“$0 savings, $0 investments… Is it too late for us?”
ฝัง
- เผยแพร่เมื่อ 9 ก.พ. 2025
- Ramit Sethi of I Will Teach You To Be Rich welcomes back 38-year-old LaKiesha and 45-year-old James, a couple struggling to get on the same page financially. With no savings, no investments, and deep-rooted money fears, they’re stuck in a cycle of mindless spending. Today, we’re digging back into their CSP-and the numbers are more shocking than they expected. Can they finally break old habits and build their Rich Life together?
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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 husband and I want to participate in your podcast.
Respected Brother I fear GOD and speak the truth. I am in a lot of trouble. Can anyone help me you can?
When I ask for help in public, a brother says that I am a scam.
But GOD is watching over everything.I am asking you next to GOD. Please consider me as your household person and help me.
I would love you to talk more about work place pensions. The work place pension my work offers does Annuity, Drawdown, or a cash payment at retirement age. I want to know what is the best option.
Could I get on your podcast? I'm starting with 2,000 and trying to make a wealthy life for my family.
@@ramitsethi BROTHER PLEASE I WANT HELP.I AM VERY VERY POOR.PLEASE HELP ME BROTHER YOU CAN OR PLEASE RECOMMEND ANY BROTHERS AND SISTERS.
I feel like this was the most "Indian Dad" Ramit we've seen the way he was going in on some of the points lol
You had me at "I'm afraid of teenage girls because they're mean." 😂
That’s a turn off for me. It’s not teenage girls that kill their Greek pledges, it’s boys
They are 😂
I teach middle school, the boys are far worse!!!
A rule that helps me save a lot of money: Do not leave the house hungry or thirsty. Bring a drink along with from home.
my mom always said growing up to me, "we have food at home" i still say that to myself now lol
@@rocioiribe5841same! As the old saying goes, “Hay comida en casa!” 😂
@@rocioiribe5841 I also say, "we have dessert at home!"
Also if you are leaving the house for food, decide in advance what you’re getting. I make my worst decisions when I leave the house aimlessly looking for somewhere to eat
Good idea, good habit!
Best way to start my day: a new Ramit Sethi video.
I want this couple to succeed, they seem to have genuine affection and respect for each other, but changing habits is hard.
I agree with Ramit, don’t combine anything until they get their situation on the proper path. If they stay healthy and keep working they can have a really secure retirement.
Lakeisha, you can tell that you are a really great mom and aunt. You said you would do anything for your kids. I came to a realization years ago that the expression “I would die for my kids” is more than one grand gesture. Eating out multiple times a week had to die. Shopping uncontrollably had to die. I die little deaths every day that add up to a bright future for the kids. You can do this. It’s going to be difficult to make different choices but you can do it! Legit love gives us fortitude. Rooting for you, girl.
thank you so much for this......your comment is very encouraging to me. I need this.
Love this!!
This is so powerful. Beautifully said. ❤
I love this couple, they have learned and grown in front of our eyes. I hope they continue to grow in the future. It seems like it will be tough, but I'm cheering for them.
not a personal chef, LaKiesha PLEASE 🤣🤣🤣 baby steps sis
Thank goodness I was not drinking my coffee when I read your comment.
😂
The way I read this comment 😂😂😂😂
Somebody needs to cook....personal chef 😂
@@heyalainanicole that’s her rich life! Let her live
500 plus a month on alcohol and tobacco - bro has literally been smoking and drinking his retirement.
Smoking it, drinking it and eating it. 😮
@CambieSweets This is a good point and a profound insight that isn't discussed much at all. Having an abundance of money frees up mental bandwidth typically. Being in poverty for long does the opposite and creates a mental prison of chronic survival mode even after the person is long out of poverty.
People that have been overweight and then later lost massive amounts of weight report a similar phenomenon whete the mind doesn't yet match current situation - mind is still "overweight" while body is now skinny. Very interesting indeed.
@CambieSweets i'm 37 and also grew up poor, i've been actively trying to combat survival mode for the last 3 years, it's SO HARD and exactly right about not being able to think things are possible, last year i finally paid off all my deb and this year for the first time in MY LIFE i feel like i'm not chasing money, and i can see possibility in savings slowly growing.
Well if they keep smoking, drinking and eating rubbish American food that is full of inflammatory chemicals they won't need lots of money in retirement because they are significantly reducing their lifespan and will be lucky to make it to 65.
Most people are low level addicts to something
Dietitian here. Ramit's clients need a forensic accountant to do a deep dive into these couples' finances. I do the same for my clients who want/need to lose weight. I equate eating that's not being tracked, to "blind-eating", the same as Ramit teaching people who overspend are actually "blind spending".
If you want to change something about your life, it MUST be focused on. If you fail to plan....then plan to fail. I so wish Ramit would team up with Gail Vaz-Oxlade from Canada. Her show "Til Debt Do Us Part" was awesome and it really opened people's eyes when they see that they're spending way more than they think on stupid stuff. I do the same for my clients when I add up all the calories they're actually eating. People don't realize their whole day's worth of calories can be wasted on a fast food meal.
100% Like the show Secret Eaters! But with money it's much easier to audit. Unfortunately Ramit still relies on the accuracy of the numbers his guests provide. I think he should probably ask for statements and have someone break down their actual spending.
Life isn’t an amalgamation of tv shows. Though I mean you no insult. Sounds like you are keen to help people. And Gail is retired.
I loved her show! Then she had a spin off called Princess or something that I loved as well. It was where she helped spoiled young adults get out on their own
Hey fellow RD!! Great comment, 100% agree!
100%!! I started tracking my macros and calories and it's shocking how many calories a meal really ends up being when you buy it from a restaurant vs making it at home. Often eating out means I can only eat twice a day to stay within my calories vs 3 full nutritious meals made at home. Same thing goes with finances, spending without thinking can often mean you can only afford 2 of something meaningful to you versus 3 of whatever that is.
Ramit: How many times do you eat out in a day?
Guest: about once a day
Ramit: What about other 2 times ?
Guest: Ohh we get them in to our house. That counts as eating in.
Ramit: That's the same thing.
Guest: I would say not really, we save on Gas, parking, time, ordering sides.
Ramit: I am dead
Ironically unless you drive an H1 Hummer, it probably costs more to get it delivered
@233kosta hahaha. So true! People forget phantom costs.
@@themboys304 Sillier still - they're including a phantom cost, but grossly overestimating it, so preferring the delivery fee instead.
@@233kosta Yeah, well yea buddy I agree and tbh people like to stay in comfort zone and want to ignore the pile dust mounting under their carpets that they are sliding in. 1 day it will stink and bust. And boy the banks be happy.
@@233kostaPeople inflate the cost of the things they don’t want to do and deflate the cost of the things they do want to do. The numbers aren’t close to equal, but they get to believe they are by never looking closely.
So many things zipped through my mind while watching this session. I don’t drink or smoke but I know people that do. If somebody is spending $300 a month on alcohol and cigars is it realistic to think they’re going to go to zero? Lakisha, like me, seems to be a bit of a people pleaser. She’s going to need to keep that in check to take good care of herself moving forward. I spent $35.38 a month for my phone. I have never run out of time and I use my phone for business. It’s a Verizon plan with no contract which companies everywhere offer. There is no reason people need to spend $100 a month on a phone! I think Ramit hit the nail on the head on so many factors of their finances. James and Lakisha are so courageous and generous to share so much with all of us. I wish them all the best and would love to hear a follow up in one year.❤❤
My phone plan is also $35 a month, unlimited everything and comes with an Apple Watch cell plan. And there’s even cheaper providers out there. Plus I’ve had an iPhone XR for 6 years. It still works decent enough. Although admittedly I think I’m finally going to upgrade this year, I will buy certified refurbished
I think what he was getting at was there shouldn’t be a fixed cost line item for that, when it clearly is guilt-free spending. If he wants to use a little of that for it from time to time that’s up to him, but adding it in as a fixed cost when they have no savings at their age is silly.
I appreciate them sharing as well…but after show share showed they really haven’t changed much…tv subscriptions & groceries 🙄. What about investing or the bourbon budget 🙄
@@nodsibExactly. Buying cigars is not a guaranteed expense, no way
This was one of my favorite couples ever. I can't wait to see their 5 year follow up to find out how they're doing. I believe in them!
Of course they’re not spending on groceries if they’re eating out 30 times a month 😂
Yeah, sometimes a low grocery budget is a bad sign.
She’s at grocery store like “I’m not gonna buy that overpriced $10 family frozen meal, there’s no coupon!” Then ordering DoorDash for $80 bc they didn’t have easy food.
that long pause before she said that she cooks 3 to 4 times a week
😅
Well they're probably spending on groceries and throwing away 80%
Yeah, I felt so proud of my low grocery budget until I made the decision to cut out delivery completely. Now I'm spending $500 a month on groceries, lol. I could go lower than that if I had to, but if I'm not eating anything remotely "fun", my willpower will tank and I'll be right back on grubhub.
LaKiesha should be encouraged to examine her concept of "conflict".
"Firing my therapist involves conflict" is not an objective standard because not everyone leaving their therapist would agree.
Anyway, firing/leaving a therapist can be done diplomatically. Rather than "You're Fired!", reframe and rephrase to fir example, "I've reached a place in life where I'm ready to continue on my own. But if something comes up or I sense I'm moving backwards, I'll contact you ".
Parting ways doesn't have to include disagreement, insults, accusations, etc.
Seems like her therapist should have taught her this
All you have to do is cancel your appointment and never schedule a new one. It’s not like you truly have to “fire” them. I don’t fire my dentist I just go to a new dentist
Thank you for your comment and ‘what to say template’, I’ve been wanting to stop with my therapist for awhile, and I used your script!
If they want to drink and smoke, that’s their choice. But it’s not in fixed costs!!!! That’s guilt free spending. I hope Ramit brings this up after 35:27 because so far I’m baffled as to how it’s in that section
As a former smoker who tried making a budget while still buying cigarettes, it gets so ingrained in your life that you see it as a MUST HAVE, absolutely nothing optional about it. "I smoke around 1 pack a day, so about 8 packs a week - non-negotiable, so that's a fixed cost." - is how I thought of it. It's stupid, especially from a non-smoker's perspective, but that's my insight into your query lol
He basically said, "Give it up and delete" 😂
@@KitKat10281it proves smokers are totally delusional. Addiction is a mental illness. Smokers are mentally Ill. Can’t see reality. No empathy for other people like sociopaths. I hope everyone is liberated from their sickness that hurts others as much as themselves
Honestly I think most subscriptions should be in guilt free spending too.
@@SG-qu1reSubscriptions like Netflex can be seen as GFS, but it’s something paid for monthly, so I believe that’s why the CSP considers it a fixed cost. But Cigars and Alcohol are a different story and should be considered GFS. But either way, I see cigars and alcohol as neither one. I see it as a waste of cash bc it’s well known that they are harmful and deteriorates health.
Really liked this episode and this couple. Nice to see folks who were not as wealthy as typical guests. Thanks to this couple for sharing with us so honestly.
As someone with ADHD, let me tell you something- it's a bad idea to go from 9 times of eating out down to just 1 time. There's a good chance you'll fail. It's better to go down 1/4th each time. I.e., 7 times the next week, 5 times the week after that... And so on. That would make it more realistic and achievable. All the best!
Ramit's Channel: keeping me sane while America is being steered off a cliff.
good thing trump is fixing all of the damages Biden did
Def bordering on staying on track with my financial goals and just saying eff it and impulse buying all the things.
Tobacco and alcohol, with that budget, indicates possible addiction. Stopping may not be as simple as crossing it off their budget.
I agree - same with the eating out addiction!
They’ll stop cutting out alcohol and tobacco within 10 days.
Even if they cut half every 90 days, then can be in a much better space in 1 year.
@@suzanneemerson2625 I've got $500 that says within 10 hours.
learning the context of the bankruptcy made my jaw drop. such bad advice given her situation at the time. not all financial experts are looking out for your best interests.
Ramit, I recently finished IWTYTBR and have started reading MFC. What a great book! I really appreciate your knowledge and I have applied many of your principles in my life already.
Ramit, come to Wisconsin and I’ll buy you some Culver’s. I even have a coupon.
Same 🤚
I am very cold 🥶 😮😢🥶🥶😢😭
yes!
😂
I loved the Culver's reference too! Sconnie here as well.
Great couple. They listened and learned. It won't be easy but they will adjust to their new Conscious Spending Plan. They will teach and set an example for their children and live a more connected life as a couple. Thanks!
I thought they did great. Really appreciate you having people on at an economic bracket I can relate to.
44:07 this is so sweet that his podcast has an ad for his wife’s company
Literally came here to say this!!
It was a great ad too! I even reversed to hear part of it again!
RAMIT PLEASE READ!! For student loans - if you are in an income based repayment program, that isn’t the public service loan forgiveness program, then that loan discharge will likely also come with a MASSIVE TAX BILL, because the forgiveness is considered taxable income for that year. For someone with student debt of $100sK, that could be a tax bill of tens of thousands!
People need to know this about student debt, and plan for this forgiveness tax amongst all their other financial goals!
"Cigars & Alcohol" category in the CSP? These folks are my spirit animals...
😂
This man is an absolute legend the fact he came on to deliver another video even being so busy with interviews after the new York best seller, just shows he hasn't forgotten us
Never too late to start being more responsible financially. If you are a financial gambler, don’t take out loans, cut up your cards, setup automatic saving accounts and just invest in government bonds.
It’s not the ideal way to be rich but you have got to plug the holes in your financial boat first!!
So many things zipped through my mind while watching this session. I don’t drink or smoke but I know people that do. If somebody is spending $300 a month on alcohol and cigars is it realistic to think they’re going to go to zero? Lakisha, like me, seems to be a bit of a people pleaser. She’s going to need to keep that in check to take good care of herself moving forward. I think Ramit hit the nail on the head on so many factors of their finances. James and Lakisha are so courageous and generous to share so much with all of us. I wish them all the best and would love to hear a follow up in one year.❤❤
I wished Ramit gave them a homework like the other couple.
Yeah I was hoping that was his new approach
couldn't wait for this episode. i really liked this couple and identified with their situation.
Can we do a follow up on this couple in a few months to see their progress? This was great and I truly wish them the best on their financial journey. They legit have a road map for financial success.
Tuesdays are Ramit days for me! lol
Anyway, I loved this couple! Glad they are asking for help now before getting married! It’s such an important step! They genuinely are interested in the help and implementing them. Thank you and rooting for yall to be Ramit’s biggest success story-I’m with you James! 🎉
lmaoo I was not expecting to catch strays as im listening to this while delivering pizza for dominos
Just need to share that Ramit not know Culver’s is the most Californian thing ever 😂. The kids meal with the free custard coupon is the way to go!
Laughed out loud on that one
I cannot wait for this couple to come back on and share their success story. Got every faith in them that they can turn things around for themselves and their families.
53:54 Having that designated Guilt Free spending amount (“allowance”) will also take you out of the “can I get away with it mentality”. Now you know!
Before the video ends? I'm rooting for her and her alone, lol. The rent and cigars conversation broke me.😅
Looks like she's having a difficult time having a conversation with him about leaving. He's slouching in his seat!!
Me: "Hey Ramit actually has on someone who makes what I do!"
Guest: "That's HORRIBLE."
Ouch.
😢
Yeah I think a little gratitude is welcome here in this session.
His "Horrible" comment was in reference to his annual income of 60,000 - he thinks it's too low and he is right, if he can do better, why not? Horrible was a bit dramatic though.
Gonna tell my boss tomorrow that what I make is "horrible."
Just kidding. I actually don't work that hard.
Isn't that like the median us income?
this is the best episode you have ever done, in my opinion, coming from a Mexican-American from LA who grew up with and around these kind of money dynamics, most of our people and the people around me did not know, did not understand, did not get taught any money habits and the HARDEST thing was even thinking things and change was possible.
thank you to this brave couple for sharing their story with us.
Ramit doesn't know about the culvers kids meal hack and I love it. it used to be like $5-6 for a burger, fries, drink and ice cream
Made me crack up that he had no clue what Culver’s is… but perhaps it’s a Midwest thing. 😂
Love their kids' meals, it's plenty of food for a woman (probably not a man!)
@@SG-qu1reyea it’s definitely based in wisconsin and Illinois I’m not sure all the other states that have it but it’s most famous in those central states
@ mn has Culver’s too… definitely Midwest
@@JakethesnakemusicCulver’s started in Sauk City, WI in 1984.
Let’s preface this that I don’t smoke or drink, but to expect people that do those things go cold turkey is unrealistic. Sure they don’t have the money for it, but going to half or a quarter of the original number is a much more realistic demand to set.
I agree. The alcohol could be incorporated into the grocery spending and James can put cigars in his personal money.
Addiction has been studied extensively and statistically you are slightly more likely to successfully quit if you go cold turkey
Did they say what they drink? If you buy cheap booze and down a bottle of vodka and a six pack of beers every night, that may be hard to change... But if what you're drinking is 18 year old scottish whiskey, you'll get to high costs quickly. I mean, they go to whole foods to get their "cheap pizza".
And cigars are probably easier to wuit than cigarettes. You don't smoke one of them every 30 minutes or whenever you feel fidgety.
They are not going from eating out 36x a month to 1-2x a month lol
Yeah. I think a more realistic goal would be one nice dinner once a month and fast food once a week.
As someone who used to eat out A LOT (not as much as these guys, but for my income, it was a lot), you are absolutely right! Cutting down, like, 99% of their eating out a month in one go is akin to a drug addict going cold turkey on heroin! Lol! I do wish them the best of luck, though!
I hear you and I feel that too, but I also think that he’s trying to impress upon them that time is no longer on their side and drastic measures are needed. He even said, she shouldn’t be worrying about helping her kids with college because she’s so far behind in saving for retirement. I think honestly he wants them to understand that the time is now, even if it doesn’t feel like an immediate urgent thing. She needs to be thinking, what if by not eating out for a month I could save my house from foreclosure? Then you would stop right? She needs that kind of mindset.
They’re spending 3k a month on guilt-free spending. Wow. That’s our budget for guilt-free spending per month but we bring in 15k a month and do not carry debt. That will solve their savings problem right there.
yeah I am having that problem not. im not going crazy but at my age I know that i need to redirect some of my guilt free to my savings. im just starting and enjoying having extra money now that Ramit has my system on point
Wow that’s a good income!
50:07 that was cool, checking in when he was quiet 👍
"I deserve ...". This sentiment is the downfall of most people in financial trouble. I'm sorry, but you don't deserve squat. My blood boils whenever I hear someone say this.
Why did he split rent 60/40, but then left all the other expenses 100% her responsibility? Did I miss him fixing that?
They did have a utilities section on the CSP
@MylesHSG that was not remotely the question. But b for effort?
I wondered that too. He did split the utilities and I’m wondering if he doesn’t have a car payment or car. Groceries was split evenly….
4:23 Income based repayment plans are terrible. They trick people into thinking after making monthly payments for X number of years their loan will be forgiven. But in reality, the payments you make usually only go towards interest and you end up paying way more than the original loan amount anyway.
@@janel8733 yes! Stop the insanity! Take balance due, divide by 60 months, and that’s your payment. Do that the day you graduate (and ideally before you graduate) and knock the darn thing out in five years max. Don’t let the bank decide your payment. They want your interest!
They do get forgiven. The forgiveness is taxable as income in the year you receive it (except PSLF, which is tax-free forgiveness)
I commented on this too, and really couldn't shake how it wasn't discussed more.
@@janel8733 do people just make the payment and not pay attention to the balance?? I dint understand this and if I was ever offered that I must have blew it off.
I hate to be a pessimist, but they’re unlikely to stick to the reduction in eating out. If they’re eating out 30+ times a month, they’re used to hyper-palatable food and may have an addiction. Wishing for the best, but thinking practically
Maybe. I have to say for myself, I’m better at making drastic changes than minor ones. I started my budget era with a no spend month and it was like it reset my habits.
I’m going to thumbs up before I’ve even watched it…. Just know it’s going to be worth the watch! 😊
I think telling the daughter "I can't buy you X because I'm saving" is not ideal. He'll be saving until retirement. That means he'll never spend on his kid again. Instead, he should budget for his kid and be transparent about it.
Example: growing up in my family, us kids either got a birthday party or $100, our choice. Chirstmas was $50 or gift. We got $20 a month for allowance to use as we wanted for "splurge" things (in Ramit terms: "guilt free spending"). If we wanted a $100 purchase, we either pooled money, skipped having a birthday party, or saved. This taught us budgeting, discipline, and the value of what we asked for. If you add it all up, that's $390 a year or $32.50 a month. Numbers are a little dated, but you can bump it 50% for ~$50/month ($150 birthday, $75 Christmas, $30 allowance).
Next time she asks, switch it up. "I've been working on managing my money more, and I wanted to help you learn to do the same while also still showing you that I love you through gifting. So, instead of giving you things when you ask, I'm giving you a monthly allowance. Spend it on what you want, but that's all you're getting for the month for things that you don't need."
SUCH GOOD follow-ups! rooting for these two to achieve James' dream of being Ramit's biggest success story.
Please more stories like this. It is more real life.
I don’t agree with wiping out student loan with bankruptcy unless it becomes a critical issue with Health or an accident. Even then, wiping out the interest is an alternative. When couples spend $1000 plus on eating out every month why should we, the taxpayers, pay for their student loans? There are many of us who went to community college, worked full-time through university, went to a city/state college, or didn’t go to college at all because we couldn’t afford it. This is not a political issue. This is a numbers issue. Making this political dumbs down the conversation and we get nowhere.
Rooting for you guys u got this 🙌❤
I ordered the book because I get so much for free from you, I wanted to support ❤
1:04:03 just revealed that she filed for bankruptcy for only $30k in debt. Oh my 😢 she got bum advice from a "financial advisor"... The financial industry needs to be WAY more regulated.
It’s crazy to me that people can be afraid of investing a few hundred dollars a month, but not afraid of instead spending $500 a month on alcohol and cigars!!!😮
If they had each put $200 a month towards the SNP 500 starting 15 years ago and left it alone, today it would have grown to about $165,000 combined.
There are so many US-produced culinary shows and then I watch these shows with regular people and they never cook at home!!! How is this real?! We make probably 5 times more than this couple and have no kids, we cook all the time! We eat out maybe 3-4 times per month and it's specific food that I can't comfortably cook at home, like pho bo or Korean dish with panchan selection. We both work from home and we cook for ourselves all the time! I prep two times a week and we cook occasional additional dishes every day for dinner. This is a crucial skill, I'd die without it, the best food I eat is always my homemade food!
Is this how people are raised here in US? I grew up in different country and moved here when I was 23. Do parents not cook at home and not teach kids how to? But I see so many bloggers cooking delicious homemade meals all the time! What's the reality here?
The USA is so diverse in almost every metric, but I can say it’s not uncommon for some families to rely on fast food, processed foods and connivence foods. It’s often not about cost but often about mental bandwidth and the dopamine hit those foods give people. Those foods are often the only luxury people can afford and they get hooked.
It’s also not unusual to have families that value cooking and teach their kids how to do so.
@@Natalie_11188I agree. I struggle with executive dysfunction, and the mental and physical energy that it takes to plan, prep, and cook food is not something I can really handle right now, so I’m paying for a meal service (Thistle) and buy prepared foods from places like Trader Joe’s rather than cook at home. I know it’s more expensive, but it’s my option until I get a handle on my functioning. The alternative would be that I don’t eat at all, or I get takeout
James needs to outsource Ramit to speak to his daughter. I don't think he gets it "no because I paid your mom child support" will scar that kid
I related a lot to both. Thank you for sharing this. And for the tough love I needed to hear for myself!
As someone who truly grew up poor, it's hard for me to understand folks like this couple who consider themselves from poor family but don't know how cut down their expenses. One thing I learned from my poor childhood is getting by with almost nothing. I used to go out with my dad and brother to catch grasshoppers, frogs, fish, and etc (I grew up in 3rd world country). Now I have good salary in the US and live comfortably but when I'm in survival mode, I can get by $500 (or less) + housing cost.
Third world poor and US poor is probably still a bit of a difference. They may have grown up poor, but their problem really isn't that they have too little. Their problem is that they have never learned to plan ahead and make financial long term decisions or even to build their own safety net for when times get rough.
Happy you were able to improve your life btw.!
7:43 all the dudes who want "men to lead" the couple's finances... Thoughts?
Am at 1:00:52 - Ramit we love you! ❤
It's so hard to watch the denial people have about retirement. I'm kind of guilty too, I wasn't contributing nearly enough until recently. If they think it's so hard to cut back a little on restaurants now, how much harder will it be to potentially not even have enough for basic groceries as senior citizens? It's like driving at a brick wall with your eyes closed. Our human psychology is just not well equipped to deal with longterm issues like this. This is why we need to massively beef up social security to force everyone to provide for themselves (and each other). Unfortunately our politics are going the opposite direction and people who didn't plan well, or people who are just poor and unlucky, will literally be on the streets. This is not good!
It is unlikely that people addicted to drinking and smoking are going to go straight to none
I know James's numbers, but I feel like he was trying to say his rich life was the cigars and bourbon. I thought this was the core of Ramit's plan. Give the man a cigar! 🙂
Hmmm 😂😂
I think the idea was to get the alcohol and cigars out of fixed costs for both of them. To show them it's a luxury not a need. He has $300/month to spend how he wants- that was pretty much all going to cigars and bourbon before. He could still spend that on cigars and bourbon but would leave him with literally nothing else to spend for the month. He probably will still treat himself from time to time and that's ok, because the occasional cigar is his budget, but not $300/month.
I think this is why the guilt free spending needs rough line items. It’s not realistic if he’s addicted that he’ll immediately go to 0 when he already cut it by 50%
@@daniellefaith47 Right. Plus the health benefits of moderation.
I agree with it being eliminated. I don’t have a line for massages and pedicures. That is considered guilt free spending.
I'm hopeful for them, so let me see how this episode turns out...I finished the episode, and I will simply say that this will definitely be tough life change for them both.
I'm concerned that they did not give specifics on the savings and investing in the follow-up, but hopefully they will have better updates in 6 months. Good luck to them.
Eating out is more about the palatability and food addiction tied to restaurant food. It seems to help me to make eating out less part of health goals. Maybe they could do the same and reduce the alcohol and cigars too which are terrible for health. They may need to dip into investments in the near future if healthcare costs arise
This is the best episode!
I just wana say regardless of what party you support it’s okay to take a joke. Democrats and republicans both have some clown behavior it’s okay to laugh. It is not that serious, our leaders don’t lose sleep at our issues don’t get mad at a joke.
I wish these two the best. Hopefully they make the changes they NEED to make. It’s tuff to see someone of this age be at zero investments for retirement.
Great show!
Dude... I don't have an income of 150k, but I'm surely also not paying 150 bucks for pizza.
Yesterday I went to a chinese place and raided the leftovers of the all you can eat buffet. Cost me 12 bucks for filling 3 travel boxes, full of duck, chicken and pork.
Great job Bob the Builder 😮😊😍
Someone who spends $500 per month on cigars and alcohol will not just quit it all because Ramit encouraged them too
No but they can lower the amount and move that spending into "guilt-free".
Whole Foods has $8 pizzas on Fridays ;)
I think ramit could have been more thoughtful about how the couples upbringing and
experiences with money in past relationships shows itself in the CSP. I’ve seen countless couples with debt and frivolous spending get their “cigar money” worked into guilt free spending. This felt much more like a budget which ramit is normally not for.
That man is lazy and wants Ramit to do it for him. He also thinks he should get more spending money than her, but she's bringing home 60% of the income.
I wish Ramit would stop with the political comments. I used to enjoy his channel but I feel like he is overstepping his area of expertise. Plus alienating people who want straightforward advice without his personal beliefs
Money is deeply political. Asking for someone to talk about money without talking about politics is willfully misleading yourself. x.com/ramit/status/1887326466020454589
I feel bad for them. Eating out 9 times. Hell the most I do is 1 to 2 times.
I’m 35 and the most I’ve ever made was 65k… I have 289k in savings/investments. James you can live off 60k…. By the time I’m James age I plan on retiring in Mexico for a house I bought and making payments for. I don’t plan on being a slave to debt. I want to enjoy as much of life I have left .
Well done you!!!
Not bad! But it also depends on the cost of living of your area.
I'm not from the US, so all those numbers tend to feel super inflated to me, as salary (but also costs) here tend to be slightly lower.
150k is a really high income to me and it's hard to wrap my head around that people actually manage to make that much and still struggle.
Congrats on getting on the Best Seller List!
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家都這樣🙏🏼 Big thanks.
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6:48 HELLO!!!! That was crazy
I have started a bad habit in the past 6 months or so of eating out too much so I feel for them 😥 its hard bro. I like Katsu chicken! But I'm going to rein it in.
You can cook katsu chicken at home. We do. Many things we used to get at restaurants, we slowly learned to make ourselves overtime. Unless a restaurant is super high quality, or the food is very specialized, our cooking tastes generally the same or better than we used to get. You can do it!
I feel like such a fool. I paid off my student loan. Both my sons paid off theirs. We took out a home equity loan to pay the excess of their college costs not covered by their loans and then, of course, paid off that loan too. To hear that other people drink bourbon and smoke cigars to the tune of $400 a month, eat out nine times a week, and buy" lots of things for their house" while making only minimal payments on their massive student loan obligation along with the comforting knowledge that it will be completely wiped out is very frustrating to me. (Along with Ramit's sympathy to boot!) Our retirement savings would be very different if we had decided it wasn't necessary to honor our financial commitments. It is galling to me that people can spend money on such frivolous things while not having to worry about their student loan debt.
Oh boo-hoo. Every fighter jet the US buys costs over $150M. The government spends ridiculous money on BS like this every day. This woman's loan forgiveness has nothing to do with you. My loans were discharged recently under TPD. Just because you repaid yours doesn't mean everyone has to. It's similar to how my husband and I pay $30K a year in income taxes, but Tesla's US operations pays $0.
@@MaryCumbersnatch You know you're Mary. Why should anyone have to repay anything? Great attitude.
@@maryanngrow2970 I don't feel bad that the government doesn't get a 6 figure repayment from my original $30K in student loans. I *can't* work anymore. I also don't think anyone, you included, should have to pay exorbitant amounts for student loans. The high cost of college today is another way to exclude poor people from higher education. Everyone should have an opportunity to go to college without facing financial ruin, if desired. Students aren't cash cows for our frivolously spending government!
Love this couple. Hoping the best for them!!
I almost had to turn off this episode when Ramit didn't know about Culver's. Culver's is one of the major food groups of the midwest. :-) I wish they had explored her Income Driven Repayment plan for her school loans. In the video they pretty much gloss over it and I don't understand how it is basically viewed as being something to not worry about. It sounds good but IDR can cause problems. It is possible that the amount that is ultimately forgiven is taxed as income. While it seems this is good for her short-term, there could be financial consequences down the line.
There's also a connection between how they choose to spend their money and their health. Eating out 36x a month and I guarantee they have developed high blood pressure and a good start to other related cardiovascular disease. Plus the cigars and alcohol which are impacting CVD and liver health. Suggest starting a routine of taking walks, which are free, multiple days a week, alone or together. Go to parks, also free. Do fun exercise videos at home on YT. Get a physical and lab tests to create a baseline and watch your health improve.
Thanks Republicans...I felt that. About time we have a channel for people not in The Cult!
@@mrblue21974 There are liberals out here who are not in favor of student loan bankruptcy.
That is so much eating out 3 to 4 times a week $250 /week! If they only go out once a week they can invest $500 to $600 each month.
I feel like Ramit skipped over the tobacco and alcohol spending too quickly. I think that deserved more time to delve into. At that amount, it’s more than just a line item on a budget that can be easily crossed off. There’s probably some level of addiction that needs to be addressed. He may need to taper off his smoking and drinking or even get professional help if not successful.
Hi Ramit, is your book also available in Spanish?
I think a lot of people underestimate how much they spend in groceries and eating out. I know I did until we started tracking five years ago. Just last month alone we had over 10 days with grocery expenses. Some was our weekly shopping trip, some was our mid-week shopping to restock on fresh fruit, once was protein powder delivered by Amazon and I always grab food from Target a few times a month when there.
They said Harold's and Culver's sounds like Chicago area people :)
Yes I caught that as well.
And bobs lol the Culver’s near me is usually empty though.
This segment was good. Lots of meaningful takeaways.
59:25 is the face of a man that just learned he needs to work until 70 just to get by in retirement, if and only if they are investing an unreasonable amount of their budget monthly for the rest of their working careers. These people are going to end up destitute unfortunately. It did not have to be this way.
Nooo I wanted this to be uplifting... I want them to succeed 😢
@CambieSweetsyeah but the problem is that she let him talk her out of it.
Get educated, make good choices and don't let people talk you out of them.
Great episode! Ope I just purchased my 11 year old valentine's day cards and candy for her class.