The condo we bought (VHCOL city) was on the market to rent or buy so in the short term we knew exactly what the opportunity cost was …and it was ~$500/month more to buy which is obviously significant! Renting would have been cheaper because the previous owner had purchased it a a much lower price 7 years prior.
Basic upkeep, HOA dues, and property taxes are not really part of why it’s more expensive since those would have to be adjusted in rent too, but since we own it, we are spending a lot more money a year to make it “our own”. We’ve invested significantly in the patio, some built-in place furniture, and solar panels which would not have been purchased if we rented.
But…I’m a home body and I don’t actually like to travel unless that’s my o lt opportunity to see loved ones. So this is my rich life. Take that Ramit
This is the basis of why I get so irritated when Ramit talks about this topic. My family could live in a 700 sq ft 2 bedroom apartment. The rent would definitely be cheaper than what we pay to live in this house. But, I would go insane trying to manage 2 energetic children in a small space. My rich life involves having a nice, modest house with a yard! A house where I can hang things on the wall and paint and build a new patio if I want or change out the counter tops. I am willing to pay a premium for that.
I also fully acknowledge that there are many markets where renting is cheaper, but there are also many markets where owning is cheaper! I get frustrated with Ramit because he tries to fit every situation into his box that “owning is ALWAYS more expensive” when it isn’t always, and he tends to be illogical at times. Like when he argued with one couple recently that once they add the cost of their utilities, their total cost of ownership for the house is the same as renting. No, because even renters would have to pay their own utilities!
I’ve been watching the show while pumping. I really like it so far! It’s impossible for me to know what people who haven’t been listening to his podcast/engaging with his philosophies are taking from it, though. To me it feels like an added layer to what I’ve already gleaned from his messages.
Things I like:
Really diverse participants, from all walks of life, geographic locations, ages, incomes, current situations
Not everyone follows his advice 100% and he doesn’t get too shame-y about it when they disagree
I like that he set Frank up with the Project Runway winner as an additional mentor. Perhaps some of the couples should also be set up with marital counseling? Basically, he’s admitting that he’s not going to be able to help everyone with everything
It sometimes feel like a personality contest instead of an educational show
It’s super jargon-heavy. He’s talking to a woman on the street who just asked if she should get a Traditional in addition to her Roth IRA. Why doesn’t he have little asides defining and explaining these things, especially if he keeps repeating you can’t be confident without competence? How are these people getting competence? Just by filling out the conscious spending plan? And he doesn’t even go into that really—what does it include, you know?
You have to buy his book for that. Can’t just be giving that info away (also people might call it a budget, and like, it’s the exact same thing, but it’s not a budget!.. Just but the book OK?)
Did anyone sign up for the podcast newsletter? I did but I didn’t get it to my email on Saturday so I was wondering if anyone can share??
I think this new segment is going to be interesting. I like the couples but I think hearing how Ramit does things, like plan travel, will be really interesting to hear. Trying to put together more ideas for our rich life, it is easy to think small when you don’t know what else exists.
Interesting episode with Mindy and Carl from the bigger pockets community/podcast. It hit a lot of buttons but was a good listen.
At one point Ramit tells them that he doesn’t think they really want to change. And he said “How you live today is how you’re going to live every day in the future” and them both screaming “NO!”
I think his bread and butter is talking to fire folks. I think reframing spending money from “wasteful” to “generous” or “worthwhile” or “building my community” is so important. They need to reframe why spending money is within their values.
I would love an episode with the new MMM and Ramit.
The one who buys a Tesla, and other stuff he enjoys/values.
Many people over at the Other Place have been up in arms about how spendy those with multi-million portfolios have become. Total embodiment of the mindset Mindy and Carl demonstrate in this episode.
Okay I hate it but Ramit honestly has some of the best and most compelling podcast ads I have ever heard. They do seem to flow better into his podcasts compared to others. He relates it to the content of the episodes in a great way. Like I said I hate it but also need to give him kudos.
Resurrecting this thread because I just listened to this week’s episode and I’m in shock. This is Part 2 of a two part episode and I almost didn’t listen because the husband really rubbed me the wrong way in part 1. This is a couple where until recently the wife was the higher earner and it seems like the husband wants traditional gender roles. He wants his wife to rub his shoulders and bring him lunch and tell him he did a good job earning all of their money. But, she has the higher earning potential! She just had baby #2 and he wants HER to let HIM sleep in so he’s well rested. He kept saying that she comes on too “masculine” toward him because she’s assertive and gets the job done
All of the gender roll stuff frustrated me, and then Ramit dug into their finances. Over $350k in debt, over $300k of which is student loans and the rest is credit card debt that increases each month. They are spending way more than they earn. No physical assets, no cash savings, no emergency fund, total investments are $4000 from the wife’s 401k at an old job. Then they said that they have made over $700k in the past few years. How in f!?$&-;: have they spent that much money?! They literally have $0 in savings! What the hell?! They don’t need Ramit, they need Dave Ramsey at this point!
I did laugh because Ramit told them their debt and spending pattern is a “house on fire” emergency Dude, just go ahead and say hair on fire
I listened to this one and wanted to scream the entire time, especially during the second episode, where the guy wants his wife to bring him lunch and keeps saying “I need to eat”.
His wife… who gave birth 4 weeks ago, with another very young child at home, should be bringing HIM lunch??? WTF!!!
Dude, make yourself a f***ing sandwich if you need to eat! It’s not that hard! You should be bringing your wife food!!!
Oh also I know Ramit likes to play therapist but I really wanted him to dig into what they’re actually spending on and working on that.
I look forward to either this dude having an amazing life turnaround or complaining about the divorce rate so she can have one less thing to look after.
That one made me so angry. Especially when her business is the higher earning potential. I felt a bit better where the ended but I was so angry.
This week’s episode the follow ups SHOCKED me. I am really surprised where they landed and it was the first time it seems like the couple did this.
I am 1000% spoiling the end of the episode, don't read if you don't want the spoiler
THEY BROKE UP!!! Whoa. I think it was the right move and it seems like it was a hard decision to make. Of all of the couples here, this one I did not expect to break up. There were other couples I thought should break up more than these folks. I hope they can be happier going their separate ways. Both seemed like nice people who didn’t communicate well.
This week’s episode was in theme because the second season of the (straight) ultimatum on Netflix came out and I just binged watched all 8 episodes (yes we are doing lots of contact naps this week why do you ask). They’re much more likable than any of the ultimatum couples this season.
Dude, just go ahead and say hair on fire