The rich people with messy houses. Thats my household. Yes, with cleaners. Ramit has a narrow experience, eh…
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Is the editing on the second half of Pablo and Monique really weird?
He threatened to dump her after she said she didn’t want to pay for half of the Mexico trip and now they’re talking about how they met and if her parents like him?
ETA: ok now they’re replaying the dumping clip again…
ETA2: wait so the breakthrough about “Antonio” was BEFORE the Mexico City trip? Ack the editing on this one is destroying the point.
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The two parters are way harder to follow IMO.
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Listening to episode 27 with Tami and Mike. It’s like listening to my parents. One of the themes I’m gleaning from the entirety of I Will Teach You to be Rich is that you don’t have to be RICH to have an honest, positive conversation with your SO or spouse about what your shared goals or future vision are. Otherwise I can see soooo many arguments and bickering arising from not knowing where you’re going or how to get there, or if you even want to get there together. Yikes!
Simply listening to this show in the vicinity of my fiancé has prompted us to ask questions and probe each other about what we want our lives to look like. After the wedding is over, I hope we can have a lot more of those conversations and hammer out the specific details. I’m excited to do that with him!!
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I listened to the first episode of Brad and Becca today. I used to know a guy like Brad. Always had a new vehicle, often a truck, with the decision made on the monthly payment. Lots of credit card debt - if something caught his eye, he’d buy it. He always had the newest, fancy gadgets. The last I knew, his cc debt was about 1/3 of his annual income, and he had a mortgage and a truck payment.
I’m curious to see the plan they develop. One issue seems to be Brad’s impulsiveness - I’m not sure how a rational plan is going to deal with the emotions around impulse purchases. His comment of “I don’t see a way out,” was telling after discussing the truck and trailer debts.
I’d love to hear a follow-up episode with this couple in a year.
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Super interesting to me that Brad didn’t feel included in Becca the bookkeeper handling their finances, so she (maybe unwisely) gave him more powers, and then when he wants to make spendy consumer choices on credit all of a sudden he’s the one panicking and being a bit harpy and controlling about spending? Does he want the grown up responsibility (or I think Ramit’s term would be, “buy-in”) or not?
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Nothing too different here than what he’s said on the podcast, but I thought it was nice to read.
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Omg, he gets 2000 messages a day?!
I’m stressed just reading that.
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what does everyone think about part 2 Brad and Becca?
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I was just going to post that part 2 is up! I really want to get an update in a year.
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My semi-live reaction to the episode, long but y'all could have predicted that, lol
Listening now! Oh man I think these people are in serious trouble and I don’t think Ramit is doing a very good job at helping them have meaningful realizations. Like when he mentioned their rich life, why not invoke the kids? Paying for their kids’ education and helping them more so they have an easier start. He didn’t mention building wealth at all (generational or otherwise) or how rich people think about their money. And all this couple can imagine with money is spending it. Like I wish he’d corrected him when he said “I want to build savings so I can buy things I want”…uh, that is not savings, lol. No mention of emergency fund though. No major push to sell the RV and truck immediately? And I’m shocked Ramit thinks him earning more money will help?
Ramit keeps hammering on encouraging them to imagine buying/spending bigger in the future, which I think is the exact wrong message to tell people who are totally addicted to credit and instant gratification. I’m afraid all they are going to do is glom onto the “rich life” stuff that relates to spending, when really they need to go cold turkey. So far I wish he would just refer them to Dave Ramsey, haha, because he talks to people in this exact situation all the time and is wayyyy better at getting through to them in a way that connects.
Will update more as I keep listening.
Ok, Ramit did mention getting rid of the RV and truck…and recommended (in an example sort of way) they could spend $25k for a car instead. That is also absolutely insane for an income of $115k. Why would they not just buy a cheap junker in cash while they dig themselves out of this hole?
Hm, I felt a lot of missed opportunities in this one. I think Ramit struggles to connect because he doesn’t really understand/know people like this himself. Like when the husband lamented other guys making fun of him getting rid of his truck, which is definitely a manliness thing and is just as real as any other cultural difference, why not give him a reframe? “Tell them you’re a working man, and working man puts his family first,” or something. I think that would have been helpful. I notice Dave Ramsey does that kind of thing a lot and it really seems to make an impression. He also uses the phrase, “this is your chance to change your family tree” a lot and that just slays people, especially people who are super consumer-focused.
He could have also used ideals like self-sufficiency to motivate the husband since that’s a big thing for him, “how would you feel if your adult children had to pay your rent because you can’t work anymore and you haven’t saved anything?” I think that would have really gotten him thinking in the right direction more than planning a trip to Jamaica. Or what about, “Do you want your kids to go into debt to pay your hospital bills when you’re old?” I get the sense these people think social security is a full retirement plan, and that they haven’t even thought about being poor old people, which should be a frightening prospect worthy of consideration.
The fact that at the very end the guy said it was hard to accept that there were things he couldn’t afford, and that he wants to pay off the debt so that he can afford those things, tells me nothing really soaked in. It’s all about getting the stuff back, get to zero so you can spend freely, total poverty mindset. Some quick math would have helped too. “If you continue accruing debt at this rate you will owe $1 million by age whatever” and conversely, “If you get out of debt in two years and then divert 80% of the money you were paying debt with to retirement you will have $1 million by age whatever”. I know Ramit says numbers aren’t the issue and it’s all emotional, but I think numbers can be super impactful for people who are at this level of thinking about money. They have likely never even considered this stuff or thought it was possible for them to ever have real money, or be in real poverty. No need to drown them in spreadsheets but hard numbers can make an impression!
What did other people think? Curious to hear people disagree with my take!
Oh and does anyone else suspect the wife spends a lot of money too? I think his purchases are huge amounts at once so she focuses on them, but they have enough toys to warrant a shed. And usually people marry their equal in a lot of ways. That it’s gotten this bad makes me think she probably has a major spending issue too.
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I’m a few episodes behind which is excellent because I get to binge. Yessss
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Yeah, totally agree that he doesn’t understand this demographic and isn’t able to communicate in a way that will really help them.
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Oh no this will take a while but I’ll update as I go.
the 2 parter, Becca and Brad
Uh this sounds like he has no idea how to save?
The last time I can remember ever saving for anything was when I was a kid and my parents told me if I wanted a TV, I needed to save for it, but once I was introduced to credit cards and found out I could get something now immediately and pay it off over time, that’s been my go-to.
He hasn’t put aside money to save since he was a kid. Let’s forget about retirement savings, he doesn’t know how to save the money and pay in cash for anything! Oh and he didn’t want a cheap shed, but, like, would that cheap one have been sufficient for his needs? What’s this about tiny motorised cars for 6 and 4 year olds when they’re in so much debt? Ok on we go …
{So far I agree with @Allhat they sound like excellent Dave Ramsey candidates. Or whoever is like Dave but a nicer human. People asked Ramit to talk to less rich people but, uh, he has no idea}
Oooh ok. I want Ramit to show them how much it’s costing them to buy things on credit cards and pay interest instead of saving up first. I’m finding his opinion of the store credit cards a bit pretentious, tbh, though. Don’t monologue it, show them how it’s making it harder to keep track of everything and how the interest is money for retirement etc
Ok. Becca was the money manager but have it to Brad for a while - but I don’t get the sense this problem is new to Brad managing the money. How’s she playing into this? Why is she agreeing to spending without the savings, and buying things that are a higher quality than they need or can afford? Like, a lumber shed is fine, but if you are already in debt, get the crap metal shed that does the job (and when you have money, add some insulation!)
I agree that Ramit needs to reframe this instead of getting angry. Also dude please phrase at least some things as the “predatory financial system” instead of the “unsophisticated people”. Then when they are feeling more “us against the system”, you can show them how to do it. Otherwise it feels like people listening who got the demographic with Brad and Becca would see it as “sophisticated VS unsophisticated people”
PART 2
Ooh, so my insight here is that they keep getting in the monthly payments trap. I bet they’re in the “upgrade things” trap too. So, I’d like to see them write up a budget for a full year, and see what’s leftover after a year’s worth of groceries etc.
I continue to be annoyed with Ramit’s use of the word “sophisticated”.
Ramit confused me here. He listed the student loans as a monthly payment and everything else as a total amount.
Let me remind you about their debt. Student loans, 600 bucks. Credit cards, 9,500. RV loan, $25,000. Auto loan, $35,000. That’s the truck. And mortgage, $290,000.
Oh no, my bad, the $600 is the total left on the student loans? That actually sounds like a win he should be pointing them at and saying look, you can do it! Let’s do it more!
Er,.this is from Galliver’s point below, about experiences = consumerism. They totally are too, just a different kind. Also? I think it’s OK to want to be able to drive a car you like driving. You’re still experiencing. But it’s coming at this huge cost when cheaper would still be nice to drive. I bet buying a second hand RV or truck never occurred to him, and THAT is what I wish Ramit had looked at. “You can have the same function, but spend less money, and brag about your kids college funds instead” <= I would have gotten to the “same function less money spent” part on my own, but without Allhat’s points I would not have thought about how to frame WHY spending less still gives them a rich life.
Blah blah Brad says he could make more money in private sector
Ramit: That’s a great solution. That would solve a lot of these financial challenges
What? No! They’d just be cycling on a higher amount of money.
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Overall, very much agree. I vote @AllHat make a Ramsey-free finance advice podcast for the middle class.
Touches on status spending and “Joneses”
Touches on scarcity mindset
Touches on upbringing impacts
Touches on distrust
I liked the contrast of negative and “getting to zero” goals with positive dreams
“Stuff” owning you / tail wags dog discussion
Doesn’t challenge spending on experiences/luxury as another form of consumerism
As a result, The Dream is just another form of consumerism
Big agree with AllHat that there are bigger issues at play with the kids than camping with their cousins or going to Jamaica. A 6yo is going to college in just 12 years! They’ll want a car in 10!
Could have used more discussion on value and special experiences on a budget (a hiking trip is a lot less expensive than business class to Jamaica… Also what’s wrong with a budget shed, car, etc. sometimes you have practical things you don’t like, it’s fine!)
Could have used a real therapist on some of the upbringing / psychology segments
I don’t think the outcome really addresses the scarcity mindset, binge and restrict cycle that Brad and Becca both described.
I think he really needs someone sensible to talk about his wants with who can talk him down, show long term tradeoffs, etc. Every. Time. But that would be a lot to put on his wife. (And for all she wants champagne in Europe, I got the sense she would be OK flying economy to get there…)
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Ooh nice description.
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Did we talk about episode 28?
Summary
Katie’s dad is a jerk.
She’s got a totally understandable Inner Bag Lady from what happened to her mum. I feel like a psychologist could be great for her.
I also feel like Ramit is downplaying the fears too much. Dude. They’re legit fears. Talk about how it’s sexism because it HAS happened and statistically IS likelier for women than men.
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While listening to Part 2 of Becca and Brad I realized what they really reminded me of - the Beatles Case Study on MMM. There were so many similarities, down to the motorized car for the 4 and 6 year old. I also had the thought that these people really need Dave Ramsey and not Ramit. Ramit doesn’t understand how to help people who aren’t super rich. I also continue to feel like Ramit thinks people with higher incomes are “better” people. There are just little comments across multiple episodes that have led me to that interpretation. I also got super annoyed with his use of “sophisticated vs unsophisticated” and he thinks all of their problems will be solved if they just make more money, which isn’t true at all. In previous episodes he has talked about how different people have different money psychologies, but he didn’t really talk about that this time. These people need to change their money psychology and understand that yes, money is meant to be spent, but you need to have some for current spending and some for future spending. If it is all being used for past spending you can never get ahead for the future.
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Yeah this episode made me exasperated. Totally agree that Ramit just does not get it. Basically +100 to what y’all have said…
I also don’t get why he didn’t sit them down and at least walk through some basic numbers. It doesn’t have to be spreadsheets but I feel like they needed the consequences of all this debt at least sketched out for them?
This couple reminded me of some TV show I stumbled upon years ago that had sort of a similar premise - it was a money intervention thing where a couple had asked for help because they had moved in together, had kids, had CC debt, couldn’t figure out how to stop spending. And halfway through the episode the host snapped and was like “You’re playing house. You need to stop pretending you can afford all these things” and then the rest of the episode was very practical things: envelope type budgeting, meal planning and grocery shopping, brainstorming alternative “treats” for dealing with the urge to binge, etc. And I feel like this couple really needed that kind of concrete help!
Anyway I feel bad because it turns out I guess I’m not a fan of this podcast but I really like the discussion it generates! 
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@AllHat I think you nailed it.
I’d encourage you to send all of this feedback directly to him, since he routinely solicits feedback from listeners.
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