In today’s episode, we’re diving into an exciting live Money for Couples event held in New York City, featuring three unique couples navigating the complexities of finances together.
Let’s start by getting to know Antonio and Devonta, both 23. This young couple is making commendable strides—earning while completing their degrees, engaging in meaningful financial discussions, and they’ve even taken the big step of buying a house.
The second couple, Pam, 38, and Nic, 40, are dealing with a common financial dynamic where one partner earns more and feels the urge to "rescue" the other from financial woes. As they unpack, they realize that money can’t fix deeper issues related to self-worth and financial empowerment.
For the first time on this show, a surprise third guest joins us. Trust me, this is not something you’ll want to skip!
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Full Episode Transcript
Download the full transcript PDF.
[00:00:00] Ramit: Hey, New York! Wow.
[00:00:01] Student making $40k a year? Incredible!
[00:00:04] Antonio: Transitioning from renting to home ownership has its challenges with bills stacking up.
[00:00:09] Ramit: Hold on. You’re experiencing unexpected costs as a homeowner? How many suits do you own?
[00:00:32] Devonta: Probably around 100.
[00:00:33] Ramit: What!
[00:00:47] Nic: I’m along for the ride in this relationship; it’s like we do exciting things because Pam initiates it.
[00:00:54] Ramit: Want me to give you the solution flat out?
[00:01:03] Pam: Yes, please.
[00:01:05] Ramit: Nope, that’s not the way it works. We’re in fantasy land with these ideas.
Today’s episode brings us to the vibrant city of New York, the third stop of my live book tour. Each city, be it Boston or Chicago, has its charm, but there’s truly no place like home. On stage, I’ll be speaking to two couples representing the diverse fabric of New York, one of my favorite things about this city. It’s a melting pot of different cultures, backgrounds, and income levels. Let’s dive in.
[Interview]
[00:02:01] Ramit: New York energy is one of a kind! So good to be back. The city feels so different when you’re talking money. The cost of living here is no joke—especially when comparing one-bedroom dreams with sprawling houses in less urban areas.
[00:02:32] We’ve all been on social media; then someone flaunts their mega-sized suburban home with comments implying New York’s impracticalities. Yes, the cost of living here is quirky, often surprising those not accustomed to it.
[00:03:24] Real wealth here isn’t just about visible luxuries; it’s deeper. Genuine wealth is experienced through unexpected upgrades—like having a building elevator or the blessing of a dishwasher in an apartment.
[00:05:03] New Yorkers know central air-conditioning is a luxury only a select few enjoy, heralding a status reserved for the truly affluent.
[00:06:13] But let’s talk about the highest echelons of wealth here. Guess what it is? Forget summer homes or branded bags—an in-sync garbage disposal marks genuine riches in New York City.
New Yorkers get it. Sure, outsiders might mock, but there’s an undeniable essence to experiencing these milestones of living luxuriously here.
[00:07:19] As we explore today’s couples’ stories, remember that money matters go far beyond numbers. We’re dissecting the layers of financial emotion and dialogue, and I know you’ll find their journeys as enlightening as I have.
Our first guests tonight: Antonio and Devonta—young, talented, and financially engaged already at 23.
[00:07:28] Antonio: Doing well, and a little nervous being up here.
[00:07:44] Ramit: Who took the initiative to be a part of this?
[00:07:46] Antonio: That was me; I tend to be proactive with our finances.
They’re about to get married, have a home, but feel they’re not ahead with savings. I meet people in various life stages, every chance to converse with young folks is invaluable. Asking the right questions from the start is a superpower. Look at this room—you’re onto something extraordinary at 23.
[00:08:55] Their financial dynamic is varied: Antonio, a registered nurse, earns 65k, while Devonta juggles studies with work, bringing in 40k from his cleaning business and part-time job. Quite impressive, right?
[00:09:48] Their roles flipped from Devonta holding down fort to Antonio stepping up.
[00:10:28] Antonio is getting used to having more financial responsibility, especially dealing with the new expenses of homeownership.
[00:15:29] Ramit: Have this concept of splurging, does it align with your shared financial future?
[00:15:34] Devonta: I think as income increases, I’ll splurge less. But Ramit reminds: habits usually scale with income.
[00:18:52] Ramit: What’s the ultimate dream, together?
[00:18:53] Devonta: Freedom with travel, stress-free living. Though buying a hundred suits might not sync with retiring early.
Let’s unpack these finances. You’ve set yourselves up right with a shared account system. But the approach to splurging vs. saving could transform with a clear plan.
Switching to our second couple: Pam and Nic.
[00:29:56] Ramit: A warm welcome to Pam and Nic! Your unique story raises an intriguing question about quitting while having a high-earning partner.
Pam has an interesting journey, moving from language expertise at Duolingo to a significant role in software program management, now commanding $633,000 annually. Spectacular!
[00:36:22] In contrast, we see Nic struggling with debt despite a good $153,000 salary, navigated alongside student loan challenges.
Their exploration of equity as a financial couple faces hurdles in self-worth and partnership dynamics. Nic’s student loans offer complex emotions despite an excellent education.
[00:39:45] They aim to tackle debt strategically, but the deeper psychological narratives around money require time. Understanding these mental patterns can predict the trajectory of one’s financial relationships.
Finally, a highly personal segment with a surprise appearance from someone close to me.
My partner Cassandra joins us for the first time, illustrating the deeply personal journey of blending finances and intertwining lives.
She shares how through mutual understanding and navigating different money languages, our relationship has grown stronger. It’s a testament to patience, communication, and mutual growth.
Celebrating progress, whether in suits given away or emotional strides made, showcases that personal finance is as much about personal transformation as it is about numbers. The upstanding emotional growth propels financial health forward, creating a solidified bond beyond mere numbers.
It’s reminders like these that reinforce how important it is to continuously evaluate how we approach these financial dialogues in our lives. Thank you for joining us, and remember—your Rich Life is uniquely yours to discover and define.
