273. "We Spend 139% of our Income and still fund our adult kids" copertina

273. "We Spend 139% of our Income and still fund our adult kids"

273. "We Spend 139% of our Income and still fund our adult kids"

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Ramit Sethi of I Will Teach You To Be Rich speaks with Mary and Harry, 57 and 62, who are approaching retirement while spending more than they earn every month. They have a blended family of seven adult children and continue stepping in whenever one of them needs money, housing support, childcare, repairs, or help managing another crisis. Mary handles nearly all of their finances and feels overwhelmed almost every day. Harry’s income is inconsistent, and about a year ago, he revealed that he had accumulated $43,000 in credit card debt without telling her. Mary initially feared he was about to confess to an affair. Instead, she discovered that decisions she had been making were based on an incomplete picture of their finances. Today, they have approximately $476,000 in assets, $499,000 invested, just $3,000 in savings, and $435,000 in debt. Their net worth is around $542,000, but their fixed costs have reached an unsustainable 139%. With retirement approaching, Ramit makes it clear that small cuts will not be enough. Harry needs to substantially increase his income, they may need to sell their home and rent, and both of them must stop treating their adult children as financially dependent. In this episode, we uncover: Why Mary thought Harry was confessing to an affair How Harry accumulated $43,000 in secret debt Why their fixed costs reached an alarming 139% How they spend more than they earn every month Why they have only $3,009 available in savings Their $476,000 in assets and $435,000 in debt Why Mary thinks about money almost every day How supporting their adult children created more debt Why they gave one child between $20,000 and $30,000 How financial secrecy damaged Mary’s trust in Harry Why Mary became solely responsible for their finances How guilt prevents them from saying no to their children Why Mary continues covering some expenses for her adult son The text Mary sends removing him from their phone plan Why Harry needs to increase his income to $5,000 monthly How renting could reduce their fixed costs to around 59% Why selling their house feels like failure to Mary How renting could free up more than $2,000 each month Why boundaries could make their adult children stronger Whether they can transform their finances before retirement Chapters: (00:00:00) Introduction (00:02:38) Adult children, broken trust, and income imbalance (00:05:16) Harry reveals his hidden credit card debt (00:06:50) Mary fears Harry is about to confess to an affair (00:08:44) Their blended family of seven adult children (00:11:19) Rebuilding trust after financial secrecy (00:18:07) Why Mary manages the finances alone (00:24:21) Mary fears carrying a mortgage into her 80s (00:28:04) What happens if nothing changes? (00:32:20) Would they fund another family emergency? (00:35:53) How Mary inherited her beliefs about money (00:52:03) Their retirement savings and pensions (00:59:39) The true cost of rescuing their adult children (01:16:23) Ramit reviews their Conscious Spending Plan (01:18:27) Their fixed costs reach 139% (01:22:32) Mary texts her son (01:26:59) Cutting groceries, clothes, and subscriptions (01:29:00) Harry must dramatically increase his income (01:32:25) Should they sell their house and rent? (01:54:48) Mary and Harry’s follow-up This episode is brought to you by: Superhuman Mail | Sign up for Superhuman Mail today at https://superhuman.com/podcast. Fabric by Gerber Life | Go to meetfabric.com/RAMIT and apply today, risk-freeGrow Therapy | Visit https://growtherapy.com/ramit to find a therapist today NetSuite | If your revenues are in the seven figures, go to https://netsuite.ai/ramit to try NetSuite Next for free Facet | As of the date of this recording, Facet is waiving the enrollment fee for new annual members, and for my audience, Facet is offering $300 into your brokerage account if you invest and maintain $5,000 within your first 90 days. Head to facet.com/ramit to learn more about which membership option is best for you. Offer has been extended to 12/31/2026. #FacetAd If you’re part of a small group listening to this podcast that is willing to take action, I built Road to $100K for you - a step-by-step program on how to reach $100K. Join Rich Life: Road to $100K at iwt.com/100K. Connect with Ramit • Get my new book, Money For Couples • Join my Rich Life: Road to $100K program • Download the Conscious Spending Plan • Listen to my book—now on Audible • Get my New York Times best-selling book • Get my no-numbers journal • Other episodes • Instagram • Twitter • YouTube Apply to be coached for free on this podcast at https://iwt.com/apply
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