“We have $285,000 of debt... How did this happen?”
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- Опубликовано: 30 окт 2023
- Ramit Sethi of I Will Teach You To Be Rich talks to Trin and Lucas, who are both 35 with two kids. They’re bleeding money but they don’t know why, or how to fix it. Lucas is an extreme entrepreneur, leading to trust issues related to his shocking risk taking and lack of transparency. Matters are complicated further by a fixed-costs percentage of 150%+.
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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 wife makes 130k and I don't work. When I go to McDonald's, it's only because I have a dollar breakfast sandwich coupon on the app.
I'm just telling you this because I think you would think it's hilarious. Thanks for the work you do!
This was an incredible episode. Thank you for being on this show, Trin and Lucas 🙏🏻
He's delusional and in denial. It will only get worse.
Ramit, can you let us know what you think about the ongoing Schwab news: impending bankruptcy, layoffs etc.
Grateful for all you do to enlighten us folks.
I'd LOVE to be on your podcast! I will fill out the Google form and provide more details about my current financial situation.
When she says "I don't see numbers the way Lucas does" I want to reassure her that none of us do...
🤣and I am an accountant and still don’t see it how he does.
Lol😂😂
😂😂😂
Lol
😅😅😅
This guy is so over his head and managed to gaslight his wife into thinking he is far superior than her on finance topics. So scary to be married to this personality.
I also think she feels guilty because of her student loan amount. Paying for a college education is ridiculous - haven't heard if hers are private or government.
Lol, she has $200K in debt and you think she's the better one at finances?
@@blingman78 No, they both suck at it, but only one admits it.
@@maryd6745 She should have been paying attention to the money. You can't bury your head in the sand and HOPE.
@@blingman78 he had two scholarships, she didn’t.
The scariest part is that this young woman actually believes her partner has some kind of secret financial knowledge & speaks from any position of authority whatsoever. Seems like the exact opposite & she doesn’t even realize she’s the voice of reason.
As a child he had to act like he was capable of taking care of the family, and that must have been incredibly frightening. It’s no surprise that he has developed a whole smoke and mirrors act now and that he’s unable to let down his guard and feel the intensity of their situation.
You cut to the heart of the matter with this one comment!
he is also Nigerian and that hustle mindset might be in his DNA, but he should just go and get a good job with his degree...because he is making life too complicated and stressful.
Yep he’s gotta keep that momentum or he feels like it all falls apart
The biggest red flag to me was the part where he thought he was going to school Ramit on the benefits of whole life. Even after creating this mess he thinks he knows more than Ramit.
And he started his sentence with "the plan is to over fund it..." Um, sir, you lost me already cause you don't have any money to begin with!
Exactly@@mirandamerten ! Like what exactly are you overfunding with loool.
@@mirandamerten lmao that part, i was like over fund... with what money??
Ny favorite part of it was he's acting like he has a secret method to whole life but just says the standard thing all the whole life sales people say on youtube and it's just "over fund it so you can be your own bank". what a joke
Someone with a Chemical Engineering degree doing all these "hustle/scams“ to get rich is CRAZYYY 😩
exactly, makes me feel- is that a scam too? like does he even have these degrees- biggest clue was he had no clue of the salaries which his degree can make?! and he is supposedly this money savvy dude?! his chemical enggg knowledge will also crumble with simple 10th grade qns - I bet you!
@@TheSharmam I had to scroll way too long for this question. No judgement if he doesn't have the degrees, but this just doesn't make sense
@TheSharmam interesting..love that you actually THINK about the podcast
And making less because your not doing what you specifically specialized in because it was a high earning career.
He’s been listening to too much podcasts
I honestly don't believe a word he says. He relies on confusing her so he can do what he wants to do.
Fast talker but he’s confusing financial terminology. He should stick to chemical engineering if that’s what he has a degree in.
It’s called gaslighting. It’s insidious mental abuse
He sounds narcissistic. 😢
This is why our grandmothers told us to have our own and stay on top of the finances because he clearly knew he was failing and didn't want to admit it. That level of pride will have you and your family homeless while he trying to make the next "deal"
Yep and it's sad.
Every time I went to a dance or something, if I saw my grandma before, she would slip me $20 and say it was “mad money” … if I got mad at my date and wanted to leave I could call a cab 😂
And exactly why a lot of women are happily choosing to be single!
Exactly.
Exactly. One of the mothers of the church told me “keep your own purse 👛 “
Ramit I want you to know that I've noticed such an improvement in the way I talk to the people in my life since watching your videos. I obviously learn a ton from a financial and psychological perspective, but the way you treat people and the manner in which you speak with them has rubbed off on me, and I'm thankful for that!
Same! I feel like listening to how Ramit asks non-judgmental but exploring questions has helped me have better conversations with my husband.
I hope it rubs off on me too. I like the way he draws out peoples stories.
It’s because you have great listening skills, good for you!
This is an amazingly insightful comment. I think I agree with you.
Lucas thinks he’s finessing, but he’s the one actually getting finessed.
Even worse, he has NO CLUE he’s being finessed.
It’s tragic. I thought being “street smart” was NOT falling for scams, Ramit was simply trying to build rapport, rather than saying, “everything you’re saying about money, Lucas, is just wrong.”
This dude is literally my dad! True Nigerian hustle mentality. My dad took a lot of financial risks that were unsuccessful and he never listened to reason from my mom. Now my mom's retired with a pension. He has no nest egg, some rental income, early dementia and is on my mom's health insurance. 🙄 This dude's gotta stop living in the clouds and listen to reason.
It is why I worry about who people choose to marry. The blending of cultures can be devastating..especially for their children
@@Joce123 Agreed. I vowed to never marry a partner like my dad. My parents have the same culture, but very different approaches to finance, and like this couple, they did not work as a team.
I grew up with so many with a mentality like this in South London. the kids end up a real mixed bag some saw through the BS, some saw it as a blueprint
Man this is painful to watch... he moved in with her because was in tons of debt & lost 20+rental properties??? And at some point shortly after, she became pregnant, they co-mingled finances, and now he is bringing her down with him. My heart hurts for her
That's how shacking up usually works out
Lucas moving in with her was one of many🚩🚩🚩
@@iamjenniferx I'm sorry, if you allegedly own 20+ units and still don't have a home to live in, I have nothing for you. 😭
By herself she makes less than $4k/month with $200k in student loans and is still in school racking up more debt. Even at $8k/month he's earning more than she's expecting to earn with her PhD, but his spending habits(and hers) are decimating their finances. Neither one of them are helping themselves or their families.
Not him laughing/smirking when asking her how she is feeling. Classic behavior of a gaslighter and a man who thinks he knows better than everyone else. Rolling his eyes at her responses. Refusing to be wrong or change...
I hate divorce but you aren't gonna being me down with you. She will never have a decent life or retirement if she continues to be commingled with him.
Yes especially when she started crying and he said she was “emotional”.
trin is a saint. i could NOT deal with lucas's attitude in general and behavior with our family money.
💯
Not sure if shes a saint since the vast majoriy of their debt comes from HER student loans
Ramit you're amazing at creating a safe space for both parties while questioning each person's ideas of whats right. Wow. The man's behavior is triggering but you're still able to have a conversation without hitting a wall.
I’m a civil engineer and Chemical engineers are some of the HIGHEST PAID ENGINEERS he could be making +$100k EASY. I’m genuinely scared for them if he continues to gamble real estate and credit cards.
$100k here is so poor here in Frisco, TX that you won’t have gas for the food bank!
@@Investormillardlol!
We pay our mechanical engineering co-ops what he thinks a full engineer makes...even in 2019.
Lucas is clueless. 50k-70k for a ChemE - even in 2019 is extremely low.
Based off his income estimates, he's already making more than that. The income is not the problem, it's the spending.
This guy was buying rental properties on credit cards!! 😱😱 He is literally a sucker for any scam out there!
How do you even do that? Was he taking cash advances from the cards and using that as down payments on the units?
@@keniasloan523never heard of such a thing
@@keniasloan523 I'm willing to bet that was the case! Cash advances for sure... which immediately trigger interest... and yet he claimed to hate paying interest.
She saw the red flags and ignored them, when she said she felt like she was making a mistake when he was moving in. Girl should have walked away...
Absolutely! Thank you for this comment . Was hoping someone else picked up on her comment. She didn’t follow her gut and she still isn’t .
This was very hard to watch. He’s not a scammer. HE’S being scammed because he thinks he can get rich quick. He is falling for every lie online. When he is challenged he gets angry; an adult rolling his eyes during a conversation about His actions. He also can’t work as an engineer cause he won’t past the background check. He doesn’t have an actual degree. I don’t believe him.
14:59 Wait this guy just said that he would've used cash to pay the bills but decided to use the credit card for points. Then, in the SAME sentence, says that he didn't have the cash and had to use the card. What?! My guy, please. A new system is needed.
Very excited to see what you two agree to during this episode and thank you for coming on to share your experiences with us.
This man knows what he is doing, he knows he's just trying to use a formula in which he's robbing peter to pay Paul. Ponzi's at their best. His wife knows as well and instead of her just not being sweet about it she's acting like she being supportive even though she can smell a rat. The comments about the credit cards and him saying one thing and then contradicting himself in the same breath shows how smart he is because he knows he sounds stupid but doing a double talk as if no one caught it. This woman better tell him he's bs'n to his face so she can stop living a lie. An entrepreneur is not a con man that shucks and jives. He's a con man who wants the lifestyle by cutting corners and wanting to look like a millionaire but ain't. Ponzi schemes eventually fail because once you've tapped out it's over. You can only do it for so long before the chicken comes home to roost. Run all the cards out and file bankruptcies or as he says 'start over'
THANK YOU! I'm like, SIR! You do NOT have the cash, and THAT'S why you've used your credit card!
Yeah, I'm surprised Ramit didn't stop him there for clarification on what he just said.
I WAS LIKE WHAT IS HE SAYING
@@thegraceofalady3629 exactly. Allowing people to file bankruptcy is the easy way out. That is why he doesn't care. Put it all on the cards, play with the money as much as you can, and when it falls a part. Oh well!
You have the intelligence to be a chemical engineer and chose to be a scammer.
Yea I’m hearing MANY red flags.
I knew he was going to mention Rich Dad, Poor Dad. Such a 🚩🚩🚩. Worried about leveraging debt, properties, cash-flow, etc. while not even saving any money.
It is also so weird as an engineer hearing him downplay how much he can make in the job market right now. Ramit is right, $125k-$175k is what I would expect depending on their area.
Exactly automatic read flag
He's watched too many Get Rich Quick scam videos where they downplay a 9-5 job as earning only $50k a year.
This. All I have is an Associate’s degree and I make north of $70k. I literally did a double take when he said $50k.
I wouldn’t be surprised if this was Trins last ditch effort to save her marriage. I fear if Lucas doesn’t take Ramit’s advice it’s a wrap on their marriage.
Sadly that's what it looks like, I hope they are able to salvage their finances and their family/marriage
As an engineer, A part of me is glad he is not working as an engineer. If he views the risk he is putting his family as “good” risk… idk how he’d see risk in real life problems as an engineer. He is way too stuck up. He needs to wake up and see the bigger picture… his family and their future.
He’s way behind in actual building a career in engineering he would be paid less than any other 35 yo that’s actually a licensed engineer at this point in their career.
As an engineer, I agree! So much of real life engineering is risk analysis and this man has not demonstrated any risk management or even understanding ability. I wonder if that is why he is investing in these scams instead of working in his field.
I know Ramit wants us to be respectful and I will respect that as much as possible... but this man is so unbelievably disrespectful to his wife. He rolls his eyes every time they have this conversation, anything that she says that is contrary to his plan and his goals is thrown out the window. You can _see_ that he's just waiting to speak. _He_ is the reason they're cash poor, and he's refusing to acknowledge that he's not the mastermind he thinks he is. I really hope that she's able to assert herself and take over, or separate herself. She's not going to have control over her finances or any semblance of confidence in herself if she doesn't take the reins from him somehow.
this - I know she feels burdened by her student loan debt, but my guess is if she were on here own, she would have meticulously created & started executing a plan to pay them off - one that did not include credit card scams. Instead, I believe he has, over time, talked her in so many circles that her head spun. This was a really difficult, but fascinating, ep to see. I hope she breaks free as well.
I'm not even all the way through this episode, but this dude has bought into almost every "hustle bro" financial scam ever. Stop listening to Kiyosaki, my Nigerian brother!
He claims to "look at risk" but doesn't realize that he's overestimated his risk profile. He has not learned from his money mistakes AT ALL!!!!
Trinity married a "Yahoo Boy".
😂😂 not Yahoo Boy!! Yeah, he’s definitely unrealistic. Dude is trying to become Bezos in 5 years, when even Bezos took decades!!
@@kennid6743 "Yahoo Boy" is a Nigerian term for a scammer, fyi.
Not a yahoo boy 😂 bruh😂😂😂😂. Come on na
I came up with people like this who bet it all and hope to make it big. They believe they are creative and know something that rest of the world doesn't. A few made it, and in a big way, so they have survivor bias. The majority however is well worst off then if they just stuck to the traditional, boring investment strategies. Getting rich quick doesn't work for the most part folks, let's stick to slow, steady, compounding progress...
yep spot on. Would not be surprised if he is a crypto bro too. Golden age of fraud
His system is a mix of scamming and gambling. He has convinced himself he can get rich quick and seems to try to do it by any means necessary. He wont take Ramit advice in the end cause he feels he is smart enough to do this. Any pushback will simply be viewed as a challenge to prove everyone wrong. Im afraid his wife wont last long with him, its too much for her and rightfully so.
He's a scammer
Scammer was my thoughts as well.
@@claudiathomas7494 this guy is always trying to get money but can't keep it
I’m sending this video to my wife. “Husband of the Year”, here I come!!!!! No, I don’t care if the bar is in hell. I’m stepping right over it to collect my award. Bare Minimum Boys, we up!!!!! 😂😂😂😂😂
I also picked up the scammer vibe. The wife needs to run far away.
Nigerian Americans as a group are extremely successful and usually very highly educated… I think he is feeling that pressure to succeed from his peer group/family/ etc and is trying to take the shortcuts… put your engineering degree to use… no hustles, a 20 year career in that field with a working partner and you guys are done
Yes! Our families pressure us to no end, but scamming/hustling is a h*'ll no! Just use your 3+ degrees to earn money, not some TikTok investment strategy!
@@MsJai_1 Agreed! At no point will family tell you to enter shaky practices and would even scold him for doing so!
@@harmonyae7033 Exactly!
thank you! i was talking about this with a colleague I am black but not African but I understand the pressure Africans get to succeed! I wish he would have just used his degree… instead of only thinking being a entrepreneur is the way to be wealthy.
Amen, I agree !👍
Lucas manages risk like a gambler. He’s starving bc he is only after the big fish and ignoring the small fish
The way he says she’s “emotional” when his wife gets upset, makes me tilt my head… what an “interesting” description
It’s off putting and makes you look at as a robot. He comes off as you deal with those emotions even though I caused it.
Yeah… lil wifey got emotional. As they do. You know. Wives who aren’t being taken seriously by their husbands, husbands who bring the family to the brink of bankruptcy. Makes them emotional. 🤦♀️
The best investment you can make is choosing the RIGHT partner! Trin chose a very risky partner and unfortunately doesn't know it. He is trying to get rich quickly and it won't end well.
Lucas is not a believer he is reckless and delusional.
He still doesn’t appear to understand money. He just uses anything he considers an asset, such as a credit card, to leverage and borrow more money. He doesn’t want to work for a living, and pay for it as he goes along. He uses credit as though it is actual money. He is a kiter, and his house of cards without a firm foundation will come tumbling down. He scares me. A business can only pay you if it has the cash! There’s nothing wrong with cold hard cash, using it as a means of paying your way, and saving. Right now he wants invisible money to make more invisible money. Kudos for coming onto the show, but there’s nothing like having a great career, working it, and then using the cash to pay your way. He is not a credit card person, nor is he an up and coming millionaire.
Did we ever hear what the actual business is?
@@jessehahm3177we did not. And I was trying to figure it out
Trinity is a very patient woman. That’s all I have to say lol
I have been watching for all of 4 minutes and quite frankly, I am already over this man. His face is just so disrespectful when she's talking and maybe I need to see the rest of the video but holy shit, you can't be this hard headed and dismissive when both you have a woman willing to help and stand by you AND when _you_ are the reason y'all are in so much debt.
Yo
Trinity is a saint,, and needs to stop this guy in his tracks. She needs to prioritise her children and herself right now or she is heading for years of misery. Lucas is totally unrealistic and wants everything now!
Exactly!
The fact you can’t even get him to agree with his net income amount is wild!!
Literally!! That financial chaos he’s creating by taking more home from the business than what it actually makes and just treating his tax money like an emergency fund??? Yikes
If he was a chemical engineer he’d be most of the way to his goal 🤦🏾♀️.
Exactly. And if he wanted to be extra after a few years applied this hustle mentality to a business in the industry and been fine.
True
I'm 35 right now, we're a dual physician household, and we probably could not even make that 5 year goal with our high income, and we're at a FIRE savings rate. This guy is an engineer, usually these people love crunching the numbers. Would recommend running the numbers to see how unrealistic it is to reach $3 million in 5 years. It would take more than 5 years just to get out of their debt with a focused budget.
He could probably make 100K easily, in a medium income area, only working 40hrs per week and still spend Saturdays buying/managing 1 rental property a year.... But he wants to "passively" make 187K/yr in 5 years. 99% of the world's population doesn't even make 187k/year working and he wants to do it by 40 passively.... How can you be that confident with no success?????????????????
He is all talk
Well lets be clear- he isn't an engineer. He somehow got a degree, but clearly he isn't smart enough to actually do an engineering job.
Trin should really contemplate on the future of their children and herself. It doesn’t seem that Lucas is not open to getting a job in chemical engineering (she’s already encouraged him to take the obvious route and he will not). This will bring in the stream on income needed to not only get out of debt but built a solid foundation for entrepreneurship. Everything Lucas is doing at the moment is all scams. Can’t wait until next weeks part 2.
not sure if he had a job in that previously and left, or if he just did the hustle stuff from day 1, but if you're not a fresh grad and have no experience, it can be very hard to get that first job. I had to go back to school (not in chem e., but another stem field) to look like a fresh student again, in order to get my first job.
@@awb19892 That’s why I added “she’s already encouraged him to take the obvious route and he will not”. In the video his wife encouraged him to go back to school and complete his PhD. In the time he’s wasted on schemes, he could have earned his PhD and gotten a job.
That's ultimately his problem everything he is doing is all scams of some sort.
Ladies...who you hitch your wagon to is vital. She assumes he is smarter with money bc of his ego and he is a man. She is better suited to handle family finances.
I worry for her. She’s allowing him to shred their finances apart. He’s a scammer. She’s gotta run!
I completely agree! She thinks that because he has advanced degrees that he must be smarter, but he's already proven that he's financially unsophisticated and will continue to risk his family's future.
The fact that they both believe that she must be submissive to whatever he says (knowing in her gut that she should speak up) will be their downfall.
As a mortgage lender I talk to people like him all the time. The rental game is a slow drip not a get rich quick scheme like this guy is treating it.
I know one guy who ‘got rich quick’ from real estate.
He filled his home with lodgers for years, using the money to build deposits for shitholes. He worked probably 100 hours a week doing them up. It took about 6 years to drive his networth with HUGE sacrifices and skill at renovation.
Even that extreme and aggressive strategy too years or personal and professional sacrifice.
That’s what real estate takes if you’re not staring from a huge point of advantage re starting capital
Yep, didn't take the time to learn and listen or ask for help. A broke know it all. He goin' to run anything he has into the ground because he doesn't listen.
This guy is the most egregious mansplainer I've ever seen.
At around the nine minute mark, Lucas brings up Trin's comment that whatever Lucas is doing isn't working and he asks for specifics. The reason she couldn't answer is because the answer is "Lucas isn't working"....but she can't say that because it would be calling him a failure. And he can't see that he is failing. This guy is trying to be a hustler (not in a good way) when he has mouths to feed. He needs to hand over the CFO role to Trin immediately.
OMG....this is one of those guys that you date, he makes it seem like he has it all together and then 3 months into the relationship gaslights you into thinking that if you don't give him YOUR money to "invest" then you don't believe in him or the relationship 🤦🏾♀
Facts!!
All facts
44:32 i love how this guy decided a higher credit score put him “in a great financial position”. Credit score has nothing to do with your net worth!
He was so close when he heard of dave Ramsey before anyone else if he just listened to dave he’d be doing great.
So he was putting random people on his credit card account and giving them the card and hoping they wouldn't spend more than they could pay? Just to get $50/ month. Then he seemed mad at the credit card company that he needed to pay for those purchases when it clearly states you're responsible for all activities made on the account. What financial expert said to do that?
No he was adding the as authorized users but not giving them any access to the credit cards. It’s a way to raise there credit score
@@Playingwithproxiesgot ya. I guess i missed it. Still he owed the money so why not pay? Didn't make sense.
He is either lying about ( most likely) how much money he was making by adding on authorized users, or we are missing another part of this side hustle.
1) Credit cards companies only give you a ONE TIME sign up of $25 -$50 to add an authorized user. It is not a monthly bonus that you continue to receive indefinitely. And some cards CHARE YOU $195 to add an authorized user.
2) There are limits on the number of authorized users that you can add. The average is 4.
So unless he was adding 60 (50x60=$3,000) new authorized users EVERY MONTH, there is no way he was making $3,000 a month by adding authorized users.
He was adding people to his card. It doesn't impact the other person's credit but he earned all the points from the other person's spending. All worked great until it didn't.
@@Luckoftheirish1 I think the people were paying him every month for the privilege to have his card on their history. It reduces their utilization by adding a $60,000 limit card.
The fact that he thinks he would’ve made 50-70k in chemical engineering in 2019… that’s what people in co-op and internships in chemical engineering make. The chemical and mechanical engineering majors at my school had co-op’s paying in the $35-45 an hour range. I was computer engineering so i only got paid $25 an hour in co-op. This man is living an illusion. She needs to leave him quickly or she will forever be in debt. He has the nigerian scammer mindset.
He purposely undervalues the Chemical Engineer job b/c he doesn't want to do it and purposely overvalues these scams to justify why he does them.
Perfectly put
I see everyone bash Lucas but in their combined debt is 285 yet 200 is Trin's student loan.
Both need to pull up
He’s just loud and wrong, cause obviously his system isn’t working at all…. Take some criticism from your wife cause she’s clearly not feeling secure and is worried.
He’s a player and she’s clueless. Absolutely ridiculous. They had to know how much they were spending. Giving away more than $1,000 a month? $200,000+ in student loans? They are drowning!
Trin decided to take a year off of work with $200k in student loan debt and then she decided to go back to work but is now only bringing home $2,500 (after tax)... That sounds like it might be as big a cause of this poor financial situation as is Lucas' convoluted, reckless and ultimately damaging financial decisions.
Right and i'm still wondering, what is his exact business? Deposits + Credits on an account are normally the most simple thing to read. Where are his deposits coming from?
I am 20 min in and listening to Lucas is exhausting. With more than 15 years of experience in commercial real estate, it is astonishing to witness the lack of preparedness among individuals venturing into residential real estate.
His wife knows he's running ponzi schemes on some level and knows he's full of it but sitting there like she can't say it to his face. She married him....she better run.
This man is triggering my fight or flight
I really hope that she can have a good life for herself, even if it's separate from her husband. His risky behavior with money is very troubling and the cultural differences may be too much.
Especially for someone with a child.
Once he “makes it,” he’s gonna leave his wife. He also says that there is no infidelity. That goes without saying or thinking. You only talk about infidelity when there’s a possibility to be open to it in your mind.
THISSSS. No wonder she seems so terrified - she's with a man that has destroyed her financially and with a disrespectful husband who didn't seem affected by her emotionality.
@@rerungirlhe gives narcissistic vibes.
That was SO weird for him to randomly blurt out the way he did 😂
Lucas sounds like a typical gambler. Next big win is always right around the corner
This man isn’t going to change. You can tell by his mannerisms and the way he’s responding to Ramit.
I respect Ramit still has the patience to talk to Lucas while Lucas is obviously not seeing the reality himself, Lucas is apparently living in his dream, imagining he is or can be rich and FIRE within 5 yrs while he is literally broke and terribly in debt.
Must be very heart breaking to put your trust in someone completely to handle probably the most vulnerable aspect of a persons life, only to recently find out when their fixed expenses are 50% over what they make.
Really interested in part 2. Great episode
I hope she finds a way to get through to her husband because his "hustle bro" lifestyle is going to take them under and destroy their finances (or what they have left of it).
🎯🎯🎯 she's gonna wind up homeless at this rate
I feel like A LOT of the stuff he's said about what he's done/doing to get money is just SHADY (he so believes his own BS)....... So many red flags 🚩🚩🚩...... I'm worried for her.😟🙏 I hope his kids don't listen to him about money growing up....
She needs to divorce him. She’s sharing her heart and he’s rolling her eyes at her.
Also, how did she rack up 200k debt but only get a job making so little? I would think with that much school she would get a great paying job.
I’m just learning all of this myself so no judgement here.
I've always known what's in my account. My mother was the financial operator in my family. I learned watching her. I find a lot of women rely too much on their partners. Trust but verify.
Does anyone see the irony in this?
The story of her being poor and then asking her parents "are we poor"? She didn't see her shoes falling apart and she felt her gut talking to her while her now husband was moving in and was then seeing the mess he was in at that moment? And felt her spirit tell her it was a mistake? We lie to ourselves first. When you aren't living in reality you will attract people that will test you to see if you are conscious and then you will see the kind of person you're with.
A scammer...why? Because he knew he showed you something that was false and you ignored it. He had the right zombie.
Absolutely! I'd notice a small hole in my shirt let alone shoes falling apart. Great insight.
All I hear around the 17:00 minute mark was much scamming.
His wife is a beautiful soul. I wish he could slow down and appreciate her. She is wise and graceful.
Yikes, being married to someone like Lucas would be my worst nightmare. I’m so risk averse and he is a hustler who will never make it with his risky get rich quick schemes. I feel really bad for Trin. I hope they do okay.
I am afraid he is going to take her down if she stays with him.
@lucylara3566 He's going to take her down but she is the one with $200K in debt...hilarious comment
Why feel bad for her. It’s her life too. Sounds like she knew what she was getting herself into and probably enjoys the inflated lifestyle they live. There is no excuse why both partners in a relationship shouldn’t know the ins and outs of their finances, even if one doesn’t manage it. You should at least know where you stand.
oh, i did not finish the taping. I should have waited to comment. @@blingman78
So heartbreaking for me. They both came from such humble backgrounds, yet both so intelligent with wonderful degrees. If he just work through the correct process, they could be so rich already. Ain’t no body can get rich quick . Slow and steady is the key to success.
Dude is crooked, crooked, crooked.... His wife needs to save herself for her own sanity. As soon as he said "why should I pay the credit card if they shut it down for my fraud". I wanted to throw my phone. Dude, you bought stuff, you OWE the money!
I had a tenant with his attitude before who said he didn't owe me rent anymore because I put the home on the market (what!?!). And I grew up with a father that schemed our family into bankruptcy. I hope his wife gets out of that mess. I can imagine her in constant stress until she walks away.
YIKES! I'm stressed out at these numbers and it's not even my finances! He is very ambitious in his thinking. That is fine when you're single, but when you have a family, that mentality has to adjust. Great episode. Looking forward to next week!
Ambitious is a nice word for it 😂
This episode was so frustrating to listen to! Lucas telling his wife that he would make 50k as a chemical engineer is a LIE! My husband are I are the same age, also have a 3 year old, and my husband is an engineer. That is where the similarities end. My husband has an engineering job and isn't a scammer like Lucas. As an engineer he makes 160k which includes 400k of life insurance (that he doesn't pay for), most of health insurance paid for (he pays $200), and he gets 10% of his salary put into his 401k (not a match, the company just gives it to him). Lucas would easily reach his financial goals by getting a REAL JOB!
I have a feeling he doesn’t have those degrees. Maybe he started out with those majors in college but he was giving scammy vibes
Part 2? I must hear this guy try to fight his pride.
I could relate to Trinity so much when she started talking about perfectionism and got emotional when she described the realization that she didn't have a lot. I could have spoken the same things word for word.
Lucas thinks he’s so cool. He’s the perfect stooge for these entrepreneur infomercials.
Credit is NOT Money
I’m gonna use that, steal that.
Top comment right here.
Trin is in such a horrible dilemma. With a divorce she is stuck in massive student loan debt and costs of the split along with 2 kids plus managing day to day finances. How do you even recover from that? If she sticks with Lucas it is likely things won’t change-or they do change but when? So, her situation might even be worse by staying with him. It doesn’t seem Lucas is even open to what Ramit is saying.
After this show I wouldn’t be surprised if they both fought with Lucas criticizing Ramit’s advice.
How does someone look out for something like this before starting a family? I mean he allegedly had all these rental units and a promising education before this mess right?
Trin had a hard financial life growing up and has a hard financial life still.
Trin is 195k in student loans. Trin was effed before she even started dating him. Also, they are Tithing over 1k per month. Religion and school have whooped her financially before he stepped in
I'm not quite sure she let him move in at the beginning. She knew he was on a decline prior to him moving in. She admitted she thought it was a mistake. But apparently did it anyway. Wished Ramit had asked why. Not sure of what made her continue and take the relationship to the next level.
I see them both as different sides of the same coin - they both have similar issues with money and she tolerates his issues. I'd be on the ID network... I truly wish they had ongoing financial help for the next 6-18 months to get themselves in a better position.
When someone over the age of majority with multiple rental properties and a lucrative degree NEEDS to move in with you at the beginning of your relationship is the reddest of red flags 🚩 Looking for and acknowledging 🚩🚩🚩 is how you avoid stuff like this…
Wow, this episode is packed and very interesting. I can’t wait for the next episode. Financial trauma runs deep. I wish this couple full financial recovery. ❤
I hate to say it, but he gives that masculine west african vibe where the man has to be the man, even if it is over just the people in his house. HOWEVER, the crazy thing is that they spend way more than they make, but he shifts money from CC and taxes to pay off basic stuff, which makes it seem like he has more money. This is how you get into IRS crap and they start taking stuff.... Student loans and IRS debt - the 2 things you can't avoid.
THIS.
When Lucas said "Robert Kiyosaki", Ramit responded "uh-oh" 🤣
I’m stunned how easy it is for Lucas to jump into the next scam - whole life from the failed apartment scheme.
It’s like it’s easier to just go down the next rabbit hole. He doesn’t have patience for the slow and steady.
Thanks for producing and sharing these stories, my financial future appreciate it!
I really appreciated this episode. Respect to the couple for their openness as it brought me back to the days when my parents were in an MLM and how we were all pretty much brainwashed “believers” (Robert Kyosaki type stuff). Really interesting to hear Ramit’s take on this and I can’t wait for part 2 😃🍿
I initially listened to this on podcast (audio only) and I was so frustrated by Lucas. I am usually very patient but I call Lucas’ approach “magic math”. I was impressed by how patient Ramit was but I wanted to scream “the house is on fire”. Trin should be freaking out. I hope they can get on track. The math is simple especially using the conscious spending plan. Lucas has no concept of what his income is and the fact they are living in a fantasy world.
Trinity - you deserve better. ❤
The first time I see a Nigerian on here and it’s the crazy risk taker that plays with legality and does very short term high risk high reward games.
He got two fellowships to go to school so he’s academically brilliant but he’s too easily veering far into the short-term risk/reward world.
Overall, he needs a mentor, someone to curb his excess tendencies and nurture his reasonable plans.
11,000 a month income is not bad. The problem is he is ignoring basic mathematics, and his wife is allowing it.
She's also a big participant in it. She loves to give. They tithe/give away at least 10% of their income. She knows that they're in a lot of debt. It's her student loans. Not his. Don't get me wrong. He's about as good at making financial plans as a kid with $1 in a candy store, but she seems to be allowing it because she would be worse...
Thank god for the video version of this podcast!!! I die at his facial expressions as his wife speaks
when she saw that their fixed expenses totaled to more than 150% of their income and she said that felt like proof that the way he’s been doing things DOES NOT WORK and he rolled his eyes???? the numbers are right there, he can’t keep denying
also the casual way in which he said he knew they were that broke while his wife was crying saying she had no idea it was that bad… yikes. i really hope they’re able to come up with something that actually works for them and are able to break some of these patterns, especially him
What she said at the end about being in the house and it’s on fire was exactly it. He’s bought intro so many scams and it’s sad he can’t quite see that.
The worst money managers are the ones who think they are great but are broke.
I’ve always wondered how all the couples (i) talk about the CSP and (ii) actually agree to come on the podcast. Just a few minutes in and the fight between this couple in doing the CSP is super relatable.
Edit: Finished the episode. Wow this guy is a walking red flag. I get so stressed listening to him. He needs to get a job with that degree!
i do feel he is v bright, but instead of focusing his mental prowess on building a career, he got in "get rich quick " world, and he has the confidence of a chemical engineer on the way to phd but his actions are completely numb skulled !
I’d like to see an episode where they do the CSP live on air
He's bright no doubt. That's the problem. Often times, educated people think they are so smart, especially next to people who know less than they do, and they take unnecessary risks. I'm sure he learned a lesson from failing at his previous business, and the smart thing would be to build a solid foundation before trying again, but he's too pressed on making it fast. I hope they don't waste another decade trying to make it big.
Excited for part two. Although my finances look very different from theirs, their story is very relatable. Again, not even to me which is funny, but I really feel invested in this couple. I really hope they work things out and he starts to wake up and realize what’s happening
Okay. This week I will hold my comments until I finish the entire episode, but I can tell this'll be a doozy! 😐
Can't hold my tongue, because this dude is giving DJ Envy and Cesar Peña vibes! YIKES!
My final comment is that if he doesn't commit to, and stick with extreme positive change over the next 2 months, she should end the marriage. She overlooked an ENORMOUS red flag when they first got together, and now they're in this sinking ship.
Him being Nigerian told me a lot about his thought process (my father is Nigerian), so I see where his stubbornness and need to be a witty entrepreneur comes from.
Bottom line: I hope they work together and change course immediately, otherwise, this will end terribly for the entire family.
LOL I said the exact thing about DJ Envy
@@ohthatsgracie I honestly cannot believe he admitted to all that credit card fraud, and other scams, on this interview. 😕 It shows how poorly educated he is on this topic. I'm scared for them.
Hahaha I fucking love ramit. "Some people worry about gangs, you know what I worry about? Someone clicking on a fucking Robert kioswaki video."
"And two weeks later you're a white nationalist anti vaxer"
Run, girl, run! Watch the video and see how he disrespects you. He is a crazy dreamer and will cost you all of your dreams if you let him. He has a superiority complex and won't learn anything from this process as a result. My heart breaks for you and your kids.
My freaking head hurts. But I knew from very young I couldn't be with an "entrepreneur" type person. It just sounds like screaming and scamming and a whole lotta risk.
I'm always shocked when women like her who are very straight laced and structured fall for a guy with this personality type. I'd end up with an ulcer lol
I think she’s attracted to his over-selling nature and bravado, which she doesn’t have. She probably wished she had a little of his ‘confidence’
@@foureyeswonderthat's fair. I guess we are often attracted to what we feel we lack.
But that's an issue to work out in therapy. Not by getting into a toxic marriage 😅
@@Allybaba55 yup, I definitely agree with you. I don’t think she should be getting into a relationship with someone like that. I think therapy was mentioned in this episode. I hope she continues to go for therapy
This situation is a terrifying nightmare as a risk averse person. Wish them luck.
There's a big difference between hustling and being a hustler. When you're hustling you're making moves right now to make things happen in the short term.
When you're a hustler, all you can see is short term. You can't evaluate long term risk. And you find yourself in these types of weird situations, finding you're juggling too much with too little info.
I hope he puts down the hustling and picks up the education that he spent so much of his time getting in order to provide his family with stability.
I feel so sorry for her. He is so detached from reality and only care for her feelings when Ramit say something.