244. ”I’m in $244k debt but give $500/mo to my church”

Ramit Sethi of I Will Teach You To Be Rich continues his discussion with Mike and Noel in part two of their financial deep dive. The couple, married for just 6 months, faces a daunting $244K in debt with zero savings, fueled by previous "guilt-free" spending and a shocking $170K windfall that disappeared. Despite their dire situation, major cuts to their fixed costs haven't happened yet. Ramit encourages Noel to reconsider her church tithing and find proactive ways to increase income, like driving for Uber. Can they shift their mindset from feeling deprived to purposeful sacrifice, anchor their spending to zero, and collaboratively create a sustainable financial future?

In this episode we uncover:

• Noel’s decision regarding her church tithing

• The power of incremental income, like Noel’s potential earnings from Uber

• Ramit’s "anchor to zero" framework for mindful spending

• How comparing current spending to past mistakes sabotages financial progress

• The importance of distinguishing between sacrifice and suffering

• Why making big changes with money is meant to be hard

• The potential for selling household items to boost savings and signal a "rebuilding phase"

• How a short-term financial plan can set them up for long-term success

• The opportunity to define their own timeline for debt repayment and savings

Chapters:

(00:00:00) Previously on money for couples

(00:02:09) How Noel's decided to approach tithing

(00:03:33) Why cutting subscriptions won't solve their problems

(00:03:49) Noel's plan to earn more money with Uber

(00:04:21) Ramit introduces the "anchor to zero" spending framework

(00:05:46) Mike and Noel reflect on the conversation

(00:07:11) Sacrifice vs. suffering: Reframing financial changes

(00:08:43) Why comparing to the past holds them back

(00:09:50) Noel's internal struggle with tithing

(00:10:34) Ramit presents a vision for their future

(00:11:15) The idea of selling household items to fund savings

(00:12:18) Ramit's proposal for their next steps and a follow-up

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If you and your partner have a money issue and you want my help, I occasionally select a couple to work with, free of charge. Apply for my help here: https://iwt.com/apply