Mindy: What if you’re married or in a relationship and you and your partner do not see eye to eye on your finances? Money is one of the top things that couples fight about. But what if you could eliminate that fight all together? Today we are joined by Ramit Sethi, best known for his work as the author of I Will Teach You To Be Rich. But if you follow him at all, you know that recently he’s been diving headfirst into money and relationships. He even rebranded his podcast to Money for Couples. And he just came out with a new book, also called Money for Couples. We’ll be talking about money and relationships with Ramit, and we could not be more excited. Hello, hello, hello and welcome to the Bigger Pockets Money Podcast. My name is Mindy Jensen and with me as always is my sparkling co-host Scott Trench.
Scott: Another clean intro Mindy. Great to be here. Bigger Pockets has one goal of creating 1 million millionaires. You are in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone, no matter when or where you’re starting, or whether or not your spouse is currently on board with your financial plans.
Mindy: Ramit Sethi, welcome back to the Bigger Pockets Money Podcast. I am so excited to talk to you today.
Ramit Sethi: Thank you. I can’t wait to have our conversation. I love coming back. Thanks for having me back.
Mindy: Okay, Ramit. One of the biggest questions that we get, and I’m sure you get too, is how do I get my partner on the same page with our spending? And your whole brand focuses on enjoying the journey, whereas the FIRE movement focuses more on saving and frugality to get there fast. But either way, when both partners aren’t on the same page, shenanigans ensue. So, what do you say to people when they ask you this question?
Ramit Sethi: I think that uh, getting on the same page is a very interesting phrase that we use. That is the number one goal when couples come on my podcast, I say, “What are we here for?” They say, “I want to get on the same page.” I said, “What does that mean specifically?” And there’s a lot of blank staring and blinking. Um, I think what a lot of us mean is we don’t want to fight, and we want it to feel easy. It’s almost like we’re both on the same rowboat, and one of us isn’t rowing, or one of us is rowing in the opposite direction as we are, and sometimes we don’t even know where we’re going. So we use the phrase I want to get on the same page just as a general guideline to describe what’s not working. Let me start with how we don’t do it. We don’t do it by judging and berating our partner. We certainly don’t do it by saying, “Oh my God, can you believe how much they spent at Target?” Trust me, Target is not your problem and it’s not the price of artichokes, I can guarantee that. What I think is missing in a lot of the conversations about money together with a partner is a sense of joy. Money’s actually supposed to be fun. We should be laughing. We should be teasing. We should be dreaming. And there’s got to be something aspirational about it. What are we working towards? I could tell you right now, if you’re not in the FIRE community, your savings rate is not aspirational. No normal person cares about, “Oh my God, we increased from a 6.5 to an 8.2% savings rate.” I’m sorry, this is the FIRE community. From a 26.5 to a 45.9% savings rate. Nobody cares! Normal people don’t care. Let me use a dif- a different phrase. FIRE people are normal. I love the FIRE community. Well, most of it. But non-FIRE people are not motivated by a percentage increase in a savings rate. And that’s really the journey is, what is your partner motivated by? Do they love the idea of a trip to Disneyland with the family? Do they love a beautiful coat? Do they love the ability to go to a yoga class? All of those are okay. Money is meant to be spent on a rich life, and what we need to do to connect and get on the same page is understand what our partner cares about and then create a vision together.
Scott: I imagine and I’m I know this is the case for a lot of folks that the conversations about money have gone so poorly um at various points in the prior parts of the relationship that bringing it back up is very scary, very, um, very overwhelming. Do you have any toolkits for somebody that is in that situation for how they can approach their spouse from a new angle in a, in a healthy way.
Ramit Sethi: I think you nailed it. Money is so fraught that it’s one of those topics, uh, because of repeated bad experiences, a lot of people walk around on eggshells. And after a while, they just sort of don’t bring it up. Or they’ll bring it up like this, “Uh, I I know that, um, you probably don’t want to talk about this, but…” If that’s your approach, you’ve already lost the game, because you’re playing on defense. So there’s a new way to do it. It’s a recalibration of money. We have to accept that money is an important part of our relationship. It’s nothing to be ashamed of, it’s nothing to apologize for. I’m not going to apologize for wanting to talk about money regularly because money affects where we live, what we eat, if we raise children, how we raise them. All of those things. So I have very specific word for word scripts in the book. And one of them is, uh, your first positive conversation about money. Imagine that some of the couples I talk to on my podcast, they’ve been married for 25 years and they have never had a single positive conversation about money. Actually, many couples have never really talked about money. Oh, they’ve talked about how much they’re gonna fill up their gas tank for, and how much the car payment is. But they never talked about the dream that they want to live with money or they never talked about, “Hey, how should we invest our money?” or “What is this all for? What do we get at the end?” So a positive conversation with money will go something like this. You could start off by saying, “You know what? I realized that in the past, when we’ve talked about money, it hasn’t gone the way I’ve wanted. I think I may have been a little judgmental. I think I probably didn’t listen to you as much as I could. And I would really love to change that dynamic. I want to find a way that we can both get excited about money. So, I’d love to have a conversation about money. I think it’s gonna be awesome because…” and then you tell them why it’s going to be awesome. It’s gonna be awesome because we can finally connect over what we both want to do with our money. What do you think? Toss the ball back. In a lot of relationships, you have one person monologuing. We’re always going to be practicing tossing the ball back and forth. Then the next topic. Here’s how I feel about money today. I feel confused. I feel lonely. I feel overwhelmed. And then what about you? The next topic, how I want to feel. I want to feel competent. I want to feel safe. What about you? And then, when should we talk next? And that’s it. Give each other a hug, give each other a kiss, declare victory, and go home. This is the biggest most important point in Money for Couples. You do not have to talk about it all at once. You have the rest of your life. So just feel good. Go from A to B. Call it a day, and you live to fight another day and talk and connect.
Mindy: I really like that last bit. Okay, when should we talk again? In this this dynamic conversation as opposed to monologuing. But it also, when you are the one who is the money person, you’re like, “Well, just listen to me. Let me tell you all the things.” and that’s that’s a sign of maturity that you can get over that.
Ramit Sethi: I have so much compassion for all the weird ways that we interact with money because I have done them in my own life, whether with money or with something else. Okay, my wife, she loved when we first met, we started to travel a little bit and she would plan our itinerary and it was packed, like so packed. And I remember at one point, you know, we had just gotten home, things were running a little late, no time for a nap and then we had to go out for a food tour and I was just not in a good mood. I was sweaty and I just didn’t want to do, I’m like, this is supposed to be a vacation. So, so then we had a future trip and she was pretty busy and she said, “Can you help plan this itinerary?” I said, “No problem.” So, I make the plan, we get there, and I’m like, “Okay, here’s what we’re going to do.” Guess what? My itinerary was packed hour to hour to hour. and I realized sometimes the person who’s planning, the, quote, person in charge, they naturally just want to pack things in. And I we had to both laugh because the very thing I had critiqued her for was the exact same thing I had done. This is what we do with money. The person who’s quote, the money person, monologues, comes up with a spreadsheet that has 10,000 cells and says, “Just look at this. It’s so simple.” And the other person’s just like, “Oh my God, I want this conversation to end right now. I hate my life.” But then, if you put them in charge, they would probably do the very same thing. So, it’s not that anyone’s a bad person. All of us have positive intent. It’s that sometimes we need to look at a bigger picture. It’s not about convincing them about some number on a spreadsheet. It’s actually about stopping and saying, “Hey, where are you? How do you feel about this? Where what does money mean to you?” Let’s start there. No numbers. We’re not even going to talk about numbers for the first month. We’re going to connect. We’re going to dream. We’re going to talk about how we feel, how we want to feel. And once we connect there, the debt payoff date and the uh uh calculations on your retirement date, those are mere details.
Mindy: We need to take a quick break, but while we’re away, we want to hear from you. Do you talk to your partner regularly about your finances? Please answer in the Spotify app or on YouTube during this ad break.
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Mindy: We are so excited to jump back in with Ramit.
Scott: What is um a healthy shared, you know, concept of of what good looks like? Like how how would I manifest that? Do I produce a written document with my spouse? Like how do you how do you ensure that that is memorialized to some degree?
Ramit Sethi: Oh, I love this question. I talk a lot about, uh, couples are running a business. The business of running a household. And we have to accept that. I think in America, we have this real romantic concept, you know, it’s all these Disney movies about, “Oh, it’s all romance and all we need is love.” I like love. Okay? Love is great. I love my wife. I love my family. But I also love a good agenda and I love a planning document where we track the decisions we made. This isn’t just romance. This is a business. So that means we do the same things that we would do in business. We meet regularly. We have a once a month money meeting. We have a running agenda and we always start with a compliment. We don’t jump right into the numbers. We always start by saying something like, “Hey, I really appreciate that you planned our vacation last month. You got us amazing seats on the plane, and we had such a great time.” And then the other person goes, ’cause we always want to connect feeling good. It’s not about just the numbers. In fact, we could skip the numbers. If we just feel good, that’s a success at the beginning. Um we want to track a few key numbers. Too much, probably a mistake. I’m very specific about the numbers to track. There are four key numbers in my conscious spending plan and candidly, those give people a very simple, insightful outlook on their spending. Are we spending too much? Are we spending too little? Are we saving too much, etc.? People love a good benchmark. Um, but you know, there are also the softer side. This is the stuff that’s not talked about and that’s why I wrote Money for Couples. It is, do both partners participate in money? Usually we have one person who’s the money person. Huge mistake. Do both partners feel good about money? You can’t have one person who’s an avoider, one of the money types, and they’re just like, “Oh, you deal with it. You’re better at it anyway.” Nope. That’s unhealthy. And finally, do both partners have skin in the game? Are they each owning some part of the finances? Because you would never really have one person quote “doing the parenting thing.” That doesn’t really happen anymore. Everybody knows both parents need to be involved at some level. Same thing with money. You can’t have one person doing the money thing. It’s too deep and too embedded in your life. You need both partners to have skin in the game.
Scott: I want to go off on a tangent here. You mentioned something that I really want to dive into, which which are these money types. You mentioned the avoider. Can you give us some more of these categories of of money types that you’ve encountered and the problems or ways to involve them better?
Ramit Sethi: So the avoider is the most common. They love to avoid money and they will do they use a variety of conscious and unconscious techniques to do so. Sometimes they will simply refuse to talk about it. Other times they will start a fight. I’ve had couples on my podcast literally start a fight right before so they could try to get out of talking about money. Um and in fact, I had one uh young woman who was an avoider. I spent almost two hours with her getting her to enter one number in a Google sheet, one number. And I was patient. I have infinite time to work with avoiders if I believe there’s light at the end of the time. She did it. She was afraid of a variety of things, but she was quite good once she got started.
Scott: What was the number?
Ramit Sethi: It was some number like what’s your income or how much do you think you’ll have, you know, 10 years from now? It didn’t matter. The point was you can type a number in a spreadsheet and even if you get it wrong, it’s okay. We can always go and fix it. So avoiders are difficult to be partnered with because typically, the the other person really tries hard to get them involved and they use all variety of techniques. They try to convince them, they end up putting being put in the place of being a nag, and it’s a really demoralizing place for the partner of an avoider. Anyway, that’s an avoider. The next is an optimizer. I’m an optimizer. Probably a lot of people listening are optimizers. We love our spreadsheets. We love our compound interest calculation. We love thinking about what are we going to have? What happens if health care costs rise 1.6%? Oh my God, what I’m going to do? And we love it. And actually, there’s a lot of good that can come from it. Like everybody listening has probably made a lot of money being an optimizer. You probably know your emergency fund, you know all these key numbers. So that’s the double edge of this because being an optimizer gets you to a relatively good place, but then it can become a problem. And this has typically been my critique of the FIRE community, which is living in the spreadsheet, over-optimizing, not realizing that you can turn the page and live outside of the spreadsheet, etc. So that’s optimizers. Um, they’re also difficult to partner with because they often see things purely in terms of dollars and cents. They are often focused on cost alone. They don’t realize that life is not simply meant to optimize etc. But again, all these can be worked with. A worrier is the third of four. A worrier loves to worry about money and I I use that term decidedly because they often worry whether they have $10,000 in debt or $5 million in the bank. The way you feel about money is highly uncorrelated to the amount in your bank account. Mindy, Carl, you and I spoke on my podcast about this and it’s a common characteristic. The idea of worrying and many times after a while it becomes self-reflexive. It’s like worrying is all I’ve known. And when I ask worriers, “Can you imagine a life where you did not worry about money?” They will often say, Mindy?
Mindy: Nope.
Ramit Sethi: That’s right. Worrier. And then finally, a dreamer. The most difficult of all to be partnered with. A dreamer believes that success is right around the corner with the next gig, the next deal, the next get rich quick scheme. They dream rather than doing and this is really difficult. They often live in a world of uh subsidized creation, meaning if their partner left, or if the money spigot turned off for them, they would have to get real very quickly. But because usually their partner earns more or they have money from their parents, they can live in la la land and believe that success is right around the corner. Put another way, these folks would rather win the lottery than invest $100 a month. And it’s really difficult to be in a partnership with them. I don’t really address uh I don’t speak directly to them in the book like I speak to other folks because candidly, they’re not reading my book.
Scott: And so what are what are the toolkits for dealing with, you know, hey I’m listening to this, I can I yeah I can see where which one I am and which one my spouse might be. How do I approach my spouse differently based on their personality type here?
Ramit Sethi: It’s very helpful to know who your partner is and who you are. And I think Scott, you make a, you make a great point. You can see threads of yourself and your partner. You may be two or three of these. And you can change some of them. They’re a bit fluid. But once you understand a little bit about yourself, you start to see your own behavior and your partner’s behavior in a new light. Oh, no wonder, they don’t want anything to do with money. No wonder every time I go and have a conversation with them, somehow it ends up like I have more homework. Oh, they’re an avoider and they’re using conscious and unconscious techniques to toss the ball right back to me. Then I address exactly how to deal with it. So for an avoider, which would be very common for somebody to be partnered with, it’s important to have a series of conversations where you say, “Look, it’s really important to me that we both talk about money. Here’s why. I want us to be aligned as teammates. I want to know that if I got hit by a bus, that you would be okay, that the kids would be okay. And I want a teammate in this. I feel lonely and it’s actually more fun if both of us do this together.” So the avo- I I tell you exactly what the avoider will say. The avoider will say something like, “You always want to talk about money. Why does it always have to be about money?” Notice, they’re not a bad person. They’re literally just saying words. If you ask them 10 minutes later what did they say, they would have no idea. It’s automatic. So I teach you how to react to that. It’s very easy to get uh sucked into the weeds. “No, I don’t always talk about money. It’s actually important for us and the kids.” Don’t do that. You just let them talk, and then you go right back to your key message, “I really appreciate you even talking to me right now. What I really want for us to do is to create a way for us to talk about money once a month, something that’s fun for both of us.” And so I have the scripts, I have the approaches, I even have what happens if they simply refuse to engage. These are all things that you want to know in your relationship.
Mindy: Remeet, you said a couple of minutes ago that people need to have money conversations and you like agendas. Do you have an agenda that people can follow? Because we are all in this talking about money space and it’s really easy for us to sit down and and chat with our partners. But for somebody who is just coming into this, they pick up the Money For Couples book and they’re like, “I need this because I need to get on the the same page with my partner.” But I don’t know how to start. I listen to Remeet and he says, “Oh, have an agenda.” Well, that’s great for you Remeet, but how do I do it?
Ramit Sethi: Mindy, do I have an agenda? Of course I have an agenda. It’s in the book. I wrote it down word for word. Here’s what you do first. If they don’t respond, then you do this. I’ve mapped that thing out so you don’t even have to think. Okay? You could be half illiterate and you would have the perfect agenda. Yes. I love showing, not telling. And you know, the reason Mindy, all jokes aside is that when my wife and I started talking about money seriously, we were talking about a prenup, it was, it was very difficult. So it started off like pretty good. And I I came with an agenda and I had like really thought about what I wanted to say. I was honestly so nervous. It was one of the top five most nervous moments of something when I’ve talked to my wife because bringing up a prenup is incredibly sensitive. So anyway, talked about it and she was as receptive as I could have hoped. And so we began having conversations and they went well at first, and then they didn’t. They started to become really heavy. Um, I started to feel resentful because we were talking about big numbers and I I always want to be generous and my wife also felt resentful and not listened to. So I remember thinking, “Oh my God, like I’m the money guy, the I will teach you to be rich guy. And this is incredibly hard. And if it’s hard for me, imagine how hard these kind of conversations are for other people.” And what I wanted, I desperately wanted, Mindy, I wanted to listen to other couples talking about money. I don’t want like five things you must do in a conversation. I don’t care about that. I want exact audio and video. I want to know what couples do. When do they fight? How do they respond? And there was nothing like it. So we went through our own journey. We went to a therapist. It was eye-opening for us. We went through a lot. Then we got married and then we still had a lot of different things we had to come to terms on. How do we set our accounts up? What if one of us earns more than the other? All kinds of things. But it was so helpful to be able to have these conversations on the podcast and now in the book to show you exactly what you can expect if your partner is not in the FIRE community, or if one of you is a spender and one of you is a saver, or if you’re worried about spoiling your kids. That is why I wrote Money for Couples.
Mindy: Can I ask, did you end up getting a prenup?
Ramit Sethi: We did. We did. You know what happened? So we were fighting, um, because we had the lawyers involved and all kinds and stuff, and my wife finally said, “We should see a therapist because this is like this is not going well.” And she was right. She was I’m so glad she proposed that. And I was receptive to it. Both partners have to be willing to play ball. So we literally went on Yelp and we just searched “therapist.” And we found literally the closest therapist to us. Like we walked outside and they were right there. And um we went to their office and she was so great. She, she asked us a bunch of questions and we were talking and she goes um, she goes, “Let me ask you, how do you see money?” She asked me. And I’m like, so easy. Growth. Oh, rule of 72, compound interest. Like I, you know, I could see these numbers floating in front of my head. And uh then she turns to my wife and she says, “How about you? How do you see money?” And my wife says, “Safety.” I looked at her like, “What? What does that word mean? Safety?” That’s like somebody saying, “Beef.” What’s the connection? I have no I’ve I don’t understand. I haven’t thought about money and safety in 30 years. And and that was the moment we really started realizing, “Oh my God, we truly see money differently.” And as an optimizer, which I suspect a lot of listeners are, I had been jumping straight to the transactions. “Well, if we look at this, and we consider compound interest, and we factor inflation,” and like those words don’t mean anything if you see money differently. And that’s why I have so much compassion. Even though I joke around a lot about the FIRE community, I actually love talking to people who are just a little over focused on the dollars and cents because they have good intentions. They want to save, they want to invest, they want to live a rich life. It’s just that I see so much of me. I see the over focus on numbers. I see the lack of slowing the process down and meeting my wife where she was. And actually she taught me a lot about the emotional connection and about what is this money mean to us? What’s it for? Once we got aligned that way, then choosing our savings rate was truly just a minor detail.
Scott: All right, stay tuned for more after our final ad break.
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Mindy: Let’s jump back into it.
Scott: You know, over the years as you’ve interviewed many couples, um you’ve come across a lot of optimizers. What are some examples that you’ve come across of optimizers, which I think you’re right, most people listening to this are probably optimizers, going too far uh in your experience? And let’s not hit the easy one with Mindy and Carl. Let’s not hit that one.
Ramit Sethi: We’re literally on the call with Mindy. Uh, Mindy, would you care to speak up?
Mindy: Not about this.
Ramit Sethi: Okay. So so Mindy, first of all, Mindy and Carl had an awesome episode on the podcast. They were so candid and I truly appreciate Mindy, you and Carl coming on. Um, this stuff is not easy to talk about. It’s very private, and Mindy, you’re so well known in the community and on this podcast that it would be so easy for you to simply coast on that. And what I really admired about you was coming on and asking for help. Like, we have money. We’ve done well. We’ve saved correctly. And we struggle spending money. Can you help us? And I know that you, um, kind of expected, you know, like, “Oh, we’ll probably talk about a couple of savings tips or some spend, you know, buy a keychain.” And it actually got quite deep, you know? This stuff is, it’s as deep as it gets because money is not just dollars and cents. Money is who we are. The way we save and spend reflects our identity. It’s our values. And you, you were, you and Carl were with me every step of the way. I I have to appreciate that. Um, Scott, I have folks that come on the podcast and, you know, again, their incomes and net worth range from in quite a bit of debt to many, many millions of dollars. Um, what you will often find is that their net worth increases faster than their money psychology. So they are still optimizing over the price of blueberries like they had to when they were 19 years old, but they have four, four, five, or six million dollars in the bank. And it’s very easy for people to listen and scoff. “Oh my God. That’s so absurd. If I were them, I would be doing X, Y, Z.” And one of the things I, on the podcast is very apparent is, I’m not here to shame people, I’m not here to berate them. I’m not it’s not a circus. I’m here to listen and ask a lot of questions. We often talk about what they saw in childhood. Many of them will say that, “Um, my parents said we can’t afford that.” That was the only lesson they got about money. And so they heard it 10,000 times. They started to believe it. And now even though they have millions of dollars or hundreds of thousands, they still deeply believe we can’t afford it. And I never, another technique that I used, I never tell people to stop feeling a certain way. If you feel worried about money, I’ll never tell you to stop, but I will introduce you to new ways to experience money. Just like if you don’t like tomatoes, I’m not going to tell you, “Hey, you got to like tomatoes.” But I will introduce you to different cuisines so you can develop a palette. And that is what I love to do with money is show you the joy that money can bring. When I talk to folks who worry about it, they believe that worrying means they are good with money. And I go, “Look at my face. Do I look like I worry about money?” They’re like, “No.” I go, “How come?” They go, “Well, you have a lot of money.” I go, “Well, you have a lot of money.” So why is it that I’m not worrying and you are? And they realize, “Oh my gosh, we are in relatively the same situation. Maybe I can choose to experience my rich life differently.”
Scott: I’m sure you come across a lot of warriors who think they’re optimizers. I imagine that the dreamer who, who thinks they’re an optimizer is another is another uh person that that you may have come across in a couple of years.
Ramit Sethi: Yeah, that’s a good one. They are they are often um it’s a tough situation. So I’ve spoken to a number of dreamers who believe they are optimizers. They are in one get rich quick scheme after another. If you take an objective look at uh their performance over say the last decade, it’s often abysmal. but they are subsidized by somebody else paying their rent, uh another partner who has a full-time job, etc. When I often point out that the private investments you have done over the last 10 years, you know, I could have got more on a government bond, they just, it just doesn’t compute for them. They would rather dream about making $100 million than put $100 or $200 a month into the market. They also have their own vocabulary. We’ve all heard it from people on the internet. They go, “I don’t want to trade my time for money. That’s for losers. Oh, I wouldn’t want to work a nine to five.” I go, “Uh, that person working a nine to five makes about 10 times what you make, my friend. What’s wrong with a nine to five? I think it’s great.” And they have often been uh propagandized. They’ve they clicked on one link with Grant Cardone and now they, all they do is read Robert Kiyosaki and read all this and they believe that nine to five is evil and uh, you know, you need to generate passive income all the time. I go, “Listen, why don’t we start with a little bit of money? Why don’t we get a nice job where you’re respected at work and you contribute? And we can always add on business income on the side.” But the thing is, their partner needs to actually set some demands, set some expectations. Their partner in these dynamics is often enabling them and that’s what allows them to keep being a dreamer. So, we can change all this, but first thing is we got to know what’s going on. That is what you learn, how to map what’s going on before we start to make minute changes in your relationship and money dynamic.
Scott: Love that description of the various different types here. I’ve got another persona for you. So this is one we’re starting to come across a lot more on bigger pockets of money. Um, and it’s this concept of what we call the middle class trap. So we have a couple who’s worth maybe a million to two million dollars in terms of total net worth. But a bunch of that wealth, maybe all of it, is tied up in their 401k, their home equity, and maybe because it’s Bigger Pockets, a rental property or two. That’s not really generating a lot of cash flow, but it’s generating a little and they have some equity in it. And this this couple or this the person on Bigger Pockets is coming to us saying, “How do I actually take that portfolio and have it to use your words, uh give me a rich life? Give me the ability to actually spend some of it before, you know, after tax? Because everything’s going to my mortgage payment, my 401k, and maybe a little bit of savings here.” Do you ever come across that that persona and what what do you advise those people to do?
Ramit Sethi: I do. That’s a good that’s a really good one. I love that. I like your name too, the middle class trap. You know, as we know, um, uh often Americans’ largest asset is their house and their primary residence and I have posed on Twitter, which got a lot of people mad. I said, “Hey everybody, here’s this scenario. You bought a house for $250,000 many years ago. Now it’s worth, I don’t know, $1.2 million. It is the largest source of your net worth, but what are you supposed to do? You want to sell it? You don’t want to rent because people who own a house think renting is beneath them. You’re gonna buy another house? You there’s no small houses in your neighborhood because you’re a freaking Nimby and you prevented housing from being built. So now you have no options except to translate that bigger house to a smaller house that you don’t even want. Or you could move to a different place. What are you going to sell, leave all your friends, the place you get your haircut, your favorite restaurant, move to Florida, get skin cancer, and die? What what are your options?” So people don’t like that when I talk about the most consequential financial decisions they make in their life, but it’s important. As you point out, Scott, we need to think about this stuff. If we’re putting a lot of our time and assets into something, what do we get? Everybody listening, this is a question. Put your hand out to the camera or I don’t know if you’re listening on your phone, just put your hand out, like palms up and and say this out loud, “What do I get?” I’m working hard. I’m investing my money. Maybe I own a rental property. What do we get for all this work, all this time? And you better have a clear answer for that. Anyway, Scott, back to the folks who are in this middle clash trap, I mean, the options are quite limited. You could sell, you could sell the property, uh, which is common. I I’ve talked to a couple on my podcast that had seven houses and they were like cash strapped. They had like a big family, roughly four or five kids, and I’m like, “Why don’t we just sell one of the houses? Get a nice stack of cash.” But that was an optimizer. They had gone too far. Like one is good, two is better, three is even better and on and on. And at a certain point, we all realize as we get older, more is not always better.
Scott: Also, that property appreciated and they cash out refinanced it three, four years ago. And now if they sell it, they’re going to pay taxes on the gain and they’re going to have to pay depreciation recapture, and so they’re going to be left with 40, 50 grand on that property, which is not close to the actual equity they have on papering. So if they 1031. Yeah.
Ramit Sethi: Is Scott from Bigger Pockets making my own case for me that all you real estate freaks need to run the numbers before you make the biggest purchase of your life? Whoa.
Scott: Absolutely. That’s what we’re all about here at Bigger Pockets. Like Mindy and I, we we wrote, we together wrote the book First Time Home Buyer and we spend the first third of the book telling you not to buy a home, that renting is better for many Americans and I know you agree with this. I’d seen you all over social media making this point, especially in high cost of living or very high cost of living areas, like where you live. Um, it’s just it just almost always a better option unless you’re going to live there for 30 years and you know it.
Ramit Sethi: Oh my God. Hold on. I need to take this moment and appreciate it. I feel like I’m seeing the face of God right now. This this is the moment I’ve been in business for 20 years for. Everybody online, every real estate troll who came after me for the last 20 years when I said, “Hey everybody, I have a simple proposition. Perhaps, just maybe, before you make the biggest purchase of your life, maybe, just maybe you should run a simple buy versus rent calculation because in certain cities, particularly very high cost of living cities, but now even high cost of living, even medium cost of living cities, it can be better to rent.” And they assaled me. But I knew because I know how to run a simple calculation because I understand math that I was right. I’m renting right now. I’m saving thousands and thousands every month. Scott, why do they attack me for encouraging them to run a simple calculation?
Scott: I think they’re bad at math and they don’t um they don’t run the numbers on it and there’s this American dream tied to the house. And I there are some benefits, right? Like bigger like we all talk about real estate vesting all day. If you’re going to house hack, if you’re going to live and flip your property, if you’re buying a starter home, if you’re in certain markets, if you have super high conviction, you’re going to be there for the next 20 years and this is where you’re going to raise your kids, then those are all great reasons to buy a house. But it ain’t going to go up every year like clockwork on that. You’re going to have certain problems. There’s huge transaction costs associated with it and those are not usually factored into the buy versus rent decision on there.
Ramit Sethi: I love you. I love you. I agree with 100% of what you just said. This is amazing. See, a lot of people think that, like, just because somebody talks about real estate that we fundamentally disagree. We do not. I have no problem with people buying uh real estate investment properties. Run the numbers, buy it. It can be fantastic. It can be a very nice part of a portfolio. I don’t mind. Uh I don’t even mind buying a primary residence. I don’t even mind buying a primary residence if it’s a worse financial decision than renting. I just want you to know the numbers going in. That’s all. Oh my God. Okay, this, I feel like I just got, I just got done with therapy. I love, I feel like cleansed.
Scott: Let me go back just for a second here because we’re struggling with this question and half our listeners are facing it. We just did a poll on Bigger Pockets Money on YouTube channel and this is the problem that half our audience has, right? Is, I am staring down the middle class trap. All of my wealth essential is in my home and my 401k. And this is, I’m going to I’m going to put myself in the shoes of the optimizer trying to get my spouse uh to uh to to agree with a change in this direction, right? And here’s the thing. We we make $120 or $150,000 a year in household income. We’ve got the house, we’ve got the 401k and I know that if I keep doing what I’m doing, I’m just going to compound the problem. I’m going to get more home equity. I’m going to pile up more of my 401k. And today, I, you know, we spend $80, $90,000 a year. We save a good chunk. That’s why we listen to Bigger Pockets Money. Uh, we’re we’re in that uh going from 26 to 42% savings bracket, but I can’t go down the whole stack of optimized decisions. I can’t max out my HSA, I can’t max out my 401k, take the match, and then make the contribution limits for both parties, and have cash left over to build some wealth outside of that 401k. So, to make a change, I’ve got to, I’m not, you know, my spouse may not be aligned with me moving. I can either wait 10 years and just let my income grow so much with my static cost of living that I begin to evolve away from it or I can make a choice to stop, for example, contributing to the, you know, HSA or the 401k and begin going into something like real estate, um, or some other or a private business or something like that. How would you, you know, I’m trying I’m thinking about that from a fire perspective. How do I approach my spouse with something like that?
Ramit Sethi: This is quite a complex conversation and if your partner is not involved with money at all, this is going to be something you talk about in the next six months. It is frankly way too complex. We’re talking about even two advanced people like we could be sitting here right now talking about this Scott, and it would be we go down the rabbit hole, and we could come up with two very different answers. So, here’s what I would propose. First, if you haven’t talked about money at all with your partner or your partner is not engaged on a regular basis, you gotta start way back. Meet them where they are. Connect with them. Tell them why money is important to you. Admit where you may be a little bit too much of a control freak. Admit vulnerability is the easiest way to connect. Tell them what you have in mind for a vision of how the two of you can use money. Ask them what they want. Start that process. Please remember, we’re not in a race. Six months of continuing doing what you’re doing, especially if you’re in the FIRE community with a high savings rate, you’re good. You’re good. I would rather you do it in a healthy way than do it quick. Now, you say, “You know what? I feel so good about how far we’ve come.” Remember, don’t skip the appreciation, don’t skip the emotional connection. “When we started, I have to tell you, I was so nervous to talk about money with you. And I I think that I was nervous because I’m walking on eggshells. I think I’ve approached it wrong in the past and I just don’t think we’ve connected, but look at how far we’ve come. You are telling me things I didn’t even know about our investments, you’ve got us on the right track with our savings account, you even suggested we open up a 529. I never thought of that. I wonder if we, like, we’ve come so far, I just want to give you a high five. I love you. Okay. Lock that in. Now, you know, I think we’ve done such an awesome job at our dollars and cents on a day-to-day basis. I wonder if we can talk about the big numbers. You know, we have these 401Ks, we have this house. I’m wondering how do you feel about that?” And that is where you begin that conversation. That will probably take another three months at least, and that’s okay because you once they are locked in and you both agree, then you’re both rowing the exact same direction.
Scott: Yeah. And I I think that that’s the key is I I bet you that a lot of people listening to this on Bigger Pockets of Money aren’t in a place with their spouse where their spouse is totally like out of the conversation on it. There’s probably reasonable alignment. I think it’s really hard to to even progress towards financial independence um without with a total lack of alignment. But I think that there there’s this discomfort, like that next phase you’re talking about, like a lot of folks would be like, “Yeah, I’m in that three to six month phase you just told me about. I’m just not sure how to move to that next level.” And that’s the complexity of, you know, it’s a complex decision. It’s a big decision. And I would I would love to submit one tool that I’ve used in the past for your consideration. I I kind of think, “Hey, if someone handed me a pile of two and a half million dollars three years from now, where would I want it to be?” And that question, you know, I think sparks a discussion and the tool then is draw a circle on a piece of paper, a blank piece of paper, and carve it out by bucket. I want this much of my home equity, this much of my 401k, this much in two paid off rental properties, um whatever it is. And see how it feels. See how your spouse feels about it around there. What what do you think about that as a as a tool for for consideration?
Ramit Sethi: I would use that if the person were quite advanced. Because let me tell you why. First of all, I love the approach. I love the idea of just clear off the page and just dream with me. No wrong answers. If if we don’t like it, we’ll just go to another piece of paper. I love that vision. You have to remember that in the FIRE community, you’re living in a bubble. And it’s a pleasant bubble. It’s a bubble that’s encouraging you to save a lot. That’s great. But the average person does not know what how home equity means. They do not know what a refi means. They do not know their income, and they don’t understand what the effect of compound interest is or the drag of fees. So if you have a partner that’s quite advanced, I think your question’s awesome.
Scott: Yeah, thank you for continuing to bring me back to reality and out of the bubble of the advanced FIRE community where so I I I I think in part because of what I do here and and you know how nerdy I am with my wife. I assume that that’s what most couples are like and she’s very advanced on these types of things and and can and can talk through all of that. And so that’s that’s probably not where most even bigger pockets money listeners are.
Mindy: I’m right there with you, Scott, but I I get it. And uh tagging off of that, the average person, a lot of people who are just deciding that they want to get on the same page as their partner or they want to get their finances in order, they’re they’re feeling like, “Oh, everybody else knows how to do this and I don’t. I’m the one who is deficient in this uh which makes me not even want to do it because, you know, everybody else, it’s so easy for everybody.” You’ve been talking to couples uh for a minute now about problems that they’re having in their financial relationships. What are some common things that you’re discovering from all these different couples that was actually kind of surprising?
Ramit Sethi: The most surprising is that they don’t know their household income. And that really speaks to the fact that most people derive most of their feelings and information about money from one place and one place alone, and that is their checking account. They literally open up their checking account and if they have enough money in there, they go, “I’m okay.” Do you know that a lot of people don’t even consider their their retirement money real? Like, they’re like, “Oh yeah, like a 401k, but that’s not really real.” I’m like, “That’s real. It’s compounding, tax advantage.” But they don’t consider it real. And that is mental bucketing. So part of that’s the biggest surprise is uh they don’t know their income. The second is that they don’t have a full picture of their finances. Very often, I will ask people, “How much would you need to make in order to feel good?” And I I had this just recently, they said something like, “Uh, I need to make a hun I make 70, I need to make like 50k more.” I said, “Okay, 120.” We actually added up all their numbers, including their bonuses and blah, blah, blah. Guess how much? They made something like 118. And they had this shocked look on their face because five minutes prior, they had said, “We need to make 50k more.” It turns out they actually make 50k more. They were literally missing it. Like it was under the couch cushion. And still, they didn’t feel good about money. And there was a look on their face of realization, “Oh my God, we’ve been using a lack of money as an excuse, but it’s actually deeper than that.” The third thing is they simply don’t talk about money at all. They don’t talk about it. Money is one of those things, again, not in the FIRE community, for the typical median person, they talk about money when they fight. Then they go to sleep, and then they paper over it until the next fight, which is about six weeks from now. Imagine doing that for 10 years or 15 years. Money becomes a source of frustration, shame, guilt, blame. You’d rather just not talk about it. So, you hear a guy like me coming on and saying like, “Oh my God, money can be used to live a rich life.” At first, you go like, “Screw you. You know, oh, you have a lot of money, must be nice.” And then you hear these couples, some of them making high income, some of them making median incomes, even lower than median incomes, and you realize, I don’t like this phrase “personal finance is personal.” I don’t love it. I love a different phrase. Most of us are mostly the same. Doesn’t matter if you have 200k in debt, $5 million in the bank, you’re going to feel certain ways about money that are irrational relative to the amount you have. I find it comforting. Mindy, you and I are pretty much the same. Scott, you and I are pretty much the same. We’re all, of course, we got a few differences, but what a comfort to know that we all sometimes worry, are we doing the right thing? We all worry, are we including our spouse in the right way? We all worry, you know, are we sharing lessons with our loved ones in the right way? Are we spoiling them or becoming too overbearing? I love that, knowing that we’re pretty much the same means we can use the same rulebook and then we earn the right to be different on that last one or two percent.
Mindy: You know, Remeet, I follow you on Twitter and I love your quote that I see several times uh, probably several times a month. You say, “When you rent, the rent is the most that you will pay every month. But when you own, your mortgage is the least that you’re going to pay.” And I have been investing in real estate. I’ve been buying and selling houses since the mid-90s, and that never occurred to me until I saw you post it. It’s like, “Oh man, you’re right.” ‘Cause if if something breaks in my rental, then all I do is call up my landlord and be like, “Hey, could you fix this?” And he’s like, “Sure.” And he doesn’t tack that on at the end of the month, unless it’s something that I broke, which is not what we’re talking about here. When something breaks in my house, I am 100% on the hook for the entire cost.
Ramit Sethi: Yes. Um, thank you for bringing that up. Um, I kind of love this topic for one, because one of the parts of my rich life is never having to walk into a Home Depot as long as I’m alive. So you’re not going to find me in there, okay? I don’t want to I don’t want to smell the wood. I went there enough when I was a kid. I’m done. I don’t own a screwdriver. I don’t want to. And, um, I recently posted this thing, which was quite funny. So, I have a loose fridge, the handle to the fridge, and, um, I you know I texted to get it fixed. They sent somebody, a repair guy. The repair guy came over and said, uh, this is, this is not like a, it’s not like the fridge I grew up with. Let me put it that way. It’s not like you just unscrew it and fix it. He said he’s gonna have to take off the whole door and come back and fix it. Now this is New York. Labor is very expensive, arranging all this stuff is expensive. Of course, I’m not paying for it. The landlord is paying for it. My estimate is that it will probably cost between $1 to $2,000. That’s an estimate, I could be wrong, but it’s a ballpark based on educated guesses. So I just posted this and I reiterated that I’m very thankful to be renting and to sidestep all of these enormous phantom costs, particularly in New York City, which are often, people can’t believe it, but they’re thousands of dollars a month in common charges depending on where you live. People don’t even understand what those are. Um, people went berserk online. “Remit, you’re such a loser. Why don’t you just get a screwdriver?” That was the first comment. I have a couple of responses to all the trolls online who’s said, First of all, why would I get a screwdriver? I don’t want to own one. I have zero desire, and I’m not the one repairing it. Second, this isn’t something that uh ordinary person could repair, and I’m not even ordinary. I’m below ordinary. I don’t even know what, what’s the screw, what’s the nail, nor do I care. I don’t want to learn. And then finally, I have a little comment for the folks out there. There are a lot of people who were like, “Ramit, you’re such a loser. Um, anyone knows that you should be able to repair things with your hands, work with your hands. Don’t be such a liberal elite.” And I was like, “This is like the masculinity crisis in front of us. The idea that in order to be a man, you need to be able to repair stuff.” I’m like, “In order to be a man, I need to be able to be extremely good at Twitter. Okay? That’s my opinion.” And then, and also, would you tell a professional athlete to to go on YouTube and learn how to fix this obscure door and then do it themselves? No. Of course you wouldn’t. Why are you telling me? I didn’t get a lot of answers to that except for people to call me a loser again, which could be true. That could be true. If I’m a loser, it’s not because of the door though. I’ll tell you that. There’s other reasons. So, I’ll just like to say we have a deep feeling in America that you need to be self-sufficient. This is kind of the go west, manifest destiny, everybody should own property. And it really shows up in peculiar ways. There is literally zero reason for anyone to, all jokes aside, to get angry at me when my landlord is paying $1,000. Why would I spend my own time and money fixing? It makes no sense. Why are you getting mad at me for what my landlord is paying for? If anything, I love it. It’s capitalism. But we have these deep beliefs that really come out in peculiar ways and color our own financial decisions. And what I am begging all of you to do is to please consider what is your rich life. If your rich life is, “I love learning how to repair stuff,” God bless. I’m all for it. But if it’s instead watching Netflix, go ahead. You don’t have to repair stuff if you don’t want to.
Scott: I have a couple of reactions to this. First, I think that everyone involved in that exchange would agree that it was a chilling one. A really chilling conversation. Sorry, I couldn’t resist that front. Uh, and second, I wanted to I want I want to push back on a couple of things here um around this where you are the best or among the best in the world at what you do. And I think the professional athlete comparison is very apt. You live in New York City, is that right?
Ramit Sethi: Yeah. And LA.
Scott: New York and LA. And when you live in New York City and LA, you know, everything is there. It is perfectly catered to the pursuit of being the best at whatever you do, right? That is, like you go, like, you go out, there’s no reason to cook your own food in a lot of cases because the best food in the world is being prepared there and that’s probably, I imagine how you want to live your life. That’s your rich life. You want to be the best in the world at at Money for Couples and I Will Teach You to Be Rich and building that business, and everything else then just needs to be a wonderful experience around there. And I think a lot of other people that are not in LA and New York like that concept of self-sufficiency. And I want to make a case for the math here, um of FIRE in the in the opposite direction of what you said there. So let’s take a, let’s take a less extreme example than a very high cost of living area. Let’s take a 3,000 per month rental rate, right? Um, that’s $36,000 a year, and to fire, you would need, you know, 4% withdrawal rate calculation, that’s $900,000 in assets. Whereas a paid off house, $550,000 paid off house that might rent for that $3,000, um is a smaller asset base than the amount that’s required from a rental perspective. So, that’s one argument, I you know about on there you would need $400,000 less in wealth to fire. You’ll be poorer at the end of 30 years because the in the investment of $500,000 is probably going to outperform that 4% rule withdrawal rate. But there’s a, but there’s a case to be made there that it’s good math for someone who wants to retire early and be done and wants to go that self-sufficiency route. Um, I think in in response. So first, any reactions to that thought before I get to my…
Ramit Sethi: I totally agree. We should contextualize all of this. Um, if you are a high earner then it probably, and you’re living in a very high cost of living city, then it probably makes sense to either call your landlord or if you own your place to even have somebody come and fix it. That makes perfect sense. In fact, when I run my own numbers on buying versus renting, which I do frequently, I always account for a very high maintenance rate because I’m not trying to go to Home Depot. So, I’m never going to go and fix it myself. Somebody will always be fixing it for me. I’ve just planned for that. Again, that’s part of living a rich life. You’ve got to be honest, honest with yourself, honest with the people around you. I’m honest. I’m not trying to be a home repair guy. Somebody else will do that and they’re going to charge a lot, especially if they look up my name, they’re like, “Oh, the rich guy. Screw him, triple the rates.” And like, what do I know? I’m like, “Okay, that’s me off. Here you go.” I’m totally going to get screwed in my life. Okay, that’s one. Two, Scott, you make a great point. For a lot of people, economically, it makes perfect sense to lower your cost structure by moving to a cheaper city, um, and saving a huge amount. And certainly, most people are not even calling their landlord up to repair the fridge because for most people, the fridge is not coming with the apartment. It’s their own place. So we need to account for all these things. But what I will push back on is there’s an idea that um when I share examples of people living in all different places in the country, whether it be LA, New York, very expensive places, or in the rural Midwest. I often hear, you know, “That’s not real America. That’s not uh you’re being patronizing by talking about the point of one percent.” First of all, millions of people live in many cities. We need to account for all Americans and there’s a vast range of how people want to spend their money. So, I think you and I actually agree. It’s just being honest about who you are, what’s important to you, and then putting your money behind that.
Scott: The second part of my my challenge here, I love that. The second part of my challenge here is about rent inflation. And one of the things that scares me as um, well, well, I don’t know, it don’t scares is the wrong word. One of the things that I foresee or um or questioned and then foresee is when interest rates rose in 2022, why didn’t rents skyrocket? That should have been the response, right? As as the cost to buy a home increases drastically, the alternative should go up. And the answer to it is supply. Uh America has has produced uh as many multifamily units over the last two years as it has in its history. 2025 will be another year of an onside of supply because all those projects were started a few years ago. And you’re seeing rents grow basically nothing the last two or three years despite that um that that spike in interest rates on it. You’re also seeing a lot of single family construction coming on the market. It’s not quite as much as the multifamily supply, but it’s created this weird dynamic where a new home is about the same cost as an existing home in many markets around the country, which will not continue uh indefinitely. In my word is that come 2026, nobody’s starting projects now, nobody started them last year. So, we’re going to see we’re projecting 2026 to be historically low from a new inventory perspective. Are we going to see rents rise dramatically in a lot of markets around the country and does that scare you um or or or uh, you know, how would you respond to that trollish comment on your on your ex feed?
Ramit Sethi: I think you’re exactly right. I I agree 100% with you. Um, yes, rents will probably go up because the supply pipeline has tapered off and it’s certainly nowhere near the explosion that it was over the last few years. As you pointed out, rents have either remained stagnant or gone down in many parts of the south, east, even Texas, even in California, rents have gone down quite a bit in different parts of California. Uh I want to point out a couple of things. There is a difference between the actual rent and people’s perceptions of rent. People genuinely do not believe that rents ever go down, ever. They literally think rent only goes up. And even when rents in their own city are going down, they are largely impervious to the information.
Scott: Investors are very aware. In real estate investors are very aware of them going down in Austin by the way.
Ramit Sethi: Yeah, they’re aware because they’re rational. But the typical homeowner or renter is totally irrational about housing costs. That’s why actually developers are quite sophisticated, and big companies, they know how to run a spreadsheet so they’re quite rational. For example, I used to rent from a large uh real estate conglomerate. They were super rational. They would try to raise rents every time they could. When rents went down in our area, in our category, they would just say, “No rent increase.” Of course, I would go into their office with a fat stack of papers and I would say, “Nice try. I want rent lowered by this much.” And while they wouldn’t lower rent, you know what they would do? They’d give me two months free, sometimes three. And that is an effective rent decrease. That was four times in 11 years in Manhattan. So please don’t tell me rents don’t go up and down. Of course, they’re particularly liquid in Manhattan, but they go up and down. You have to be uh be aware of rents in your area. And if you’re in a place, you need to actually negotiate and be willing to leave. Um, I do think that, uh, from my conversations with lots of people in my community, very few, like less than 5% are aware that you can negotiate rent. They’re kind of in this really weird relationship with their landlord where they think their landlord can simply raise the rent anytime they want. And I go, “Um, you know, landlords are profit-seeking. Like if they could raise it more, they would raise it.” And they’re like, “Huh?” I go, “Rents are determined by the market, not by the cost that the landlord incurs.” It’s never occurred to them. They just think landlord’s are, you know, whatever, they can raise it anytime. People, if you’re listening, if you’re renting, you have power. You have power right now, but in 2026 and beyond, you’re going to have far less power. So know your power, leverage it accordingly. Scott is right, supply matters. That is why I am a very vocal YIMBY for developing more and more so that we have more supply, which brings the price down, which brings me to my final point, a money is political. This is why I always talk about politics. It’s not just dollars and cents. If you’re wondering why your housing and your healthcare is so expensive, that’s politics, and that is why I talk about it so much.
Mindy: I am going back to that uh twitter thread that you have because I just had in my home that I own, the refrigerator handle break. I was pulling, it’s the freezer handle. It I pulled it, one side came out, like completely came out, and one of the guys in your comments says, “You don’t know what things cost. This is embarrassing.” Well, why do you need to know what things cost? Because you’re not paying for it. Uh, someone else said, “Just learn how to use a screwdriver, bro.” Okay, bro, I know how to use a screwdriver and I’m looking at this fridge and I can’t figure out how to fix it. And it’s it’s not a great fridge, but it still keeps things cold and I would like to be able to open it and use it. So I told my husband about it and he’s like, “I’m just going to use like glue.” And it doesn’t it doesn’t look great, but I don’t care because it’s my basement fridge and it, you know, the fix worked. But for if you don’t want to I mean I I get a little heebie-jeebie that you don’t even own a screwdriver. Like how do you fix small things? But also that’s not your jam, so that’s okay. Um but I just I think it’s hilarious that people are so angry with you. I don’t care if you have a broken refrigerator handle. Your broken refrigerator handle doesn’t affect my life at all. But I care about mine.
Ramit Sethi: Well, first of all, Mindy, thank you for saying that. I feel, I feel honored because I know that you are quite handy. I know that you do a lot of uh development and repairs and flips, you and Carl. And so for you to to say that actually means a lot because I consider myself in the bottom decile. I mean, like I said, I don’t even know what any of these terms mean, so whatever. But you know that, I’ll tell you something about that guy who left that comment, you know, um, the one who said, “I don’t know how much anything costs.” First of all, that was a savage response you had. Like, why do I need to know? That’s brutal. Even I don’t know if I would say that online. But he then proceeded to say, he said, um, “Any fridge can be repaired, any top of the line fridge can be repaired with a basic screwdriver.” I said, “Great. Can you link me to a top of the line fridge?” He claimed it was $3,000, okay? Now, I just want to point out that he linked a fridge from bestbuy.com. There are fridges that cost a lot more than that. The fridge that I have costs more than that. Candidly, if I were to buy a fridge, I don’t think I’d pay a lot for a fridge. It all keeps food cool. What do I care? I really don’t care. I prefer if I’m talking about appliances, I want the most mass market appliance that can be repaired easily with anybody off the street. Okay? So I don’t care, but the fact is when people are leaving comments online, they’re often sharing more about themselves than the actual situation. Why do you care what other people are spending their money on? If it’s their rich life, do it. If somebody on here is coming to me and saying I want to own a big old ranch, and they want to drive an RV around the country, I go, “That sounds like hell to me.” But it’s your rich life. It’s not mine. As long as you can afford it, if you love it, I want you to do it. That’s the whole point of living a rich life.
Scott: It’s hard to believe that your fridge store handle breaking could produce such a big debate on Twitter, man. All right. On that note, Remini, where can people find out more about you? Uh where can they find the book? When does it come out? Give us all the details.
Ramit Sethi: Money for Couples out January 1st. I’m going on tour around the country. I bring couples live on stage. It’s a blast and you can find me on any social media channel and on Netflix.
Scott: Awesome. And I definitely encourage everyone listening to go check out the podcast, go check out the book, follow Remi on Twitter. He’s very entertaining, uh uh uh uh around a lot of discussions that go out there, so it’s uh fun to watch uh and to watch those. So thank you for all you do for the money community in America, Remi, and for I think this is the third appearance here on Bigger Pockets Money. We really appreciate it.
Ramit Sethi: Thank you. I always love coming back. I mean it. We have such fun every time and I love the push back. I love I love it all. This is so good. Thank you for having me back.
Scott: Last time we had you on, I guess two, two or three times ago, we had a debate about a hiring manager versus an employee asking for a raise. So that was a fun one. That was back on the yeah.
Mindy: Awesome for me. Thank you so much for your time. It’s always great to chat with you.
Ramit Sethi: Thank you. Total pleasure.
Mindy: All right, Scott. That was Ramit. That was awesome. And that also ran a little bit long. Should we get out of here?
Scott: Let’s do it.
Mindy: That wraps up this episode of the Bigger Pockets Money Podcast. He is Scott Trench and I am Mindy Jensen saying, “Goodbye, butterfly.”
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