“We’re drowning in debt…but I drive a BMW”

Ramit Sethi of I Will Teach You To Be Rich talks to Kevin and Michelle, 32 and 30. They joined Ramit live in New York City earlier this year for the show’s very first in-person interview. They have one young child and another on the way, but they can’t stop spending. With low savings, their debt mounts while they both lease luxury vehicles.

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[ramitsethi]

Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize.

[pauchopkins]

The guy makes $48k a year and has a $69k BMW loan.

That is absolute insanity.

[xolgnjm]

$500 in savings and a reservation to a fancy restaurant its mind blowing!

[chefkocher]

That must have been the most detailed follow-up you've ever received. Proof that they are moving in the right direction. I am rooting for them!

[WhyDoWeStay_]

I usually wouldn't comment until the end but I'm at the 25 minute mark and just want to say THANK YOU for calling out the shaming tactics used by other 'financial youtubers'. There's a certain youtuber whose content I would watch in the early days but I had to unsubscribe a while ago due to the vile thumbnails and blatant Jerry Springer-style content.

Thank you Ramit for not resorting to such extreme tactics for views. While certain other channels may have a faster growth rate- they will crash just as hard in my opinion. I really appreciate your ethical and psychology-based approach- you are clearly in it for the long haul and not the quick money. And that's why you're a well respected expert in this space and why YOU have a Netflix show ;)

Anyway, just wanted to say that as well as thank you to Ramit & the IWT team for making professional, high quality content each week that genuinely helps not only the guests but the people watching!

[JenJenANDChrissy]

I'm loving this new format with the guests coming to the studio! Kevin and Michelle represent what I've seen in Latin cultures. Girls are raised, boys are spoiled. The wife will become the motherly figure to the husband and she will take care of the kids, the finances, the cooking, the cleaning, the shopping, the planning of the family's future. The husband is just plain irresponsible since he was never taught to be. I live in SoCal and have seen this trend in the 22 years of having Latin friends and coworkers.
Ramit, I would love if you would lead a national campaign to make a financial planning/budgeting class mandatory in high school. I will join you 100%.
In college when I took out student loans, we were made to take a class on debt repayment.

[jasminelozano]

These couples don’t upset me. I have so much compassion for people who have been sucked into today’s culture of overconsumption. We are bombarded with other people telling us what we need or lack all day long through ads, social media, friends..

It’s so important to first recognize this. Companies pay people millions to get your money. We need to have a defense. My defense is frugal living and contentment. These 2 things have given me MY rich life.

I’m a stay at home mom homeschooling 2 kids. My family takes a few vacations each year and we’re planning to take the kids to London and Iceland next year (debt free!). We live comfortably because we’ve decided that our rich life doesn’t have to be void of Starbucks or trips, but we’ve cut mercilessly on the things that don’t matter to us.

Thanks Ramit and IWT for helping people see there is hope and they can have a rich life!

[fakewintertime]

I think we can all agree how they’re extremely brave and amazing to do an in person interview. Love the format

[bookwormbon]

This was handled fantastically. Respectful, encouraging and not condescending. Genuinely amazing job.

[jdelacruz]

They went from financially immature to rolling out the strongest financial plan I've seen. You can see them gain hope towards the end.

[leannwilson]

She took him to those restaurants as a way of showing him how the "other half lives" and hoped that it would inspire him to aspire to a better life.

[Daveyjonesvi]

I’m not sure how I feel about the in person interviews. I think having the couples be in separate spaces allow conversations to be more intimate in a way. Like the individuals talking aren’t beholden to the person next to them even though they may be a room apart. Also with the format, video calls allow the couples to look at each other expressions as they talk about their struggles. In this video they mainly face Ramit and not each other. Not sure if this can be an easy set fix with camera set up.

[meagon]

The reason I appreciate Ramit and continue coming back to his podcast is the way he approaches each situation and couple. He does not rage bait or shame the couples, I’m sure they already feel bad enough if they’re in debt why make them feel worse?
Thank you for the value you bring to the finance space Ramit 🤝🏼

[foggycraw]

The zoom format was less distracting and easier to follow. It also allowed the couples to be more honest since they would be in different rooms. Still love this show and looking forward to the next episode

[golwwev]

I’m surprised to be saying this, but I like the other interview style much better because the two people are in a different room so the more free to say the truth, and when they look up and talk they’re looking directly into the camera which makes it more focused and I just like it better the old way

[lathaniabutler]

I prefer the virtual format. This is more aesthetically pleasing but feel less intimate and authentic. This feels like I’m watching a light therapy session; the other format feels like I’m listening to you help couple friends get their stuff together.

[Britt]

I really appreciated Ramit pausing to say that he doesn't think it would be beneficial for him to get mad at the husband for not stepping up. It must take a LOT to restrain that instinct. No one person should have to take on financial burdens alone in a marriage. I'm not even married yet but me and my fiance discuss our financials for anything shared (trips, meals, future wedding, etc). It's only fair.

[NotesWithNate]

I hope this brave couple knows their story is impacting thousands of people. Took a lot of courage to go on their live! Wishing the both of them the best! 🎉

[miyawam]

Shading Caleb Hammer …. “an offensive thumbnail”. lol True.

[lyndagabriel]

I love that he says he doesn't yell at people. But he doesn't have to. It's much more effective to just quietly say, "... of course you renovated the house".... [you couldn't afford]