0:00 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. Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube
you know what happens when you change terminology from a budget to spending plan, regardless of putting "conscious" in front of it? You in fact focus on spending. You know who else changed from using the term budget to a spending plan? The US government. What could go wrong with focusing on spending rather than budgeting? I'm not sure that reducing grubhub by half to $300/mo is guilt free when they are paying 28%+ on credit card debt, while holding a $20k networth. By the Way, Ramit, if you actually, truly believe that you and the wealthy should pay more in taxes, then why don't you put your money where your convictions are (and what you teach in terms of taking control of spending) and go to EFTPS and pay all the taxes you ever dreamed of paying rather than waiting around complaining like other wealthy people that you need the government to force you to pay more in taxes. The government makes it very easy for everyone of you who complain the government doesn't tax you enough, to pay as much taxes as your heart's and conviction's content voluntarily and guilt free. For every tax deduction and tax efficiency move you take and make with investments, I'm quite sure that paying more taxes that you really believe you should be forced to pay somehow doesn't come into the picture. After all, I don't believe the tax code forces anyone to claim deductions or make tax efficient moves.
I gave both my daughters an allowance. I told them "you are a part of the family so you are entitled to share in the family's money. It won't be taken away from you as punishment nor will you have specific chores you must do to earn it. You are part of the family so you do what you can do to make the home better for us all. You share the money. You share the responsibility. " They both grew up understanding how our family stands together.
Wow! This couple was so heart filled. I couldn’t help but just feel so much love for them. They are a true testament of what a loving couple should be. You two WILL move mountains together❤️ Thank you so much for this show Ramit!
Jennifer’s attitude and mindset are so refreshing and lovely. She is so calm and thoughtful during her conversation. And how she addressed the allowance with her kids, amazing idea!! Her kids are lucky to have a mom like her. Fabulous episode.
This episode hit in different ways for me. Lovely couple that I wish all the luck. My mom passed 7 months ago, I grew up poor like Jennifer, and I am a single mother. I watched the Netflix show, used my tax return to pay off my credit card debt, closed one CC down and started contributing to my RRSP and savings in tiny chunks.
Watching this over a year since this came out, and I just wanted to offer my condolences for your loss and to congratulate you on your financial success. I hope that you and your family are doing as well as possible. 🙏🏾
I'm in love with this couple! They come from vastly different lifestyles and have different view points when it comes to money. HOWEVER, they are NOT dismissive, invalidating, or cruel to each other. Even with their differences, I love how they clearly put their love and respect for each other first. I believe that with some financial literacy , this couple will make huge leaps toward their goals.
This interview is one of my favorites. It's really gut-wrenching hearing Andrew talk about his mom passing, I couldn't help but cry. Life is like that. God bless.
She is so considerate with the way she speaks to him. I admire that. Sometimes i forget to be considerate when i feel like im speaking facts. They seem to really love each other. Wishing u guys the best.
My heart is so full watching this episode. It was so inspiring to see Andrew and Jennifer's commitment to grow together and consciously change the trajectory of their lives and their daughters. Wow.
Congrats + Hopefully they will be in contact for a season 2. Your show is by FAR the best money/personal finance content on Netflix and I think you have tapped into something pretty cool so hopefully it continues to perform and you get that s2!
Thank you, Ramit! By the time I was watching each episode on Netflix for the second time, I made HUGE payments on my CC debt. Today (5/9) asked the Credit Union for a lower interest rate. We have an appt. at 1 p.m. tomorrow. He said my rating was in the 700s (?) It had been excellent for years and then I made the mistake of paying too too much for tech lessons. Still plan on traveling to Japan in Nov. (and Las Vegas next month.)
Take the $600 next month and buy some gagdets to make cooking easier - a slow cooker, sous vide stick, steamer, whatever.. and break that habit. It's bad for your finances and your health.
I have a kitchen filled with more efficient gadgets. the problem with gadgets that make cooking easier is they actually don't. Nothing easier than a wok/pan and a spatula.
I thought it was interesting they thought they could cut going out to eat AND groceries. I have noticed in my experience it is one or the other. If I cut going out I am making nicer meals at home more often thus more money for groceries and the occasional gadget
This was an awesome episode. What an amazing couple that really loves and supports each other. They are so reflective and thoughtful. I wish them nothing but the best!
Thank you Ramit for mediating the healthy strategies that so many of us need to live our rich life. For so long, I was avoidant and didn’t want to talk about money with my fiancé, but then I watched your show and read your book and it has really showed me how much I can change and live for tomorrow with a little effort. ❤
Love it! Keep going! Now teach your kids and future generations how to handle money wisely. The reason so many of us are making these mistakes and not talking about money is because no one taught us! Or they taught us with their actions and we're repeating it (and most parents didn't know how to teach them either)!
Thank u Jennifer and Andrew for sharing your story! You two are such a wonderful couple! All my very best wishes to u both moving forward! Take care of yourselves! 💜
This was a good episode! They had great communication and I loved the analogies, especially the GARDEN ❤ it’s crazy to me though how much money can be saved or invest vs spent on food delivery.
What a wonderful couple. To be able to treat each other with such respect and understanding even though it is an incredibly difficult topic to discuss. They have so much love for one another. I have no doubt they will get to where they would like financially. Loved this episode.
Ramit, I have just found you on RUclips and catching up on a lot of your videos and will look at your Netflix show. I want to thank you for talking about paying taxes. I am so sick and tired of people saying “oh, they’re not working hard enough”, “they need to stop spending”. Many of these people also inherited their money so what work did they do. All these people work very hard and probably harder than you and me. I was very fortunate growing up in a very lower middle class but was able to get an engineering degree and did quite well. I have no problem paying my taxes. I am reminded of a speech in It’s a Wonderful Live: George Bailey’s passionate speech to Mr. Potter after his father’s death. George says: “Just remember this, Mr. Potter, that this rabble you’re talking about… they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?” No it’s not. So pay your taxes and stop complaining.
Hey he said a thing about covering his mother's debt. After the assets are sold even if there is still debt he is not responsible. Unless they are trying to save a family home the debtors are out of luck
Wow this episode was incredible! Counting the slices of bread.. I thought I had it bad calculating my grocery shopping throughout the store to ensure I stay under budget 😢
@@candy2325 you’re I’ve become unable to grocery shop in person for health reasons. Since I’ve been ordering groceries online and having them delivered, I’ve actually been saving money, even with the delivery fees! That’s because I have to make a list of what I need, and can’t do any impulse buying in the store. It’s actually worked out well for me. I used to calculate as I shopped, but when we had more income I stopped doing that. And that’s when the grocery bills started to creep up.
I monitor the prices of everything and only buy store brand or bulk. I was always amazed at the "rich" friends who had name brand cereal and soda at their house and ice makers in their fridges. My grocery budget is $300/mo. I net over $6000/mo, so that's only 5% of my budget. Why do I feel like it's the easiest place to cut costs? I guess it's because that's where we make the most purchasing decisions. But instead of cutting $50/mo at the grocery store, I could just cut $50 in subscriptions I don't really use (which I did -- NYT was the biggest at $25/mo). I think it's important to eat well to not feel impoverished and stressed. In addition to poverty trauma, there's just a primal feeling of "there is not enough food". There's no primal instinct for not having enough streaming services.
@@suzanneemerson9787 I did Walmart pickup during Covid. It would just list the things you usually buy and you just click everything you're out of. There's no temptation for new things that might just rot unused anyway.
Such a really great episode. This couple, and the individuals, have been through so much. I think they get it now and with better communication I really believe they can thrive. Also, I want to commend Ramit directly on his comment about taxes. I'm dealing with that here in my hometown as property assessments just came out and there's a lot of complaining. Meanwhile, when I drive around Colorado I see roads literally falling apart and dangerous.
After watching three back to back episodes with egotistical, stubborn couples who didn’t even seem to like each other, Andrew and Jennifer were a breath of fresh air! Their love and respect for one another is so obvious and truly heartfelt. I love how Jennifer called Andrew “love” when asking for his thoughts and perspective…it was so cute and sweet 🥹. I believe they will be successful in reaching their financial goals. Wishing them the all the best ❤.
If you cut back on eating out by 50% and you cut back your groceries by $200, where is the money coming from to buy the food that you aren’t getting when you stop getting delivered food? Not sure if I missed something, but seems money for more groceries is needed and those two expense items just can’t go to pay debt because meals/were coming from those food expenses and can’t just be reallocated without considering the fact they have to still eat and not sure how far they can stretch that remaining (even further reduced) grocery budget. Did I miss something? Love the show!!
I'm single and live alone, so it's different, but early in the pandemic, I decided to eat through my pantry and freezer with no eating out. I only bought produce for like 3 months and just got creative lol. I also lost like 10 lbs without noticing! That's not a sustainable lifestyle for me, but it was a good exercise lol.
Okay just go online and run a debt calculation and see how much you pay in interest when you carry a balance longer vs pay off, and that will provide ‘fear’ on the other side to stop pouring money out the door with cc interest. That’s what we did and it HORRIFIED me to see even the difference between what we would be giving away by paying off the cards over three years instead of two years. It scared some sense into me and we are putting as much extra each month as we can just to get out of the interest trap.
Great video, great couple, but I just want to add that saving $600 on GrubHub doesn't automatically equate to $600 in your pocket. You have to replace that meal with something. My guess would be you'd still spend $150 to $200 to replace those meal.
I couldn't imagine 8 meals costing $200, that's nearly my entire monthly grocery budget for a single person. So even with two people and kids, that's a lot.
He was right by saying upper middle class. Specially, living in the Bay Area. It may actually just be middle class. $120,000 in the year 2000 is not wealth.
I think there's always a range. When I was a kid, sometimes during the summer when there was no school, I'd go with my mom to houses she was cleaning. There were big two story houses with pools and tennis courts and rooms that were purely for special events. To me, that was "rich". Having name brand cereal, soda, and one of those fridges that dispenses cold water and ice was "rich". But in comparison to the actual elite, it isn't. Taxes have changed since 2000 but $120k in 2000 is about $215K today. There's definitely plenty of people who do make $215k. For household income, there are currently 20% of households in the Bay Area that make $215k or more. It is within the top 10% of the country. So it's not 1% of the Bay. When we say "wealthy", I guess it depends. Some people think of people with over $5M in their 30s or even billionaires. Some people just think of those with McDonald's money.
Such an amazing episode especially the ending. Love how we started out talking about grubhub but really connected that with having a long term vision and the joy in planning. Definitely using that gardening example for my own life! ❤ good luck to both of them- and Jennifer’s advice as well when talking about raising how her own daughter to have patience/ joy in planning is something I will be writing down to apply to myself.
He might want to see someone about PTSD…I spent most of my life with my head down forging ahead until I began to deal with the past & visualize a better future
I consider myself to be financially literate and responsible, and I still learned A LOT from the show. I'm making changes to maximise my savings AND live my rich life.
Do you know how I can track down an old 401k from over 20 years ago? The company is no longer in business. I am also wondering about a savings account that was opened when I was a little kid. This bank is not around anymore either. Ramit, my life has completely changed since I read your book 2 months ago. I have already paid off 70% of my debt, sticking to my conscious spending plan and gearing up for my rich life! This also cured my anxiety and depression, thank you Ramit, you are so much more than a brilliant money guy. More like a money therapist. Love the book, videos, and new Netflix show. I look forward to a new video every Tuesday morning.
I'm so jealous at how you can communicate so well. I swear I say all the same things that you say to my wife but like you said in the beginning of this episode, sometimes it just takes some other motherfucker to tell her the exact same thing I've been saying for ten years. Now if I can only get her to watch you for more than 5 min. My fight is eternal. Where's all the real folk that wanna talk about the hundreds to thousands they spend on wine, cigs, and drugs?
Great couple. They are super cute and I love how positive Jennifer is. I also agree that even though they don’t have a lot saved or for retirement their future is bright especially if they with together.
Nah. You did it for a time, a reason and a season. Past is to be let go of. We make the best decisions available at the time but also as we grow, we get to keep making decisions new or continuing.
Every time I get an email from Uber Eats that says "we've missed you," I feel prouder and prouder of myself. I think it's been two years since I've used a delivery app. I've maybe only used them a handful of times. I don't know about you, but whenever I see the fees on top of already expensive food, I feel scammed.
I was sucked in to delivery apps over a year ago and haven’t used it since. I feel proud making my own meals at home. Whatever I liked at the restaurants I bought from.. I would buy similar stuff at the grocery store and make my own version. I give myself more wiggle room in my grocery budget to guy some extra snacks, lunches , etc so I don’t have to buy anything from a delivery app or impulse buy.
I’m watching these videos because I just pay off two credit cards of 6000 combined. I had one of those credit card for over 22 years and saving was hard on my part. Now that I got these debts behind me, I lock away these credit cards and store them away because you can’t close them because it’ll affect you credit scores. My main point is that don’t let anyone borrow your money and when they don’t pay back especially when you still have a car payments. Then you have to rely heavily on credit cards, 22 years later these people haven’t payed me back and they’re your brother, sister and cousins smh, they wonder why I don’t show up to parties or superbowl parties
Congratulations! It's amazing that you've paid off that much debt! They say never loan anyone money, and as you say, especially when money's tight for you. Now that you're gonna get a lot of money coming every month, because you don't have to pay off debt anymore, make a simple rule: out of that "extra" money, 50% goes to investment, 10-20% to savings automatically - set up an automatic monthly transfer. And the rest to guilt-free spending or fixed costs. Of course, you decide what you do with your money, but if you do what I suggested, you'll both celebrate the extra money by having it for guilt-free spending as well as put it to good use by investing and saving parts of it. Don't let the extra money just come to your life and get spent thoughtlessly.
Actually, there's some misconception about closing credit cards impact on credit score. The operative word is it "may" affect your credit score. It can lower your score if you have credit utilization and taking available credit increases your utilization rate, which decreases your score; however, if you aren't carrying any balances and keep utilization low even after closing the account, you may not see your credit score decrease at all. Even if you see score lowered, it will not be significant enough to impact things like best insurance rates or lending rates, unless you are like border line of credit risk groups. As you lower utilization your score will increase again quickly. There's a misconception closing reduces your credit age, especially if you are closing a card you have had forever. If the card you closed was in good standing the card still remains on your credit report for 10 years and does not change your average credit age. If it was a negative history card it stays on 7 years. Presumably you will continue to have accrue credit history over the 10years before the card you closed falls off, so the impact on your credit score is minimal to none by then. Even so, by then it's not going to impact your credit risk category for rates on new credit/loans, insurance, etc, unless you botched up your credit rating some other way. If you incorrectly believe in the myth that closing a card in good standing impacts your credit score significantly, so you don't want to close and have no intention of using them again, then just shred them rather than store them. Now credit card compnanies may require you use the card periodically like once a year to maintain the account alive. If you don't, you are in the same position as if you closed the account.
@@hanwagu9967 thanks for the informations, I have a good credit rating score of 821. Like you said I might have to use it once or twice a year just so my credit card account won’t be closed on me. These credit card are like 20 years old and I don’t want rebuild my credits all over again by closing them
@@excitedaboutlearning1639 while going through all this headache, I still invested 5-7% into my work 401k which is worth 200k as it sits right now, maybe I should go up 12%. I almost closed my 401k account back then while I was still struggling with my car payments and money issues but I just let my 401k ride on and I forgot all about it for 15 years, investment serves you better if you don’t touch it and just let it grow. Now I know that buying a new car don’t mean a whole lot because you’re throwing you money away on a brand new car that can depreciate and lose value, now I just keep the same car and never to look at any brand new car lot. I might look into opening a ROTH IRA and continue investing for my future instead of seeing my money going to useless stuffs. Thanks for the informations and investment ideas
Length of credit matters. You have the right idea. I combined my student loans back in 2009 to get a lower interest rate and that was a mistake because it reset my time to forgiveness and my oldest accounts on my credit report (it counts as the old loans paid off and a new loan created).
Excellent episode, more people can relate to this couple because of their past obstacles/circumstances and modest income. Really like both people, but I understand husband better in this particular case. We're not going back to 1950's, at some point it takes 2 earners just to stay afloat, much less to get ahead. Husband is correct, those credit cards need to be wiped out first especially because interest rates are so high (20 years ago 28% would have been legally considered usury). Then pay off vehicle loan. Definitely needs to strip out those convenience items currently in their spending pattern.
It is terrible that credit cards charge 28% but only during very bad times in my life have I ever had to actually pay that. It's expensive. $1000 costs $280/yr, or $23/mo. Some people have $50k on credit cards, which would be over $1000/mo in interest alone and very difficult to dig yourself out of (you'd have to try to get a loan, work out payment plans with banks, or declare bankruptcy). Most of the money credit card companies make is by charging processing fees to stores (that's mostly where the "Cash Back Rewards" come from -- the store is charged 3% and you get 1.5% of that). They are fine if people pay off their balances every month. It's more trying to force people to actually pay them off, since they are unsecured debt. Most people in the 1950s didn't live like TV either. "Father Knows Best" was almost as unrealistic as "Friends". People in many countries watch American movies and it seems like everyone in America is rich. It's the same when we look to the past using 1950s sitcoms instead of real life. I don't know whether it takes two incomes or not. There are still a lot of people raising families on a single income. It depends on many, many factors.
Buying RUclips Premium was a great decision for me. I was so tired of ads, and RUclips was the main platform where I was bombarded with ads. The negative consequence is that it's now much easier for me to keep watching a video after another, because an ad won't annoy me to no end.
I use to do a lot of grub hub and found that helped me break it was not necessary not ordering to go but not getting delivery. I over ordered because I wanted to get the bang for the buck for the delivery fee. Saying I was only going to do it is picked up made me cook more at home because I was already putting in the effort and you can make cheap eat meals for less energy AND when I do pick up I only order what I am going to eat for that meal. I don’t think you can cut your going out bill and grocery. In my experience it is one or the other but try to find a good middle ground with groceries bring the overall cost down.
Late 30s, $20k net worth and spending $600/month on grub hub. Mind blown. Good for them to appear on the show and hopefully get help. I can’t imagine facing an illness like that with young children.
I would love to participate. As an inmigrant family triying to learn the american system it is s hard and it looks that is never in of 😢 Gracias 🙏 for this info
I don't think most native-born Americans understand it either. Companies make things complicated so they can skim off the top. The people on this podcast with the most complicated systems are Avoid debt, find the cheapest rent you can as long as you feel safe there, live below your means. Put money in your employer's retirement plan (the max currently is $24,000/year but even $5,000/year is better than nothing). Keep a month or so of expenses in your bank, put the rest in a high-yield savings account (HYSA), such as Wealthfront, which offers 5% currently. After you have 6-12 months worth of expenses in there in case you lose your job, start investing it with the Wealthfront or Betterment systems or directly with Vanguard. You typically want VTI, which is a fund made up of stocks in over 3000 companies. Anyone trying to make things more complicated is usually trying to get rich quick and usually getting scammed or taking on too much risk -- invest through your employer for retirement, live cheaply, save in case you lose your job, and invest the remainder. I think the profit-first method works best. Treat your family like a business. You have revenue in the form of paychecks. You determine a fixed amount of profit you can comfortably take each month, such as $1000 or $2000, and then the rest goes back in to the business -- i.e., pays for all your wants and needs. If you only save what's left over, there usually isn't much of anything left over. The simpler a money plan, generally the better -- retirement, emergency savings, investment, and then spending.
I don't know about the US, but here in Canada you don't inherit debts. If my mom died in debt (she has no debt) I wouldn't have to "figure out" how to pay it.
the best thing i recommed for subscription to online is to have one subscription per month, chnage it next. For example, Have netflix in jauary and hulu in feb, amazon in march. watch shows at one site per month.
Smartest move is pay off your mortgage because that is usually the highest cost in most people's monthly budget. If you are still in good health, consider a LARGE life insurance policy if you are married, and/or have children (any age). After that, max out on retirement accounts, have a large emergency fund of 6 - 12 months.
Some people are just now earning enough to even be able to purchase a home. Also need to know what type investments/investment mix to pick at age 50-55 to be able to try to catch up.
@@riod7559 Question: are you really catching up by putting investments first and putting off getting a home? Investments vacillate and can potentially tank! Lots of broke Boomers from 2008 Great Recession (many never recovered). If you think there is a GUARANTEED financial plan that you can invest your way to multi-millions by standard retirement date, then ask that financial advisor/planner for a GUARANTY in writing.
My wife and I struggled a lot with our money. Always living paycheck to paycheck. Still the same. But when we needed a car we were able to afford another car. Making two cars payments was the same. We were still able to live the life we were living. Right now I’m just learning to see what we can work on so we can start saving. As of right now I feel like we don’t have any plan on saving money and we just keep spending on whatever we want.
Sometimes the couples on this show annoy me. Not this time! These two have been through the wringer and still love and value each other. Wish them nothing but the best
0:00 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.
Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube
Is the CSP updated? You seem to have more columns then what I have downloaded? 🤔
What a big difference you’ve just made in their lives. The whole family can learn from this.❤
you know what happens when you change terminology from a budget to spending plan, regardless of putting "conscious" in front of it? You in fact focus on spending. You know who else changed from using the term budget to a spending plan? The US government. What could go wrong with focusing on spending rather than budgeting? I'm not sure that reducing grubhub by half to $300/mo is guilt free when they are paying 28%+ on credit card debt, while holding a $20k networth. By the Way, Ramit, if you actually, truly believe that you and the wealthy should pay more in taxes, then why don't you put your money where your convictions are (and what you teach in terms of taking control of spending) and go to EFTPS and pay all the taxes you ever dreamed of paying rather than waiting around complaining like other wealthy people that you need the government to force you to pay more in taxes. The government makes it very easy for everyone of you who complain the government doesn't tax you enough, to pay as much taxes as your heart's and conviction's content voluntarily and guilt free. For every tax deduction and tax efficiency move you take and make with investments, I'm quite sure that paying more taxes that you really believe you should be forced to pay somehow doesn't come into the picture. After all, I don't believe the tax code forces anyone to claim deductions or make tax efficient moves.
I’m
😊
I gave both my daughters an allowance. I told them "you are a part of the family so you are entitled to share in the family's money. It won't be taken away from you as punishment nor will you have specific chores you must do to earn it. You are part of the family so you do what you can do to make the home better for us all. You share the money. You share the responsibility. " They both grew up understanding how our family stands together.
That’s beautiful.
Well said ❤
I don’t have any children yet but I really like this dialogue and want to incorporate that into my future parenting style. Thanks for sharing ☺️
@@rayofsunshan Thank you. I feel like that's a wonderful compliment.
@@rayofsunshanSame! I love it.
Ramit is a money therapist for couples. Very insightful, relatable, and inspiring
Wow! This couple was so heart filled. I couldn’t help but just feel so much love for them. They are a true testament of what a loving couple should be. You two WILL move mountains together❤️ Thank you so much for this show Ramit!
Jennifer’s attitude and mindset are so refreshing and lovely. She is so calm and thoughtful during her conversation. And how she addressed the allowance with her kids, amazing idea!! Her kids are lucky to have a mom like her. Fabulous episode.
This episode hit in different ways for me. Lovely couple that I wish all the luck. My mom passed 7 months ago, I grew up poor like Jennifer, and I am a single mother. I watched the Netflix show, used my tax return to pay off my credit card debt, closed one CC down and started contributing to my RRSP and savings in tiny chunks.
Good for you! What an accomplishment and hard to do as a single person. Keep going. Keep going!
🎉🎉🎉
Wow! You taking this quick action is so inspiring! Way to go!
I’m proud you! Keep it up.
Watching this over a year since this came out, and I just wanted to offer my condolences for your loss and to congratulate you on your financial success. I hope that you and your family are doing as well as possible. 🙏🏾
I'm in love with this couple! They come from vastly different lifestyles and have different view points when it comes to money. HOWEVER, they are NOT dismissive, invalidating, or cruel to each other. Even with their differences, I love how they clearly put their love and respect for each other first. I believe that with some financial literacy , this couple will make huge leaps toward their goals.
Can I just say - i LOVE how gentle this couple is with each other. Love, love, love it! ❤❤❤
Such a pleasure to watch this couple. They are going to do better financially and in their marriage.
"Netflix is okay because I have a show on Netflix!" LOL Ramit!!
Conflict of interest
This interview is one of my favorites. It's really gut-wrenching hearing Andrew talk about his mom passing, I couldn't help but cry. Life is like that. God bless.
She is so considerate with the way she speaks to him. I admire that. Sometimes i forget to be considerate when i feel like im speaking facts. They seem to really love each other. Wishing u guys the best.
I love that you addressed their 12-yr-old directly on this episode -- that was so thoughtful.
My heart is so full watching this episode. It was so inspiring to see Andrew and Jennifer's commitment to grow together and consciously change the trajectory of their lives and their daughters. Wow.
Congrats + Hopefully they will be in contact for a season 2. Your show is by FAR the best money/personal finance content on Netflix and I think you have tapped into something pretty cool so hopefully it continues to perform and you get that s2!
What a delightful couple! You can tell they really respect each other. Wishing them the best!
What an emotionally intelligent couple 🫶🏻
Thank you, Ramit! By the time I was watching each episode on Netflix for the second time, I made HUGE payments on my CC debt. Today (5/9) asked the Credit Union for a lower interest rate. We have an appt. at 1 p.m. tomorrow. He said my rating was in the 700s (?) It had been excellent for years and then I made the mistake of paying too too much for tech lessons. Still plan on traveling to Japan in Nov. (and Las Vegas next month.)
Take the $600 next month and buy some gagdets to make cooking easier - a slow cooker, sous vide stick, steamer, whatever.. and break that habit. It's bad for your finances and your health.
Air fryer!!!
@@danielromerosol4158 I loooove the sous vide.
@@teresaamanfu7408 Yes! Also a great buy
I have a kitchen filled with more efficient gadgets. the problem with gadgets that make cooking easier is they actually don't. Nothing easier than a wok/pan and a spatula.
I thought it was interesting they thought they could cut going out to eat AND groceries. I have noticed in my experience it is one or the other. If I cut going out I am making nicer meals at home more often thus more money for groceries and the occasional gadget
This was an awesome episode. What an amazing couple that really loves and supports each other. They are so reflective and thoughtful. I wish them nothing but the best!
Thank you Ramit for mediating the healthy strategies that so many of us need to live our rich life. For so long, I was avoidant and didn’t want to talk about money with my fiancé, but then I watched your show and read your book and it has really showed me how much I can change and live for tomorrow with a little effort. ❤
Love it! Keep going! Now teach your kids and future generations how to handle money wisely. The reason so many of us are making these mistakes and not talking about money is because no one taught us! Or they taught us with their actions and we're repeating it (and most parents didn't know how to teach them either)!
I adored this couple, especially the wife. I hope everything works out for them.
The positivity from Jennifer is amazing. I’d hire her to be my therapist
Thank u Jennifer and Andrew for sharing your story! You two are such a wonderful couple! All my very best wishes to u both moving forward! Take care of yourselves! 💜
I swear more people go into debt from eating out than medical emergencies these days..
This was a good episode! They had great communication and I loved the analogies, especially the GARDEN ❤ it’s crazy to me though how much money can be saved or invest vs spent on food delivery.
Andrew and Jennifer you’re on your way to a rich life. Wishing you the best!
What a wonderful couple. To be able to treat each other with such respect and understanding even though it is an incredibly difficult topic to discuss. They have so much love for one another. I have no doubt they will get to where they would like financially. Loved this episode.
Wow these folks are so positive souls ❤
Adorable couple! They communicate super well!
Ramit, I have just found you on RUclips and catching up on a lot of your videos and will look at your Netflix show. I want to thank you for talking about paying taxes. I am so sick and tired of people saying “oh, they’re not working hard enough”, “they need to stop spending”. Many of these people also inherited their money so what work did they do. All these people work very hard and probably harder than you and me. I was very fortunate growing up in a very lower middle class but was able to get an engineering degree and did quite well. I have no problem paying my taxes. I am reminded of a speech in It’s a Wonderful Live: George Bailey’s passionate speech to Mr. Potter after his father’s death. George says: “Just remember this, Mr. Potter, that this rabble you’re talking about… they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?” No it’s not. So pay your taxes and stop complaining.
This couple is really so sweet and I wish for the best in their future endeavors❤
Hey he said a thing about covering his mother's debt. After the assets are sold even if there is still debt he is not responsible. Unless they are trying to save a family home the debtors are out of luck
Wow this episode was incredible! Counting the slices of bread.. I thought I had it bad calculating my grocery shopping throughout the store to ensure I stay under budget 😢
I calculate my groceries too! That’s a good habit because you wanna be aware of how much your spending.
@@candy2325 you’re
I’ve become unable to grocery shop in person for health reasons. Since I’ve been ordering groceries online and having them delivered, I’ve actually been saving money, even with the delivery fees! That’s because I have to make a list of what I need, and can’t do any impulse buying in the store. It’s actually worked out well for me.
I used to calculate as I shopped, but when we had more income I stopped doing that. And that’s when the grocery bills started to creep up.
I monitor the prices of everything and only buy store brand or bulk. I was always amazed at the "rich" friends who had name brand cereal and soda at their house and ice makers in their fridges.
My grocery budget is $300/mo. I net over $6000/mo, so that's only 5% of my budget. Why do I feel like it's the easiest place to cut costs? I guess it's because that's where we make the most purchasing decisions. But instead of cutting $50/mo at the grocery store, I could just cut $50 in subscriptions I don't really use (which I did -- NYT was the biggest at $25/mo).
I think it's important to eat well to not feel impoverished and stressed. In addition to poverty trauma, there's just a primal feeling of "there is not enough food". There's no primal instinct for not having enough streaming services.
@@suzanneemerson9787 I did Walmart pickup during Covid. It would just list the things you usually buy and you just click everything you're out of. There's no temptation for new things that might just rot unused anyway.
Such a really great episode. This couple, and the individuals, have been through so much. I think they get it now and with better communication I really believe they can thrive. Also, I want to commend Ramit directly on his comment about taxes. I'm dealing with that here in my hometown as property assessments just came out and there's a lot of complaining. Meanwhile, when I drive around Colorado I see roads literally falling apart and dangerous.
I bet I’m not the only one thinking this:
It’s better to be a warrior in a garden, then a gardener in a war.
I LOVE THIS COUPLE. God bless them :)
Agreed!! They have to be one of the most loving couples I’ve seen on this podcast. Wishing them the best.
Omg, they are the sweetest couple, I wish them success and happiness going forward 🙏❤
After watching three back to back episodes with egotistical, stubborn couples who didn’t even seem to like each other, Andrew and Jennifer were a breath of fresh air! Their love and respect for one another is so obvious and truly heartfelt. I love how Jennifer called Andrew “love” when asking for his thoughts and perspective…it was so cute and sweet 🥹. I believe they will be successful in reaching their financial goals. Wishing them the all the best ❤.
If you cut back on eating out by 50% and you cut back your groceries by $200, where is the money coming from to buy the food that you aren’t getting when you stop getting delivered food? Not sure if I missed something, but seems money for more groceries is needed and those two expense items just can’t go to pay debt because meals/were coming from those food expenses and can’t just be reallocated without considering the fact they have to still eat and not sure how far they can stretch that remaining (even further reduced) grocery budget. Did I miss something? Love the show!!
I'm single and live alone, so it's different, but early in the pandemic, I decided to eat through my pantry and freezer with no eating out. I only bought produce for like 3 months and just got creative lol. I also lost like 10 lbs without noticing! That's not a sustainable lifestyle for me, but it was a good exercise lol.
Very good point , grocery expenses would go up but still they would be able to solve. If not 1000$ but def 600$
Okay just go online and run a debt calculation and see how much you pay in interest when you carry a balance longer vs pay off, and that will provide ‘fear’ on the other side to stop pouring money out the door with cc interest. That’s what we did and it HORRIFIED me to see even the difference between what we would be giving away by paying off the cards over three years instead of two years. It scared some sense into me and we are putting as much extra each month as we can just to get out of the interest trap.
Great video, great couple, but I just want to add that saving $600 on GrubHub doesn't automatically equate to $600 in your pocket. You have to replace that meal with something. My guess would be you'd still spend $150 to $200 to replace those meal.
I couldn't imagine 8 meals costing $200, that's nearly my entire monthly grocery budget for a single person. So even with two people and kids, that's a lot.
He was right by saying upper middle class. Specially, living in the Bay Area. It may actually just be middle class. $120,000 in the year 2000 is not wealth.
Yeah and also remember thus was pre tech era, so they were doing pretty well.
Early nineties to mid they were upper middle but they were not wealthy
I think there's always a range. When I was a kid, sometimes during the summer when there was no school, I'd go with my mom to houses she was cleaning. There were big two story houses with pools and tennis courts and rooms that were purely for special events.
To me, that was "rich". Having name brand cereal, soda, and one of those fridges that dispenses cold water and ice was "rich". But in comparison to the actual elite, it isn't.
Taxes have changed since 2000 but $120k in 2000 is about $215K today. There's definitely plenty of people who do make $215k. For household income, there are currently 20% of households in the Bay Area that make $215k or more. It is within the top 10% of the country. So it's not 1% of the Bay.
When we say "wealthy", I guess it depends. Some people think of people with over $5M in their 30s or even billionaires. Some people just think of those with McDonald's money.
She also got family money given to her regularly on top of the $120k.
Such an amazing episode especially the ending. Love how we started out talking about grubhub but really connected that with having a long term vision and the joy in planning. Definitely using that gardening example for my own life! ❤ good luck to both of them- and Jennifer’s advice as well when talking about raising how her own daughter to have patience/ joy in planning is something I will be writing down to apply to myself.
He might want to see someone about PTSD…I spent most of my life with my head down forging ahead until I began to deal with the past & visualize a better future
What an absolutely lovely couple I wish them so much luck they deserve it all.
Ramit u did a great job helping Jennifer and Andrew communicate with each other! I enjoyed this episode! Thank u! :)
So much love in this couple.
I consider myself to be financially literate and responsible, and I still learned A LOT from the show. I'm making changes to maximise my savings AND live my rich life.
I love that Ramit cusses!! 🤣 keeps it real!!
Do you know how I can track down an old 401k from over 20 years ago? The company is no longer in business. I am also wondering about a savings account that was opened when I was a little kid. This bank is not around anymore either. Ramit, my life has completely changed since I read your book 2 months ago. I have already paid off 70% of my debt, sticking to my conscious spending plan and gearing up for my rich life! This also cured my anxiety and depression, thank you Ramit, you are so much more than a brilliant money guy. More like a money therapist. Love the book, videos, and new Netflix show. I look forward to a new video every Tuesday morning.
Do an "unclaimed property" search in your state. It might turn up there.
I'm so jealous at how you can communicate so well. I swear I say all the same things that you say to my wife but like you said in the beginning of this episode, sometimes it just takes some other motherfucker to tell her the exact same thing I've been saying for ten years. Now if I can only get her to watch you for more than 5 min. My fight is eternal. Where's all the real folk that wanna talk about the hundreds to thousands they spend on wine, cigs, and drugs?
Great couple. They are super cute and I love how positive Jennifer is. I also agree that even though they don’t have a lot saved or for retirement their future is bright especially if they with together.
Love some of the family discussions and how to teach kids these values
I would love to see people look at cooking as a joy and not a chore. ❤
Depends on the person. I love to cook (and I'm damned good at it), but even I don't always feel like cooking after a long day at work.
Lmao I don’t have debt, but I’m too ashamed to discuss how much I’ve spent as a single person on delivery apps.
Nah. You did it for a time, a reason and a season. Past is to be let go of. We make the best decisions available at the time but also as we grow, we get to keep making decisions new or continuing.
I spend wayyy more than this couple as a single person. Ya, terrible
Every time I get an email from Uber Eats that says "we've missed you," I feel prouder and prouder of myself. I think it's been two years since I've used a delivery app. I've maybe only used them a handful of times. I don't know about you, but whenever I see the fees on top of already expensive food, I feel scammed.
well, our economy needs consumers like you to keep on spending.🤣
I was sucked in to delivery apps over a year ago and haven’t used it since. I feel proud making my own meals at home. Whatever I liked at the restaurants I bought from.. I would buy similar stuff at the grocery store and make my own version. I give myself more wiggle room in my grocery budget to guy some extra snacks, lunches , etc so I don’t have to buy anything from a delivery app or impulse buy.
Earlier she said she avoids conversational discomfort. I think that’s why she doesn’t want to be direct/concise.
I'm very impressed by the couple in this episode. Very healthy, and productive. Kudos! 👏🏻
I cried when you spoke to their daughter
Jennifer is beautiful and and her voice is so pretty
I can tell they really love each other. Wish ya’ll the best!
Thank you for all you do to help people feeling free about money!
Are you willing to help single parents as well? Thank you
such a lovely couple ❤
thanks for sharing your stories, lots of insights for me 🙏
Beautiful interview.
I’m watching these videos because I just pay off two credit cards of 6000 combined. I had one of those credit card for over 22 years and saving was hard on my part. Now that I got these debts behind me, I lock away these credit cards and store them away because you can’t close them because it’ll affect you credit scores. My main point is that don’t let anyone borrow your money and when they don’t pay back especially when you still have a car payments. Then you have to rely heavily on credit cards, 22 years later these people haven’t payed me back and they’re your brother, sister and cousins smh, they wonder why I don’t show up to parties or superbowl parties
Congratulations! It's amazing that you've paid off that much debt! They say never loan anyone money, and as you say, especially when money's tight for you.
Now that you're gonna get a lot of money coming every month, because you don't have to pay off debt anymore, make a simple rule: out of that "extra" money, 50% goes to investment, 10-20% to savings automatically - set up an automatic monthly transfer. And the rest to guilt-free spending or fixed costs.
Of course, you decide what you do with your money, but if you do what I suggested, you'll both celebrate the extra money by having it for guilt-free spending as well as put it to good use by investing and saving parts of it. Don't let the extra money just come to your life and get spent thoughtlessly.
Actually, there's some misconception about closing credit cards impact on credit score. The operative word is it "may" affect your credit score. It can lower your score if you have credit utilization and taking available credit increases your utilization rate, which decreases your score; however, if you aren't carrying any balances and keep utilization low even after closing the account, you may not see your credit score decrease at all. Even if you see score lowered, it will not be significant enough to impact things like best insurance rates or lending rates, unless you are like border line of credit risk groups. As you lower utilization your score will increase again quickly.
There's a misconception closing reduces your credit age, especially if you are closing a card you have had forever. If the card you closed was in good standing the card still remains on your credit report for 10 years and does not change your average credit age. If it was a negative history card it stays on 7 years. Presumably you will continue to have accrue credit history over the 10years before the card you closed falls off, so the impact on your credit score is minimal to none by then. Even so, by then it's not going to impact your credit risk category for rates on new credit/loans, insurance, etc, unless you botched up your credit rating some other way.
If you incorrectly believe in the myth that closing a card in good standing impacts your credit score significantly, so you don't want to close and have no intention of using them again, then just shred them rather than store them. Now credit card compnanies may require you use the card periodically like once a year to maintain the account alive. If you don't, you are in the same position as if you closed the account.
@@hanwagu9967 thanks for the informations, I have a good credit rating score of 821. Like you said I might have to use it once or twice a year just so my credit card account won’t be closed on me. These credit card are like 20 years old and I don’t want rebuild my credits all over again by closing them
@@excitedaboutlearning1639 while going through all this headache, I still invested 5-7% into my work 401k which is worth 200k as it sits right now, maybe I should go up 12%. I almost closed my 401k account back then while I was still struggling with my car payments and money issues but I just let my 401k ride on and I forgot all about it for 15 years, investment serves you better if you don’t touch it and just let it grow. Now I know that buying a new car don’t mean a whole lot because you’re throwing you money away on a brand new car that can depreciate and lose value, now I just keep the same car and never to look at any brand new car lot. I might look into opening a ROTH IRA and continue investing for my future instead of seeing my money going to useless stuffs. Thanks for the informations and investment ideas
Length of credit matters. You have the right idea. I combined my student loans back in 2009 to get a lower interest rate and that was a mistake because it reset my time to forgiveness and my oldest accounts on my credit report (it counts as the old loans paid off and a new loan created).
The show is great. Definitely recommend
I enjoy watching your show and it helps me to plan and save for my future
Jennifer seems to be a sweet soul ❤ more power to them with their plans and wish her good health and long life andrew is cares about her to
I hope Ramit writes kids books one day.
Ramit is doing the Lords work out here.
Excellent episode, more people can relate to this couple because of their past obstacles/circumstances and modest income. Really like both people, but I understand husband better in this particular case. We're not going back to 1950's, at some point it takes 2 earners just to stay afloat, much less to get ahead. Husband is correct, those credit cards need to be wiped out first especially because interest rates are so high (20 years ago 28% would have been legally considered usury). Then pay off vehicle loan. Definitely needs to strip out those convenience items currently in their spending pattern.
It is terrible that credit cards charge 28% but only during very bad times in my life have I ever had to actually pay that. It's expensive. $1000 costs $280/yr, or $23/mo. Some people have $50k on credit cards, which would be over $1000/mo in interest alone and very difficult to dig yourself out of (you'd have to try to get a loan, work out payment plans with banks, or declare bankruptcy).
Most of the money credit card companies make is by charging processing fees to stores (that's mostly where the "Cash Back Rewards" come from -- the store is charged 3% and you get 1.5% of that). They are fine if people pay off their balances every month. It's more trying to force people to actually pay them off, since they are unsecured debt.
Most people in the 1950s didn't live like TV either. "Father Knows Best" was almost as unrealistic as "Friends". People in many countries watch American movies and it seems like everyone in America is rich. It's the same when we look to the past using 1950s sitcoms instead of real life.
I don't know whether it takes two incomes or not. There are still a lot of people raising families on a single income. It depends on many, many factors.
This was a fabulous episode 😊❤😊
I thought my rich life wouldn’t consist of RUclips adverts when I bought RUclips Premium, only kidding. Love the show
Buying RUclips Premium was a great decision for me. I was so tired of ads, and RUclips was the main platform where I was bombarded with ads. The negative consequence is that it's now much easier for me to keep watching a video after another, because an ad won't annoy me to no end.
Same same! No adds is rich life for me. Still love the show
I love this couple so much!
I use to do a lot of grub hub and found that helped me break it was not necessary not ordering to go but not getting delivery. I over ordered because I wanted to get the bang for the buck for the delivery fee. Saying I was only going to do it is picked up made me cook more at home because I was already putting in the effort and you can make cheap eat meals for less energy AND when I do pick up I only order what I am going to eat for that meal. I don’t think you can cut your going out bill and grocery. In my experience it is one or the other but try to find a good middle ground with groceries bring the overall cost down.
I skipped part of it, so maybe someone said this, but mentioning that groceries may go up if GrubHub goes down would have been useful.
Ramit, are you sure you had your shure microphone on during your solo sequences? Because compared to the interview the sound is lacking behind.
Late 30s, $20k net worth and spending $600/month on grub hub. Mind blown.
Good for them to appear on the show and hopefully get help. I can’t imagine facing an illness like that with young children.
Beautiful couple, powerful discussion ❤
Why aren’t there older couples on here. People in their fifties and older.
I just watched one with the couple in there 60s
There are some.
I would love to participate. As an inmigrant family triying to learn the american system it is s hard and it looks that is never in of 😢
Gracias 🙏 for this info
I don't think most native-born Americans understand it either. Companies make things complicated so they can skim off the top. The people on this podcast with the most complicated systems are
Avoid debt, find the cheapest rent you can as long as you feel safe there, live below your means. Put money in your employer's retirement plan (the max currently is $24,000/year but even $5,000/year is better than nothing).
Keep a month or so of expenses in your bank, put the rest in a high-yield savings account (HYSA), such as Wealthfront, which offers 5% currently. After you have 6-12 months worth of expenses in there in case you lose your job, start investing it with the Wealthfront or Betterment systems or directly with Vanguard. You typically want VTI, which is a fund made up of stocks in over 3000 companies.
Anyone trying to make things more complicated is usually trying to get rich quick and usually getting scammed or taking on too much risk -- invest through your employer for retirement, live cheaply, save in case you lose your job, and invest the remainder.
I think the profit-first method works best. Treat your family like a business. You have revenue in the form of paychecks. You determine a fixed amount of profit you can comfortably take each month, such as $1000 or $2000, and then the rest goes back in to the business -- i.e., pays for all your wants and needs. If you only save what's left over, there usually isn't much of anything left over.
The simpler a money plan, generally the better -- retirement, emergency savings, investment, and then spending.
I don't know about the US, but here in Canada you don't inherit debts. If my mom died in debt (she has no debt) I wouldn't have to "figure out" how to pay it.
This was a lovely couple!
Yes! ❤️ These two!
It's the mental load... He just waits for her to think about dinner. I got hello fresh for this reason
Six figures a year in 90s and 20s. His mom was rolling dices and smoking cuban cigars. 😅
the best thing i recommed for subscription to online is to have one subscription per month, chnage it next. For example, Have netflix in jauary and hulu in feb, amazon in march. watch shows at one site per month.
I loved your show.
What is the process for people age 50-55 that finally have reached a high wage and now need to catch up quickly financially before retirement?
I would love to see an episode about this!
Smartest move is pay off your mortgage because that is usually the highest cost in most people's monthly budget. If you are still in good health, consider a LARGE life insurance policy if you are married, and/or have children (any age). After that, max out on retirement accounts, have a large emergency fund of 6 - 12 months.
Some people are just now earning enough to even be able to purchase a home. Also need to know what type investments/investment mix to pick at age 50-55 to be able to try to catch up.
@@riod7559 Question: are you really catching up by putting investments first and putting off getting a home? Investments vacillate and can potentially tank! Lots of broke Boomers from 2008 Great Recession (many never recovered). If you think there is a GUARANTEED financial plan that you can invest your way to multi-millions by standard retirement date, then ask that financial advisor/planner for a GUARANTY in writing.
Would love to hear Ramits' analysis
Been binging on the show
I really think a dedicated budget would solve a lot of this
these folks are so lovely!
O M G.....put it All on that credit card at 28%, seriously!??
I love this episode ❤
My wife and I struggled a lot with our money. Always living paycheck to paycheck. Still the same. But when we needed a car we were able to afford another car. Making two cars payments was the same. We were still able to live the life we were living. Right now I’m just learning to see what we can work on so we can start saving. As of right now I feel like we don’t have any plan on saving money and we just keep spending on whatever we want.
I really loved the show and your book
Sometimes the couples on this show annoy me. Not this time! These two have been through the wringer and still love and value each other. Wish them nothing but the best
I meaaann... 4600 isn't "SO" bad....at least in comparison to 460k, hell, 46k
This episode was great! But can I just say Andrew I hope you take some time to grieve your mothers death.🕊️
He is batting above his league 😊