advance not to buy anything. It was crazy how intense the presentation and sales staff were. After 90 minutes we were almost about to sign a contract when we looked at each other and he screamed a Ghostbusters ‘RUN’. We ran out of there like children. I’ll never be manipulated like that again.

[@mmp495]

😂😂😂 Best exit ever

[@ursonate]

How was the dinner? 😜

[@dialac1]

Hahahahahahaha. A friend of mine told me that they basically lock the door and pressure the hell out of you to sign. Lmao

[@olivialuna03]

😂😂😂

[@WTF-sh4is]

It is heavy pressure! I’ve been in 1 with my wife and we swore we would never go do that again.

[@thefirmament3225]

If something is free, you are the product This is universally true

[@Playingwithproxies]

You are the sucker 😂

[@gr86er]

Who's buying me? 😂

[@artnscience3778]

Yeah, the way I see it, nothing is free. And the questions are “how am I paying for this?” and “how are they profiting from this?”

[@stevebusam2911]

@@gr86eryour data is being sold or you are being advertised to in some way.

[@jd8184]

Oh my god, air is free. Air is monetizing me!?

[@robdub8257]

I just had to pause this midway through because I’ve had money sitting in my checking account that’s suppose to be for credit card payoff but I’ve been procrastinating on. It’s paid off now 🙏🎉

[@kelsiuss]

Setup that auto pay 👏

[@siliconhawk]

bro people need to set up autopay for CC. like holy the amount of people not paying cc is crazy out here

[@robdub8257]

@@siliconhawk wasn’t referring to a typical monthly payment, this was a $15,000 chunk I was procrastinating on paying off my card with

[@tamaralaird3389]

Being newlyweds and broke, this is how we funded our trips for 15 years. We have been to over 30 timeshares, Disney, skiing, dinners, Mexico, Jamaica, and cruises. We are actually going to a cruise in November (5 DAYS) FLIGHTS INCLUDED, paid by our timeshare presentation. Do we ever buy? NO!!! do we get free trips with flights included, YES! As someone who does this 4 times a year, you only have to say one word to get out of the presentation. And the word isn't NO. The word is.... BANKRUPTCY. After they do their spill, and you sit through the 90 minutes, you say "I am so sorry, we just filed for bankruptcy. I won't be approved for the loan. That's it. They will figure you're wasting their time and they will kick you out. And you got another free vacation. I would also say, do the timeshare either first thing, or last thing, don't do it in the middle, it will ruin your vacation.

[@Itallaboutwatithink]

Legend! That's awesome... play the player. Hope you continue your journey and keep us posted. ❤

[@seedleaf54]

cheap flights with Scotts flight, i wont waste time with 1.5hr

[@shivamanand6112]

what the hell ?

[@o0usf0o]

😅

[@chaaaaaaaaaaaad]

IQ level maxx 😂

[@jlwoods79]

I feel that $300 plus a month for a cleaning service is a lot when you’ve got $30k of credit card debt.

[@Joce123]

Absolutely! I would live a beans/rice lifestyle to pay off of their daily expenses to pay off the credit cards AND student loans.. People don't consider a terrible medical diagnosis or car accidents curtailing their lifestyle.

[@Joce123]

To have an extra $2000 by patiently waiting a few months to sell my motorcycle I would wait.

[@Joce123]

They could benefit by focusing. Wait for the $10, 000 to pay on the credit cards? Nope, pay off the cars 1st...then the credit cards

[@snooze6650]

​@@Joce123it's not just waiting though - they're paying for the motorcycle

[@Dan16673]

They are just lazy

[@Joehtoo]

Ramit did a good job of highlighting the change in her attitude between episodes. She was the manager and saying she was worried about his retirement, when it came down to the major decisions she was ready to let him make all the calls and remove any accountability from herself. He needs to get more of a spine and be willing to say no instead of always trying to make her happy.

[@saeedhossain6099]

she wanted plausable deniability for when it goes badly ...

[@gchaly1]

Agreed. She has personal issues she needs to address for herself and stop blaming her partner for their mistakes.

[@M_SC]

She was NOT trying to remove any accountability from herself, she was trying to not take all of it because he was always always not taking his half. She would shoulder the burden until a breaking point cause by his passivity

[@M_SC]

You’re just sexist in good disguise, OP

[@christina.wirchleadgenexpert]

It would be nice if you interviewed people who are also like single parents etc and not just married couples

[@claudiasantos8905]

@ramitsethi

[@Jp_vk]

Totally agree 👍🏻

[@sargamartdoors]

What a sad situation of people just using each other! Pay for your own trips and be free of these sales manipulations.

[@baconcerberus]

It always amazed me how people that work in finance or making a high income have some of the worse finances.

[@FallingAsh]

Another reason not to hire a “financial advisor”. Better to educate yourself and learn self control.

[@alexisquijano1215]

I used to work at a really ritzy place, required a membership. The “financial advisors” literally always nickel and dimed and those accounts would decline monthly for membership dues. It never failed.

[@afunlivelylife]

The answer: More money more problems.

[@verb0ze]

Status. They want to keep up with the Jones, like most people who make a lot of money...

[@scottyglenwalker2345]

Sheeit 885 for utilities! 👎1017 car payment! 👎1600 rent/mortgage👍If they cut those expenses for 10 years and stacked their extra cash in investments they would be chilling! I wish I could afford to spend that much it sure as heck wouldn't be pushed to the limit like that!

[@alexisballard1459]

I love love love your techniques Ramit! It’s so important to get to the point WITH the couple rather than FOR them. It’s crucial for the couple themselves to realize the gravity of their situation in order for real change to happen

[@benchristensen1526]

Ramit is hilarious. Glad this couple has such a good sense of humor. They seem really teachable.

[@louisagraham8957]

I want to say a MASSIVE THANK YOU to you Ramit. I listen to your podcasts every day. I have learnt so much from you. I have shared with my partner, my daughter, my friends your knowledge. Since I started listening, I have started to invest. I've never been brave enough before. Your book is on its way to me. I've worked out my finances according to your money rule guidelines. I already feel more excited about money. Somehow I have more guilt free money to spend than I ever thought. I'm excited to live & plan my rich life. What you say makes so much sense. I believe in you. THANK YOU

[@CZnLB]

The $500 fixed monthly costs for pet care (not including the $175 pet ins) and $380 for domestic help wasn’t even brought up?!! That’s wild!

[@prettypractical3372]

People are sensitive about their pets…

[@JonathanSundqvist]

He did bring it up, but it wasn't something he was about to push on.

[@ambivertical]

Not wild, ppl use the word wild too loosely and thoughtlessly. More surprising.

[@cdiehr-xm3mc]

I think he decided not to dig into that because he wanted to tackle the bigger problem of them being able to connect about money and take responsibility, as well as to pay down their debts

[@ronaepaulson624]

I love that their follow up was together! I don’t believe I’ve seen that before. I’m hoping that’s a great sign of them working together on their finances and building their rich life together. Remit I’m so addicted to your podcasts! I purchased two books one for myself and one for my oldest son. It’s fun to talk about finances with him and what we are learning from your book.

[@kellymurillo7188]

Even if the timeshare presentations result in no timeshare agreement (as they should), the value proposition of free gift/breakfast/giftcard doesnt make sense to me. 2-5 hours of being badgered for...max $50-$100? My time is worth more than that

[@AmyAnnetteHenion]

Seriously!! Thank you for saying this

[@sometimeslifehandsyouapple1085]

I feel the same way. That is 2 to 5 hours of your vacation time GONE!

[@Dan16673]

100%. Poor people.mentality

[@Nassaldromus]

I got $200 gift card and three nights at the resort. We loved the town, which we'd never been to, and I think the benefits and the experience was worth the 4 hours

[@rinakat5783]

@@Nassaldromus We did too! A huge discount on a three-night stay plus $200 for dinner was worth the presentation for us.

[@sandrasimplytoday7772]

I’ve been to two timeshare presentations. They try so hard and send about 10 people lowering the price each time, I just keep saying “No” and nothing else. I was just there for the free $50 gift card! The couple needs to get it together financially. When that student loan payment comes due, it’s going to be tight financially.

[@Joce123]

I am not so desperate for a $50 card or a free breakfast that I will sit through a 2 hour. Seminar? Say nothing of put up with pressure sales techniques

[@sandrasimplytoday7772]

@@Joce123 it wasn’t two hours. One was about an hour and the other just gave the gift card when I told them that I was not interested in a timeshare. We all spend our time how we choose to!

[@thefinancialneurologist]

Just wanted to clarify some of the mistaken beliefs, PSLF (loan forgiveness) is not income based, so yes she can qualify for public service loan forgiveness if she works for a qualifying employer. The new SAVE plan (all borrowers are automatically enrolled) allows you to not count the spouse income for student loan payment calculation. As a PhD, she probably won't be making much money in her career, so her student loan debt to income ratio would not be viable to paying off this amount of student loans, in addition to the credit card debt. Would highly advise PSLF.

[@ze_ep]

Even SAVE is amazingly generous. Repayments at 5% of discretionary income, balance forgiven at 20 years, no interest as long as you make payments. Ramit should be telling every couple with loans to get on this and then don't worry about it. You don't even need to count it as debt, just make the payments like paying your taxes. Definitely don't pay it off early!

[@M_SC]

This couple is so pleasant. They blame each other somewhat but unlike other couples they don’t seem depressed hopeless or to dislike each other, they seem happy other than money

[@cdiehr-xm3mc]

You can really tell that Ramit has a background in psychology- I’m so impressed at how he is able to get them to change their minds without being condescending.

[@sue1703]

You did a great job talking to Christina and Ron, Ramit! You really helped them understand their financial situation a lot better.

[@Dankflamio]

“Do I respect them [salespeople]? Eh…. They’re definitely going to hell.” 😂

[@spf_500]

😂 😂 😂

[@travelwithedz]

😂

[@KittySlay1million]

This was such an interesting case study and enjoyable to listen to. What was fascinating in the analysis is the turnaround from the 1st episode. Especially the reference to both parties needing to improve dramatically their financial decision-making abilities and joint accountabilities (including Cristina who was assumed to be more savvy at the beginning). I learnt a lot. Thanks Ramit!

[@hillarytaylor69]

I went to one in Vegas same for the free meal. My fiancé was cracking up because he was in sales at the time and knew all of the tactics. When we got down to the negotiating table, I kept saying no. The people pleaser in me was devastating. When I looked at my fiancé for help, he was like nope, I told you not to come 😂😂😂. After 40 minutes, they finally saw we weren’t budging and let us go!! I learned my lesson that day!!!!

[@minorcadence1]

Love that he was like 'nope, don't look at me. I told you!' 😂 let you learn your big girl lesson but still went with you for support. And the free meal, lol.

[@mykidsaresupercute]

We were required to go to one and told we would be charged more for our hotel room if we didn’t attend. I had to be very aggressive in saying no.

[@TheLeadfootgirl]

I just found your channel today and have been binge watching quite a few episodes. I signed up for a timesheet when I went on a vacation with my parents to Lake Tahoe. Instantly regretted it but there was a 3 day period where I can change my mind and I cancelled that thing the next day! I've attended another timesheet presentation in Kauai because it was required for the room package I got, but that was about 10 years after that first timesheet purchase. With age and more experience, I had no problem saving no, a million times over. They did keep me for 2.5 hours instead of the 90 minutes that we were supposed to be there but it worked out okay because it was raining outside anyway. Got a $100 gift card to shop at the gift shop so that was nice.

[@ArtemisMaelstrom]

@14:08 We have family members who have timeshares and those "free" meals/passes to events are not worth sitting through the aggressive sale pitches. Everytime we vacation with them, they want us to stay in a timeshare which eventually has us go through those presentations. We make a game out of it and our game plan is to walk out without a signed contract. As the quiet, shy, agreeable person, my role is to say "NO!!" and hubby is the yes person. Hubby enjoys wasting their time while I find the entire thing stressful. The only reason we weren't hoodwinked is that timeshare sucks and any big money decision requires 2 yes votes (encompassing discussion and sleeping on it and may include pro/con lists).

[@GeeEee75]

It's good for you to build up your ability to say no when under pressure. It's an underrated life skill.

[@francislaurin6980]

I found your personification of a time sharing salesman hilarious and troubling at the same time 😂

[@Alexandra11090]

Most timeshares come with perpetuity clauses, meaning they are yours forever with the fees attached to it. After you die, the timeshare passes to your heirs with those fees. If your heirs don’t refuse the timeshare within a specific period, they could be stuck with it indefinitely. This can create an endless loop that traps your family. So, be careful if anyone in your family has a timeshare. If they leave it to you in their will, make sure to refuse it in a timely manner, and ensure that all your family members do the same

[@dipalshah8752]

Ph.D. needs to be put on hold or discussed honestly. Even after spending fruitful years and own money if not STEM and not going to give decent ROI ,not worth it ! I would choose started working and gaining experience and skills and climb ladder towards higher pay !! I have seen people spending money and years in PH.D. in language, library science, communication or other humanities/ arts subject which wont guarantee high paying jobs.

[@matta7838]

A quarter of a million in credit card and student loan debt and her response is "I'm not scared of debt"...That helps explain their current financial position

[@nicolecorry2418]

This was a great episode. Huge thank you to the couple that came on and Ramit.

[@leecaldwell1029]

My biggest question is what is her PHD program for? What is her estimated earnings increase? How will that student loan debt be paid off? They are struggling with Credit Card debt and live above their means, but yet are going to be in more debt for education? Hopefully they will dramatically lower their expenses or increase their income. I have a feeling the reason they didnt mention the PHD program was on purpose because it is a degree that isnt going to make a jump in income.

[@o0usf0o]

Exactly, everyone flexes law and med school. So it probably some random phd program that doesn’t translate into high income.

[@carolhale4331]

I was surprised to that this was hardly even mentioned. You are talking about a quarter of $1 million in debt and we don’t even know what her degree is it.

[@angelaterranova1577]

And red flag that she is paying PHd program? I’m curious what school and program she is studying. Most PHd’s students are paid. Not a big salary but they do not have to pay tuition. Many STEM grad school programs for masters are also no tuition and given a stipend.

[@SomeGuys31415]

@@angelaterranova1577Yup. Buddy did a joint MA/PhD program at Notre Dame. Didn’t cost him a penny and they gave him a stipend of like $2,500/month.

[@chaoyishih8324]

The minute she said she ain’t scared of 30k credit debt, lol

[@sgc1401]

$30K credit card debt and $200K of student loan debt, no less

[@piapenny]

I feel so bad for them. I had the same vacation club offer and I’m so thankful both my husband and I said no.

[@janeaustere]

We fell for whole life as well, wasted money for several years, and then when we canceled it just to be done and they gave us $1200. I think we paid in something like 6k at that point. It was gross. But now we have term life it’s around 80 bucks a month and I feel so much happier about it. It’s in the past now😊

[@rossmarymarquez4700]

Guys don’t pay for a PhD. Find ways to get funding from the department by being a teaching assistant or research assistant.

[@vimora94]

I was paid a federal research salary to do my PhD. There are awards and grants available so you don't have to pay anything back vs a loan with interest. In the end, I didn't even finish my PhD- didn't need it. I had a baby, left to work and build experience instead, 4 years later with the work experience and various promotions helped my husband and I to now have a household income of 250K a year.

[@rossmarymarquez4700]

@@vimora94 I want to add that lot of time federal funding to support a PhD program requires citizenship or permanent residency. Some industries, federal agencies might required the candidate to have PhD. Having a PhD, for example, is a requirement for certain positions in the federal government and do start you at a higher pay rate if you have the degree.

[@ChristyMurphyWriter]

I really like the video updates. The written ones were cool, but the video ones are even better.

[@kennethwood6862]

I really question if their groceries are $500 a month. It seems folks are regularly underestimating this cost

[@rory644]

!00% a lie unless they are eating noodles for breakfast lunch & dinner and never eat out or get coffees out etc. People love to casually not include eating out/take out in their grocery bill......Well hello its still food you're eating!

[@o0usf0o]

My girlfriend and I are right around $800 a month when you include toiletries and things of that nature. We make very simple meals too.

[@ST-rj8iu]

Glad you answered about life insurance! That was one of my big questions.

[@maliqmatthew1009]

He answered ignorantly. He doesn't understand it, and as many financial entertainers do, he just ascribes sinister intent to the reason it exists and is sold. There is quality research about how it fits with a retirement plan to help manage various risks in retirement, but financial entertainers don't do retirement planning, ever. They're all about maximizing accumulation and have little to offer in considering distribution.

[@DuskySphinx]

​@@maliqmatthew1009whole life policies are good for funding retirement... But the salesman's retirement, not yours

[@SomeGuys31415]

@@maliqmatthew1009here’s a whole life insurance sales person. There’s reams of data out there showing that whole life insurance only makes financial sense for a very tiny population of ultra wealthy people. There’s a reason whole-life sales people earn a giant commission (like 60-80% of the first year’s premiums). 99% of people would be better off taking the money they’d pay in whole-life premiums, pay premiums for a term-life policy (whole-life premiums tend to be 5x to 15x more expensive than term-life premiums) and investing the difference in index funds with low expense ratios. They’ll have term until the term runs out and then will have a big retirement account to cover themselves at retirement after the term-life expires. The retirement account will have more cash then the whole-life benefit would pay.

[@kimferzoco6755]

What you said about learning to say no is very important. My husband and I would never do that with a timeshare, but we’ve all bought things that we didn’t need after listening to a salesperson. It’s even more important to learn to say no to demands that don’t involve money.

[@GeeEee75]

It's incredibly empowering to be able to sit with the discomfort that comes with saying no, and not change your mind.

[@kaczmogal]

I’m in my 70’s and living well on $4900 a month, single, own a very nice home, car free and clear, credit cards paid in full every month, traveled to Europe 5 times recently, and have a healthy savings. My top income before retirement was $63,000 annually. I believe my free of debt life style is the result of following a few simple words of wisdom from my mother when I was young and foolish with money. She very sternly said, “pay your debts before you eat”. Not literally maybe but the point is pay debts before personal wants and extravagances. For example…Take the $200 you will spend on that nice dinner out and apply it to your credit card first. Pretty soon no more debt and you will enjoy those dinners out so much more. I go out to dinner a lot. Oh…and travel to Europe as well on my $54,000 annual retirement. I don’t feel at all deprived. Quit buying things you don’t need”. 😊

[@ihavethots1261]

did you have student loan debt?

[@767bob]

@@ihavethots1261 student loan debt is your fault if you have it. Debt is debt, it does not matter what kind. If you have any form of debt, this means you are not able to afford it. The only debt we should be able to handle is a mortgage and we have to be an adult to pay it off early. No one should ever be in debt because of their credit cards, car loans, student loans and so on. If anyone has any of these, it is their fault!

[@estela4791]

@@ihavethots1261she wrote how well she managed her finances and your take away is asking her if she had any student loan. Did you even learn anything from her great financial decision making?

[@blongshanks77]

My wife and I have been to couple timeshare presentations, and have used them for free vacations, but have absolutely never signed up for one. I will say this, they almost convinced my wife a couple times. Difference is, I work in sales and she is a billing supervisor. When you work in sales like I do, we’re used to hearing “No” so much, that it’s easier for us to say “No” to another salesman.

[@reginaalabere1329]

“Do I like them? ….umm they’re definitely going to hell” Oh Ramit! 😂🤣😂🤣😂💕😊

[@artnscience3778]

Great episode! I always appreciate people being so candid with Ramit for our benefit! I’m just so sad to see that huge turtle trapped inside a tank inside their house 😢 so cruel 💔

[@Sally-ng8hv]

Respectfully, they’re a mess.

[@4thand133]

Honestly I am amazed that they spent $10k on something that they can't even explain what it is, just because "they didn't know how to get out of it". Get up and walk out, that's how! It's not prison! Anyway I own a timeshare and while everyone is entitled to their opinion (we like ours), I will say that whatever they bought does NOT sound like a timeshare. There is no resort that they can stay at, or fractional property that they own. It really sounds like an overpriced discount club which seems so shady as to almost be criminal. I can't imagine the people they find to sell these for a living. 100% scruples-free I'm assuming.

[@ignitionSoldier]

That student loan debt is crushing. I really hope they can get it together because that will bury them and their whole relationship.

[@spf_500]

That repayment is gonna be in the 1000s 😳

[@mykidsaresupercute]

Yeah, it’s double of what I owe and I feel crushed.

[@zacharyfair6738]

time share = monthly/yearly "maintenance fee" will go up probably $1000 a year

[@Bmf214]

I remember they took my sister off site in a bus for the same free lunch! Tried to stop me from coming with her! I said if I don’t get on the bus SHE does not get on! Suddenly there was a free seat! My answers were no to everything!

[@Joce123]

We got a timeshare in Treasure Island (Seminole,Fl) years ago. The bonus is 365 days access to free parking on the premises, using the pool , access to the beach. I rent out my week that covers the annual fee. It is invaluable now having moved from Minnesota to Seminole because parking now is expensive and hard to find .Not every timeshare is bad. Our family members started out with each famiky member buying adjacent weeks..now after 20 years those siblings have married..are grandparents..amazing annual family reunions.

[@Dan16673]

This is the only positive thing ive ever seen

[@Joce123]

​@@XennialGuypaid $1,500 15 years ago..always rent my week out to cover annual fee..love the 365 days to use tge pool, hot tub, bathrooms, free parking,

[@Joce123]

And, the social aspect is just like a membership in a countryclub..same people every year..good times

[@cynthiaivers1708]

If you're there every day, I suppose you may break even, but I know that area very well and there's lots of parking by the beach and it isn't that expensive. Timeshares - generally - are an incredibly bad financial decision.

[@kamilahkaashif7759]

12:03 I got sucked into a timeshare also but rescinded the next day. I never walked in, thinking I would get it. I wanted something for free and I couldn’t sleep knowing the amount of debt I would have if I kept it.

[@o0usf0o]

It’s crazy to me that this 45 yo dude allows a naïve 30 something to win every financial debate. They couldn’t afford to be in Jamaica in the first place… let alone buy a time share.

[@Arewawife]

and remember the first episode was about her taking vacations with friends. and when Ramit asked where should they reduce their fixed cost the first thing that come to her is his motorcycles. from the first one my first instinct was her to cash flow her degrees. I just hope that this degree will bring her in 200k per year salary

[@o0usf0o]

@@Arewawifethey’re in the calm before the storm right now. Wait till they have to pay 2k a month in student loans 🤦‍♂️

[@DawnNa_22]

I just made a similar comment. A 45 year old completely entrusting his finances to a 30 year old is insane to me. It doesn’t matter if she gets upset, she doesn’t have enough life experience to handle debt and it shows.

[@MNP208]

I'd hate to squash my child's dreams, but I would advise him/her against taking a $250,000 loan for a Ph.D.

[@mikaelaziegler9782]

Most graduate programs cover your tuition if you teach and give you a research stipend through grants and scholarships. You should NOT pay out of pocket for a graduate degree. I’m really curious what this program is for and why she wanted to enroll

[@Dan16673]

@@mikaelaziegler9782 im blown away she is paying for ph d

[@JoyfulOne468]

It's too much

[@o0usf0o]

@@mikaelaziegler9782I was curious about that too. Have a feeling it’s going to be something random. Doctors always flex for example.

[@angelaterranova1577]

I’m curious too what program she is doing? I’ve never heard of paying for PHd? Even lots of Masters in a STEM field are covered in tuition and given a stipend.

[@Adman-p4j]

I LOVE what you were saying about insurance vs saving that money and investing it for the same purposes. Same goes for Pet Insurance. Sock that money away every month in an investment and then you have it if you need it. And if you don't - then you STILL have it!

[@maliqmatthew1009]

Plenty of research shows that the buy-term-invest-difference approach is flawed. It's preferred by financial entertainers like Ramit because they don't understand integrated planning. This man has no insurance licenses, no investment licenses, and no expertise in retirement planning at all.

[@joelostrowski7309]

I would not be able to let the domestic help category go not mentioned as a way to pay of debt faster😬

[@anjalianthony1656]

How is a 45 year old delegating all his financial responsibility to his 30 year old wife? They both seem so nonchalant about their ridiculous level of expenses - time share, pet insurance, domestic help, vehicles, etc. They should be solely focused on paying off the credit cards and student debt otherwise it will follow them for life.

[@bhavin2097]

The wife is making a series of bad decisions.

[@richhands5269]

My three favorite channels: I Will Teach You To Be Rich, StockBrotha, & How Money Works. Make my week complete! 🔥 🔥 🔥

[@excitedaboutlearning1639]

Are you affiliated with the others? I'm wondering, because you make this same comment in every episode.

[@Sasha-vs6sd]

I’m 23 mins in, & all I’m thinking is, ‘This isn’t funny. Why are they giggling & laughing so much?’ I’d be crapping myself if I was in their situation.

[@Stealth17Gaming]

Same. Like it's all one big joke.

[@mikaelaziegler9782]

It’s a coping mechanism for those scared and nervous, avoiding the reality of something

[@brittanybaker7937]

They're just uncomfortable and probably embarrassed. Sharing your finances is a very vulnerable thing and human emotions are complex

[@prettypractical3372]

Yes, Cristina was laughing too much.

[@SujanKapadia]

Exactly what I thought too. They are immature and to be frank, utterly stupid. It it were one or two dumb decisions, okay, that happens. But a series of multiple bad decisions. Unbelievable.

[@LeesaLilHop]

I always encourage people to have pet insurance. Its usually pretty cheap if you dont have a bunch of pets. When my dog was diagnosed with brain cancer, it saved us over $10,000 and we were able to get our pup treatment without breaking our back. If we had just put some money away each month, we would have never had enough for the cancer treatment.

[@Laurenasmity]

LOVE THIS COUPLE! ❤

[@LauraMartinez-nd4lr]

How does she justify going on all these trips and have a time share with all that ridiculous debt!!! Mind blowing!

[@jaydubya9265]

Yolo-ing

[@Joce123]

Yes! Omg..now to apply this TO MY LIFE.

[@FallingAsh]

It’s amazing to me how they’re both laughing when being called out on their foolish money mistakes that have cost them thousands of dollars. I don’t know if they’re trying to hide their discomfort or if they aren’t taking it seriously.

[@KS_1995]

It’s a coping mechanism.

[@Stealth17Gaming]

I was about to say the same thing. They're so giggly about it. Almost like they're children and Ramit is the adult in the room calling them out on their childish behavior.

[@se3059]

Yeah that surprised me too, I'd be tearing myself apart with shame/embarrassment. Their outgoings/liabilities look horrendous: Pets, insurances, cars, bikes, timeshare, cleaner, credit cards, student loans.

[@susiex6669]

​@@se3059Yep. Just the pet expenses and cleaner are over $1 000 a month. Id be rehousing animals and doing my own cleaning if I were them instead of saving pennies on the phone bill. I cant imagine carrying $30 000 in credit card debt.

[@keithj9165]

My financial advisor tried to sell me whole life insurance, I refused, at the time it was my gut saying it was a bad idea. I fired him a couple weeks ago, 1-1.5% fees, luckily I was only in about 20k worth of investments with him. The fund was also dramatically underperforming

[@mikethinks2488]

Income based repayment will be based on her income alone. I know because both my wife and I had separate income based repayment plans that were different amounts.

[@peakbagger2014]

Watching these videos makes me save more!

[@saeedhossain6099]

5:03 his dad died, she's crying while saying he gave in. no she bullied him into doing what she wanted when he was at his lowest. thats manipulation, and his spinelessness. 37:30 lower the car payments by getting rid of the motorcycles, obviously his stuff is the first stuff to go..... i dont doubt that he drives the "worse car" and she has a lease on an audi but drives 5 miles. although i might be wrong, and its a lease on a BMW.

[@DrRoseD]

It's sad to see how clueless both of them were in this episode. As a PhD myself, I do not understand how someone takes out student loans to finance an advanced degree. Your PhD graduate program needs to be free, financed through graduate teaching positions, research assistantships, and grants. Graduate programs in law and medicine are different mainly because they do not usually come with graduate teaching positions, and the salaries are very high after graduation. I think it's common knowledge that you should not pay for a PhD - as a faculty mentor, I tell this to all of my mentees, but they already know. There is a lot of information out there these days, and it is easy to find. Cristina struck me as a responsible and intelligent person during the first episode, so I am not quite sure what happened. It was sad to see how many clueless decisions they made together , and I hope they will land in a better place sooner rather than later. It struck me that neither of them wanted to take responsibility, and they just hoped the other one would take the lead.

[@maliqmatthew1009]

For people who are young and living on their own with low costs, graduate stipends may work. They don't work for parents, married couples, etc. I was loan-free during my first two years of grad school, but once I was engaged with a stepchild and a baby on the way, that math wouldn't have worked. Graduate education is way underfunded, but it's true that people should avoid paying tuition for a doctorate if possible.

[@Oxygen4728]

My negotiating tactic is the word "NO" and to walk away. I've gotten more callbacks that way than from giving in. Not because I don't have the means but because the deal is BS and so far out of my favor or benefit. It doesn't mean I am not struggling however in this game. I am always working on ways to improve my financial heartbeat.

[@Machoukas]

My mind is blown. Guy claims to be frugal and "concerned" about spending but loves time shares, vehicle debt, etc He "Hates debt" though

[@excitedaboutlearning1639]

As Ramit says;"How we feel about money is highly uncorrelated with the amount we've got in the bank." This can be generalized to debt as well,"How we feel about debt CAN be highly uncorrelated with how much we've got."

[@Machoukas]

@@excitedaboutlearning1639 Interesting point.

[@DawnNa_22]

I’m just going to go ahead and say it, the fact that he’s 45 and left 30 year old in charge of the finances. That kinda told me everything I needed to know about the situation.

[@Joce123]

Yep.. From Seminole everyday to the beach -free parking access to the bathroom hot tub and pool and a community of members that we enjoy daily.

[@robocop581]

That couple did not disclose annual Admin fees for that Timeshare. They usually cost $850 a year and goes up 5% to 10% every two years.

[@elizabethrufener7280]

Don’t buy new cars, rent a motorcycle occasionally, don’t replace pets, clean your house, 3 day local modest getaways, cut your cable and subscriptions to the bone, and work as a Team! Keep learning about personal finance! 🤑

[@13thCharacter]

Re: pet insurance. We pay $60 a month for one dog, and it's one of the best investments I've ever made. She has needed 3 mast cell surgeries in 4 years to remove 8 tumors. Would have cost over $8k total, vs. about $3k in premiums in that same timeframe. And a healthy dog to show for it. You never want that decision to come down to finances, so I recommend it for every pet owner.

[@LifeOrdinary87]

They had got me too Ramit. It was a free stay and then BAM. Years later we paid to get out of it our Vacation club. We are military and we have what's called Armed Forces Vacation Club which is free and have different places (resorts) in the world we can stay for a great cost. Lesson learned, timeshares are awful. We paid and we realized we didn't even take vacations to enjoy it.

[@writingpanda]

"I'm gonna go out on a limb and say... You hate debt." "No, I love it."

[@Playingwithproxies]

Paying the minimum on the cc debit you’ll basically pay twice the amount that you borrowed so you could save almost 30k in interest payments

[@SomeGuys31415]

No, paying only the minimum on credit card debt isn’t going to mean they’ll basically pay twice the amount they borrowed. It’s going to be a heck of a lot more than twice the amount!!!

[@stevan2399]

This reminds me how pressure sales works like Nomad Capitalist, Andrew Henderson to get people to buy now; they always regret it later. You never hear Nomad clients, or time share customers being happy later. Never.

[@CUBS83]

Literally just came back from an island hotel stay where Hyatt check-in staff tried to sign me up for a vacation premium club presentation in exchange for a spa coupon. “It’s giving timeshare”, I said. So glad I stayed away.

[@ruthannelamantia5568]

It’s really sad to see two highly educated people giggle about wasting money and not knowing why they spent the money.

[@joseCalderon1976]

You should be VERY SCARED of debt if it's too much. Specially for things like credit cards, student loans, car loans and too much mortgage for your income. I know I wasn't scared of debt before, which lead to my current chapter 7 bankruptcy 😢

[@HoffmansHoopties]

someone please help me understand how you can have $800+ in utilities for a $1600/mo home? Holy moly that's insane. I live in Colorado and our water, gas and electric rarely break $200/mo.

[@tinad8561]

Depends on where you are, the age of the house & amenities. A new power company bought the franchise local to me two years ago and the rates more than doubled.

[@kailaleebabineau3962]

Electric heat can be brutal on utilities. Also a poorly insulated house. Or they're blowing it on expensive cable and Internet

[@cynthiaivers1708]

I used to live in Denver and, in a bad winter or hot summer, it can be much more depending on your square footage and whether you have a large yard, etc.

[@user-vc9or5uc4x]

😂😂😂 their story just gets better and better. Trusting hs friends bc they are advisors 😂😂😂

[@Luckoftheirish1]

It's not a "little bit" to transfer $30,000 to another card. The average balance transfer fee is 5%! So it cost them.$1,500 to do the balance transfer. People need to keep this in mind if they are considering not paying off their credit cards and transferring balances to zero percent cards.

[@cynthiaivers1708]

Balance transfers just spread around the disease without killing it.

[@beth-b66]

Went to a timeshare thing in Las Vegas ended up buying a small one but the pressure was unbelievable!! We both were sweating and just wanted to get out of that room.

[@GeeEee75]

What was preventing you from just getting up and walking out? If they tried to prevent you from leaving that would be false imprisonment, so there's no way that they could have kept you there, without your agreement.

[@phiakate5921]

700 on pets, a cleaner, holiday plan, city breaks. They are ballin.

[@leecaldwell1029]

Its wild people can live with "luxury items" like these and then have 200K of student loans. bizzare..

[@saeedhossain6099]

Ballin' is right, just ballin' on the bank's money, but that note comes due....

[@spf_500]

I was a balance transfer queen. All it did was free up cards for me to keep using them. I'm off that train now. Paid if last card last month but it was brutal. The depression about debt led to more spending leading to more debt. It was a chaotic life.

[@eclipsed4utoo]

We got into a timeshare. Call us young and dumb. Over 8 years, I paid nearly $22k(ended up paying it off early just to be done with it). I did the calculations on how many times we used it and what it would have cost if we would have just paid for the hotel instead. $3000. We would have spent $3000 over 8 years instead of $22k. To say it was a waste is an understatement. HOWEVER, we recently went to Vegas for another presentation. Hotel was provided(flight was not), but we used it as a family vacation. We had to say No at least 12 times. They came in with $660/month, and ended up at $182/month. The salesman was amazing, to be honest. Relatable, funny, just seemed like a great guy. In the end, my wife and I had already decided we were saying No and we stuck to it.

[@afunlivelylife]

I went to a timeshare presentation during Disney trip. I was in my 20s. These reps are vultures as they pick at you even if you’re financially dead or can’t afford it. You don’t need a timeshare to travel well. Never sign up for a timeshare. It is a SCAM. Just enjoy the free stuff and say no thanks.

[@NancyK-h8k]

I used to go to timeshare presentations with my ex. We got lots of free hotel stays and free gambling chips. Loved doing it. Almost bought once but I'm frugal/cheap and we resisted.

[@BeardedCarBuddy]

I really want to feel like I would not make any of these choices, but I would probably fall for the same traps if I was in the same situation.

[@blee309]

It is easy to fall in all the traps that have been set for us unless you are older and have already been through it. Hopefully they will learn and do better now!

[@Bmf214]

Awesome episode and a. Rey likeable couple! I wish them the best!

[@lifewithlows]

200k plus of student loans is crazy, she's not a doctor so how is that 200k possible and she hasn't paid is crazy.

[@SaintsandSushi]

Christina is trying to play down she wants to live the high life by crying about being raised poor. Is a cultural thing to encourage seeking out that rich lifestyle at all costs even at the cost of debt. It doesn’t help that Ron is not actively taking care of finances. They both make horrible financial choices but Christina is trying to excuse her extravagant lifestyle by using the poor girl story. PhDs make no money so basically she is in pretty big debt for no reason. Is all about the labels at the cost of their own net worth.

[@s-for-4501]

I managed my investments for decades and did OK, as I was nearing retirement I started thinking I needed a financial advisor. I did my research and selected a person with great recommendations, made an initial appointment, paid the initial $3K fee and met with her. We had a great meeting, I learned a few new ideas on how to manage my investments and spending in retirement, but when she sprung on me that she charged 1.5% of my hard earned money and not a fixed amount to do what I was already doing, I cut my losses and said, sorry but I can't do that. I was mad at myself for spending the $3K but now, 3+ years later and listening to Ramit, I feel so much better.

[@BeaWms]

I thought you stated that balance transfers were not a good idea. I remember hearing that with another couple.

[@puredreadhead]

How are their utilities so expensive at $885 a month? 😳 I have the same utilities they have (no cable, and oil heat instead of gas though) and it’s an average of $320 a month

[@tomaszs1243]

Anyone know their income? I’ve listened twice and did not hear anything about how much money they bring in?

[@4thand133]

Thought they said around 200k. Which is why they can laugh off all the frivolous spending I guess.

[@YIWOTY]

I had the brother of a really good friend pitch whole life insurance when he got his first job out of college. I listened to the pitch and showed him specific figures of how it was better to buy term life insurance and invest the savings separately. He left confused and made another appointment to come back with his boss. I repeated the process and the boss got up and left abruptly when he saw I wasn’t falling for the sales pitch. My friend’s brother has gone on to have a successful 25+ year career. He’s now the boss, teaching college grads how to leech off their friends’ parents and their parents’ friends. It’s just sad that he takes advantage of people who don’t know any better. They overpay for their life insurance and get below market returns on their investments, just so he can have a big house, drive nice cars and take fancy vacations. Financial advisor my a$$.

[@can.I.dothis]

Selling the motorcycle, 8k vs 10k : It's not just that, the 2k more profit is lost on insurance over winter period and immatriculations etc. Better to sell now yes, but it's not a 2k lost.

[@Opm0316]

I actually got reeled into timeshare because I thought I love to travel and I love to stay in nicer hotels without paying a very expensive price. Wrong. We can barely use it for anything. It’s a scam. This should be illegal.

[@Dan16673]

they are insane scams but the industry is so strong with lawyers and almost impossible to get out

[@alexg8460]

I was almost sucked into a time share meeting , omg dodged a bullet because I’m one of those people pleasers so they would have ate me alive 😅