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’m a professor (Ph.D) and advise graduate students. These financial questions from David are absolutely the right questions to ask before you accept a Ph.D. One thing that didn’t come up is that Ph.D have limited stipends and funds. Programs can sometimes only offer limited financial support for only part way through. Some students I’ve seen take up to 10 years to finish. Another good question to ask about Ph.D programs is where do the alumni land at the end. Not all Ph.D programs are equivalent.
Never go for a PhD if you have to pay (that is, tuition, I am not referring to minor student fees or opportunity costs). An offer without funding is a polite rejection. Even with full funding (free tuition + small living stipend), think long and hard about it. Many grad students face real depression, many departments will pay lip service to it, but not actually care. Grading can be extremely subjective, and drop below a certain GPA and they'll kick you off your funding. Departmental politics can screw you over. A lot of big departments bring in a lot of "hire to fire" students, pay them a few bucks to teach the huge freshman classes, then boot them out. Always look up how many students finish the program and where they end up. I know many who got stuck teaching community college after they Mastered out. It's not pretty.
@@awb19892 that is correct. No one should be paying directly for a Ph.D. A research assistant or teaching assistant position already pays the tuition. So if someone gets say $35k a year, about $15 - 20k automatically gets subtracted for tuition for the early years. So it’s like getting $50 - $55k gross, but the universities take their cut from that. Whatever left over is the salary (often 9 months). PhD tuition does get cheaper after the major exams and you become a doctoral candidate. You might then pay $3 - $5k. Still the salaries are low for PhD students and many might have to take some form of student loans. For instance, in 2008 - 2013, I was paid $22k for 9 months. I took out an extra $8k loan a year to make up the difference. The major question anyone doing a PhD should be asking is where the jobs are afterwards. I’d say only like 5 - 10% (guessing here) of a yearly cohort will find a tenure track position (could be even less now), even in STEM fields.
Correct. I'm a former Prof too. The rough rule I heard and seems to be right...a Stanford PhD can work at a lower caliber level university but not the other way around.
A few things: 1) Once you're married, you don't make major life decisions without talking it over with your partner first. 2) Prior to getting a PhD, you really should consider whether you need it. While in grad school, I had the opportunity to deal with doctoral dissertations and got to know a couple of PhD candidates. They were the most stressed out, discombobulated people I'd ever met, until the day after they defended their dissertations. That made me decide I would NOT try for a PhD unless I got to a point at which the lack of a PhD would prevent me from reaching my career goals. Nearly 25 years later, that point has never arrived so I'm glad I didn't put myself through the stress of a PhD program just for the fancy title!
@@keashablew7728 Oh, I hear you. I would go to school forever, too, if my life allowed for it. If that's the case, then she needs to know that she's going for a PhD for the sheer enjoyment of it, regardless of any career advancement. Her reasons need to be clear to her.
It is ok to want a PhD...but her stated primary reason for wanting one isn't particularly strong. If she really wants to ensure she'll be financially ok if something were to happen to her husband, it's a lot easier to take out a sizable term life insurance policy on him rather than embark on a PhD program that will consume her life for several years.
@@keashablew7728It’s okay to like school and would be fine if it were free but it isn’t free. There’s no need to keep going for a PhD unless it’s going to dramatically change the trajectory of her career and life in a net positive way.
With her attitude ("I don't want to worry", "What I want is mine", "I will not do anything fun for the next 5 years TRUST ME"), she can be happy as hell, that he is so supportive, a good consultant and wants to support her, plan for her and do things with her. This guy is GREAT! Hope she values him.
She’s all about me me me and doesn’t care about her husband. If she doesn’t get her way she will just “shut down”. Doing a PhD requires a lot of personal responsibility (including planning for a financial future without a student that can never be paid off). A PhD is never a good financial investment (I know as I did mine), and one should never do it for the money. Not only it is a financial sink, it also takes significant time away from the marriage. I don’t think she is ready to be married. Run David!
No he is not supportive! They are on a life journey not a financial journey! Numbers are not the only things that matter. If it was me I would have said How do we make this work? Not putting up every financial barrier possible!
@@minnowx7099don’t be ridiculous. He put so much effort into trying to make this work. Once you’re married, big financial and life decisions are mutual. One person doesn’t get to just steamroll the other one.
@@arh1234same, to me his questions were in support of her idea and the future after the program. if he had started in with all negatives and shut down the idea w/o consideration then i would think differently but nah he seems down to earth
Reminds me of my myself and my wife. David's questions were 100% valid and need to be answered but in that very moment she was super excited and just wanted him to be excited with her. Those questions could've came later and he could have been in the moment and just be excited. But perhaps I'm projecting
What everyone is missing here is at the point of her getting accepted he shouldn't have had to ask those questions. He should have already known them. She acted without bringing him along. She even said that it was "her thing." She doesn't realize that there is no "her thing" anymore, everything is "their thing" so she should have come to him when she was thinking about applying so they could discuss and get on the same page.
I love how they were speaking completely different languages in the beginning and didn't even know it, and through this video found ways to work together and be excited about their future
Agree! Ramit might have just saved this couple 20 years of arguments. I hope this couple is able to internalize their learnings and apply to future money decisions.
I'm lost immediately in the first few minutes because when I was deciding if I wanted to apply for a doctorate and going through the process of applications, I talked about it a ton with my spouse... by the time I got into my program there was nothing left to do but celebrate because we had already had all the conversations about how it would impact our finances in the short and long term, what our life would look like during the years it was taking up my time and energy, and what our life could look like on the other side.
I just got accepted into a PhD program. I was soooo happy. However when I saw the cost after funding, I declined! Over 120K total, they can take that degree and put it where the sun don’t shine. It’s a scam!!!
As someone with decades in academia, I would want to know cost, how long it will take, do a reality check on salary in the real job market and will you have to relocate to find that job.
I love the growth we can see in this couple. They seem so much lighter in spirit in their follow up videos. I think this session with Ramit will be a real turning point in their relationship - with each other, and with money!
Fantastic episode. One thing that most of these other commentors are missing is that they are newly married. I remember when i first combined finances with my wife and wish we had these conversations to avoid the headache
Though Katie seemed to really struggle with the combined finances question and dismissed her husband's attempts. It never seemed to occur to her that to make it the partnership she allegedly wants, she will have to put in substantially more effort than " I don't wanna do it." They may be a big difference compared to where you found yourself early in your marriage.
There's a transcript available on the iwt page, so you could download it, feed to chatGPT and get a quick summary. But we both know people are commenting based on the intro or the first couple of minutes.
It sounds like she didnt even tell him that she was applying to PhD programs? The transition from being single to being married is a big one. I have confidence they will get there!
I love everything about this couple! They are seeking help early on, they are articulating stuff, and identifying their feelings. They have the tools in place to forge a new path and modify failed models of the past! That is miles ahead of many of the couples. I can't wait for the follow up at the end of the video!
I’m committed to watching the entire video without coming to read the comments because i notice my point of view changes - this episode was so good!!! I love the clarity that these two communicate in and Ramit’s process ❤
A lot of these comments do not pass the vibe check. It's pretty clear they both have good intentions, they just have different communication styles and some work to do on their approach to combined finances. It's great that they're getting help so early in their marriage! Not everyone is the same - Katie clearly was looking for celebration of an accomplishment and didn't realize David meant to be celebratory. That doesn't make Katie "stupid" or "bratty" and it doesn't make David "controlling".
Good comment. A lot of people have been trained to look for the absolute worst in people on the internet. My guests show a lot of courage in coming to me to ask for help. The negative commenters don't realize it, but they would help their *own* finances if they tried to stop disparaging these couples and actually try to get curious about why they behave the way they do...because then they could adapt the lessons to their own lives.
Ramit thank you for adding the demographics at the beginning of the video! I'm confused about the defensive regarding the PhD program (no shade). I nearly got my PhD after paying $12k for an MS (masters of science), but I ended up burning out really bad during the pandemic and stopped working in that field altogether. Once I left that field, I decided to start my own horticulture business!! I'm so glad I didn't do the PhD... it's really important to ask these questions prior to entering an advanced degree program. PhDs are a great way to delay your career without guaranteed employment at the end, which frankly sucks because school is so much fun! David, it seems like your wife needs more (verbal) validation. Y'all seem like nice people!!! Best of luck to you both!!!
not to mention the ROI on most PHD's isn't that great if different at all from someone with a masters. Only fields of study where I would see a PHD being absolutely necessary is medical field, scientific research or law. Most other careers will suffice with a bachelors and yield better income with experience in the field rather than a PHD and MIGHT provide a higher pay with a master's, but not always.
Overall this was a fabulous episode! I think with some adjustments in communication these two will be solid. Separating celebration from logistics is a great step. And it will be easier to do that if, for example, she tells him about the PhD when applying not just when she gets in and has only 1 week to decide
I absolutely love this episode! I am doing my PhD and its fully funded and along with my partner's income, I am very grateful that I don't have to stress much when it comes to finances. However, this is not the reality for many people. Women often put their careers on hold for caring roles etc and often need to go back to school to accelerate their career. For some people, its just a lifelong dream to be achieved after having to put their own educational needs on the back burner. For me, it was such a necessary step for my line of work, especially since I wanted to continue as a researcher. I also have a passion for empowering women to succeed in academia. I have a business that's focused on helping professional women who have been away from school for an extended break to gain admissions to grad school with full funding as well as the academic skills needed to succeed in their program. This is a great listen!
One thing I've learned from my relationship is that you have to talk about these things before you apply. Get on the same page before you apply for a PhD or job, etc.
This 100%. If I was thinking about going back to school I’d talk to my partner about it to get their perspective and see where I’m not thinking through. But I guess this is only true if you and your partner are both looking out for the relationship.
I appreciated his way of asking her about her vision for the ph d program. I have wanted to pursue a higher education and a new career but have never understood how to justify doing so with positions and salary ranges. His questions provided an example about how to begin doing so. It seems really basic, like of course, but sometimes I need people to explain to me like I’m five.
Glad to have an episode with some laughter and lightness and a positive end. All too often these episodes end and I am not sure the couple will make it. This one is different - thank you! It's great that this couple is off to a fantastic start to their long-term retirement and vision. Katy - I hope your PhD program provides everything you want for yourself, your career and your marriage and life vision! And, so happy to see the moment where you realize money isn't difficult!!! David - great work with your business, and awareness to be the logistics person but wait to do that after the celebrating/cheering has happened.
I really liked both of them. They were honest and open about themselves and their finances, and they were very receptive to Ramit's observations. I also liked that they didn't have to make a lot of major sacrifices to get where they wanted to go--that was a bit unusual for these videos.
The questions David asked were perfectly reasonable, it struck me as him being interested/curious about his partner’s aspirations. So many people don’t think through those issues or consider their return on investment before perusing higher education, graduate or otherwise. I was happy to see by the end of the conversation that she seemed to be more open to participating in their financial plans and decisions, I think they’ll do well together.
I loved when you started juggling the numbers around and showed them how to make little changes to make a massive difference in their lives. Huge lightbulb moment for them.
honestly, my take on Katie and talking to David before hand about her decision was easily seen with his decision making. He can convince her not to do it if finances didnt favor the decision. she was very afraid of the "dream crusher" side of David. She wanted to get her PhD and didnt want David to stand in her way of doing it. But he certainly wanted to make her dream a reality through the finances. He had good questions and he was hoping Katie had more planning involved in her decision making beyond the end goal of making more money to be less dependent on David. I doubt David would have stopped her entirely from going, but likely either wanted to see her vision or give her direction in making it happen.
Not gonna lie… the Loom video was so hot to me. Yeah babe walk me through an excel sheet while talking about how we can balance work and travel and living our personal lives 🫦
I’m not smart enough to get into a phd program, but did go through a masters program. If you’re doing more school because you don’t know what else to do, I would NOT recommend it. Just because you can, doesn’t mean you should. As I get older the more I realize that you don’t need a fancy graduate school degree to prove to other people that you are smart or to even enjoy your favorite subject.
I loved this episode. I came in hot on Katy initially ... but I get it. Just because you're with someone or have good intentions doesn't mean you immediately fall into the right dynamics. David could learn to celebrate before building the logistics, but a part of me gets it. I don't believe in dreams, just eventualities ... so I'm always planning, but BOY does that suck when folks want my praise and acceptance. Y'all got it right. These are early hurdles and the very fact that you're recognizing it and willing to adjust ... you'll have a great marriage. David's realization of his intent vs impact ... Katy realizing that David's planning is because he wants her to thrive/ succeed ... Not gonna lie, this was very very very heartwarming. I hope you go to Japan. Flights are currently 20% cheaper to go in October/November (compared to a few months ago).
Really admire how you transformed Katie's apepoach to money. With an "I do, then we do, then you do" approach, you demistified a financial planning activity into something she could practice, iterate and realize her own agency. It wasnt clear to ke8 that she connected a rich life and partnership with her expending substantially more effort into a financial engagement with her husband, who is already oriented, capable and articulate. Always a pleasure to see you turn these avoiders into active listeners and engaged partners!
Here's some feedback: the font in investment calculator is unreadable. Can you find something more clear? You could also show the 4% rule calculation there (yearly or /12 for monthly)
So I am going to go against the grain here but her tuition is just 13k?.....I don't think PHD's are worth the investment unless absolutely needed for the career.....but 13k is not much. That's probably sacrificing 2-3 vacations. If it brings her a chance of better income and stability, then it is worth the risk. I may be biased because I had to pay my own way through college....but if a 13k tuition can potentially bring me even 15k more per year or better position with quality of life, I'll do it. I think she should pay her way, and not have to depend on her husband to pay. She is a full time counselor at a school....so she should be able to pay or pay majority.
@@MzCraziLady $13, 645 after waived classes and fellowship money which she accepted.. that's what she stated in the beginning of video. That is the cost of entire program. But yes, not bad!
@ramitsethi please oh please write a book for us small business owners 🙏🏾😩 just the little you said briefly on how to pay himself and save for his business was so helpful
Loved the intro music!! The best one to date, including the original one. This was such an interesting episode, given that I just completed my PhD. I had my program fully funded by the university, but this varies from area to area. I really hope she's able to find scholarships. She could also work as a Teaching Assistant, Research Assistant, or sessional instructor during the program, to help her financially.
I can never understand why in this day and age, people let their partner make all the financial decisions or why someone would even feel comfortable taking on that responsibility alone. Nothing to do with gender either, just an obvious imbalance in the relationship. We've seen examples of men who let their wives control everything and vice versa. It's uncomfortable to see either way. I get that one partner might be more adept at doing paperwork or making calculations, or one partner might genuinely like this stuff while the other can't stand it, but the general financial planning should be shared. Same as housework or child rearing.
Absolutely valid to ask the cost for the PhD tuition, and the loss of salary while in the program. Some people pursue an advanced degree just because they love to learn. That’s okay too.
It was a fun bonus to watch this ep as a woman from Edinburgh who got a scholarship for a USF PhD program! I would've loved to hear more about the PhD decision in the follow-up but I'm confident they'll make good choices thanks to Ramit's directions. Ramit, you genuinely changed the trajectory of their lives with this one conversion! It was so fascinating to see/hear in real time. AND it makes me really excited for your upcoming book, especially as someone getting married next year! I wish this couple the best- I bet this was a huge breakthrough for Katy and it was so helpful for David in reframing his questions too. I'm rooting for them and their future :)
I think I'm a David, all the questions and spreadsheets.... Interesting to see the other side of the relationship and how they worked it through, and reminds me to be more aware of my responses when my husband is excited about something.
david sounds pragmatic and very reasonable, not unsupportive by any means but wanting to be clear about how this huge endeavor is going to be paid for. is she delusional? PhD’s cost a shit ton of money and unless she’s 100% sure to make $100k+ after completion i don’t see why this is necessary. she sounds very shortsighted and annoyingly dreamy-those dreams will stay just that if you can’t make a plan to bring them to REALITY.
@@darlenesousa8421 right, the entire degree hinges on successfully defending her thesis against a VERY critical panel of peers and yet she can’t articulate why she wants to pursue the degree under the lowest stakes possible (meaning talking to her partner, this podcast & interview is still some kind of pressure but like?? girl *you* signed up for this and didn’t prepare because…?!!)
Did you watch the whole video? This is actually a pretty hurtful comment. It’s very clear both of them grew up in households where education was a top priority, it makes sense to me why she would initially be so excited to be accepted into a PhD program. Give the woman a break. She also clearly said the program was 20k annually. You also said in a comment on another video that you have student loans, are you “delusional” then too?
@@hausofkeely i indeed watched the entire video, and my point remains the same because a PhD isn’t even in the same field as a Bachelor’s degree-which is why i had a small amount of student loans. i had academic performance scholarships to cover the majority expenses, parents supported as they could, the loans were
Exactly what I was thinking. This goes double for Humanities. On top of your course work and professionalization, you will trade your time to do low paid labor (1/4 of a professor’s pay to do their job while they publish) for the institution which makes it difficult to get another job. I had a very generous funding package but still wasn’t enough to live on in SoCal. Also, there are no jobs! Less than 3% of industries require a PhD. You will likely end up in a nonacademic job unless you are leveling up for a career that requires more credentialing. Fantastic skills-great experience-probably unnecessary. Be proud, but prestige is overrated.
The plan they've come up with for their future finances doesn't seem to account for them potentially having kids or buying a house in the future. That would put a sizable dent into how much they can put away each year for retirement.
I was thinking the same while listening- 1-2 kids in daycare could blow up this plan… but regardless, he was teaching them *how to make a plan*, not exactly what should be on the plan, I suppose
Great episode, loved seeing such an honest conversation where it felt like a lot of progress is going to be made with this couple! Feels like Katy is going to be less afraid of money.
It is extremely hard to break away from generational roles that have been passed down. This is a great couple! So happy to see them taking the steps at the beginning of their marriage to set themselves up for success.
I haven’t finished the video yet, but > PhD > Cost If your PhD isn’t paying *you*, leave. Or don’t even start. Any PhD that actually wants you will pay you to be there. Might not be a lot, but you will NOT go negative for it. Now, there’s the opportunity cost, which is valid, but a different discussion.
Only minutes in, and I'm quite concerned with their dynamic. 😕...but Ramit was able to give them solid advice and show them where their future COULD be, so it ended on a much better note!
You should not go into a PhD program unless it's fully funded...tuition, stipend, insurance. The advising Prof (who should want you as part of his/her research group) should have the sponsoring funds coming from grants, etc. Also, if you haven't read yet "so long, and thanks for the PhD" and "PhD Comics." FYI...it took me 5+ yrs (post masters) in engineering. Also, timeline is open ended.
Loved this couple! They are so relatable. They are both smart intelligent people who juste got maried and needed a little help aligning themselves together.
PhD programs are very different cost wise since it often depends on whether or not the PhD candidate has a full fellowship position or not. STEM programs usually come with a stipend that is standardized across the country, and is associated with research grant funds and/or teaching obligations (being a TA for the prof). Ten years ago or so that was about 37k per year, plus tuition, plus health insurance, and in some very expensive COLA areas (i.e. Stanford, Berkeley, UC SF ... a small extra stipend that does not cover the difference in costs of living there). Non STEM PhDs that do not have such stipends often are quite expensive.
Thank you for explaining the 7% rule and how that already accounts for inflation. Having listened to almost all the episodes and having read the book, I never picked up on how it already factored in inflation. Thank you for all the quality educational content!
I also didn't realize this until the previous podcast before this one and it was causing me to be way more stressed about retirement than I needed to be. I've redone all my spreadsheets and now I think we can afford to buy a house after all 🤔
It's good to realize that according to the Credit Suisse Yearbook on Investing, the historical nominal return for the US has been around 10% whereas the historical nominal return for the world has been 7%. Around 7% and 5% after inflation respectively. The yearbook also cautions against using an outlier country such as the US as a model for the overall stock market of the world. There have been periods when other developed markets have outperformed the US and vice versa; periods when developing markets have outperformed developed markets etc. There's no guarantee that the outperformance will continue. A 7% inflation-adjusted figure is certainly optimistic. Expecting 5-7% after inflation is reasonable, but anything above 7% is already quite dangerous.
Also like this intro alot better alot less jerry springer vibes more this a chill conversation very on brand (i gave negative feedback about the other intro so i want to give positive about this one when it is)
Unless you want to do academia for life ( eg. be a professor), you DO NOT need a PhD. P.S I have a PhD, but it doesn't make a good enough amount of money to live on. My job currently relies on my skills and title from my Bachelor's degree and my work experience.
Wow Ramit!! What an insightful podcast this one was. As someone who wants to get my partner more involved in our finances, this video has been invaluable.
These guys are not just on a financial journey together they are on a LIFE journey! Sure maybe Katie’s decision doesn’t make financial sense to David right now but he needs to be more supportive! My husband and I have been together for 33 years. I have always been the higher earner. So we worked it out together! My husband is very smart and at 63 finally found his dream job and now at 66 for the first time in 33 years is earning slightly more than me. I am 10 years younger and will arguably end up supporting him for a number of years before I retire. But, we are happy! We have done this journey together and at the end of the day money is the least of the issues in our relationship!
Great episode to watch! If I could give a suggestion to the team, it would be that the part where they show the calculator, personally and as a designer I feel like the numbers Ramit has to input are not too legible. I would pick a different font for that section
Many people do phds and never end up using them. And if it puts them into student loans, it’s 0% worth it. It’s mostly for bragging rights or to put a title behind once's name. I understand her husband. I have a paid for bachelor degree and would never do a Master unless my job pays for it and it will give me a good promotion at work. She acts more like his friendly roommate, not his wife.
This was a really good one. I can relate with them, it looks like the average newly weds adjusting finances that are hard. I'm happy for them to find their happy middle and wish them the best. Thank you for sharing
That’s not accurate. She likes thinking about difficult intellectual conceptual things, she doesnt like stopping doing that long enough to consider practical organization. It is typical but it’s not a rejection of thinking, how bizarre
Alot of people do PHDs so the have a liscence/excuse to not think about things they dont want to (because they spend thier time thinking already so why do more of it). This not everyone byt definitely some.
This is so weird to me. A PhD doesn't cost any money. If your PhD costs money, you're getting scammed. The university, the department, and the professor will fund your PhD, and even give you a stipend. If you don't have full funding, go elsewhere. I admit that I'm biased, since I'm also doing a PhD in engineering. But you definitely should be passionate and committed to your field when you do your PhD.
that was my understanding, that unless you’re being 100% funded by the university or by grants or something you definitely shouldn’t be doing a PhD program. it’s ridiculously expensive out of pocket
i think humanities PhDs are a different beast. I know a lot of PhDs who have to self fund. some get partial scholarships or fellowships like she did, but usually they work as a TA or in hospitality or something on the side to get by
I married someone who did a PhD in a hard science and directly applicable to industry field. It’s a huge financial decision to do any PhD, this woman doesn’t sound like she’s aware of it at all.
While I see the value of advanced education, pursuing a PhD in today's job market might be excessive unless it directly relates to one's current work. It could lead to overqualification and potentially disconnect someone from real-world challenges and practical experience.
I'm going to say this first, I'm only 10 minutes in, but as a 53 year old person, I'm still surprised that a person in their generation who wants to go for a PhD can't defend why face-to-face with their spouse and that so much happened "electronically". Something is getting lost here. The other side is, if she hasn't though of the "why" does she want the PhD so she can say she has it...ok, I'll watch more.
While I agree with you in regards to her not having a clear answer as to why she wants to do the program. I somewhat disagree about the email. For some people it’s much easier to communicate over words. It also allows them to process, research and answer questions thoroughly.
@@lizRomrell I can agree with you, but it's still not good. My ex-wife and I used to communicate via text and email a lot.... Key word is "ex". Maybe it works for some people, but for me it's avoidance of a bigger problem.
Imagine professionally guiding a high schooler about college (largest source of debt for many people) while hiding from the financial aspects of that decision.
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Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize.
On my second tweak of my csp 😅 these vids are my new obsession. Following the book hurts so good😂
i feel so bad for David for marrying this lady as his wife, she is sso freaking childish and ignorant.
😅😅s😅😢8th
I’m a professor (Ph.D) and advise graduate students. These financial questions from David are absolutely the right questions to ask before you accept a Ph.D. One thing that didn’t come up is that Ph.D have limited stipends and funds. Programs can sometimes only offer limited financial support for only part way through. Some students I’ve seen take up to 10 years to finish. Another good question to ask about Ph.D programs is where do the alumni land at the end. Not all Ph.D programs are equivalent.
Great points! Thanks for sharing!
Never go for a PhD if you have to pay (that is, tuition, I am not referring to minor student fees or opportunity costs). An offer without funding is a polite rejection.
Even with full funding (free tuition + small living stipend), think long and hard about it. Many grad students face real depression, many departments will pay lip service to it, but not actually care.
Grading can be extremely subjective, and drop below a certain GPA and they'll kick you off your funding. Departmental politics can screw you over.
A lot of big departments bring in a lot of "hire to fire" students, pay them a few bucks to teach the huge freshman classes, then boot them out. Always look up how many students finish the program and where they end up. I know many who got stuck teaching community college after they Mastered out. It's not pretty.
@@awb19892 that is correct. No one should be paying directly for a Ph.D. A research assistant or teaching assistant position already pays the tuition. So if someone gets say $35k a year, about $15 - 20k automatically gets subtracted for tuition for the early years. So it’s like getting $50 - $55k gross, but the universities take their cut from that. Whatever left over is the salary (often 9 months). PhD tuition does get cheaper after the major exams and you become a doctoral candidate. You might then pay $3 - $5k. Still the salaries are low for PhD students and many might have to take some form of student loans. For instance, in 2008 - 2013, I was paid $22k for 9 months. I took out an extra $8k loan a year to make up the difference. The major question anyone doing a PhD should be asking is where the jobs are afterwards. I’d say only like 5 - 10% (guessing here) of a yearly cohort will find a tenure track position (could be even less now), even in STEM fields.
Correct. I'm a former Prof too.
The rough rule I heard and seems to be right...a Stanford PhD can work at a lower caliber level university but not the other way around.
I can't get over how smart David is. It really shows in the way he talks... I'm a fan
Huge vibe shift with the new opening music. Good response to the feedback it's working better now
Big +1 - also Hi Dio!!!! 🤓🤓🤓
You can't give one person all the financial power and then get angry when they actually try to manage the finances. That's not fair
This!!!!!!!👏🏾👏🏾👏🏾👏🏾
Exactly! As someone who is put in this position, I get very upset and a lot of resentment build up. Not only that, I think it set back a lot.
A few things:
1) Once you're married, you don't make major life decisions without talking it over with your partner first.
2) Prior to getting a PhD, you really should consider whether you need it. While in grad school, I had the opportunity to deal with doctoral dissertations and got to know a couple of PhD candidates. They were the most stressed out, discombobulated people I'd ever met, until the day after they defended their dissertations. That made me decide I would NOT try for a PhD unless I got to a point at which the lack of a PhD would prevent me from reaching my career goals. Nearly 25 years later, that point has never arrived so I'm glad I didn't put myself through the stress of a PhD program just for the fancy title!
Some people LIKE school tho. She works at a school. I would go to school forever if it were in my budget. It’s OK to WANT a PhD
@@keashablew7728 Oh, I hear you. I would go to school forever, too, if my life allowed for it. If that's the case, then she needs to know that she's going for a PhD for the sheer enjoyment of it, regardless of any career advancement. Her reasons need to be clear to her.
It is ok to want a PhD...but her stated primary reason for wanting one isn't particularly strong. If she really wants to ensure she'll be financially ok if something were to happen to her husband, it's a lot easier to take out a sizable term life insurance policy on him rather than embark on a PhD program that will consume her life for several years.
@@keashablew7728It’s okay to like school and would be fine if it were free but it isn’t free. There’s no need to keep going for a PhD unless it’s going to dramatically change the trajectory of her career and life in a net positive way.
@@EmpressoftheLibrary and…. Don’t forget that a PhD can make you overqualified for some jobs…
With her attitude ("I don't want to worry", "What I want is mine", "I will not do anything fun for the next 5 years TRUST ME"), she can be happy as hell, that he is so supportive, a good consultant and wants to support her, plan for her and do things with her. This guy is GREAT! Hope she values him.
To be honest, she has huge red flags
She’s all about me me me and doesn’t care about her husband. If she doesn’t get her way she will just “shut down”. Doing a PhD requires a lot of personal responsibility (including planning for a financial future without a student that can never be paid off). A PhD is never a good financial investment (I know as I did mine), and one should never do it for the money. Not only it is a financial sink, it also takes significant time away from the marriage. I don’t think she is ready to be married. Run David!
No he is not supportive! They are on a life journey not a financial journey! Numbers are not the only things that matter. If it was me I would have said How do we make this work? Not putting up every financial barrier possible!
@@minnowx7099don’t be ridiculous. He put so much effort into trying to make this work. Once you’re married, big financial and life decisions are mutual. One person doesn’t get to just steamroll the other one.
@@2744ducksdman same thoughts, she is still to much in her feelings and her ego to share her life with another
David asked all the right questions that most people don't - Katie doesn't like it coz she's just excited to do the PhD and doesn't care.
Depending on his tone at the time, I would have thought those were great "let's celebrate the dream" quesrions.
Student Loan Crisis in a nutshell
@@arh1234same, to me his questions were in support of her idea and the future after the program. if he had started in with all negatives and shut down the idea w/o consideration then i would think differently but nah he seems down to earth
Reminds me of my myself and my wife. David's questions were 100% valid and need to be answered but in that very moment she was super excited and just wanted him to be excited with her. Those questions could've came later and he could have been in the moment and just be excited. But perhaps I'm projecting
What everyone is missing here is at the point of her getting accepted he shouldn't have had to ask those questions. He should have already known them. She acted without bringing him along. She even said that it was "her thing." She doesn't realize that there is no "her thing" anymore, everything is "their thing" so she should have come to him when she was thinking about applying so they could discuss and get on the same page.
I love how they were speaking completely different languages in the beginning and didn't even know it, and through this video found ways to work together and be excited about their future
They seem like such a nice couple and really committed to doing right by each other.
Agree! Ramit might have just saved this couple 20 years of arguments. I hope this couple is able to internalize their learnings and apply to future money decisions.
Yeah, Katie showed so much receptiveness and really engaged with Ramit and David the whole episode. These two are a power couple, they rock
I'm lost immediately in the first few minutes because when I was deciding if I wanted to apply for a doctorate and going through the process of applications, I talked about it a ton with my spouse... by the time I got into my program there was nothing left to do but celebrate because we had already had all the conversations about how it would impact our finances in the short and long term, what our life would look like during the years it was taking up my time and energy, and what our life could look like on the other side.
Exactly! It's like telling your partner you got approved for that mortgage for the house you always wanted, before you even tell them about the house!
I just got accepted into a PhD program. I was soooo happy. However when I saw the cost after funding, I declined! Over 120K total, they can take that degree and put it where the sun don’t shine. It’s a scam!!!
wtf?!!
Please name and shame if you feel comfortable, that is crazy!!
Great going 👍🏼
@@Giasemi55 🤯
$120 k is downpayment for the house. I, glad that you declined it.
As someone with decades in academia, I would want to know cost, how long it will take, do a reality check on salary in the real job market and will you have to relocate to find that job.
10:05 THANK YOU FOR SHARING THE LOOM😂😂😂😂😂😂😂 omg i needed to see it
I love the growth we can see in this couple. They seem so much lighter in spirit in their follow up videos. I think this session with Ramit will be a real turning point in their relationship - with each other, and with money!
Love the new channel intro! So much more in line with the tone of the show.
Everyone going to college should ask these questions
Totally agree
Fantastic episode. One thing that most of these other commentors are missing is that they are newly married. I remember when i first combined finances with my wife and wish we had these conversations to avoid the headache
Don’t you realize that everyone who watches RUclips has their act together and has their finances 1000% figured out?
@@danielvee2441😂😂
Though Katie seemed to really struggle with the combined finances question and dismissed her husband's attempts. It never seemed to occur to her that to make it the partnership she allegedly wants, she will have to put in substantially more effort than " I don't wanna do it." They may be a big difference compared to where you found yourself early in your marriage.
@DC_Concerts Itd be wise to finish the video before commenting next time to avoid looking dumb
I love when a video is an hour long, it’s only been posted for 15 minutes, and there’s already tons of comments reviewing the entire video. 🤣😂
There's a transcript available on the iwt page, so you could download it, feed to chatGPT and get a quick summary.
But we both know people are commenting based on the intro or the first couple of minutes.
A 21st century classic
@@Ukcanary You don't watch videos in 4x speed in 2024? You are missing out on human potential. 😄
First thing I do for every video is skip ahead to their Conscious Spending Plan, then start the video, judging the people accordingly. hahaha
Skipped the commercial.
It sounds like she didnt even tell him that she was applying to PhD programs? The transition from being single to being married is a big one. I have confidence they will get there!
They did discuss it initially - just not at the point of accepting the fellowship
I love everything about this couple! They are seeking help early on, they are articulating stuff, and identifying their feelings. They have the tools in place to forge a new path and modify failed models of the past! That is miles ahead of many of the couples. I can't wait for the follow up at the end of the video!
I’m committed to watching the entire video without coming to read the comments because i notice my point of view changes - this episode was so good!!! I love the clarity that these two communicate in and Ramit’s process ❤
I’m with David on this. Very valid questions.
A lot of these comments do not pass the vibe check. It's pretty clear they both have good intentions, they just have different communication styles and some work to do on their approach to combined finances. It's great that they're getting help so early in their marriage! Not everyone is the same - Katie clearly was looking for celebration of an accomplishment and didn't realize David meant to be celebratory. That doesn't make Katie "stupid" or "bratty" and it doesn't make David "controlling".
Good comment. A lot of people have been trained to look for the absolute worst in people on the internet. My guests show a lot of courage in coming to me to ask for help. The negative commenters don't realize it, but they would help their *own* finances if they tried to stop disparaging these couples and actually try to get curious about why they behave the way they do...because then they could adapt the lessons to their own lives.
Ramit thank you for adding the demographics at the beginning of the video!
I'm confused about the defensive regarding the PhD program (no shade). I nearly got my PhD after paying $12k for an MS (masters of science), but I ended up burning out really bad during the pandemic and stopped working in that field altogether. Once I left that field, I decided to start my own horticulture business!! I'm so glad I didn't do the PhD... it's really important to ask these questions prior to entering an advanced degree program. PhDs are a great way to delay your career without guaranteed employment at the end, which frankly sucks because school is so much fun!
David, it seems like your wife needs more (verbal) validation. Y'all seem like nice people!!! Best of luck to you both!!!
"PhDs are a great way to delay your career without guaranteed employment at the end ..." Boom. Wish universities would display this on their website.
I love that the editors listened to the feedback. The new intro is great!
I love David! I wished I had done this with the person I married regarding his finances. Long story short, I was married 10 months. Thank GOD!!!!
If you don’t have a specific goal where you NEED graduate studies then you don’t need graduate studies.
very true
Deathmatch towards what the Mom said 25 years before.
not to mention the ROI on most PHD's isn't that great if different at all from someone with a masters. Only fields of study where I would see a PHD being absolutely necessary is medical field, scientific research or law. Most other careers will suffice with a bachelors and yield better income with experience in the field rather than a PHD and MIGHT provide a higher pay with a master's, but not always.
@@pyronic120120 From what I've seen, lacking a Master's (especially MBA) can sometimes prevent you from being promoted above a certain level.
Overall this was a fabulous episode! I think with some adjustments in communication these two will be solid. Separating celebration from logistics is a great step. And it will be easier to do that if, for example, she tells him about the PhD when applying not just when she gets in and has only 1 week to decide
The last few episodes have been some of the best. Really enjoyed this couple. Wish this channel was around years ago.
I absolutely love this episode! I am doing my PhD and its fully funded and along with my partner's income, I am very grateful that I don't have to stress much when it comes to finances. However, this is not the reality for many people.
Women often put their careers on hold for caring roles etc and often need to go back to school to accelerate their career. For some people, its just a lifelong dream to be achieved after having to put their own educational needs on the back burner. For me, it was such a necessary step for my line of work, especially since I wanted to continue as a researcher. I also have a passion for empowering women to succeed in academia.
I have a business that's focused on helping professional women who have been away from school for an extended break to gain admissions to grad school with full funding as well as the academic skills needed to succeed in their program.
This is a great listen!
One thing I've learned from my relationship is that you have to talk about these things before you apply. Get on the same page before you apply for a PhD or job, etc.
This 100%. If I was thinking about going back to school I’d talk to my partner about it to get their perspective and see where I’m not thinking through.
But I guess this is only true if you and your partner are both looking out for the relationship.
The discussion was great but I also loved the synth collection in the background :)
Great intro. So much better!!
Loving all the iterations and growth
It's a process! Glad they're listening
Yep, the vibe is good. Not schlocky at all. Didn't feel like I had to skip the cringy intro. As good as the original.
I absolutely agree!
I didn’t even notice a difference. You guys are really anal about RUclips intros. Glad Ramit was able to make your life whole again.
I appreciated his way of asking her about her vision for the ph d program. I have wanted to pursue a higher education and a new career but have never understood how to justify doing so with positions and salary ranges. His questions provided an example about how to begin doing so. It seems really basic, like of course, but sometimes I need people to explain to me like I’m five.
Glad to have an episode with some laughter and lightness and a positive end. All too often these episodes end and I am not sure the couple will make it. This one is different - thank you!
It's great that this couple is off to a fantastic start to their long-term retirement and vision.
Katy - I hope your PhD program provides everything you want for yourself, your career and your marriage and life vision! And, so happy to see the moment where you realize money isn't difficult!!!
David - great work with your business, and awareness to be the logistics person but wait to do that after the celebrating/cheering has happened.
I really liked both of them. They were honest and open about themselves and their finances, and they were very receptive to Ramit's observations. I also liked that they didn't have to make a lot of major sacrifices to get where they wanted to go--that was a bit unusual for these videos.
The questions David asked were perfectly reasonable, it struck me as him being interested/curious about his partner’s aspirations.
So many people don’t think through those issues or consider their return on investment before perusing higher education, graduate or otherwise.
I was happy to see by the end of the conversation that she seemed to be more open to participating in their financial plans and decisions, I think they’ll do well together.
I loved when you started juggling the numbers around and showed them how to make little changes to make a massive difference in their lives. Huge lightbulb moment for them.
honestly, my take on Katie and talking to David before hand about her decision was easily seen with his decision making. He can convince her not to do it if finances didnt favor the decision. she was very afraid of the "dream crusher" side of David. She wanted to get her PhD and didnt want David to stand in her way of doing it.
But he certainly wanted to make her dream a reality through the finances. He had good questions and he was hoping Katie had more planning involved in her decision making beyond the end goal of making more money to be less dependent on David. I doubt David would have stopped her entirely from going, but likely either wanted to see her vision or give her direction in making it happen.
Not gonna lie… the Loom video was so hot to me. Yeah babe walk me through an excel sheet while talking about how we can balance work and travel and living our personal lives 🫦
My thoughts too 😂👍
🤣🤣
I’m not smart enough to get into a phd program, but did go through a masters program. If you’re doing more school because you don’t know what else to do, I would NOT recommend it. Just because you can, doesn’t mean you should.
As I get older the more I realize that you don’t need a fancy graduate school degree to prove to other people that you are smart or to even enjoy your favorite subject.
I loved this episode. I came in hot on Katy initially ... but I get it. Just because you're with someone or have good intentions doesn't mean you immediately fall into the right dynamics. David could learn to celebrate before building the logistics, but a part of me gets it. I don't believe in dreams, just eventualities ... so I'm always planning, but BOY does that suck when folks want my praise and acceptance.
Y'all got it right. These are early hurdles and the very fact that you're recognizing it and willing to adjust ... you'll have a great marriage. David's realization of his intent vs impact ... Katy realizing that David's planning is because he wants her to thrive/ succeed ... Not gonna lie, this was very very very heartwarming. I hope you go to Japan. Flights are currently 20% cheaper to go in October/November (compared to a few months ago).
I loved how David went through his family finances.
Really admire how you transformed Katie's apepoach to money. With an "I do, then we do, then you do" approach, you demistified a financial planning activity into something she could practice, iterate and realize her own agency. It wasnt clear to ke8 that she connected a rich life and partnership with her expending substantially more effort into a financial engagement with her husband, who is already oriented, capable and articulate. Always a pleasure to see you turn these avoiders into active listeners and engaged partners!
Here's some feedback: the font in investment calculator is unreadable. Can you find something more clear?
You could also show the 4% rule calculation there (yearly or /12 for monthly)
So I am going to go against the grain here but her tuition is just 13k?.....I don't think PHD's are worth the investment unless absolutely needed for the career.....but 13k is not much. That's probably sacrificing 2-3 vacations. If it brings her a chance of better income and stability, then it is worth the risk. I may be biased because I had to pay my own way through college....but if a 13k tuition can potentially bring me even 15k more per year or better position with quality of life, I'll do it. I think she should pay her way, and not have to depend on her husband to pay. She is a full time counselor at a school....so she should be able to pay or pay majority.
They said 13k but I don’t know if they specified, semesters, year or entire program
His spreadsheet shows $2700 per semester for 8 semesters, so $21600. Still sounds ridiculously cheap for a PhD
@@MzCraziLady $13, 645 after waived classes and fellowship money which she accepted.. that's what she stated in the beginning of video. That is the cost of entire program. But yes, not bad!
@@lizRomrell That's the cost of whole program
The bronco costs around 3 times the PHD program if that's the full cost 😂
New intro is A+ Ramit
@ramitsethi please oh please write a book for us small business owners 🙏🏾😩 just the little you said briefly on how to pay himself and save for his business was so helpful
Great video - so impressed with these young people for laying it all out and good on Ramit for his tact in working this out
Loved the intro music!! The best one to date, including the original one. This was such an interesting episode, given that I just completed my PhD. I had my program fully funded by the university, but this varies from area to area. I really hope she's able to find scholarships. She could also work as a Teaching Assistant, Research Assistant, or sessional instructor during the program, to help her financially.
I can never understand why in this day and age, people let their partner make all the financial decisions or why someone would even feel comfortable taking on that responsibility alone. Nothing to do with gender either, just an obvious imbalance in the relationship. We've seen examples of men who let their wives control everything and vice versa. It's uncomfortable to see either way. I get that one partner might be more adept at doing paperwork or making calculations, or one partner might genuinely like this stuff while the other can't stand it, but the general financial planning should be shared. Same as housework or child rearing.
Totally agree. It should be two people’s responsibilities.
Absolutely valid to ask the cost for the PhD tuition, and the loss of salary while in the program. Some people pursue an advanced degree just because they love to learn. That’s okay too.
this was a very compassionate discussion
Thanks for another great episode. Sounds like they have a solid path forward
It was a fun bonus to watch this ep as a woman from Edinburgh who got a scholarship for a USF PhD program! I would've loved to hear more about the PhD decision in the follow-up but I'm confident they'll make good choices thanks to Ramit's directions.
Ramit, you genuinely changed the trajectory of their lives with this one conversion! It was so fascinating to see/hear in real time. AND it makes me really excited for your upcoming book, especially as someone getting married next year!
I wish this couple the best- I bet this was a huge breakthrough for Katy and it was so helpful for David in reframing his questions too. I'm rooting for them and their future :)
I think I'm a David, all the questions and spreadsheets.... Interesting to see the other side of the relationship and how they worked it through, and reminds me to be more aware of my responses when my husband is excited about something.
david sounds pragmatic and very reasonable, not unsupportive by any means but wanting to be clear about how this huge endeavor is going to be paid for. is she delusional? PhD’s cost a shit ton of money and unless she’s 100% sure to make $100k+ after completion i don’t see why this is necessary. she sounds very shortsighted and annoyingly dreamy-those dreams will stay just that if you can’t make a plan to bring them to REALITY.
Plus, her lack of reasoning and quantitative analysis means she has no clue what a dissertation is
@@darlenesousa8421 right, the entire degree hinges on successfully defending her thesis against a VERY critical panel of peers and yet she can’t articulate why she wants to pursue the degree under the lowest stakes possible (meaning talking to her partner, this podcast & interview is still some kind of pressure but like?? girl *you* signed up for this and didn’t prepare because…?!!)
Did you watch the whole video? This is actually a pretty hurtful comment. It’s very clear both of them grew up in households where education was a top priority, it makes sense to me why she would initially be so excited to be accepted into a PhD program. Give the woman a break. She also clearly said the program was 20k annually. You also said in a comment on another video that you have student loans, are you “delusional” then too?
Ugh mean girls spotted
@@hausofkeely i indeed watched the entire video, and my point remains the same because a PhD isn’t even in the same field as a Bachelor’s degree-which is why i had a small amount of student loans. i had academic performance scholarships to cover the majority expenses, parents supported as they could, the loans were
if your PhD doesn’t have a funding package for tuition and a living stipen stay away it’s a waste of time. Probably a waste of time regardless.
This is soo accurate
for science and engineering PhDs, yes. Humanities PhDs often have to pay their own way or TA to get by
If I could afford it I’d go to school forever. Do it Katy!!
Yes adding knowledge to mankind is such a waste of time
Exactly what I was thinking. This goes double for Humanities. On top of your course work and professionalization, you will trade your time to do low paid labor (1/4 of a professor’s pay to do their job while they publish) for the institution which makes it difficult to get another job. I had a very generous funding package but still wasn’t enough to live on in SoCal. Also, there are no jobs! Less than 3% of industries require a PhD. You will likely end up in a nonacademic job unless you are leveling up for a career that requires more credentialing. Fantastic skills-great experience-probably unnecessary. Be proud, but prestige is overrated.
Him doing all that research is such a green flag! I love that for them
The plan they've come up with for their future finances doesn't seem to account for them potentially having kids or buying a house in the future. That would put a sizable dent into how much they can put away each year for retirement.
I was thinking the same while listening- 1-2 kids in daycare could blow up this plan… but regardless, he was teaching them *how to make a plan*, not exactly what should be on the plan, I suppose
Great episode, loved seeing such an honest conversation where it felt like a lot of progress is going to be made with this couple! Feels like Katy is going to be less afraid of money.
It is extremely hard to break away from generational roles that have been passed down. This is a great couple! So happy to see them taking the steps at the beginning of their marriage to set themselves up for success.
The quality of this video is great. I like the style compared to older videos. Good to see the number running.
I haven’t finished the video yet, but
> PhD
> Cost
If your PhD isn’t paying *you*, leave. Or don’t even start. Any PhD that actually wants you will pay you to be there. Might not be a lot, but you will NOT go negative for it.
Now, there’s the opportunity cost, which is valid, but a different discussion.
I read your entire book, cover to cover. It was fantastic. Truly helpful.
Glad it was helpful!
Only minutes in, and I'm quite concerned with their dynamic. 😕...but Ramit was able to give them solid advice and show them where their future COULD be, so it ended on a much better note!
You should not go into a PhD program unless it's fully funded...tuition, stipend, insurance. The advising Prof (who should want you as part of his/her research group) should have the sponsoring funds coming from grants, etc.
Also, if you haven't read yet "so long, and thanks
for the PhD" and "PhD Comics."
FYI...it took me 5+ yrs (post masters) in engineering. Also, timeline is open ended.
This was a great episode with a couple that I feel is very relatable!
I haven't heard what David does for work (yet)...but that Loom video has "Management Consultant" written all over it.
I think I heard him say “producer mode”.
he's a music producer
Continuing to learn something new on every episode that you and your team have made. thank you so much for doing what you are doing.
Loved this couple! They are so relatable. They are both smart intelligent people who juste got maried and needed a little help aligning themselves together.
I cannot wait to read the new money for couples book when it comes out. I’m single but I want to be prepared should I meet my person.
PhD programs are very different cost wise since it often depends on whether or not the PhD candidate has a full fellowship position or not. STEM programs usually come with a stipend that is standardized across the country, and is associated with research grant funds and/or teaching obligations (being a TA for the prof). Ten years ago or so that was about 37k per year, plus tuition, plus health insurance, and in some very expensive COLA areas (i.e. Stanford, Berkeley, UC SF ... a small extra stipend that does not cover the difference in costs of living there). Non STEM PhDs that do not have such stipends often are quite expensive.
Unusual case of one partner being 100% right about everything.
Thank you for explaining the 7% rule and how that already accounts for inflation. Having listened to almost all the episodes and having read the book, I never picked up on how it already factored in inflation. Thank you for all the quality educational content!
I also didn't realize this until the previous podcast before this one and it was causing me to be way more stressed about retirement than I needed to be. I've redone all my spreadsheets and now I think we can afford to buy a house after all 🤔
S&P 500 averaged 10% returns for the last 100 years. Assume inflation averages out to 3% a year. 10-3=7% returns that take inflation into account.
It's good to realize that according to the Credit Suisse Yearbook on Investing, the historical nominal return for the US has been around 10% whereas the historical nominal return for the world has been 7%. Around 7% and 5% after inflation respectively.
The yearbook also cautions against using an outlier country such as the US as a model for the overall stock market of the world. There have been periods when other developed markets have outperformed the US and vice versa; periods when developing markets have outperformed developed markets etc. There's no guarantee that the outperformance will continue.
A 7% inflation-adjusted figure is certainly optimistic. Expecting 5-7% after inflation is reasonable, but anything above 7% is already quite dangerous.
Also like this intro alot better alot less jerry springer vibes more this a chill conversation very on brand (i gave negative feedback about the other intro so i want to give positive about this one when it is)
Still very drawn out. It's 2 minutes long. When I click on the video I want to get right into it, not go through the highlights first
Unless you want to do academia for life ( eg. be a professor), you DO NOT need a PhD. P.S I have a PhD, but it doesn't make a good enough amount of money to live on. My job currently relies on my skills and title from my Bachelor's degree and my work experience.
I could relate to this episode so much. Thank you Ramit & team!
She seemed so satisfied when she said “I own my car” 😂😂😂😂😂 40:00
Wow Ramit!! What an insightful podcast this one was. As someone who wants to get my partner more involved in our finances, this video has been invaluable.
Great couple! They communicate a lot more than other people.
These guys are not just on a financial journey together they are on a LIFE journey! Sure maybe Katie’s decision doesn’t make financial sense to David right now but he needs to be more supportive! My husband and I have been together for 33 years. I have always been the higher earner. So we worked it out together! My husband is very smart and at 63 finally found his dream job and now at 66 for the first time in 33 years is earning slightly more than me. I am 10 years younger and will arguably end up supporting him for a number of years before I retire. But, we are happy! We have done this journey together and at the end of the day money is the least of the issues in our relationship!
I should have ditched my husband after the first month - knowing he was a homeless bum at the time!
Its good to see an exploration of chasing the dream that isnt just getting out of the debts.
Great episode to watch! If I could give a suggestion to the team, it would be that the part where they show the calculator, personally and as a designer I feel like the numbers Ramit has to input are not too legible. I would pick a different font for that section
"I sent her a Loom" was wild 😆
What does this mean? An actual loom?
This one was very relatable. Thank you!
Love this format. Great couple. I wish them the best. ❤
Many people do phds and never end up using them. And if it puts them into student loans, it’s 0% worth it. It’s mostly for bragging rights or to put a title behind once's name. I understand her husband. I have a paid for bachelor degree and would never do a Master unless my job pays for it and it will give me a good promotion at work. She acts more like his friendly roommate, not his wife.
This was a really good one. I can relate with them, it looks like the average newly weds adjusting finances that are hard. I'm happy for them to find their happy middle and wish them the best. Thank you for sharing
The potential doctorate student doesn’t like thinking? Classic. Good for him pushing to articulate vision, cost, and long term investment
That’s not accurate. She likes thinking about difficult intellectual conceptual things, she doesnt like stopping doing that long enough to consider practical organization. It is typical but it’s not a rejection of thinking, how bizarre
@@M_SCclassic academic delusion. Book smart but zero street/life smart. If she can't understand the cost of a PhD then she shouldn't do it.
That's really rude
@@cognitive-botanical-therapy but true 😅
Alot of people do PHDs so the have a liscence/excuse to not think about things they dont want to (because they spend thier time thinking already so why do more of it). This not everyone byt definitely some.
20:11 How did they get married and NOT know that (she wanted to get a another degree)?
This is so weird to me. A PhD doesn't cost any money. If your PhD costs money, you're getting scammed. The university, the department, and the professor will fund your PhD, and even give you a stipend. If you don't have full funding, go elsewhere. I admit that I'm biased, since I'm also doing a PhD in engineering. But you definitely should be passionate and committed to your field when you do your PhD.
that was my understanding, that unless you’re being 100% funded by the university or by grants or something you definitely shouldn’t be doing a PhD program. it’s ridiculously expensive out of pocket
Agreed. It is my understanding as well, and thank God, how I proceeded with my PhD.
i think humanities PhDs are a different beast. I know a lot of PhDs who have to self fund. some get partial scholarships or fellowships like she did, but usually they work as a TA or in hospitality or something on the side to get by
@@swithheld9905 Agreed. Good STEM PhDs are almost always funded. My understanding of Humanities PhDs is that isn't really always available.
It’s probably because you are doing engineering. PhDs not in the Sciences are more desirable
I married someone who did a PhD in a hard science and directly applicable to industry field. It’s a huge financial decision to do any PhD, this woman doesn’t sound like she’s aware of it at all.
While I see the value of advanced education, pursuing a PhD in today's job market might be excessive unless it directly relates to one's current work. It could lead to overqualification and potentially disconnect someone from real-world challenges and practical experience.
I'm going to say this first, I'm only 10 minutes in, but as a 53 year old person, I'm still surprised that a person in their generation who wants to go for a PhD can't defend why face-to-face with their spouse and that so much happened "electronically". Something is getting lost here. The other side is, if she hasn't though of the "why" does she want the PhD so she can say she has it...ok, I'll watch more.
While I agree with you in regards to her not having a clear answer as to why she wants to do the program. I somewhat disagree about the email. For some people it’s much easier to communicate over words. It also allows them to process, research and answer questions thoroughly.
@@lizRomrell I can agree with you, but it's still not good. My ex-wife and I used to communicate via text and email a lot.... Key word is "ex". Maybe it works for some people, but for me it's avoidance of a bigger problem.
Your break down of the investments was soooo helpful!!! ❤
Oh! I like the video he sent to her.
🎉 great intro audio! Totally more Ramit ❤
why do these net numbers never make sense with the gross numbers? So they pay little to no tax?
Right, there is no way they pay less than 10% in taxes...
Imagine professionally guiding a high schooler about college (largest source of debt for many people) while hiding from the financial aspects of that decision.