00:00 Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize.
I personally find the episodes about more wealthy couples very enlightening. It’s fascinating how people making way more than others are having the exact same conversations. The psychology is nearly the same no matter how much anyone makes. Seeing episodes like this helps remind me of what I actually have and not to limit my dreams based on feelings.
exposing that rich people are just as normal as everyone else is such a priceless gift from this show. so many invisible barriers broken by your work ramit. thank you
12:50 "American culture loves wealth, but as soon as someone achieves it, they are not allowed to talk about their problems." I've never thought about this statement until now but it is so true
I don't think it's jealousy. I think it goes to the other quote "If you have money and a problem that can be solved by money - you don't have a problem." It's hard to listen to someone with money complain about problems money can solve.
I'm fascinated by the comments where multiple people say this is "unrelatable" and that I should instead feature "normal" couples. It is very important that you learn how to adapt lessons from ALL different scenarios to your own situation. For example: - Most couples making $65K/year don't talk about money regularly or positively -- like this couple - Most couples haven't specifically thought about a "fair" way to distribute expenses or set up joint accounts -- like this couple - Most couples worry about money without running the numbers and mastering their money psychology -- like this couple - Most couples have the bulk of their net worth locked up in an illiquid asset -- like this couple My biggest lessons have come from studying people in different life circumstances and adapting the lessons to my own situation. If I had simply waited to see people in exactly my own situation, I would have been waiting forever. That's why I love highlighting couples in all different situations -- income levels, geography, sexual orientations, goals, age, and more -- so you can learn from them all. (If you don't find a couple that connects with you, apply to be on the podcast!) P.S. Every couple on this podcast is "normal"
I found this couple extremely relatable- they are thoughtful, loving, clearly have only good intentions towards each other, and are short-sighted and in need of some guidance on how to approach a new phase of life both financially and in their marriage. That's what I got from them, anyway. As someone in a very different financial position I still found them very relatable and Ramit's guidance very relevant. Thanks for having another thoughtful couple who have a loving and positive relationship with each other, these are always my favorite episodes :)
Thank you for posting this reminder to think about the bigger picture! It's certainly a knee-jerk reaction for me to fall back into resentment and roll my eyes because my net worth will never be close to theirs. But avoiding these high earner episodes would totally rob me of a broader understanding of the financial spectrum. And it helps to know that confronting money psychology is something everyone has to go through. One thing I've appreciated about previous high earner episodes is your acknowledgment of the couples being very hard working AND fortunate (AND privileged, etc.), as well as your encouragement about how to be more generous with their money. There are so many things that can be true at once, and acknowledging that can be very helpful. The content that you post has been absolutely instrumental in me understanding where my family is financially, and has given me the tools and vocabulary that I was never exposed to. I'm in my 30's and only wish I had stumbled across your channel in my 20's. It has changed the course of my family's relationship with money and I can't wait to continue to learn and improve.
Even when I got out of debt 5.5 years ago, I stuck with my spending plan when I was in debt and put that amount in savings and investments. By doing this, I was able to buy my condo, 1.5 years later. And yes, I ran the numbers. Owning my place is still cheaper than renting where I live! I’m still saving and investing almost 40% of my gross pay so the scarcity mindset is still there. I’m doing better with actually using some of my guilt free spending allocation, but I’ve been experiencing another issue lately. In the past couple of years, I’ve overspent in some categories from time to time, so I can also relate to David’s need for a financial crisis from time to time. I think my subconscious is reminding me what it’s like to struggle in debt and remind me not to go there again (no worries, I’m still able to pay my credit cards in full every month). Fortunately, I’m recognizing that pattern and am taking steps to stop this cycle so I’m on more stable ground. So yeah…they may be a high net worth, but a lot of the takeaways are still relatable. Thank you, Ramit and thank you, David and Victoria!
I was one of the earlier commenters wondering where the middle class people were. Over time I've noticed there is a good mix of people now, which is great. You've been great at listening to a lot of feedback and I appreciate that. If someone doesn't want to watch extremely wealthy people talk about finances, I get it, but then they can just wait until another episode comes around.
58:09 In my experience, underpaid founders actually create a salary glass ceiling for all the employees. This affects growth, retention, etc. That’s how you end up with a $20/hr assistant when you should have a well paid executive assistant.
It could be too costly to do animation, honestly, so that may not be an option. At the end of the day, this is still RAMIT’s business and he still needs to earn more revenue than pay out in expenses.
This was such a treat to listen to. We rarely get to hear wealthy people talk about money, mostly because society praises the grind but demonizes wealth. I want to thank the couple for sharing.
These guys will be easy targets in the comments, but i still found it interesting to see that not finding peace within yourself makes it hard to enjoy life and no one is immune to that
I think this is an excellent lesson that the way we feel about money is highly uncorrelated to the amount in our bank account. Even with tens of millions of dollars, we still worry about money. That's why in order to live a Rich Life, you have to (1) know your numbers, and (2) master your money psychology
I enjoyed hearing from this couple. What stood out for me is that they were coachable, had a generally optimistic outlook, and were were willing to be self-reflective. These characteristics are ones we can all benefit from.
I get as much from this show seeing financially aspirational couples as I do from seeing couples struggling to make ends meet. Everyone has lessons to teach. Thank you for including such a variety of guests.
This is absolutely not strange for the Korean culture and many others The thoughts covered so far are similar to that of smaller dollar amounts. This isn’t a problem that’s solved by more or less money lol
When I heard it, I absolutely fell in love with the phrase 'If money can solve your problem, it's not a problem, it's an expense' - really helped me look at both my problems and my money differently. But yes, lots of people react with aggrevated facial pixel movement when I say it too 🤣
BUT this only works if one actually has the money. Needing 2k for rent and not having it is a problem. Needing 2k for an unexpected issue that one can transfer from one account to chequing is just an expense.
@@Claudia-g6y8g yeah I used to say that this phrase is so class coded :) Felt like it's just saying 'I have money' without saying 'I have money'. But the thing is that if you don't have 2k for rent the problem isn't the 2k, the problem is that rent not fitting that person's income/assets - why does someone have rent they can't afford? Did they lose their income before they built a rainy day fund that at least covers rent? Or did they just sign a lease that was above their means? Writing this as someone who's done both lol. And the madness only stopped when I addressed the real underlying issues instead of just finding the 2k - so my actual 'problem' couldn't be solved by money, no.
I feel glad to hear about this couple’s money situation. I’m fascinated and feel privileged. After a couple decades of low-income living and frugality, I started learning about personal finance. Our household income and net worth have been steadily increasing. In my years of feeling deprived and in the dark about money, I remember thinking, “I just wish I could sit down with these people with high income and nice houses and have a conversation about what they do.” I felt bad like I missed a major lesson that others received. Thank you for opening up about your money!
SO happy to read this. I also always wondered how the wealthy talk about money, behave with money, and feel with money. That's why I love these conversations with people from all over the financial spectrum.
The same reason why you guys feel this is “unrelatable” is why she wants to be private and thinks this is a compromise. We have to acknowledge that there are rich people and theres nothing wrong with that.
Love it! Usually when I see the headline with a large net worth I think, "boo-hoo, rich people can't manage their money". But this couple is different. This is an actual feel-good story! I wish the best for them.
I bought 3 copies of the I Will... book and 3 audiobooks. Thank You Ramit! this book is amazing I'm almost 50 and I wish I had this at age 14. The other books are going to young people for Christmas.
Hi Ramit! I love your podcast and look forward to watching every Tuesday morning from my couch here in Alberta, Canada, coffee in hand. I really enjoy seeing the ways you’re experimenting with the podcast, like showing us the CSP before diving into the money psychology segment. Keep up the great work-I wish you continued success!
Loved the episode but would recommend next time to morph their voices as well for more privacy. It's possible to make an guess at who this couple is if you are familiar with their content and business. Very happy for their accomplishments!
I truly enjoyed this episode and I have to say I'm super proud of their accomplishments! She is extremely inspiring and worked hard/smart for 7+ years to get to where she is at today...she earned every penny. They are well spoken and honest. What I'm impressed about is how both of them speak so nicely/respectful to each other and communicate. There is no bitter tone or frustration like most couples. They are able to talk about finances in a humble and kind way to each other. I love that!
I don’t make not nan percentage of what they make, and I still couldn’t have the gall to come on a show like this. So how admirably brave of her, considering how popular and successful her brand is. We support you girlie!
I really enjoy seeing thoughtful couples that love each other and take critique and questioning in stride. They're really open to hearing what Ramit has to say.
Imagine following a RUclips channel called “I Will Teach You To Be Rich”, created by the host of the Netflix show “How to Get Rich”, whose entire philosophy is that people should manage their finances in a way that leads to a “Rich Life”… and getting mad that he features rich people on his channel 😅😅😅 If you want to stay stuck in your struggle, go whine with fellow navel-gazing scarcity obsessed people elsewhere. Some of us are here to get inspired, get insight, and GET RICH.
I loved this episode!!! I don't even care about the pixel faces!! I would really enjoy to hear Ramit talk more about Business, how you pay yourself, how realistic it is to sell a business thats mostly based on one person, the difference between revenue and cash flow, which one to look at to feel rich or not. He has all the knowledge we need!!!!!! Help us understand entrepreneurs better please :)
People hating are sorely missing the point - it is a huge learning opportunity to get to hear how other people live their financial lives and the opportunities it affords them, if you could just get over your initial envy and find it within youself to seek wisdom from different sources. My favourite episode was the one with the wealthy/smart doctors, because for the first time i got to hear the way in which they navigate different lifestyles and opportunities, real eye opener! Thank you ramit, for sticking to your guns and ensuring your guests are always truly DIVERSE!
That made me sad to hear that they sit separately when flying because one is willing to pay more for a ticket while the other is not. They’re literally allowing money to physically separate them.
Yeah but if I'm fine flying coach and my partner prefers the extra comfort I dont see anything wrong with it. Like I'm fine driving an old beater car that gets me from point a to b, but i get why my partner would want to have a more comfortable vehicle for themselves. Why waste money on stuff that's not important to one person?
It shows that even when you are rich rich, the stuff you want is still pretty basic and revolves around a few things. House, food, health and experiences.
One of the best episodes so far! There were so many kernels of wisdom 😍👏🏾 I especially appreciated the lesson about transitioning from being transactional to connectivity - from questioning to trust.
I'm sure this episode is great in podcast (audio only) format, but with this censoring of their faces, it makes it unwatchable. If they are not alright with being "public", maybe this isin't the right venue for them? Just my feedback.
I think I recall Ramit posting an ad specifically for very wealthy couples. Likely no one at this level has ever applied and anonymity is the only way to get them to speak.
So true, but I appreciate it for what it is, a podcast episode shining light on how the very wealthy view money. Keep in mind that they're still much closer to being broke than to a billionaire.
Listen, the information/ knowledge/LEARNING is valuable! Why do you need their faces? And are you so simple you can't appreciate WHY someone with that much would NEED to stay private? Your lack of regard for common sense self respect is scary. They are being smart, and I respect them for it. In fact, it makes them more legitimate. I don't know who would out themselves like this with wealth. They aren't billionaires...putting full security on payroll would bring them down and make them poor. So being anonymous is cheaper is best.
The blurred faces were distracting but I really appreciate their story. I think allowing anonymity will encourage more people to apply and make this show even more fun to watch with a more diverse guest list. I don't know the best way to make the blurring easier to watch though. Maybe just a static image, or really dark lighting or just treat the filming like you do when you go over people CSP's without them on a Zoom call? Either way, I am glad you are offering anonymity!
I’ll never understand these comments demanding “normal” people…or sharing how you can’t watch it. Good for you? Not every post has to be relatable to you or align to your interests. If I don’t like the specific topic or featured guests, I skip it. See, what you do is you choose to watch what you want to watch. 😉
$87 million is an attention-grabbing number, but with 90% of it coming from the value of her business, it's NOT real. For all practical purposes, these two really aren't so different from any of the other dual-six-figure couples we see on this show (i.e., rich, but not out-of-this-world rich).
@@chrisbaker2669until it shows up in the bank account it’s still completely unrealized. Like someone working in a high-flying startup still waiting for the company to go public. It’s a headline grabbing number but I very much recognize where the couple was coming from.
I was in discussion with Ramit’s team to be on this pixelated show but my wife could not be convinced to participate. I think there is some value in understanding wealth doesn’t necessarily make people materially different in their relationship with money. I also have a company with a valuation that creates a similar dynamic. Do I want to sell? No. Does she want to sell? Looks like no. Her take on “it can go away” is very real. She needs a PA. Ramit is right. And to everyone hating … skip this episode. They worked hard for where they are. Congratulations and keep it up!
Brilliant episode, thank you Ramit for sharing stories covering the depth and breath of the human experience. Absolutely fascinating to see the commonalities in our psychology and how our circumstances act as a vehicle to amplify what our beliefs are and how they manifest.
My wife is Korean, and we are both doctors with different income levels. Coming from distinct cultural backgrounds and upbringings, we have unique approaches to managing finances. She tends to be more frugal, while I have a tendency to spend on things I enjoy, which likely aligns with my expression of love through gift-giving. Striking a balance in our financial dynamics has been a gradual and ongoing process
I think this is a good idea, I’ve never read his first book but maybe he talks about it somewhere in there? As someone who watches a lot of finance content in general through couples and your own actions, I don’t see much need for me to read the new book, but I see that a lot of people don’t talk about how to raise children with good mindset of money and things you should do for that so that would be something I would be more interested in as well, especially being someone in a young marriage that hasn’t had a family yet, but wants to do things right when the time comes
This is mentioned but the headline is far from the truth. I had someone close who was a company founder and always talked about being “worth $75 million”…fast forward 10 years and he STILL can’t find anyone to buy his business and he’s worth about $1 million. Until you get it in cash these numbers mean absolutely nothing. Probably partially justified why they feel a lot poorer. Their actual income is super-mid. Especially a beauty business and tik tok? C’mon!
@@donaldo7656 wait wait wait…you realize a business can be $20 million in REVENUE (they said revenue) but have $25 million in EXPENSES and be negative every month? Why would I buy a business at 4x revenue when I have no clue what the actual PROFITS are? Clearly you’ve never bought and sold companies. Revenue means nothing and that’s all they kept harping on.
Yeah my thought about 20 minutes in is what’s happening to the EBITDA? In theory it must either all be going back into the business, or it’s not that profitable of a business otherwise, her income would be a lot higher. In the latter case I highly doubt it’s worh 80M because most exommerce business are valued off multiples of profit, not revenue
@ EXACTLY!!! 🛎️ you nailed it. This makes no sense. They just kept repeating their “revenue” which means nothing. You can have $1 billion in revenue and still be negative every month. Just ask EV car makers outside of Tesla. :)
@@donaldo7656This. I think her valuation is the typical 4x gross revenue rule of thumb that people use, not a proper evaluation. The issue is that for a low margin physical beauty product company, the gross margin is likely really low, so a valuation based on gross revenue is likely a huge overestimate. A valuation based on EBITDA likely would be more accurate.
I’m really surprised that I enjoyed this episode as much as I did. When I saw the title, I expected to hear two people who were unrelatable and out of touch. However they were both charming! Even though yes, they had amassed (and inherited) wealth, I can relate to their constant feeling that everything can fall apart. There’s been many times I’ve been driving and thought just one accident and my family’s lives could be altered forever if I could no longer work. (I’m the sole breadwinner.) The point is, one unfortunate thing, one wrong move, one thing that’s out of your control…. I wish them both the best!
Imagine if he made 3x more, flew in business class while she was in coach and made her go 50/50 on bills. Everyone would have a lot to say about him as a husband. Even if he’s okay with it, she shouldn’t be.
I don't understand the reason to avoid the 401k on a work visa. With a brokerage you already paid the tax in the highest bracket and still owe gains even if you leave. In a 401k you defer the tax, but have no tax on gains so it's still advantageous. Even Roth seems like it carries over after a move. Can somebody enlighten me?
i love this podcast/you tube channel and learn something new from every episode. It is clear to me that this team and RS work really hard to feature a variety of couples from all different race/ethnicity/cultural/socioeconomic/sexual orientations etc so kudos to them for this. i think we are lucky to be able to hear from this couple -- they are young and naive to the degree of their wealth. older couples with ultra high NW would rarely speak publicly in this way. it is amusing to me that someone who is a "youtuber" thinks that she could actually stay anonymous as the comments have demonstrated that her voice is easily recognizable. if they truly wish to stay anonymous they have a lot to learn. i had never heard of them before, but their names and the name of her business have been mentioned several times in the comments and have not been deleted. a quick google search shows that they still have a public wedding registry site from a few years ago. i wish them the best and appreciate them sharing this story.
I'm so glad their faces have been anonymised. Thank you Ramit. Hopefully, you can offer this (and even nicknames) for future guests who want it. Personally, I am here to learn from the people, the situations and your advice, I don't need to know their faces or real names.
I really like them. I wish them the best! I hope they do combine their finances but it's also essential they get the post-nup in order first. But I think their incredible success will keep spurring each other on, especially when they work as a team. Thanks for coming on! I love introducing anonymity, I definitely think you'd get a greater diversity of couples by opening the door to this. I rarely watch the videos, usually just listen to the podcast, but the numbers were so wild I needed to look at them. Side note, the only couple I wish had been recorded was one of the early millionaire ones that was a secret Buy Nothing hoarder 😂
Thank you for bringing the lovely couple to your program this time. Seeing what they both accomplished gives me confidence that, despite my status as an immigrant in America, I still have a chance at success.
Hi Ramit-do we have access to the “Plan Your Perfect 2025” phone call if we have tix to see you in Chicago? We didn’t pre order the book since we’re getting it at the show-which we’re super stoked for👏🏼
It would do a lot for their piece of mind to wipe out their $174.000 of debt and make that zero. Also they should take more cash and have it in a checking account so they can spend more freely and not worry about the cost of groceries people worth $87,000,000 should not worry about the cost of groceries hell people with $2,000,000 shouldn’t worry about the cost of groceries.
Low interest mortgage debt that he's likely refinanced when rates were at their historical lows would be the last thing they would want to pay off. There's an opportunity cost to spending money paying off debt, so paying off a 2% debt over investing into a 7% stock market return is a worse financial option. You can be certain they are not losing sleep over 174k in mortgage debt when they're talking about hiring private chefs and 100k personal assistants. Their issues aren't with the amounts of money, but with their interactions with it.
Managing very successful people at my company, this is a common situation that I have seen many times before on “mindset” of wealth creation of wealthy employees. Although both points are important, people naturally gravitate toward: (1) what is “vested” is mine (I.e. cash, stocks, home, stock that is only vested, etc.) or (2) everything that is “earned” is mine (I.e. everything - including stocks that are unvested - or in this case businesses that are illiquid). Both perspectives need balance.
So many complainers in the comments constantly! Jeez is it the type of audience that this type of content attracts or what? But everyone just chill and enjoy the damn show and stop trying to produce/direct it on Ramit and teams behalf…
YES!! This couple was 100% relatable. We have had the EXACT same conversations regarding flying business class, pre-nup, playing to the lowest common denominator, etc. I relate to David in that we don't treat our investments as "real money." This long bull market makes our investments feel like "fake monopoly money." I also relate to David in that I don't want to take advantage of my spouse's success so all our extra money gets saved every quarter (rather than spent). Victoria's vision for her Rich Life was really aspirational and proves that we need to keep dreaming bigger! Thank you Ramit, David, and Victoria for sharing. Side note: We had a short marriage engagement (8 months) and we met with an attorney 4 months prior to our wedding to discuss a pre-nup. The attorney said it was too close to the wedding date and a judge would rule our pre-nup an invalid document (judges are worried about coercion to sign too close to the wedding date). As such, we do not have a pre-nup but are open to ironing out a post-nup.
One time sitting in different airlines classes is funny. Every time is a red flag. Going on vacation together is going together. Why not stay in different hotels then. Check out different restaurants. You can compare notes when you both arrive home.
@@TJrules299 Perhaps he does care, but feels that that is what he "should" do. Anyone flying today would rather fly business than coach - plus flying together is part of the experience.
@ they don’t seem to care that using Venmo to catch on small purchases is a problem but it’s pointed out to them in the video. Apologies for triggering you so much.
@@TJrules299 He does care. When it initially came up, he said he didnt care and rationalised why they did it. But as soon as they discussed their rich life pretty much the first thing he mentioned was them flying together in business class. Of course he cares. Who wants to spend 2-8 hours alone on a plane squashed next to strangers whilst knowing their partner is enjoying a better experience and could easily afford to cover it. If the genders were flipped people would be shaming any man who put himself in business class and let his wife sit coach - especially if he is a multi millionaire businessman.
This episode is very interesting, and absolutely shows the money psychology and wealth building mindset, Ramit handled the guests concerns really well.
I feel like this couple's dynamic with money is more common than people think when it comes to people who find a partner after achieving high level wealth. Both sides protective of their money from the other person and not a lot of sharing between. everything is always transactional between the two. It doesnt feel like love and trust between the two. Like, they both love each other but only from arm's reach away.
"Victoria" has the right attitude about the valuation of her business especially if she's only taking $300k salary. Yes it's a leveragable asset but it's not impacting their cash flow. If you take that away they still have a good amount of money but it's not the same. Also anyone in the skincare community knows who this is 😂
I assume this will be taken down, but this is definitely Krave Beauty! They have great products and a great philosophy. Recognized her voice right away
I am so happy they are going for the postnup. Always protect your assets and hopefully you will never need it 🙂 Congrats on your success it is very inspiring!
I know Ramit has already addressed comments and criticsim about episodes featuring ultra-wealthy couples like this as "unrelateable," but I think there is still *some* validity to those comments. I understand the point he is trying to make that even the super-rich still have the same money psychology issues, don't talk about money constructively, can give us a "crystal ball into our future," etc, but I still find it hard to relate to these scenarios and apply the hypothetical lessons to my actual situation. The reality is that most of us will never be in a similar financial situation as this couple and I think it would be beneficial to also see scenarios from couples that more accurately mirror the majority of people's lives. For example, I would love to see more episodes featuring couples making less than $200k in a high COL area or couples who are brand new to long-term saving/automation/investing and don't already have millions of dollars invested at age 32. I just feel like those kinds of episodes can give more people direct, immediately actionable ideas/plans instead of aspirational, far off goals that could maybe be achieved in 10-20 years. My point is, that while conversations like these are definitely valuable and have some lessons that can be universally applied (people's feelings about money aren't correlated to how much they have), I would still love to see more episodes that feature couples at the other end of the spectrum.
Can you tell me more? I want to understand your perspective. Let's say we have a couple making $65,000 in a HCOL area with $25,000 of credit card debt. What actionable ideas would you want to see besides (1) find a new job, (2) consider moving to a different city, and (3) pay off your debt more aggressively?
@@ramitsethi Thanks for taking the time to respond! To give you a bit of perspective, I began my personal finance journey relatively recently in my early 30's; before, investing was a foreign concept to me, I didn't have a job that offered a 401k until I was 29, etc. I have read IWT and listen to your podcast weekly. As such, I've plugged my numbers into the CSP and I know that my fixed costs are high, mainly due to rent in a HCOL area and my current car payment (car will be fully paid off in about 10 months). I have worked hard to cut down all of my other fixed expenses, prioritize saving/investing, gotten multiple raises over the last 3 years and have discussed moving to a different city with my fiance. Unfortunately, as of right now, we are not in a position to drop everything and move right away. Until we move or I significantly increase my income (which again, I am working on, but it doesn't happen overnight), I don't see much changing in my situation in the near-term outside of no longer having a car payment. I would love to see what recommendations you would give to someone who is "doing the right things" on paper but is still not quite able to achieve their goals. Perhaps they are not optimizing their spending as effienctly as they could be or they may have blind spots that may be obvious to you, but they can't spot themselves. I guess what I'm getting at is, I would like to see how a conversation would go with someone who knows what they should be doing, are actively trying to achieve those things, but doesn't currently have the means to make many instant changes.
I really appreciate your comment. It sounds like you're doing the best you can. I don't think there are any hidden strategies. I don't know you personally, but you sound thoughtful and if you've used my material, I doubt you have any major financial blind spots. The plain truth is that if you live in an expensive area and/or do not earn enough, there are no secrets. You have very difficult choices which most people are unable or unwilling to make, including selling/moving/finding another or second job.
@@ramitsethi I appreciate the response and your perspective Ramit. Thank you again for the lessons, wisdom and enlightening content you deliver to us week after week. Onwards and upward.
Combining their finances will fix their relationship. She said she wants to feel like the man is the provider. At least if their finances are combined, he can take that role and they can stop being petty about pennies.
The only relatable part for me is that my husband also insists on paying more even though my income is higher. Super insightful and interesting episode nonetheless!!
Hi Ramit next time you have an anonymous couple probably change their voice as well as I can tell who they are from their voices😅😭 Loved the video and I love this couple in general and wish them all the best❤
Very interesting episode. I felt like we were still missing some information regarding their income and estimated net worth, but taking it at face value, you still see similar things from people with lower income. A hesitation to spend money, imposter syndrome type feeling, not really establishing their rich life. They could do so much with their income. Short money dates and really establishing their value and t hey could live an even greater life. The idea of a house on every continent isn't "relatable," but it shows how you need to determine your "rich life." Otherwise, as you say a lot, you'll live a smaller life than you have to.
I don’t mind the blur because I listen at work. But I feel maybe stills. And showing the csp or other content instead of the blurred faces along with Ramit would be better. Also I am proud of their team for removing comments where people are saying they know who they are. Shows respect to them that they are working to preserve their anonymity past just blurring
30:29 Here is one of my favorite parts of this episode. It's easy to forget that these little things shouldn't be a problem. If we don’t stay present and work on them, it could lead to more significant issues in the future.
This would be my relationship if I married someone like myself. Luckily I found someone who isn't a money person. It comes with its own issues, but we combine our finances.
I’m 21 years old I’ve been putting $400 a month into a HYSA at 3.8% and $200 a month into VOO. I’m currently in nursing school and plan on doing my masters to become a Psychiatric Nurse Practitioner, the average salary for a psych np in my area is $140k-200k. I was wondering does it make sense to put money into a Roth IRA now knowing that within in 10 years I might not be able to invest anymore due to the limits that the Roth has. Or should I invest that money I would put towards the roth into other investments?
I don’t know why people are trippin. It’s cool seeing a rich couple. Caleb’s channel is for watching poor people continue to make poor financial decisions. It’s fun to see the opposite here.
I’m enjoying this episode, even though the net worth and income are not relatable to me! I can give a good guess who these people are since they already have an online presence. Regardless, it’s interesting to get an insight into the lives of people we view online & therefore from a distance. I appreciate that this couple is humble and down to earth. Victoria doesn’t have to pay herself more as a CEO than she feels comfortable or fair- she’s CEO, she can pay herself what she wants, especially if she doesn’t need more income than she already gets. She could live off of the content creator income alone if she wanted to.
Kuddos to Ramit for allowing this couple to have their privacy while still allowing us to look into their financial life. I’m not sure why people are complaining about them not wanting to show their faces. Do y’all come here to learn from other people’s experiences and money management, or do you come here to stare at people’s faces?
It's hard to pull out some money when you've been so focused on getting started and building wealth. But they're way, way, past the point where they should be looking at what they want in life and get cracking on it. None of us are getting any younger.
A bit unrelated but not really: I am a translator from English into Spanish and one of my dreams is to translate a book that is really meaningful to people. I think money for couples could be it, meaning it’s a book that I could give as a gift to alllll of my friends who don’t speak English, and they would benefit greatly from it ❤
Hi Ramit- trying to understand why the fixed costs for them are so low off a 425k income and your chart at 55:45 shows that the 32% fixed costs are only including rent, utilities, insurance and medical but your CSP includes groceries, 15% miscellaneous, etc, as part of the fixed costs- why didn't you include those here? Thanks!
Splitting things 50/50???? That is crazy when she makes so much more than him. I don’t understand married couples living like roommates, even long term relationships shouldn’t split things 50/50 when incomes are different
I was in a relationship where I made more and paid more. In the end, that ended up screwing me significantly when we broke up. We have a child together, so it was a serious relationship that ended - not short-term. I'm capable of paying for all of my own expenses. In any future relationships, expenses would need to be 50/50 for me, regardless of any income differences. If I meet a guy who makes significantly less than I do, he would need to figure out another source of income if he can't afford to pay his half 🤷♀️
Their groceries category is insane. I may never see this amount of wealth in my life and spend way more money than them on groceries...I have to do better.
There’s no way that’s real. They either eat out all their meals or didn’t include a meal prep service they use toward groceries. Or they don’t track and put in a guess.
No way in hell she's getting 4x revpar. 1x is actually reasonable and you can build a life on that. 20m post tax is 15m at long term US rate of 23.8%. remove 2m for housing after all expenses you're at 13m. Retiring at a young age don't do more than 3% for your safe withdrawal and round down for post tax since this isn't in a tax free retirement account. 300k per year. Good money but that's not enough for first class 12 times a year and definitely not enough for a 100k assistant
But that's assuming your selling the business. Lets assume the 20m Revenue makes 4m EBITDA and next to a salary you'd just take 3m a year in profit for the next 20 years AND then sell it once its 50-60m revenue. Spending 1m a year AND saving 2m a year and selling at 50m by that stage. Could bring you at the 100m level by then ; or 30-40m inflation adjusted (assuming aggressive decades of higher inflation ahead). Not every business needs to be sold .... in fact its often smarter to continue running a successful profitable business as it brings more returns then the market. BUT you'll have to hedge the risk by taking profits and generous salary each year.
@@arstorte Good thing you are making understandable comments. Sounds like something a canadian communista with tons of consulting/ngo-type/gov experience and an mba would say indeed. Instead of being passive aggressive ... why not reply on the content of the comment and give your educated guess on what a company doing 20m revenue (but seemingly almost no profit) would be worth.
I know a guy who left his new bride in coach while he flew business- ON THEIR HONEYMOON. Yes they are still married but I was reminded of that by this conversation😂.
00:00 Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube
Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize.
I personally find the episodes about more wealthy couples very enlightening. It’s fascinating how people making way more than others are having the exact same conversations. The psychology is nearly the same no matter how much anyone makes. Seeing episodes like this helps remind me of what I actually have and not to limit my dreams based on feelings.
GREAT COMMENT!
David and Victoria Beckham
exposing that rich people are just as normal as everyone else is such a priceless gift from this show. so many invisible barriers broken by your work ramit. thank you
12:50 "American culture loves wealth, but as soon as someone achieves it, they are not allowed to talk about their problems." I've never thought about this statement until now but it is so true
Jealously
I don't think it's jealousy. I think it goes to the other quote "If you have money and a problem that can be solved by money - you don't have a problem."
It's hard to listen to someone with money complain about problems money can solve.
But you have to know how to solve the problem with money. If you grew up with a scarcity mindset around money, how to know to be abundant with money?
I'm fascinated by the comments where multiple people say this is "unrelatable" and that I should instead feature "normal" couples.
It is very important that you learn how to adapt lessons from ALL different scenarios to your own situation.
For example:
- Most couples making $65K/year don't talk about money regularly or positively -- like this couple
- Most couples haven't specifically thought about a "fair" way to distribute expenses or set up joint accounts -- like this couple
- Most couples worry about money without running the numbers and mastering their money psychology -- like this couple
- Most couples have the bulk of their net worth locked up in an illiquid asset -- like this couple
My biggest lessons have come from studying people in different life circumstances and adapting the lessons to my own situation. If I had simply waited to see people in exactly my own situation, I would have been waiting forever. That's why I love highlighting couples in all different situations -- income levels, geography, sexual orientations, goals, age, and more -- so you can learn from them all. (If you don't find a couple that connects with you, apply to be on the podcast!)
P.S. Every couple on this podcast is "normal"
I found this couple extremely relatable- they are thoughtful, loving, clearly have only good intentions towards each other, and are short-sighted and in need of some guidance on how to approach a new phase of life both financially and in their marriage. That's what I got from them, anyway. As someone in a very different financial position I still found them very relatable and Ramit's guidance very relevant.
Thanks for having another thoughtful couple who have a loving and positive relationship with each other, these are always my favorite episodes :)
Thank you for posting this reminder to think about the bigger picture! It's certainly a knee-jerk reaction for me to fall back into resentment and roll my eyes because my net worth will never be close to theirs. But avoiding these high earner episodes would totally rob me of a broader understanding of the financial spectrum. And it helps to know that confronting money psychology is something everyone has to go through.
One thing I've appreciated about previous high earner episodes is your acknowledgment of the couples being very hard working AND fortunate (AND privileged, etc.), as well as your encouragement about how to be more generous with their money. There are so many things that can be true at once, and acknowledging that can be very helpful.
The content that you post has been absolutely instrumental in me understanding where my family is financially, and has given me the tools and vocabulary that I was never exposed to. I'm in my 30's and only wish I had stumbled across your channel in my 20's. It has changed the course of my family's relationship with money and I can't wait to continue to learn and improve.
You've listened to feedback and had middle class and struggling couples on a lot more recently. I appreciate both types of episode.
Even when I got out of debt 5.5 years ago, I stuck with my spending plan when I was in debt and put that amount in savings and investments. By doing this, I was able to buy my condo, 1.5 years later. And yes, I ran the numbers. Owning my place is still cheaper than renting where I live!
I’m still saving and investing almost 40% of my gross pay so the scarcity mindset is still there. I’m doing better with actually using some of my guilt free spending allocation, but I’ve been experiencing another issue lately.
In the past couple of years, I’ve overspent in some categories from time to time, so I can also relate to David’s need for a financial crisis from time to time. I think my subconscious is reminding me what it’s like to struggle in debt and remind me not to go there again (no worries, I’m still able to pay my credit cards in full every month). Fortunately, I’m recognizing that pattern and am taking steps to stop this cycle so I’m on more stable ground.
So yeah…they may be a high net worth, but a lot of the takeaways are still relatable.
Thank you, Ramit and thank you, David and Victoria!
I was one of the earlier commenters wondering where the middle class people were. Over time I've noticed there is a good mix of people now, which is great. You've been great at listening to a lot of feedback and I appreciate that. If someone doesn't want to watch extremely wealthy people talk about finances, I get it, but then they can just wait until another episode comes around.
58:09 In my experience, underpaid founders actually create a salary glass ceiling for all the employees. This affects growth, retention, etc. That’s how you end up with a $20/hr assistant when you should have a well paid executive assistant.
Great comment
* Pixels move *
Ramit: woah woah what was that reaction
😂
🤣🤣🤣🤣
lmaooooo
If Ramit does another anonymous couple, I REALLY hope he shows the couple in animation! 😆
This is a great idea!
@alexandradarbyshire7433 Fingers crossed! 🤞🏾
Yes! It should be a cartoon version of the show. That would be great-they could animate Ramit’s expressions times 10 lmao
It could be too costly to do animation, honestly, so that may not be an option.
At the end of the day, this is still RAMIT’s business and he still needs to earn more revenue than pay out in expenses.
memojis would be great
This was such a treat to listen to. We rarely get to hear wealthy people talk about money, mostly because society praises the grind but demonizes wealth. I want to thank the couple for sharing.
These guys will be easy targets in the comments, but i still found it interesting to see that not finding peace within yourself makes it hard to enjoy life and no one is immune to that
I think this is an excellent lesson that the way we feel about money is highly uncorrelated to the amount in our bank account. Even with tens of millions of dollars, we still worry about money. That's why in order to live a Rich Life, you have to (1) know your numbers, and (2) master your money psychology
After reading the comments, I understand why they are anonymous.
I enjoyed hearing from this couple. What stood out for me is that they were coachable, had a generally optimistic outlook, and were were willing to be self-reflective. These characteristics are ones we can all benefit from.
I get as much from this show seeing financially aspirational couples as I do from seeing couples struggling to make ends meet. Everyone has lessons to teach. Thank you for including such a variety of guests.
This is absolutely not strange for the Korean culture and many others
The thoughts covered so far are similar to that of smaller dollar amounts. This isn’t a problem that’s solved by more or less money lol
If only more commenters would read this comment
When I heard it, I absolutely fell in love with the phrase 'If money can solve your problem, it's not a problem, it's an expense' - really helped me look at both my problems and my money differently. But yes, lots of people react with aggrevated facial pixel movement when I say it too 🤣
Interesting. It’s not technically an expense if you didn’t spend the money on it. Expense can only be past tense.
BUT this only works if one actually has the money. Needing 2k for rent and not having it is a problem. Needing 2k for an unexpected issue that one can transfer from one account to chequing is just an expense.
Rotfl at “aggravated facial pixel movement” 😂😂😂
@@Claudia-g6y8g yeah I used to say that this phrase is so class coded :) Felt like it's just saying 'I have money' without saying 'I have money'. But the thing is that if you don't have 2k for rent the problem isn't the 2k, the problem is that rent not fitting that person's income/assets - why does someone have rent they can't afford? Did they lose their income before they built a rainy day fund that at least covers rent? Or did they just sign a lease that was above their means? Writing this as someone who's done both lol. And the madness only stopped when I addressed the real underlying issues instead of just finding the 2k - so my actual 'problem' couldn't be solved by money, no.
@@aic0809 inspired by another comment here lol
I feel glad to hear about this couple’s money situation. I’m fascinated and feel privileged. After a couple decades of low-income living and frugality, I started learning about personal finance. Our household income and net worth have been steadily increasing. In my years of feeling deprived and in the dark about money, I remember thinking, “I just wish I could sit down with these people with high income and nice houses and have a conversation about what they do.” I felt bad like I missed a major lesson that others received. Thank you for opening up about your money!
SO happy to read this. I also always wondered how the wealthy talk about money, behave with money, and feel with money. That's why I love these conversations with people from all over the financial spectrum.
9 minutes in and I hear "a small amount of trust from my parents".. Wonder how much that "small" amount was
small to them and massive to everyone else, i'm sure
Right!
Less than 1.2m. He states that was invested into stocks. He has 1.2m total in the stock market.
Just a million
@@mangomadnnesss just lol
The same reason why you guys feel this is “unrelatable” is why she wants to be private and thinks this is a compromise. We have to acknowledge that there are rich people and theres nothing wrong with that.
Love it! Usually when I see the headline with a large net worth I think, "boo-hoo, rich people can't manage their money". But this couple is different. This is an actual feel-good story! I wish the best for them.
I bought 3 copies of the I Will... book and 3 audiobooks. Thank You Ramit! this book is amazing I'm almost 50 and I wish I had this at age 14. The other books are going to young people for Christmas.
Thank you! I'm so glad you enjoy the book and you're sharing it with others
Hi Ramit! I love your podcast and look forward to watching every Tuesday morning from my couch here in Alberta, Canada, coffee in hand. I really enjoy seeing the ways you’re experimenting with the podcast, like showing us the CSP before diving into the money psychology segment. Keep up the great work-I wish you continued success!
Thank you
Loved the episode but would recommend next time to morph their voices as well for more privacy. It's possible to make an guess at who this couple is if you are familiar with their content and business. Very happy for their accomplishments!
I truly enjoyed this episode and I have to say I'm super proud of their accomplishments! She is extremely inspiring and worked hard/smart for 7+ years to get to where she is at today...she earned every penny. They are well spoken and honest. What I'm impressed about is how both of them speak so nicely/respectful to each other and communicate. There is no bitter tone or frustration like most couples. They are able to talk about finances in a humble and kind way to each other. I love that!
I don’t make not nan percentage of what they make, and I still couldn’t have the gall to come on a show like this. So how admirably brave of her, considering how popular and successful her brand is. We support you girlie!
I really enjoy seeing thoughtful couples that love each other and take critique and questioning in stride. They're really open to hearing what Ramit has to say.
Imagine following a RUclips channel called “I Will Teach You To Be Rich”, created by the host of the Netflix show “How to Get Rich”, whose entire philosophy is that people should manage their finances in a way that leads to a “Rich Life”… and getting mad that he features rich people on his channel 😅😅😅
If you want to stay stuck in your struggle, go whine with fellow navel-gazing scarcity obsessed people elsewhere. Some of us are here to get inspired, get insight, and GET RICH.
That is a pretty funny observation
I loved this episode!!! I don't even care about the pixel faces!! I would really enjoy to hear Ramit talk more about Business, how you pay yourself, how realistic it is to sell a business thats mostly based on one person, the difference between revenue and cash flow, which one to look at to feel rich or not. He has all the knowledge we need!!!!!! Help us understand entrepreneurs better please :)
People hating are sorely missing the point - it is a huge learning opportunity to get to hear how other people live their financial lives and the opportunities it affords them, if you could just get over your initial envy and find it within youself to seek wisdom from different sources. My favourite episode was the one with the wealthy/smart doctors, because for the first time i got to hear the way in which they navigate different lifestyles and opportunities, real eye opener! Thank you ramit, for sticking to your guns and ensuring your guests are always truly DIVERSE!
THANK YOU for this comment. I hope everyone reads it
AGREE I loved the episode with the young doctors - learned so much!
That made me sad to hear that they sit separately when flying because one is willing to pay more for a ticket while the other is not. They’re literally allowing money to physically separate them.
Yeah but if I'm fine flying coach and my partner prefers the extra comfort I dont see anything wrong with it. Like I'm fine driving an old beater car that gets me from point a to b, but i get why my partner would want to have a more comfortable vehicle for themselves. Why waste money on stuff that's not important to one person?
Half way through I realized their names are like David and Victoria Beckham lol
I didn't realize until your comment LOL
Me too😂
Obviously it’s their pseudo names just for the podcast
It shows that even when you are rich rich, the stuff you want is still pretty basic and revolves around a few things. House, food, health and experiences.
Buddhism said this 2500 years ago. It highlights 4 main uses of money.
One of the best episodes so far! There were so many kernels of wisdom 😍👏🏾 I especially appreciated the lesson about transitioning from being transactional to connectivity - from questioning to trust.
I'm sure this episode is great in podcast (audio only) format, but with this censoring of their faces, it makes it unwatchable. If they are not alright with being "public", maybe this isin't the right venue for them? Just my feedback.
True. Don't come to the show if you going to hide your face.
I think I recall Ramit posting an ad specifically for very wealthy couples. Likely no one at this level has ever applied and anonymity is the only way to get them to speak.
So true, but I appreciate it for what it is, a podcast episode shining light on how the very wealthy view money.
Keep in mind that they're still much closer to being broke than to a billionaire.
Listen, the information/ knowledge/LEARNING is valuable! Why do you need their faces? And are you so simple you can't appreciate WHY someone with that much would NEED to stay private? Your lack of regard for common sense self respect is scary. They are being smart, and I respect them for it. In fact, it makes them more legitimate. I don't know who would out themselves like this with wealth. They aren't billionaires...putting full security on payroll would bring them down and make them poor. So being anonymous is cheaper is best.
yeah its a complete waist of time to even put them on screen. just play the audio and put ramit on screen the entire time.
The blurred faces were distracting but I really appreciate their story. I think allowing anonymity will encourage more people to apply and make this show even more fun to watch with a more diverse guest list. I don't know the best way to make the blurring easier to watch though. Maybe just a static image, or really dark lighting or just treat the filming like you do when you go over people CSP's without them on a Zoom call? Either way, I am glad you are offering anonymity!
They could do a face filter like animaze or something similar
At first i didn't like the pixelation, but honestly there's still a ton of information in body motion that would be lost in audio only format.
Great episode. This couple are such expanders for us to see whats possible. Thanks to them for coming on.
I’ll never understand these comments demanding “normal” people…or sharing how you can’t watch it. Good for you? Not every post has to be relatable to you or align to your interests. If I don’t like the specific topic or featured guests, I skip it. See, what you do is you choose to watch what you want to watch. 😉
$87 million is an attention-grabbing number, but with 90% of it coming from the value of her business, it's NOT real. For all practical purposes, these two really aren't so different from any of the other dual-six-figure couples we see on this show (i.e., rich, but not out-of-this-world rich).
It is very real and they have a huge passive income from that much money in investments it is probably several million per year income.
@@chrisbaker2669 Until someone actually cuts you a check it is not real. You can make up any number on paper of what a business is worth.
@@chrisbaker2669until it shows up in the bank account it’s still completely unrealized. Like someone working in a high-flying startup still waiting for the company to go public. It’s a headline grabbing number but I very much recognize where the couple was coming from.
But… he addressed this specifically in his introductory review of their CSP? Almost word for word.
@@chrisbaker2669 that huge amount of money isn't in investments though, its the valuation of her company, its not passive.
I was in discussion with Ramit’s team to be on this pixelated show but my wife could not be convinced to participate. I think there is some value in understanding wealth doesn’t necessarily make people materially different in their relationship with money. I also have a company with a valuation that creates a similar dynamic. Do I want to sell? No. Does she want to sell? Looks like no. Her take on “it can go away” is very real.
She needs a PA. Ramit is right.
And to everyone hating … skip this episode. They worked hard for where they are. Congratulations and keep it up!
Brilliant episode, thank you Ramit for sharing stories covering the depth and breath of the human experience. Absolutely fascinating to see the commonalities in our psychology and how our circumstances act as a vehicle to amplify what our beliefs are and how they manifest.
Thank you for watching and for the comment
My wife is Korean, and we are both doctors with different income levels. Coming from distinct cultural backgrounds and upbringings, we have unique approaches to managing finances. She tends to be more frugal, while I have a tendency to spend on things I enjoy, which likely aligns with my expression of love through gift-giving. Striking a balance in our financial dynamics has been a gradual and ongoing process
What if you made a book, "Money for Families."
So parents and children can have healthy dynamics from the start
I think this is a good idea, I’ve never read his first book but maybe he talks about it somewhere in there? As someone who watches a lot of finance content in general through couples and your own actions, I don’t see much need for me to read the new book, but I see that a lot of people don’t talk about how to raise children with good mindset of money and things you should do for that so that would be something I would be more interested in as well, especially being someone in a young marriage that hasn’t had a family yet, but wants to do things right when the time comes
We have to wait until Ramit has kids lol
Don’t let past stories intrude your present 💡this applies to a lot of us who were raised by immigrants and can’t enjoy our accomplishments
This is mentioned but the headline is far from the truth. I had someone close who was a company founder and always talked about being “worth $75 million”…fast forward 10 years and he STILL can’t find anyone to buy his business and he’s worth about $1 million. Until you get it in cash these numbers mean absolutely nothing. Probably partially justified why they feel a lot poorer. Their actual income is super-mid. Especially a beauty business and tik tok? C’mon!
Well it does gross $20,000,000 a year, so it’s worth at least way more than $20mil
@@donaldo7656 wait wait wait…you realize a business can be $20 million in REVENUE (they said revenue) but have $25 million in EXPENSES and be negative every month? Why would I buy a business at 4x revenue when I have no clue what the actual PROFITS are? Clearly you’ve never bought and sold companies. Revenue means nothing and that’s all they kept harping on.
Yeah my thought about 20 minutes in is what’s happening to the EBITDA? In theory it must either all be going back into the business, or it’s not that profitable of a business otherwise, her income would be a lot higher. In the latter case I highly doubt it’s worh 80M because most exommerce business are valued off multiples of profit, not revenue
@ EXACTLY!!! 🛎️ you nailed it. This makes no sense. They just kept repeating their “revenue” which means nothing. You can have $1 billion in revenue and still be negative every month. Just ask EV car makers outside of Tesla. :)
@@donaldo7656This. I think her valuation is the typical 4x gross revenue rule of thumb that people use, not a proper evaluation. The issue is that for a low margin physical beauty product company, the gross margin is likely really low, so a valuation based on gross revenue is likely a huge overestimate. A valuation based on EBITDA likely would be more accurate.
I’m really surprised that I enjoyed this episode as much as I did. When I saw the title, I expected to hear two people who were unrelatable and out of touch. However they were both charming! Even though yes, they had amassed (and inherited) wealth, I can relate to their constant feeling that everything can fall apart.
There’s been many times I’ve been driving and thought just one accident and my family’s lives could be altered forever if I could no longer work. (I’m the sole breadwinner.) The point is, one unfortunate thing, one wrong move, one thing that’s out of your control….
I wish them both the best!
So where can I send my resume to apply executive assistant position for victoria??
😂
Is this the interview where David asks Victoria which car her dad drove when she was growing up
I don't think so.
This is a different couple, not the Beckhams. The interview you’re talking about was on Netflix,I believe.
Spending money skillfully/usefully is a SKILL..
Imagine if he made 3x more, flew in business class while she was in coach and made her go 50/50 on bills. Everyone would have a lot to say about him as a husband. Even if he’s okay with it, she shouldn’t be.
Thanks for another great episode, looks like you helped them a lot and they're going to level up their lives
I appreciated this new perspective from business owners. Thanks for sharing your story.
43:28 I wish I had this too. Could you do a course on this? How do we get this skill?
I don't understand the reason to avoid the 401k on a work visa. With a brokerage you already paid the tax in the highest bracket and still owe gains even if you leave. In a 401k you defer the tax, but have no tax on gains so it's still advantageous. Even Roth seems like it carries over after a move.
Can somebody enlighten me?
i love this podcast/you tube channel and learn something new from every episode. It is clear to me that this team and RS work really hard to feature a variety of couples from all different race/ethnicity/cultural/socioeconomic/sexual orientations etc so kudos to them for this.
i think we are lucky to be able to hear from this couple -- they are young and naive to the degree of their wealth. older couples with ultra high NW would rarely speak publicly in this way. it is amusing to me that someone who is a "youtuber" thinks that she could actually stay anonymous as the comments have demonstrated that her voice is easily recognizable. if they truly wish to stay anonymous they have a lot to learn. i had never heard of them before, but their names and the name of her business have been mentioned several times in the comments and have not been deleted. a quick google search shows that they still have a public wedding registry site from a few years ago. i wish them the best and appreciate them sharing this story.
34:12 "If you have a problem that money can solve, than you don't really have a problem". I feel that. Very enlightening!
I'm so glad their faces have been anonymised. Thank you Ramit. Hopefully, you can offer this (and even nicknames) for future guests who want it. Personally, I am here to learn from the people, the situations and your advice, I don't need to know their faces or real names.
I really like them. I wish them the best! I hope they do combine their finances but it's also essential they get the post-nup in order first. But I think their incredible success will keep spurring each other on, especially when they work as a team. Thanks for coming on! I love introducing anonymity, I definitely think you'd get a greater diversity of couples by opening the door to this. I rarely watch the videos, usually just listen to the podcast, but the numbers were so wild I needed to look at them. Side note, the only couple I wish had been recorded was one of the early millionaire ones that was a secret Buy Nothing hoarder 😂
Thank you for bringing the lovely couple to your program this time. Seeing what they both accomplished gives me confidence that, despite my status as an immigrant in America, I still have a chance at success.
Hi Ramit-do we have access to the “Plan Your Perfect 2025” phone call if we have tix to see you in Chicago? We didn’t pre order the book since we’re getting it at the show-which we’re super stoked for👏🏼
It would do a lot for their piece of mind to wipe out their $174.000 of debt and make that zero. Also they should take more cash and have it in a checking account so they can spend more freely and not worry about the cost of groceries people worth $87,000,000 should not worry about the cost of groceries hell people with $2,000,000 shouldn’t worry about the cost of groceries.
Low interest mortgage debt that he's likely refinanced when rates were at their historical lows would be the last thing they would want to pay off. There's an opportunity cost to spending money paying off debt, so paying off a 2% debt over investing into a 7% stock market return is a worse financial option. You can be certain they are not losing sleep over 174k in mortgage debt when they're talking about hiring private chefs and 100k personal assistants. Their issues aren't with the amounts of money, but with their interactions with it.
Managing very successful people at my company, this is a common situation that I have seen many times before on “mindset” of wealth creation of wealthy employees. Although both points are important, people naturally gravitate toward: (1) what is “vested” is mine (I.e. cash, stocks, home, stock that is only vested, etc.) or (2) everything that is “earned” is mine (I.e. everything - including stocks that are unvested - or in this case businesses that are illiquid). Both perspectives need balance.
So many complainers in the comments constantly! Jeez is it the type of audience that this type of content attracts or what? But everyone just chill and enjoy the damn show and stop trying to produce/direct it on Ramit and teams behalf…
YES!! This couple was 100% relatable. We have had the EXACT same conversations regarding flying business class, pre-nup, playing to the lowest common denominator, etc. I relate to David in that we don't treat our investments as "real money." This long bull market makes our investments feel like "fake monopoly money." I also relate to David in that I don't want to take advantage of my spouse's success so all our extra money gets saved every quarter (rather than spent). Victoria's vision for her Rich Life was really aspirational and proves that we need to keep dreaming bigger! Thank you Ramit, David, and Victoria for sharing.
Side note: We had a short marriage engagement (8 months) and we met with an attorney 4 months prior to our wedding to discuss a pre-nup. The attorney said it was too close to the wedding date and a judge would rule our pre-nup an invalid document (judges are worried about coercion to sign too close to the wedding date). As such, we do not have a pre-nup but are open to ironing out a post-nup.
Only 14 minutes in but I agree with everything they’ve said. It’s very understandable
One time sitting in different airlines classes is funny. Every time is a red flag. Going on vacation together is going together. Why not stay in different hotels then. Check out different restaurants. You can compare notes when you both arrive home.
Except for he doesn’t care! Why you care about something he doesn’t is WEIRD.
@@TJrules299 Perhaps he does care, but feels that that is what he "should" do. Anyone flying today would rather fly business than coach - plus flying together is part of the experience.
@ they don’t seem to care that using Venmo to catch on small purchases is a problem but it’s pointed out to them in the video. Apologies for triggering you so much.
@@TJrules299 He does care. When it initially came up, he said he didnt care and rationalised why they did it. But as soon as they discussed their rich life pretty much the first thing he mentioned was them flying together in business class. Of course he cares. Who wants to spend 2-8 hours alone on a plane squashed next to strangers whilst knowing their partner is enjoying a better experience and could easily afford to cover it. If the genders were flipped people would be shaming any man who put himself in business class and let his wife sit coach - especially if he is a multi millionaire businessman.
This episode is very interesting, and absolutely shows the money psychology and wealth building mindset, Ramit handled the guests concerns really well.
I’m enjoying this episode and wish you can have more couples with this kind of wealth on the show. I do not need to see their faces.
I feel like this couple's dynamic with money is more common than people think when it comes to people who find a partner after achieving high level wealth. Both sides protective of their money from the other person and not a lot of sharing between. everything is always transactional between the two. It doesnt feel like love and trust between the two. Like, they both love each other but only from arm's reach away.
"Victoria" has the right attitude about the valuation of her business especially if she's only taking $300k salary. Yes it's a leveragable asset but it's not impacting their cash flow. If you take that away they still have a good amount of money but it's not the same. Also anyone in the skincare community knows who this is 😂
who is it ? i dont know. :)
@@TheSharmam Krave beauty
It’s very surprising how little she takes from her company. Makes one wanna shop from there more lol. Well done on the businesses❤
I assume this will be taken down, but this is definitely Krave Beauty! They have great products and a great philosophy. Recognized her voice right away
@@vanessacrocker2919 Yes! I could tell pretty quickly what brand it was
I am so happy they are going for the postnup. Always protect your assets and hopefully you will never need it 🙂 Congrats on your success it is very inspiring!
I know Ramit has already addressed comments and criticsim about episodes featuring ultra-wealthy couples like this as "unrelateable," but I think there is still *some* validity to those comments. I understand the point he is trying to make that even the super-rich still have the same money psychology issues, don't talk about money constructively, can give us a "crystal ball into our future," etc, but I still find it hard to relate to these scenarios and apply the hypothetical lessons to my actual situation.
The reality is that most of us will never be in a similar financial situation as this couple and I think it would be beneficial to also see scenarios from couples that more accurately mirror the majority of people's lives. For example, I would love to see more episodes featuring couples making less than $200k in a high COL area or couples who are brand new to long-term saving/automation/investing and don't already have millions of dollars invested at age 32. I just feel like those kinds of episodes can give more people direct, immediately actionable ideas/plans instead of aspirational, far off goals that could maybe be achieved in 10-20 years.
My point is, that while conversations like these are definitely valuable and have some lessons that can be universally applied (people's feelings about money aren't correlated to how much they have), I would still love to see more episodes that feature couples at the other end of the spectrum.
Can you tell me more? I want to understand your perspective.
Let's say we have a couple making $65,000 in a HCOL area with $25,000 of credit card debt. What actionable ideas would you want to see besides (1) find a new job, (2) consider moving to a different city, and (3) pay off your debt more aggressively?
@@ramitsethi Thanks for taking the time to respond!
To give you a bit of perspective, I began my personal finance journey relatively recently in my early 30's; before, investing was a foreign concept to me, I didn't have a job that offered a 401k until I was 29, etc. I have read IWT and listen to your podcast weekly. As such, I've plugged my numbers into the CSP and I know that my fixed costs are high, mainly due to rent in a HCOL area and my current car payment (car will be fully paid off in about 10 months). I have worked hard to cut down all of my other fixed expenses, prioritize saving/investing, gotten multiple raises over the last 3 years and have discussed moving to a different city with my fiance. Unfortunately, as of right now, we are not in a position to drop everything and move right away. Until we move or I significantly increase my income (which again, I am working on, but it doesn't happen overnight), I don't see much changing in my situation in the near-term outside of no longer having a car payment.
I would love to see what recommendations you would give to someone who is "doing the right things" on paper but is still not quite able to achieve their goals. Perhaps they are not optimizing their spending as effienctly as they could be or they may have blind spots that may be obvious to you, but they can't spot themselves. I guess what I'm getting at is, I would like to see how a conversation would go with someone who knows what they should be doing, are actively trying to achieve those things, but doesn't currently have the means to make many instant changes.
I really appreciate your comment. It sounds like you're doing the best you can. I don't think there are any hidden strategies. I don't know you personally, but you sound thoughtful and if you've used my material, I doubt you have any major financial blind spots. The plain truth is that if you live in an expensive area and/or do not earn enough, there are no secrets. You have very difficult choices which most people are unable or unwilling to make, including selling/moving/finding another or second job.
@@ramitsethi I appreciate the response and your perspective Ramit. Thank you again for the lessons, wisdom and enlightening content you deliver to us week after week. Onwards and upward.
Combining their finances will fix their relationship. She said she wants to feel like the man is the provider. At least if their finances are combined, he can take that role and they can stop being petty about pennies.
The only relatable part for me is that my husband also insists on paying more even though my income is higher. Super insightful and interesting episode nonetheless!!
Hi Ramit next time you have an anonymous couple probably change their voice as well as I can tell who they are from their voices😅😭 Loved the video and I love this couple in general and wish them all the best❤
Very interesting episode. I felt like we were still missing some information regarding their income and estimated net worth, but taking it at face value, you still see similar things from people with lower income. A hesitation to spend money, imposter syndrome type feeling, not really establishing their rich life. They could do so much with their income. Short money dates and really establishing their value and t hey could live an even greater life. The idea of a house on every continent isn't "relatable," but it shows how you need to determine your "rich life." Otherwise, as you say a lot, you'll live a smaller life than you have to.
I hope that Victoria can get to a place where she feels comfortable spending on herself or maybe giving to an organization that she’d like to support.
Yeah, I was waiting for her to mention some charity, social work, or even help someone from her family, or friends. Sadly it didn't happen.
I don’t mind the blur because I listen at work. But I feel maybe stills. And showing the csp or other content instead of the blurred faces along with Ramit would be better. Also I am proud of their team for removing comments where people are saying they know who they are. Shows respect to them that they are working to preserve their anonymity past just blurring
30:29 Here is one of my favorite parts of this episode. It's easy to forget that these little things shouldn't be a problem. If we don’t stay present and work on them, it could lead to more significant issues in the future.
If a couple did combine all finances, how would their CSP look in regards to the columns for individual money allocation?
This would be my relationship if I married someone like myself. Luckily I found someone who isn't a money person. It comes with its own issues, but we combine our finances.
I’m 21 years old I’ve been putting $400 a month into a HYSA at 3.8% and $200 a month into VOO. I’m currently in nursing school and plan on doing my masters to become a Psychiatric Nurse Practitioner, the average salary for a psych np in my area is $140k-200k. I was wondering does it make sense to put money into a Roth IRA now knowing that within in 10 years I might not be able to invest anymore due to the limits that the Roth has. Or should I invest that money I would put towards the roth into other investments?
How much of those assets are Goodwill?
Such a sweet couple! I think you helped them a lot!
Where do I apply to be Victoria’s executive assistant?! I think I’d be great
Another great couple's session! ❤❤❤
I don’t know why people are trippin. It’s cool seeing a rich couple. Caleb’s channel is for watching poor people continue to make poor financial decisions. It’s fun to see the opposite here.
You got The Beckhams?! 😄🎉
😅
I was literally going to come at the same as soon as I heard the fake names 🤣🤣🤣🤣
Be honest.
IWT always throwing the curveball lets goooooooooooo
I’m enjoying this episode, even though the net worth and income are not relatable to me! I can give a good guess who these people are since they already have an online presence. Regardless, it’s interesting to get an insight into the lives of people we view online & therefore from a distance. I appreciate that this couple is humble and down to earth. Victoria doesn’t have to pay herself more as a CEO than she feels comfortable or fair- she’s CEO, she can pay herself what she wants, especially if she doesn’t need more income than she already gets. She could live off of the content creator income alone if she wanted to.
Kuddos to Ramit for allowing this couple to have their privacy while still allowing us to look into their financial life. I’m not sure why people are complaining about them not wanting to show their faces. Do y’all come here to learn from other people’s experiences and money management, or do you come here to stare at people’s faces?
It’s so nice to have the stars of my favorite PlayStation 1 game on the show.
It's hard to pull out some money when you've been so focused on getting started and building wealth. But they're way, way, past the point where they should be looking at what they want in life and get cracking on it. None of us are getting any younger.
A bit unrelated but not really: I am a translator from English into Spanish and one of my dreams is to translate a book that is really meaningful to people. I think money for couples could be it, meaning it’s a book that I could give as a gift to alllll of my friends who don’t speak English, and they would benefit greatly from it ❤
Hi Ramit- trying to understand why the fixed costs for them are so low off a 425k income and your chart at 55:45 shows that the 32% fixed costs are only including rent, utilities, insurance and medical but your CSP includes groceries, 15% miscellaneous, etc, as part of the fixed costs- why didn't you include those here? Thanks!
Splitting things 50/50???? That is crazy when she makes so much more than him. I don’t understand married couples living like roommates, even long term relationships shouldn’t split things 50/50 when incomes are different
I was in a relationship where I made more and paid more. In the end, that ended up screwing me significantly when we broke up. We have a child together, so it was a serious relationship that ended - not short-term.
I'm capable of paying for all of my own expenses. In any future relationships, expenses would need to be 50/50 for me, regardless of any income differences. If I meet a guy who makes significantly less than I do, he would need to figure out another source of income if he can't afford to pay his half 🤷♀️
Their groceries category is insane. I may never see this amount of wealth in my life and spend way more money than them on groceries...I have to do better.
There’s no way that’s real. They either eat out all their meals or didn’t include a meal prep service they use toward groceries. Or they don’t track and put in a guess.
No way in hell she's getting 4x revpar. 1x is actually reasonable and you can build a life on that. 20m post tax is 15m at long term US rate of 23.8%. remove 2m for housing after all expenses you're at 13m. Retiring at a young age don't do more than 3% for your safe withdrawal and round down for post tax since this isn't in a tax free retirement account. 300k per year. Good money but that's not enough for first class 12 times a year and definitely not enough for a 100k assistant
But that's assuming your selling the business. Lets assume the 20m Revenue makes 4m EBITDA and next to a salary you'd just take 3m a year in profit for the next 20 years AND then sell it once its 50-60m revenue. Spending 1m a year AND saving 2m a year and selling at 50m by that stage. Could bring you at the 100m level by then ; or 30-40m inflation adjusted (assuming aggressive decades of higher inflation ahead). Not every business needs to be sold .... in fact its often smarter to continue running a successful profitable business as it brings more returns then the market. BUT you'll have to hedge the risk by taking profits and generous salary each year.
Good thing you've got their lives figured out.
@@arstorte Good thing you are making understandable comments. Sounds like something a canadian communista with tons of consulting/ngo-type/gov experience and an mba would say indeed. Instead of being passive aggressive ... why not reply on the content of the comment and give your educated guess on what a company doing 20m revenue (but seemingly almost no profit) would be worth.
I know a guy who left his new bride in coach while he flew business- ON THEIR HONEYMOON. Yes they are still married but I was reminded of that by this conversation😂.
Singapore or Hong Kong money?
US Dollars
Ramit, I watch your podcast religiously. Your book tour is not mentioned at all on your website. You should make it front and center there.
Also the difference in pricing is significant between the live nation website and ticket master