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☆ Couple worth $1.5 million constantly argues about money—they could 'make an extra $10 million' and still fight, expert says
▼ + stars: | 2024-11-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

On his "Money for Couples" podcast, self-made millionaire and money expert Ramit Sethi often meets couples with varying levels of income and net worth who feel badly about money. Many of the couples think they just need more money to feel better, but that's often not the case, Sethi tells them. For many people, how you feel about money is uncorrelated to the amount in your bank account. The couple earns a combined $365,000 a year and have a $1.5 million net worth, yet they constantly disagree about financial decisions and can't stop worrying about money. Nathan and Linda know their numbers, maybe even too well.

Persons: Ramit Sethi, that's, Sethi, Nathan, Linda, he's, it's Locations: Linda

☆ Couple has $3 million in assets, but $40,000 in credit card debt due to 'sloppy' financial management, says money expert
▼ + stars: | 2024-11-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

When asked how they racked up so much debt, the couple mentioned emergencies like a flood, a car accident and other unexpected costs. They could feasibly tap their savings and investments to wipe out their credit card debt almost immediately. Yet they also owe $40,000 in credit card debt, they told self-made millionaire and money expert Ramit Sethi on a recent episode of his "Money for Couples" podcast. Even high earners can find themselves under a mountain of credit card debt if they let their spending go unchecked. Then, they can institute a standard operating procedure with rules, such as putting cash windfalls toward their credit card debt or discussing purchases over a certain price.

Persons: Sethi, Megan, Ramit Sethi, Jason, You've, Jason wasn't, it's Organizations: Formula, CNBC

☆ She makes $148,000 a year. Her partner makes $29,000. Here’s how it affects their relationship
▼ + stars: | 2024-10-27 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

At the time of the podcast's recording, Mindy was earning around $148,000 annually while Victor, the owner of a boxing gym, was bringing in $28,800. "And I tell him all the time, step up your game because I don't want to be carrying your weight. She and her boyfriend, Victor, 25, came on Sethi's show to better understand how to handle money as a couple . While love is a deeply important aspect of romantic relationships , it isn't everything — and relying on love alone may not lead to a successful relationship . "It is you being a partner in the relationship…It's getting educated about money because there's a whole language you don't understand about money right now."

Persons: Mindy, Victor, Sethi, she's, We're, We've, Ramit Sethi, —, isn't, It's, I'm

☆ Couple in their 40s is worth nearly $1 million. Why a money expert and self-made millionaire says they're 'broke'
▼ + stars: | 2024-09-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

"I don't say, 'We don't have the money, we can't afford it.' I don't say those things," Michelle told self-made millionaire Ramit Sethi on a recent two-part episode of his "I Will Teach You to be Rich" podcast. Ryan earns nearly $140,000 a year as the sole financial provider, and the couple has a net worth of around $970,000. Plus, their spending has gotten out of control on what the couple calls "little things," that just add up. 'Death by 1,000 paper cuts'When Sethi asked about their spending problems, Michelle and Ryan kept referring back to Target and Amazon purchases.

Persons: Michelle, Ryan, Ramit Sethi, Rich, Sethi, Sethi wasn't Organizations: Target Locations: Target

The median house price in the U.S. is now 5.8 times more than the median annual income of $80,000. That was, after all, the median price for a house in the area at the time. Jonathan OchartThe median price of a home in Los Angeles county is just under $960,000, according to Zillow listings data. It's just not a level playing field," says Ochart about the income now needed to afford a home. In Grand Rapids, median home prices were on the rise before the pandemic and then soared 54% from 2020 to $285,000 in June 2024, according to Zillow sales data.

Persons: Kelcie Lesko, Tim Khalil, Lesko, Khalil, they'll, Gen Xers, What's, — there's, they're, Daryl Fairweather, Kelly Diehr, homebuyers, you'd, Diehr, Jonathan Ochart, Ochart, It's, Timothy Ham, Timothy Ham couldn't, Ham, you've, That's, boomer, it's, Lawrence Yun, Millennials, Ramit Sethi, Rich, Brad Klontz, homebuying Organizations: CNBC, Homes, LA, National Association of Realtors, NAR Locations: New Jersey, Monmouth County, North Brunswick, Lesko, homeownership, U.S, Denver, Brazil, Los Angeles and New York, San Antonio, Los Angeles, Antonio, Texas, LA, Boise , Idaho, Tacoma , Washington, Grand Rapids , Michigan, Grand Rapids, Kalamazoo

☆ Millennial couple left $10,000 in cash sitting in a closet for years — why they still stress about money
▼ + stars: | 2024-08-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Around six years ago, married couple Christina, 37, and Noah, 35, took $10,000 out of the bank. After the massive withdrawal, the money continued to sit — in cash — in their closet for another three years. Noah, on the other hand, is comfortable with what they have and hesitant to spend any money beyond what they absolutely need to. "I think you have a dramatic miscalibration with what a lot of money means," Sethi told them. But sometimes you just need to take an honest look at the numbers," Sethi told her.

Persons: Christina, Noah, Ramit Sethi, Rich, Sethi, they're, Christina shouldn't

☆ You're not 'throwing away money' on rent, says self-made millionaire: 'I've made more renting than I would owning'
▼ + stars: | 2024-08-03 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

But when you pay rent, "you're not throwing money away," Sethi tells CNBC Make It. When looking at homes as an investment, renters commonly overlook the "phantom costs" of owning a property beyond the monthly mortgage payment. "People say they don't want to throw money away on rent," Sethi says. "I've made more money renting than I would have owning," he says, referring to investments made with money that could have been spent on a down payment and phantom costs for units similar to the ones he rented. Considering that home values have increased by 85% since 2010, many Americans have built wealth by owning a home.

Persons: Ramit Sethi, Rich, Sethi, I've, that's Organizations: CNBC Locations: Los Angeles and New York

☆ She makes $550,000 a year. Her husband makes $60,000. Here's how it affects their relationship
▼ + stars: | 2024-07-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Her husband, James, 39, is a freelance musician who earns around $60,000 a year. James said he wants to contribute more toward their lifestyle and retirement goals, but he knows he can't match-up financially. "Geena wants James to be engaged with money. "Taylor wants Steve to want more for himself, to become a financial partner in their relationship," Sethi said. "The solution is to fix your worldview of money and master your own money psychology," Sethi said.

Persons: Geena, James don't, James, I've, Ramit Sethi, Rich, I'm, Sethi, Taylor, Steve, it's, James isn't, James doesn't, he's Locations: New York

☆ A millennial couple who makes $235,000 but spends roughly $84,000 a year on travel and shopping is 'no better' than someone with credit card debt, financial expert says
▼ + stars: | 2024-07-09 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The couple, who were identified by only their first names, told Sethi that Paul recently left his job, making Maddie's $235,000 salary their sole income. AdvertisementWhile Paul told Sethi he thinks those stats are "incredible," Maddie only feels "OK" about their portfolio. "If that's the case, you are spending more than you make every month," Sethi told the couple. Christ Newhard/BooklightBut the couple's expenses will only continue to grow as they plan their wedding, Sethi warned. In a follow-up to the podcast, Paul told Sethi that the couple had successfully implemented his advice, building specific spending targets and politely declining several destination weddings this year.

Persons: —, podcaster, Paul, Maddie, Ramit Sethi, Rich, Sethi, I've, there's, Christ, weren't Organizations: Service, Business Locations: London

☆ 28-year-old mom's teacher salary largely goes toward child care—the real costs of quitting to stay home with your kids
▼ + stars: | 2024-07-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Like many families throughout the U.S., Amanda, 28, and Carlos, 36, are wrestling with the cost of child care. The couple keeps their finances separate, with Amanda covering child care while Carlos pays for other costs, like rent. The burden often falls on womenThe cost of external child care has risen by roughly 263% from 1990 to 2024, according to a KPMG analysis. But even when a family has the option to decide between paying for child care or having one parent stay home, there are more costs to consider. You might be sacrificing career growth by staying home, or you may be sacrificing some of your ability to build wealth by paying for child care.

Persons: Amanda, Carlos, Ramit Sethi, Rich, Sethi, Emily Green, Green, they've Organizations: KPMG, Pew Research, CNBC Locations: U.S, New York

☆ Self-made millionaire: How I knew my wife and I were financially compatible—and the No. 1 red flag you shouldn't ignore
▼ + stars: | 2024-06-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On his "I Will Teach You To Be Rich" podcast, self-made millionaire Ramit Sethi helps numerous couples figure out how to jointly navigate money challenges that may arise within their relationships. And when it comes to talking to your partner about money, there's one major red flag you shouldn't ignore. "If one partner will not talk about money, that is the most dire of circumstances," Sethi tells CNBC Make It. "Money determines many things, like where you're going to live, what you're going to eat, how often you're going out or if you will have children," he says. But whether you're married, casually dating or somewhere in-between, discussing finances with your partner can be easier said than done.

Persons: Rich, Ramit Sethi, Sethi, Cassandra, Here's Organizations: CNBC

☆ This self-made millionaire only uses 2 credit cards and doesn’t chase points: ‘There’s a point where it’s diminishing returns’
▼ + stars: | 2024-06-18 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Using credit cards responsibly can earn you a number of perks, from store discounts to airline miles. And although some people may spend hours strategizing ways to rack up rewards points they can swap for those perks, self-made millionaire Ramit Sethi says he chooses not to "play the credit card points game." "The point of my life is not to squeeze out the absolute maximum amount of credit card rewards. Sethi says he mainly uses two credit cards for his personal expenses: a card that offers travel rewards and a card that offers cash back. After taking a look at his own spending, he figured out that those cards were enough for him since he didn't want to overcomplicate his finances by needing to keep track of multiple credit cards.

Persons: Ramit Sethi, Sethi, Rich, he'll Organizations: CNBC

☆ The ‘dangerous’ but common mistake a self-made millionaire says couples often make with money
▼ + stars: | 2024-06-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

However, there's a common mistake he sees couples make when it comes to managing their money. "Often one partner has taken on the role of the 'money person,'" he tells CNBC Make It. What to do if you're the 'money person' in your relationshipIf you're the "money person" in your relationship, you might want to make a change, Sethi says. "The person who's the 'money person' has to take on the responsibility of gently recalibrating the relationship." Additionally, if you're the "money person," don't overuse financial terms like "compound interest" or "tax-advantaged accounts" that your partner may not understand.

Persons: combatting overspending, Ramit Sethi, Rich, Sethi, It's, doesn't, You've Organizations: CNBC, Fidelity Investments

☆ Self-made millionaire shares 3 steps to stop overspending and save more: 'Make it automatic'
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

However, they haven't made much progress toward a better financial situation since then, they recently told self-made millionaire Ramit Sethi on his "I Will Teach You to be Rich" podcast. It's not the worst debt situation Sethi has seen on the show. Their fixed costs, including debt payments, groceries, gas and other necessities are equal to, if not higher, than their monthly income. Sethi emphasized that there are underlying emotional issues leading to the spending problem, and encouraged Elizabeth to work with a therapist. As for their shopping habits, he laid out three tips anyone can use to start getting their spending under control.

Persons: Elizabeth, Jon, Ramit Sethi, Rich, we've, We're, It's, Sethi Organizations: Walmart, Target

☆ Self-made millionaire’s No. 1 money tip for new grads: ‘Do this for as long as you can, and you will be a multimillionaire’
▼ + stars: | 2024-05-27 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

How to begin investingA simple way to get started is by purchasing low-cost index funds, Sethi says. Index funds track market indexes like the S&P 500, which follows the stock performance of around 500 large U.S. publicly traded companies, such as Microsoft, Apple and Nvidia. To get started, you'll need to open a brokerage account, traditional IRA, Roth IRA or other investment account. But don't let your funds simply sit in your brokerage account. You'll need to go one step further and decide which funds you'd like to invest in.

Persons: Ramit Sethi, Rich, You've, Sethi, Roth, you've Organizations: CNBC, U.S, Microsoft, Apple, Nvidia, Roth IRA

☆ 'The house is burning down': Money expert's advice for a couple with over $620,000 in debt
▼ + stars: | 2024-05-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Each month, they pay $3,700 for their mortgage, $3,342 on their credit card debt and $2,495 on their auto loans. 'The house is burning down'When Sethi asked Kevin and Michelle why they needed help despite their high income, Kevin said impulse buys like drinks at 7-Eleven have really added up. The couple owes $73,000 in credit card debt and $99,000 on two auto loans for luxury cars. "That's a total distraction from what's really going on here, which is the house is burning down." At the time of the podcast's recording, the couple's fixed costs came out to about 73% of their monthly income.

Persons: Ramit Sethi, Rich, Kevin, Michelle, Sethi

☆ How to tell if you can actually afford a major purchase: 'Most people genuinely have no idea,' says self-made millionaire
▼ + stars: | 2024-05-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Most people 'genuinely have no idea'The couple's recent major purchases include an awning and rack for their van and a vacation to Barbados. In both instances, they considered whether or not they could afford the purchase on a monthly basis, Sethi said. "This is very common, and most people genuinely have no idea how to decide if they can afford something." Like many people, Callie and Travis think about their budget on a monthly basis, rather than an annual one. "Until now, they would go on trips, charge up a bunch of stuff, and then get surprised at how much it all cost," Sethi said.

Persons: Callie, Travis, Ramit Sethi, Rich, Sethi, Skip Locations: Texas, Barbados, Alaska

☆ Millennial couple makes $850,000 a year and still worries about money
▼ + stars: | 2024-04-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Their money concerns are misplaced"This couple is going to be extraordinarily wealthy over the course of their life," Sethi said in the newsletter. That amounts to "an abysmal and pitiful 4%" of their monthly take-home pay, Sethi wrote. "This couple lacks the creativity on how to spend money meaningfully," he wrote. With this couple, it has dramatically led them astray," Sethi wrote. "In my opinion, this is a pointless pursuit of wealth without building the skill of spending money meaningfully," he wrote.

Persons: Sethi, Rich, they're, that's, They're, It's, you'll, you've, I'm, We've, Ramit Sethi Locations: India

☆ I was in debt and struggling when a $45,000 inheritance changed my life
▼ + stars: | 2024-03-16 | by ( Chris Boutté | ) www.businessinsider.com time to read: +5 min

I also invested my son's $15,000 inheritance and have taught him about finances. AdvertisementI come from a family where not only were we lower-middle class, but we didn't talk about money. I also started racking up a ton of debt in my 20s as I struggled with an alcohol and drug addiction. Fast forward to 2021, and I received an inheritance of $45,000 from my grandfather, who sadly passed away the previous winter. My son also received an inheritance of about $15,000, and he was 12 years old at the time.

Persons: —, didn't, Ramit Sethi Organizations: Service, Netflix, YouTube Locations: America

☆ 'Financially speaking, you are wealthy,' self-made millionaire tells couple—they still may not meet their retirement goal
▼ + stars: | 2024-03-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Brad, 55, and Angie, 56, joke that you might mistake their home for a millionaire's if they lived in a more expensive city. In reality, the couple are empty-nesters living in Wisconsin, where they earn a joint income of around $245,000 a year. The amount they earn should go further in Wisconsin than areas with higher costs of living. In fact, they owe about $430,000 between their mortgage, student loans and other debts. But that probably won't be possible, unless their spending habits and debt balances change dramatically, Sethi said.

Persons: Brad, Angie, Ramit Sethi, Rich, Sethi Organizations: Auto Locations: Wisconsin

☆ 'Nobody knows the actual cost' of these 4 things, says self-made millionaire: 'People pick some arbitrary number'
▼ + stars: | 2024-03-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Many of us give ourselves a certain budget when we're planning to spend on something major, such as a vacation or a wedding. But often, despite our planning and best interests, we wind up going over that number. Author and self-made millionaire Ramit Sethi sees this over and over with guests he's spoken to on his "I Will Teach You to be Rich" podcast. "People pick some arbitrary number," Sethi said of people's budgets for weddings and other similarly large purchases. Here's why this money mistake is so common, and how Sethi recommends approaching major purchases.

Persons: Ramit Sethi, Rich, Sethi, it's

☆ Couple earns up to $70,000 a month, still feels stressed about money: 'We're not broke, but it feels like we are'
▼ + stars: | 2024-03-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Brad has been the primary breadwinner throughout most of their marriage, but his income varies month to month. Sandra didn't contribute much income-wise to the couple's finances until a little over a year ago, she told Sethi. Brad feels like he does all he can to achieve their goals, but will never meet the high standard she sets, he told Sethi. "Most people genuinely believe that this process of tracking every last cent puts them in control of their money," Sethi said. "The identity you have created for yourself around money might not be fully accurate with reality," Sethi told her.

Persons: Sandra, Brad, Ramit Sethi, Rich, Sandra didn't, Sethi, it's

☆ He wants to retire early, but his wife isn't so sure—how two lawyers worth $2.3 million tackled their biggest money fight
▼ + stars: | 2024-02-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Rachel and Brian are married lawyers with a joint net worth of $2.3 million. But recently, Brian, 56, revealed he wants to retire in the next year or two. Brian wants Rachel to feel secure, but he's confident that he's well-positioned to retire soon. "What separate accounts usually reveal is that the couple never had a series of specific conversations about money," Sethi said on the podcast. While Sethi emphasized it's OK if a couple wants to keep their money separate, he wanted to get to the bottom of Rachel and Brian's differing attitudes toward money.

Persons: Rachel, Brian, Ramit Sethi, Rich, Sethi, Brian's Organizations: Netflix

☆ Self-made millionaire never 'scrimped on' 3 things: 'Everything else I don't care about as much'
▼ + stars: | 2024-01-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Throughout her come-up, though, Dunlap says some of the things she chose to spend money on were fairly consistent — even if she could have saved more by cutting back. "It means that my spending is reflecting my values and my hard-earned money is going to the things that I actually love." Fellow self-made millionaire and bestselling author Ramit Sethi calls it the "money dial" approach. It allows him to "spend extravagantly on the things I love, but cut way back mercilessly on the things I don't," he told CNBC Make It last year. "If I tell you, 'never spend money, never step foot in a restaurant,' that doesn't work, that's not sustainable, and frankly, it's not fun," she says.

Persons: Tori Dunlap, hasn't, Dunlap, TJ Maxx, She's, Ramit Sethi Organizations: New York Times, CNBC

☆ Couple has chance to earn over $700,000 a year—'I Will Teach You to be Rich' author says 'maximizing' isn't always the answer
▼ + stars: | 2024-01-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Many Americans would accept a job offer that pays over $500,000 a year without batting an eye. The couple spends about "three to four hours a day" talking about money, they told Sethi. "The two of you excel in structured ways of thinking," Sethi told them. She told Sethi that despite the couple having over $300,000 in the bank between savings and investments, she's still nervous it's not enough. Seeing the projections for each salary offer in their spreadsheet helped put Mel and Babu at ease about having their immediate financial needs met.

Persons: Mel, Babu, Ramit Sethi, Rich, Sethi, that's, they'd

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