IDK if that’s true! When he talks about what he does he says he loves it, that it makes him happy, he feels it’s important, etc. I feel like if he got the external respect from that and grew up having that upheld as an important role he might not have this issue! Because he’s not saying stuff like that the work of homemaking is mind numbing, boring, that he hates being stuck at home, misses the office/corporate world, etc. That’s usually what people who are unsuited to the job say! He seems to like his actual life, he just feels bad about it because he’s “achieved nothing”.
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Yeah, I think he needs a mindset shift. If he is going to continue taking care of the children, he needs to understand that it is a great achievement. Keeping the children alive and thriving and learning is an achievement in and of itself. If not, then they can definitely afford to pay for childcare so he can go to work.
I also totally understand that there are societal opinions about people staying at home. It also varies depending on location. In my extended family there is judgement about how my family unit is structured. I’m from a family where the wife ALWAYS stays at home to take care of her children. A wife working before all of her children are in school just doesn’t happen.
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That’s true! Ultimately we are each responsible for our own mindset regardless of external pressure or judgment. At some point you have to stand on your own two feet and be confident in what you’re doing even if it’s against the grain. I can’t imagine refusing a vacation, lol, just because I can’t pay for it. He’s basically limiting his whole family due to his own internal struggle.
Plus people judge everything, like you noted working moms get judgment too and feel all sorts of self-imposed guilt, and so do stay at home parents, and people with too many kids get judgment, and people with no kids get judgment, lol. If you live for others’ approval you’re in for a terrible ride.
I know for me it’s something I have to just get over- maybe I struggle with it too because I wish I could work? Like because it wasn’t a choice but it appears to be a choice? I miss my career! But I still shouldn’t be so afraid of how people react. I should be able to take the judgement all in stride and not care. I think I will get there in time!
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Bahaha, RAMIT!
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Re: the youtube couple, I can’t get my head around the fact that he is so obsessed with trying to build his OWN channel, rather than working with her to figure out what skills/interests he could apply toward making HER channel even more successful. Also his goal of a video every two weeks? Never gonna make money with that model, unless you are somebody with an already established audience willing to wait. Most of the youtubers I follow that are making a living out of it post at least several times a week, if not daily. I wonder what kind of money Ramit’s channel is bringing in? Probably not enough as he is now taking sponsors as well as using it to hawk his other products (Ramit is a master of the sales funnel, in case you didn’t know…)
Anyway I thought it was weird that Ramit did not even suggest taking on a producer/marketer or even artistic editor, etc. role on her channel as a way to build his skill set/understand better how to grow a channel and make/keep it profitable as an alternative to trying to build his own channel, something that obviously isn’t working very well. He has a crash course Youtube MBA opportunity right at his fingertips. And yes, they should hire help with the kids and the house so that he can help her 10x her business…
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I have a friend who used to work for a boutique firm managing money for an incredibly wealthy family. This family had a group of super smart and hardworking people fully dedicated to making their money grow. Every minute the market was open, my friend was “on” doing analysis and making decisions for this family.
Now he quit and he’s working for himself doing the same with his own money and he is doing really well for himself. There’s definitely a lot of market timing decisions where you can make a ton of money if you do it intelligently as a full time job!
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I don’t doubt this at all! But a) at that net worth I wouldn’t need a ton of people devoted to making me more and b) it’s probably very likely that I’d end up with some shady characters managing my money instead of people like your friend. The index funds will grow just fine.
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I’m only 10 minutes in to today’s episode and I want to scream at Ramit. The couple moved to the Denver area and they said owning their home is cheaper than renting. Ramit asked for their mortgage payment and they said $2070. He asked for how much they could rent their house for and they said $2500. He asked them how much their utilities are, and they are almost $400 per month, so he jumped in and is now telling the audience how once you include their utility payment owning is as expensive as renting plus they have maintenance and stuff too so they have deluded themselves into thinking that owning is cheaper when it isn’t.
Excuse me Sir, but you have to pay utilities regardless of whether you rent or own!! I’ve lived in this market for 14 years and I’ve rented for most of that time, in both houses and apartments and I have ALWAYS had to pay my own utilities!!
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Ugh. Then he says interest on the mortgage, insurance, and taxes are “phantom” costs and once you include those you will easily see that owning is more expensive. No those aren’t hidden costs! They are right there included in the mortgage payment so I am pretty sure that if they say their house payment is $2070, then it includes those costs.
I hate that he thinks owning is always a bad idea no matter what and he tries to fit every situation into that explanation even when it doesn’t fit
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Had the same thought. Where the heck is he renting where utilities are included in rent or free lol
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Maybe he’s paying so much in rent in NYC that utilities are included in the package because he’s already paying so much! I bet he lives in a really nice place.
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Apartments and condos it seems more common to have some utilities included (hydro is usually still extra though)
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I’ve only ever heard of heat being included if it’s radiator. But nothing else!
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I have had trash included in apartments. That’s it on my end.
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For condos it probably depends how the system is set up, ex. I’m in one where water costs are shared because the system was stupidly designed and there are no individual meters (or master shutoffs, that’s fun). But even then the bills are paid out of the condo fees, there’s no magic water fairy, and I find it hard to believe that people renting don’t have the cost of those hoa fees rolled into their rents.
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Agree that Ramit has this weird thing about home ownership.
We pay property taxes and insurance separately though - so it wouldn’t be part of the monthly mortgage payment.
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That’s interesting. I’ve always had it rolled into my mortgage. It was actually a requirement to have them as part of escrow with our last purchase, because I asked about paying them separately.
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We have a VA loan, and our lender requires an escrow account for all FHA and VA loans. It’s super annoying (especially since we don’t have property tax) and I wish they would just close it.
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We were given a choice about whether or not to have insurance and taxes in escrow and our lender said that most people didn’t. We were pretty clueless and so said we’d pay it separately.
I’m really glad we split it because we’ve refinanced 5 times and it’s made taxes complicated as is.
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