Money For Couples with Ramit Sethi - 135. "It could cost us $50k to have a baby. Can we afford it?"

Episode Date: December 19, 2023

Kait is 36 and Em is 35. They’re married and pursuing IVF as a means to expand their family. But a misalignment on money stands in the way of a truly shared vision for their future. Em shuts down and delegates responsibility. Kait frantically checks accounts and worries about daily spending. This episode is brought to you by: Calm | Go to https://calm.com/ramit for 40% off unlimited access to Calm’s entire library. Mint mobile | To get your new wireless plan for just $15 a month, go to https://mintmobile.com/ramit. Facet | Get affordable, accessible financial planning with a flat fee membership. For a limited time, the $250 enrollment fee will be waived when you sign up at https://facet.com/ramit. DeleteMe | If you want to get your personal information removed from the web, go to https://joindeleteme.com/ramit for 20% off. BetterHelp | Visit https://betterhelp.com/ramit today to get 10% off your first month. Connect with Ramit Get the Podcast Newsletter and exclusive Q&A about the show Get Money Coaching with Ramit  Download the Conscious Spending Plan Get my New York Times best-selling book Get my no-numbers journal Other episodes Instagram Twitter YouTube Submit a question for the newsletter iwt.com/askramit 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. Produced by Crate Media.

If you or your partner has fallen for a scam, I want to help, especially if you've recently fallen for an email or text scam, or you've gotten bad financial advice from someone who did not keep their promises, or maybe you just have not even told your partner because you are embarrassed. If this is you, I want to talk. Apply for free coaching with me by being on my podcast. Apply today at IWT.com slash apply. That's IWT.com slash apply. Let me share some of the coolest ways that my community has recently used money to live a rich life. One member did a month-long honeymoon in Europe after deciding she didn't want a big wedding. Another member bought a VW SUV that was their dream car that they've wanted for years.

And another member made a rule that any time she buys a ticket for an event, she always buys a second so that she can bring a friend. These are just a few examples of how my money coaching members have built systems to use their money. Notice that there's no more anxiety, that they have a smooth running system. They know when their debt's going to be paid off. They can feel comfortable spending on the things they love. They can actually spend less time on their finances while living an amazing life. In my money coaching program, members also get access to live events every month,

including topics like money with aging parents and how to create a lot. amazing vacations. That was one of my favorites where I shared how I spend my money on travel, plus Q&A directly from me. If you want to start building your rich life today, join us and get instant access to our back catalog of years of live calls. Check out IWT.com slash money coaching to join now. That's IWT.com slash money coaching to join the program right now. It frustrates me that M doesn't know those parts of of our financial situation. She only wants to talk about money when it's good

and we're making money. I guess I don't care about it because I feel unprepared. And then I kind of shut down. I know that I don't want to be in this dynamic forever. I think that we have a lot of things working against us right now. Like we have the HELOC, we have the wedding

that we paid for on our credit card. We have the IVF that we're paying for we have a lot of things that have kind of built up. What I'm asking, I think of M, is to like temporarily get in this boat with me to help help us release the pressure. Like you feel like you're rowing alone. If you could just have a partner in your boat, maybe you could get there safely together. Yeah.

We want the same things. We just approach how to do them in different ways. I think sometimes we don't do them because we can't get to a resolution. I'd like you to meet Kate and M. Kate's 36, M is 35. And here's a little excerpt from the application that they sent me. As I read this to you, try to think about your first impressions. How much do you think they make and how much do you think they spend? Listen in.

I've read Rameet's book and even implemented the strategies. I explain them to my wife, but she often gets frustrated with the limited of our plan, including how little we can spend now in order to save and how long the timeline is. We've had some major fights and disagreements about this. I feel like we have a great 12 to 18 month plan, but my wife feels like we'll never get there. How can I help her feel more confident and excited in the plan? And what can we do to start to live our rich life now? Well, I think you're going to be surprised in today's conversation, especially when we start talking about the numbers. Before we get to the episode, I want to tell you about this email I got.

This asset management firm emailed me, and they wanted me to be involved in their firm. They basically wanted to put my picture on their website. I was like, no thanks. And then they wrote back again, asking a little bit more intently, can we introduce you to our CEO? I said, you know what? I appreciated, but no. Finally, they wrote back and they just point blank in writing said, I don't think you understand. We're going to pay you $100,000 to be an advisor to our firm. And I declined again. They were shocked. Do you not understand you're getting money to do nothing? I have the actual email. And this Saturday, in my newsletter, I'm going to share that email along with the psychology of being discerning with who you work with, how to protect your reputation, and be very

careful about who you associate yourself with. Most of all, you're just going to see that there are firms that they're literally paying hundreds of thousands of dollars just to be able to put someone's picture up on their website. You're not going to find my picture on their website, but there's some other people who I was surprised to see there. You can only get this Saturday, December 23rd, by signing up at IWT.com slash podcast newsletter. Now, let's get to the episode. I think that the financial discussions that we have in the way that we communicate about money, it causes enough friction in our relationship that it makes a lot of things not fun and not enjoyable. And neither one of us want to want that in our life.

We don't want to live our life like that. And I think that, yeah, it would be really, really challenging to move forward in a happy relationship. Good to know. Okay, M, how about you? I agree. I think that, like, I don't know, the couple of the podcasts that I did listen to of you, and I watched the Netflix show, which I thought was really eye-opening, I can't recall exactly what statistic you gave.

Most divorces, they don't start with, like, you know, someone cheating or someone leaving someone. They start because couples aren't having the foundational or building block conversations, and a lot of those conversations are around finances. And so that kind of just woke me up to wanting to change. When you're speaking to my colleague, you said, communication is our superpower, but communicating about finance has really challenged our identity. Wow, I'm seeing nods from both of you.

What does that mean? Being in a same-sex relationship and also it was kind of an early. an early relationship with the same sex for both of us, we had to talk about everything. Even if it was things that we weren't ready to talk about, like things were on the table because we wanted this to work and therefore we had to have hard talks with our family, have hard talks with each other, have hard talks with friends and things like that. And that really, from a core relationship foundation type of thing, I think was a huge building block for us.

and we were able to fall in love and grow in love very quickly. And that was really beautiful. And when it came to doing a lot of the very serious things fast, right, you know, we went through a pandemic and then we got married right after. We moved in together. We bought a condo. You know, we did just a lot of things very fast. We started a small business all right after the pandemic. It, you know, we moved fast, but we didn't really talk through all of those big moments as financial decisions. It was only after those things that we started to talk about where we were at financially as we started to just strengthen our union together. And we weren't on the same page about it. And that was kind of a moment where we were like, oh, shoot, this is, this is not normal for us.

I had a financial coach. We have a financial coach. And I had used her previously. And after we combined our finances got married, we started living in the same space. I invited M to a meeting with our financial coach. And it was on that call. I just realized that the way that I communicated about money and the things that we were talking about in that meeting, M was not responding to them. Like what?

In the same way. She sort of shut down on that call. if M doesn't feel confident or comfortable with the question like with the if she doesn't know the answer I think that she has a tendency to shut down or deflect and instead of just communicating hey I don't know the answer to that let me go check or get the answer to do some research and we'll come back I I she shuts down I think instead of me like participating in those to do some information gathering I just kind of shut down and kind of figured okay these are the headlines and I need to to go, like, do some work after this, and it felt heavy. Yeah, it felt heavy. I felt, um, like, oh, it's going to take a lot of time. Like, I don't have a lot of time. I don't know how I'm going to find this information. I've a lot of going on at work. I have a lot like to do. And this just feels like it's going to take hours and hours to get on the same page.

Did it feel fun? No. Does money ever feel fun to you? when I'm spending it. Oh, that's an honest answer. Like what? What do you love spending on? Food. Food. Like eating out, delivery?

What are we talking about? I love to cook. So it would be very, like, I'd love to just go to the grocery store and just rake up a big bill and invite a bunch of people over and have a great dinner. It's interesting that they say

their superpower is communication, but with money, they have a block. That's extremely common. You see, with things like differences in decor, we intuitively know how to solve it. Let's look at pictures on Pinterest. Oh, that's a disgusting rug from Crate and Barrel.

I guess we were just raised different. Oh, look at this rug. Wow, we both like it. Let's buy it. We can find a way to compromise. It's relatively easy. But with money, there are layers upon layers of complexity. First off, most of us don't even know the basics of money ourselves.

We don't know the difference between a Roth IRA or an index fund, for example. then we have these invisible scripts we picked up from our parents, often in the form of scarcity. Finally, we have immense social pressure around money, for example, to buy a house or to be a provider or to save more. And to effectively have money conversations, it can feel like you have to be an expert in 10 different things to even sit down and talk about it for the first time. No wonder talking about money feels so hard, even to a couple who has a superpower of communication. Well, my goal is to show you that you don't need to be some multi-millionaire working on Wall Street to know how to talk about money. You will have to learn a lot about yourself.

You will have to learn a lot about your partner. You might be surprised how you see money differently. But I believe that the two of you can develop a really healthy, positive view of money together, regardless of how much you make today. We'll be right back after this. There's a pretty cool TikTok trend going around right now. that I really love, it's called admin nights. Basically, you get your friends together, you get some snacks, maybe some drinks,

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And Zoc Doc appointments happen fast, usually within 24 to 72 hours. You can look through your options, book an appointment, and you are done. If I needed to find a new doctor today, Zocdoc is what I would use. Stop putting off those doctors appointments and go to Zocdoc.com slash Rameet to find and instantly book a doctor you love today. That's Z-O-C-D-O-C-com slash Rameet. Zoc-D-C-com slash Rameh. And I want to thank Zok-D-D-K for sponsoring this message. Now, back to the show. So we were thinking about going on vacation next year to go see my sister.

So she was saying, I think it would be awesome to go see your sister in February. And it was kind of a spontaneous. I hadn't heard nothing previous about doing this. And I think she wanted me to be really excited about going to visit my sister. And I was not excited because in my mind, I'm thinking about how much is that going to cost? Have we budgeted for it? How are we going to make that happen?

Like, when are we thinking about doing that? We already talked about going to Florida in January. it seems like that would be, you know, an expensive thing to do right after we're going to spend X amount of money in January. So initially when I brought it up, like this would be fun. We could surprise her, but I didn't want to surprise Kate because we're working on this budget or this plan. And so I wanted to loop her in because I wasn't actually sure how I would do that without Kate knowing. So that's how I felt initially. What did you say when you brought it up?

Well, I said, I actually, like, didn't ask her directly. I said something like, hey, if I were to buy you like a diamond ring someday, like, how would I do that? And Kate was like, why? What? Hold on. Hold on. This was about the sister trip? Yeah, because I was trying to figure out how I, like, could temperature check spending money without her knowing or like figuring out how I could spend money that we had. on something that she didn't necessarily know exactly what that. And the end thing would be. How long do you think I,

a straight guy would last in a relationship like this? Because I already have enough trouble understanding sometimes straight women. This is like, you're asking a question about a jewel that's a hypothetical that relates to a sister trip. This is blowing my mind. Okay, hold on. And Kate, did you get what she was asking? Yeah, I did.

I understood that she was asking if I wanted to surprise you with something like if I want to surprise you with something big since you know everything that happens in our finances, how would I do that? Okay. Okay. Damn. All right. It's like you're speaking a language that's like in the ultraviolet range. All right. To be honest, I don't think it's women and women or men and men or men and women. It's me. It's you. Is that right? Has this been common for your whole? life? Kind of. I think it's a family thing, but yeah. You speak indirectly. Very. Okay, okay. We'll get to that. Just hang on to that. I'm filing out of way. So then her response, as she mentioned, was a little bit confused, et cetera, et cetera. How did you feel when you got her response to that? I felt a little deflated, to be honest, because I felt like the, like we combined the excitement and the finances all together.

Right. I didn't love that. In retrospect, if you could go back and do it again, what would you do differently, if anything? Well, we did talk about this situation together, and I think something that would have been helpful is to approach her directly, but not even about the trip,

but just about the actual spending. Like, hey, if we were to ever do something or I wanted to ever do something for you as a surprise, can we start to set up a plan that allows us to do that for each other? Great. Okay. Love that. And have you actually come up with an answer to that question? No. No, okay. Hypothetically, that would have been great. We talked about talking about it, but we haven't actually talked about it. Got you.

I doodled a diamond on my notepad. I got you. Okay. All right. Okay. Okay. So, are you going to go see your sister Kate? I don't know. I don't think we had a, we didn't, we didn't kind of close the loop on the, on the, yeah. Is that common that you have conversations about money, but you don't come to a resolution? Yes. Yes. I think in general, like, these are the two different types of languages that we, that we speak.

M is very like spontaneous and just in general, not even with finances, but just she's spontaneous and she likes to surprise me and she kind of likes to go on adventures and like do things like that, go out to dinner, go on vacation, you know, live our life in a way that's enjoyable. I see things through a financial lens first. I would love not to do that. I would love to go to my sister. I'd love to go out to dinner, you know, when she asks me to you, I would love to be more spontaneous. So I think that's part of the reason why we're here.

I think we're on, we want the same things. We just approach how to do them in different ways. And I think sometimes we don't do them because we can't get to a resolution. Can I assume that you are the financial leader or the financial person in your relationship? In terms of planning, yes. Okay. And what are you not the financial person in terms of? In terms of bringing in the money. Ah, okay. All right. So M, you're a higher earner. Kate, you, how would you describe what you do with the money? I think I strategize. Okay. Okay. Interesting. And how did you come to?

to this very interesting dynamic. The higher earner brings it in and then M, what do you do with the money once you bring it in? It just goes into your account and you're like,

I'm good? Pretty much. Pretty much like, as long as I have something in my checking account, I'm cool. Is that it? Yeah.

Well, I don't, he, I mean, you should share why the situation and how we came up with it. Yeah. When we,

So right before we got married, we made a decision to start a small business. So I run the small business. I'm the CEO, all of the things of the small business. But our small business is still not yet profitable. So I'm not bringing in an income myself. So we combine our finances and 100% of that comes from them. And then from there, I think I've taken on the role as, you know, kind of. the financial strategist, I guess, in terms of like when the money comes in, what are we going to do with it? So that's a new role for me. I've never been, I've never really thought about that. I've never really been good at saving money or investing money or anything like that. But I thought that, you know, since we were starting to build the life together and we were on the same, we are on the same page about the life that we want to build together. and we're starting a family, that it felt like an opportunity to step in

and just kind of take responsibility. And I mean, I also think that because I'm not bringing in income, it feels like I can add value in that way. Okay. And you had this conversation together. You both agreed this is how you want to work it. Yes.

All right, good. All right. Well, that's healthy that you had the conversation about, hey, starting a business, it's not quite bringing in any money. and, you know, sure would be helpful if we need some financial strategy. All that is great. All right.

So where is it not working? So I think, like, initially that was great. And sort of that's the conversation that we had in my role, in that role as financial strategists, I had questions, you know, about where different, what different accounts were, you know, like what the logins were. to different accounts. And as I started to dig through, there were, like, you know, loans that we had. And things like, decisions that we had made together when we moved into the house, we took out a he lock loan for construction and things like that. So we've made some financial decisions. We paid for a wedding on a credit card. So we had some debt. And we didn't really have a financial

strategy to pay any of that off because, you know, the money was going into a bank account and not doing much after that. And so I'm starting with sweat. I have to admit, I just want to want to say, I'm starting to sweat. I heard Heelock. I had one thing come down my face. Then I heard you put credit card debt for a wedding. I start sweating over here. Yeah. Okay. The credit card debt is gone though. Okay. Thank God. How much did you take out for your wedding? So I think we put about $50,000 on credit cards. What the hell? For our wedding. Yeah. Are you serious? Yeah. I mean, you're talking to the one guy in the world who's like, spend a lot on your wedding if you want to.

Just one thing, guys, if you can afford it. If you put on a credit card, you can't afford it, right? Yeah, totally. All right. You found some skeletons in the closet. Yeah, so I found some skeletons. And as I started to work through them and ask questions, those are the types of questions that would make am uncomfortable. And that we would, there would be some friction when we got into conversations about those questions.

So I, for example, I said to M, you know, what, like, what is the bank account that the HELOC is under? I guess it's my citizens, Kate. Can you look there? I already looked there and that's not where it is. So I need you to think of maybe another account that you opened or go through your email. and see if there's another account. Well, I don't really have a lot of time right now, so I'm going to have to look at it later.

Well, I have time to do this right now, and it's important, and I feel like you should prioritize this because we need to get on top of this and we need to start paying this money back because there's an interest rate, and every month that we don't pay it back, we have to pay more and more money. I get that it's important, but I just have a lot to do today, and this just feels really heavy.

Do you know how much the interest rate is on our HELOC loan that we're currently not bang back? I don't know, probably like 2%. It's more like 17 or 18%. Oh, how did this happen? You know I would ask that. Yeah, you would. All right, all right. So let me pause. Okay, first of all right, great work. That was a good. You two are great actresses, even though that was real. How honest would you say that was relative to the actual conversation? Yeah, I think the words that we were saying back and forth were right,

but we were being very nice and careful. Right. I think in the right accident. Probably a little less nice when you had this. Because I could see how it could become very stressful. I'll just be honest. I also, like, it frustrates me that M doesn't know. like about the interest rates or she doesn't like the the aspects of those like those parts of

our like financial situation i would really love for her to understand do you know why she doesn't understand them or seem to care um she's just not she's not they're not interesting to her and she only wants to talk about money when it's good and we're making money well why don't you Asker. Maybe you're right. And why don't you care about the interest rate on our helock? I guess I don't care about it because I think I just assume that when I opened the he lock that what was true that day would just stay true throughout its entirety. And so, like, I just feel like it's a trick or something when things change.

And I kind of go on autopilot. And then when something changes, I feel unprepared. And then I kind of shut down. Well, and the heel lock is for some construction stuff. What'd you do? So when I bought this condo, it needed just some updates in the bathroom in the kitchen. And so we took out a, heat lock for $50,000 to redo the kitchen and bathroom and get it in good shape for us to move

into. Out of curiosity, who suggested you take the he lock? I think our mortgage broker, right? Yeah, I think our realtor at our mortgage broker. Yeah. Tell me. Say it out loud. I want everybody here.

Yeah, our realtor and our realtor and mortgage broker. When we were looking at the property. And so they suggested it. Take out this fall and do this. They were like tack it on to your mortgage and then you just make like one payment a month. So interesting. And what do you think their incentive was in suggesting that to you? Commission.

They got us to buy the property. Oh, that's so weird. Oh, you guys could just take a e-lock. Oh, will it add to my commission? That's beside the point. Of course it will. I'm legally obliged to tell you that. But anyway, you can have such a cool, beautiful bathroom.

Don't take advice from brokers or realtors ever again. They have an interesting dynamic. One partner brings in the money, the other is the financial strategist. I'll tell you what I like about this is that they've talked about money. They affirmatively made that decision for their roles. Now, let me tell you what I don't like. I don't like that one partner essentially just delegates money to the other and then his hands off.

That gives you short-term problems like we're seeing with M&K, but even bigger long-term problems such as divergent views on what to do with your money. And of course, the biggest risk of all. What if one partner dies and the other is left without knowing how anything works? Now, I asked them how they grew up with money. Listen to the gender issues that M encountered as a child. Unfortunately, this is too common, far too common with young women. We'll be right back after the messages from these sponsors. It's interesting when you can afford to buy lots of different things. what you actually choose to spend your money on. For example, I've tried these different shampoos.

At a certain point, I was just like, most of these are all the same. I'm just getting the one from the drugstore. I was talking to a friend about what type of meat we buy. He was shocked that we didn't buy the most expensive meat. And I think the lesson that I have taken, as I have made more money, is just because it's expensive doesn't mean it's right for meat.

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I mean, this is going to sound bad, but, I mean, maybe not bad, but this is just, I grew up in, like, very comfortable, like, upper middle, like upper middle class, I would say. Why is that sound bad? Well, no, I'm, what I'm about to say could be is I just didn't know there was an end. Like, I didn't know that there was a budget.

I didn't know that we couldn't get, you know, we had to get something not name brand, right? Like, I just didn't know that that wasn't the thing. I mean, we weren't spoiled by any means, but like my mom would rather spend, you know, $500 on the J-Crew jacket that I'd have. for five, six, seven years than to just buy me a jacket at JCPenney's and it'd be done in the year. You know, my dad is, he started a family business. And so he was very much in charge of business, earning, finances, planning, everything, investing. And my mom, she made a decision to be a mom, a caretaker. And so she raised all of us kids. And my dad, you know,

there's three and three, so three boys, three girls. And he was very supportive of all six of us, but the way he showed support for the boys was very different than the way he showed support for the girls. And so my brothers, I think, ended up with just more of that sort of shotgun, riding with my dad of here's how money works and here's how money can work for you, where my sisters and I, we didn't get that same type of coaching. And, development. What did you hear instead? Well, how much money do you need? How much does that cost? Like, oh, I got it or, you know, I'll open an account for you or I'll cover it or don't worry about it, you know, those sorts of

things. And zooming out now at the 50,000 foot level, looking back, what lessons did you internalize from what your dad communicated to you about money? Make enough money so that what's in your account is more than what you're spending and save, like open a savings account and, you know, kind of do the, what is it, like the rule of threes, like invest 30, save 30 and spend 30 or whatever. Well, whatever it is. That would be amazing. But wait, that would be amazing, but you're like, I don't really want to invest.

It's too heavy for me. Yeah. So I had an account with Northwestern Mutual. so I just would basically send 30, like basically 30% of my earnings. Okay. And do you like the mentality? I'm not saying, well, I was going to say I'm not saying one is better or worse. But I do think that everybody should be taught how to make their money grow for them.

I do think that investing is important. And I don't think there's any reason that women should be taught that you should squirrel money away only and that men should be taught like, hey, make your money grow and turn into millions. What do you think? I would agree with you. I think as my family, as we've all grown, we've definitely all developed different stances on money and investing. Like what? I think, you know, it's not just the boys invest and, you know,

have passive income and have their money grow for them and the women don't. Like my one sister, I mean, she's a serious go-getter. I mean, her and her husband are just absolutely just, just brilliant in their careers and brilliant in savings. And I think that they do a really great job. Maybe it's even more extreme than I'll ever get. But I mean, she's cut a throat and it's admirable. And I have, you know, a brother who's maybe less aggressive on things. He's very much low risk. He's got a really big family. He's got a lot of people to take care of. And so he is really particular about how he spends his money and what he does with his money.

Parents, you have to talk to your kids about money, especially your daughters. And I say that because I talk to too many people whose parents never talk to them. And when it comes to women, I frequently hear that the only things they were told about money, save money, don't spend a lot, and hide a little money just in case something bad happens. That is not effective teaching for any child. And I'm begging every parent out here to begin having regular, proactive, positive conversations about money. Of course, the only way you can do that is if you yourself have a positive relationship with money. When I saw you recreate your conversation, I noticed a few things.

I noticed a bit of frantic energy from Kate. It's like, I need this, I need this, I need it right now. I have this time right now. Like, where is it? And like, this is really important. And if we don't get it, like something bad is going to happen. And I need you to know. Okay, Kate's like nodding her head.

Yes. Kate, you agree? Yes. Kate, where'd that come from, that energy? I think it's my general energy when I have something that I, that I, that I want to get done. And I don't have a lot of patience. Oh, okay, okay. So is this true in other parts of business and life? Yes, I'd say so. Both. Okay, all right. Um, is there an area of life where you are accomplished, but also relaxed? Yeah, I mean, I'm a, I'm, I throw pottery. So I'm, I have an artistic side, a creative side. And I think that when I, like, I, I'm, like, I'm,

creating and doing something like that, it helps me slow down and, like, focus and I can relax. What did you call it throw pottery? Yeah, like throwing on a wheel. When you throw, like on the pottery wheel. That's called throwing? It's called throwing, yeah. Oh, I didn't know that. Okay. Wow. You throw a pot. Oh, cool. All right. So you have to be, you have to be like pretty methodical, pretty slow, but there's no rushing doing an express pot. All right. Exactly. If you rush, you'll you'll crush the pot. Okay, interesting. I would say, this is recently, but we started doing some workout classes together, and she does seem to turn everything else off, but that session. And at the end, I can see her with just some very natural, like dopamine and endorphins, like just leaving,

you know, feeling good. And that's been, I think, another area where I've seen her kind of just focus on the moment. Wow. Kind of cool to hear that about yourself, huh, Kate? Yeah. It's nice. I want to talk about IVF because I understand that the two of you have gone through or are currently going through IVF.

Is that right? Yes. Okay. And that adds another layer to your story. So can you just walk me through where you are in the IVF process and how you even got started here? Yeah. So we are a queer couple. So in order to have a baby, we obviously need some medical intervention, a little bit of help.

And so in order to kind of get started, there's a lot of upfront costs that a couple will have to kind of put into it upfront. So not many insurances at all will cover IVF or any of the process. And that was true for us. So in order for us to kind of start our journey, we had to make an initial investment about $15,000 to $20,000 that we've spent already. And we don't yet have a baby and I'm not pregnant. So it's still a work in progress. Yeah, so it's a huge financial burden that is on us in addition to the kind of emotional burden that going on a journey like that.

And physical? Yeah. Yeah. Okay. How did you discuss the financial part as you were thinking about the IVF journey? Because, you know, when you're first starting to think about IVF, think, it's kind of hard to know. Is insurance involved? How much does this cost?

how long does it take? How did you go about having those conversations? Right. Well, so we did have some savings that we that we kind of came into the relationship with. And so we decided that having a family was important to us. And like Emma had mentioned initially, these are the types of hard conversations

that we have to have as a queer couple. And there are conversations that we had even before we got married. So we always knew that our family was important to us and that that was going to be a huge priority. So we immediately prioritized a portion of our savings account. It's about $50,000 to IVF and to the journey. And you were both on board with that. Was there any disagreement at all? None.

Wow. That's really nice to hear. All right. So you both agreed. You started the journey. Now, IVF, very unpredictable. It can take a variety of different lengths and all kinds of things can happen. Financially speaking, are you on the plan that you thought you would be?

Do you think that IVF has ended up being more expensive than you thought? Talk to me about where you are today on the financial side. Yeah. So I think, you know, if IVF or we've gone through IUIs and IVF, so they're just, they're all under kind of fertility treatments, but they're a little different. We've done both. And so if you go through IUIs, they're a little less expensive. And if they work and you do end up getting pregnant early on, then obviously you don't end up spending as much money. But if they continue to not work, then you still, you know, you have to continue to spend money and continue to buy.

donor sperm and all of those things. And so we did think that it would happen sooner for us. And so we definitely have spent more money. Like I said, we had $50,000 in mind. That was a very conservative number. And we've spent about 20 of it. We also plan on going through reciprocal IVF. What is that? It's when you use the other partners, egg with the donor sperm and you put it in the opposite partner. Wow. So I'll be carrying our children and so we would be using M's egg, taking that with the donor sperm and then I would be carrying.

And that is not covered by insurance and could cost about $20,000. Significant amount and it's not clear how much it's going to cost. in the end. Okay, so it's a lot of money. Yeah. First of all, you know, I just appreciate you talking about this. This journey is kind of hidden behind closed doors for so many people. Definitely. Most people never experience it.

And of those who do, certainly for me, I'm getting the opportunity to learn what it's like as a queer couple going through IVF because I don't know if you have, say, a straight couple, you know, a lot of times they just don't even know anything about IVF. and the ones who do may have some fertility challenges, but yeah, I just appreciate everyone being able to hear the journey that you're going on, especially how uncertain it is in so many different ways. I'm wishing you the best on that journey. Thank you for the kind wishes.

We're excited. I'm thankful that I get to explore IVF with M and Kate. These are the kind of topics that are rarely talked about openly, especially with numbers. Now, what I notice is that they're quite good at play. for certain expenses. But with other parts of money, they're not connecting. Did you grow up believing you would always be upper middle class?

Yeah. Okay. You still believe that? Yes. Okay. And so upper middle class to you means what? Upper middle class means to me that we're a comfort. Like, we're comfortable.

Our money is invested. It's being saved. and we're able to spend to live life comfortably for what that means for us. Not living out of our means. I don't mean that. But like if we want to go to dinner on a Wednesday night, we can just go to dinner on a Wednesday night. Or if we don't want to, we don't have to. Can you currently go to dinner spontaneously on a Wednesday night?

Everybody look at Kate's face. I would say the answer to that is yes. but if we say yes to every Wednesday night, we are affecting a future yes to something bigger, right? Is it another sperm file? Is it a bigger house in a different location? Is it a, you know, a second car, something like that, right? What do we sacrifice in the future to have dinners every Wednesday night? Okay. And just out of curiosity, how much show the dinners when you go out?

What do you think, babe? 250, 250. Oh, you do like to eat well. All right. What are you ordering for 250? We like wine. Okay. Where do you all live? What's the area? Boston. Oh, okay. So you have very nice restaurants. You like wine. Okay, fine. $2.50. Okay, fine. And how often would you say you go out to a meal like that? not as often as we used to. Yeah, we've cut back.

I think probably twice, twice a month. Twice a month, all right, and what did you use to do? A couple times a week. Okay. Yeah, five or six times a month. Fine. All right. Kate, can you go out to dinner on a Wednesday?

Do you agree with them or do you disagree? Yeah, I agree with exactly what she said. I think we can't go out every Wednesday. but I definitely think that if she suggests dinner on a Wednesday spontaneously, it gets a reaction from me. What is that reaction? Like, should we be doing that? I feel guilty. Oh, okay.

So, M, you're like more spontaneous. Hey, let's go out to dinner. Let's see your sister. Let's do all these things. And then, Kate, you're the, how would you describe yourself when it comes to the money? frantic like worried like a

like a dragon who's protecting the treasure you know yes I like just like breathing fire sometimes is that accurate yeah it is all right so okay

I get the dynamic and when you suggest like let's go out to dinner or something and then you get that response from Kate oh I don't know what will mean won't be able to do this what do you do I think in the past

I definitely would like push her to go out to dinner. Like, oh, this will be fun. We need this. Like, let's just like, you know, have a night, forget about everything going on and kind of coax her into it. And, you know, she shared with me that that was something that I was doing. And that made me feel kind of icky. And so I've stopped doing that.

But now I think I've swung the pendulum in the opposite direction where I don't really ask anymore. Or if I do ask and she says, no, I immediately. I'm like, yeah, yeah, yeah, it's fine. Like, I shouldn't have brought that up. Are you guys in therapy? You sound very conversant in therapy talk. We are. All right, good.

It's cool. I mean, that is a compliment. Like, she told me that I was doing this dynamic. I'm like, all right, cool. All right, that's awesome. I love hearing that. So you have already built bonds on communicating and having these conversations with each other.

But as you said to me, communication is your superpower, but it seems like for some reason money is the one thing you can't seem to communicate on. Why is that? We don't know. I think that's what I think that's like something that we that we hope that you can help us with. I do think though that like my hope is that we can find a balance because I don't think that this is a dynamic that I want to like I know that I don't want to be in this dynamic forever. I think that we have a lot of things working against us right now.

Like we have, like I mentioned, we have the HELOC. We have the wedding that we paid for on our credit card. We have the IVF that we're paying for. We have a lot of things that have kind of built up. And what I am asking, I think of M, is to like temporarily get in this boat with me to help the, help us, like, release the pressure. Like you feel like you're rowing alone and where you need to go is over there. And it's a bit of a distance away. And you have waves coming at you.

You have IVF. You have these loans. You have all kinds of stuff. And you can't do it alone. If you could just have a passenger or partner in your boat, maybe you could get there safely together. Yes. That's the reason why we're together is because we love to go on adventures with each other

and we love to be spontaneous. but for me in order to do those things we have to first be responsible and pay attention to the things that are right in front of us and then we'll be able to be more spontaneous and yeah enjoy life a little more and what do you hear when you hear her sharing that example i mean i think she's I think she's she's been asking for those things and I think she does deserve someone to row

the boat with her. You think that there's a way that everybody can feel good about money? Everybody. Yeah. Yeah? Okay, lots of nods around the room.

What's the way? Tell me. Maybe putting moments of fun into the plan. I totally agree. That would be amazing. Are you on chapter three or less in the book? You are right.

I just started, I think, chapter four, the conscious spending plan. Yeah, I knew it. I knew it. Because go about five more pages and you're going to be like, oh, that idea I had was really good. Here it is. We'll be right back after this. I have this email software that I love so much. I pay for it personally.

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Go to superhuman.com slash Ramith 3 and try it for yourself. That's superhuman.com slash remit 3, the number 3. What's the area of life that you want to spend more on this year? A lot of people will say health or relationships. Some people will say travel. Let's talk about food and health for just a second. For example, in my life, my wife and I both decided we're going to spend more on health. And that means having a personal trainer.

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get into their finances, which I promise is going to surprise you. If you want to follow along and use my free template for your own finances, go to IWT.com slash CSP for the conscious spending plan. That's IWT.com slash CSP. How was it filling out the conscious spending plan together? It was good. Yeah? How long did it take? 10 minutes. Thank God. All right. Let's see here.

Kate, can you read the net worth stuff? Read the bold word and then the number next to it. Okay. Assets, $1,265,000. Investments, $141,000. Savings, $54,000, and debt $789,000 for a total net. worth of $671,000. Why are we talking about $80 dinners?

Can anyone explain this to me? I'll start with the dragon. Yeah. I don't, like, I guess like I don't know, I don't know if that's good. Like, I don't know, honestly, I don't know if that's good. I really love my job. So you're 36 and 35 years old. your net worth is $671,000.

Is that good or bad? Let's just start there. Probably good. Probably good. I'm glad you said that. M, good or bad? Bad. It's bad.

Okay, how come? Well, it's that compare mentality. You're comparing yourself to your 25-year-old older siblings. Yes. Okay. All right. I mean, you're right. When I compare myself to Bill Gates, I also feel horrible.

Bad, yeah. I feel so bad. Oh, gosh, Warren Buffett. I'm a total failure at life. My portfolio, it's like nothing. What if you compared yourself to people your age? Yeah, I think I would, well, I guess before we started this financial journey, I would have also answered bad, but again, it's that those new lenses that I put on, I feel really good

about where we're at. So sometimes what I say is that the way you feel about money is highly uncorrelated with the amount in the bank. Well, here we go. Yeah. That's case in point. So let's take a look at your income. I found it particularly interesting.

M, walk me through your gross combined monthly income. What is this number? 28,226. That's monthly for everyone listening. annual income. They make $28,000 per month. What's the total annual income, M? It's right around 338,000. Okay. Did you know that number? Yes. I love it. Okay. Love it, love it. Thank you for bringing that average up. Again, 50% of people on this show do not even know how much they make on an annual basis. All right. So this is what I love.

According to these numbers, one of you makes $27,000 out of $28,000 per month, and the other one makes $560 per month. Can you please explain this to me? So I'm in a small business, and I only pay myself enough, like I pay myself what goes into my Roth IRA. So. Okay. I don't mind it. That's smart. That's really smart.

Okay. Let me explain for everybody listening, why K. does that and why I'm totally on board with it. So Kate goes, I'm young. I want to max out my Roth IRA, especially because my income is relatively low right now. So I can afford to put in the full amount to your Roth IRA. So she just pays herself that much.

She's going to take that, invest that post-tax money. It's going to grow forever. And then she's not going to pay any taxes on the gains, which will turn into a lot of money over time. Okay. Meanwhile, she also can afford to, pay herself basically nothing because M is earning this huge salary so they can run their household on that. Kate, did I get that right? Yes. Okay. Em, how's your salary so high? Everybody wants to know.

I'm a VP at a tech company. I'm happy with my salary. I, my hesitation is just from like an equity perspective. I am paid much more like much less than men of equal title. in the same industry. They've been doing a lot of work over the last year with me being a part of the charge to lessen the wage gap, especially at my company, but just industry-wide,

I mean, other VPs of the same level at different tech companies do make a lot more. So it's, you know, where we're at as a company, we are working hard to make it more equitable for everyone. But, yeah, so, I mean, I definitely want my earnings potential. to go up. How do you feel about your salary? I want it to be more. Kate, Kate was shaking her head. No, Kate, speak up. Yeah, she's not happy with her salary. She's not happy. I just want to, how do I do this thing? Let me just see this for a second. Everybody

look closely. This is the number we're talking about per month. $27,66. Now, I'm not saying and that you shouldn't want more. Of course you want equity. I get that. I'm just saying on an absolute basis, can we agree that for somebody in their mid-30s, this is a pretty good number? Yes.

Okay. All right. Again, not taking anything away from all the work that you're doing, and from what you're saying, you probably should be compensated much more. All right. Your net monthly income is 16,960, which tells me you're investing a ton in your 401k,

probably maxing it out. right? Yes, yes. All right, that's a lot of money. Good. Well, I have no comments on your income, except that it's great, and it seems like it's probably going to go up. Right? Yes. Kate, are you going to make more in the business? Yes. All right. When? So next year, I have a plan to pay myself next year, so we had a really great year. This year, I'm able to pay myself a little bit next year. And in addition to that, I have a couple like side hustles. that I'm going to be working on. So my goal is to bring home about $3,000 to $4,000 a month.

Here is a couple who is financially doing so many things right. Now, to the untrained eye, you might just see a couple with a high income and say, oh, that must be nice. But I see a lot more beneath the surface. They've discussed financial roles in their relationship. They are carefully maxing out their retirement accounts, which is why there's such a huge disparity between gross and net. Is everything perfect? No, they put 50K for their wedding on a credit card. Don't do that.

They took that he lock that was probably unnecessary. And they're here because they're not connecting around money. But from a purely numbers perspective, and even a lot of their process, they are doing great. And I want to take a second to applaud that. I think with money, we are all too quick to point out all the things that are going wrong. All the things we're not achieving. We even compare ourselves to people that are decades older than us. I want you to cultivate the habit of feeling grateful, accomplished, competent. You can feel good about money even if you have debt. And that's important because feeling bad is not going to produce long-term behavioral change. But feeling good, along with using the systems that I teach in my book and my programs,

that will. Savings goal are at 23%. That's a lot. Why are you saving $3,000 a month for a down payment? What is this? Why? Well, deep breaths on this call.

Well, the thought is that we so we have that money set aside and the thought is that if we want to buy another house in the future that we could contribute the money towards that. Although I think we're both in agreement that right now we don't need to buy another house. We're comfortable here. But with the plan to grow

our family, we will grow out of space in this house. And also we don't want to pay a higher interest. I think our interest rate on this mortgage is like 3%. So if you were to buy a new place, your interest would naturally be much higher, right? Especially right now in the market. When we started talking about IVF and when we do eventually grow a family, the plan is for me to stay at home with our kids. And so I think the longer that that kind of has taken and it has started to weigh on me a little bit that I'm not bringing home any additional income. So any pressure is on myself.

Okay. Well, I certainly don't want to be the one to add that pressure. But I'm glad you've had those conversations. That's awesome. You're a team. I hear it. All right, let's keep going. Your fixed costs are 48%.

I mean, what am I going to say? I have no comments. You have a $3,300 mortgage, which is 13% when I factor in your utilities. That's fantastic. What is this, a condo you own? Right. Yep. Okay.

That's the one you're in right now? Yes. All right. Looks good. So you're 54,000, if we broke it out, you have money for IVF and some of the money for this new potential house. Yes. All right.

Yes. How long could you go in this house with a business? baby? I mean, I think we have different perspectives on that day to day. We have one extra bedroom. So we have an additional bedroom right now. So with one extra bedroom, we could go until that baby is more mobile. So once the baby is born a year and a half, so anywhere from two to three years from now, we need to look at buying another house. If you rented the house that you have right now, how much would you get for it? This one. We were quoted. 4,000.

4,300, and you currently pay 3,300? Okay, although you'd probably break even with maintenance and all that stuff, maybe. But, okay, so would you potentially consider keeping this, renting it out, and then getting another one? Whoa, going to have a little

real estate empire over here. I don't mind it. For everybody listening who thinks I hate real estate, I don't mind it. If you can get the numbers to work, very interesting. Okay, maybe you end up doing that. Maybe the next place you get, you buy, maybe you rent.

You could certainly do that. There's lots of options you have. I wouldn't rush into anything, particularly with 8% interest rates, et cetera. But you have time. I love that you're planning. In fact, I just want to highlight this on, this is like a very, very savvy savings goal. First of all, you've broken it up by different names. They're named accounts.

That's awesome. you have a baby saving and spending at $50 a month. Amazing. And especially amazing because you're doing this before there's a baby. And I just love that. And of course, the longer you save, the less you have to save. So 50 bucks a month right now is going to turn into a lot of money. That's amazing. You got this amount for debt payoff and house payment.

Let's just call it house payment. Okay. All right. Looks good. blah, blah, blah. What kind of card do you drive? Of Volkswagen, Tijuana. I think it's 2021.

All right, fine. Your groceries are 600 bucks. That's pretty low. Right. So it's what? The food spend is all eating out. Is that it? Yeah.

Why are you guys laughing? She thinks it's too low. She thinks it's too low. She wants to sit more money on groceries. Em, how do I say this nicely? your household income is $28,000 per month. If you want to spend an extra $200 a month on groceries, you don't have to sacrifice on like a t-shirt.

Do you know that? And I'm going to show you the actual math because I want you to make better decisions when it comes to your money. Like I want you to feel comfortable. So right now this number, your fixed cost number is 48%. Just to give you an example, let's say we add an extra 500 bucks a month. I'm just playing here, just for fun.

Watch this number that's currently 48%. Okay, let's see what happens. It jumps up to 51%. It's nothing. Let's add 1,500 bucks a month. 57%. Okay, now we're getting a little high. All right, I don't think you need to do that.

But an extra 100, just look at the number. It literally changes nothing. What do you take away from that, Ed? I think the takeaway for me there is it's not about like being $50 over or $50 under. It's like figuring it out what's that sweet spot and staying within the range that keeps our fixed costs at the percentage point that we want it to be at for what we're what we need to be saving or spending on. Yeah. Yeah. And take advantage of the fact that you're obviously very good at your job and that you're obviously very good at your job and that,

you have a great relationship where you can be great at your job and Kate, you can be great at starting your business. I always ask myself, what do I get? Whenever I'm doing something that's a lot of work, I go, what do I get? Like, literally, I put my hand out, I go, what do I get? What do I get for working hard at my business, et cetera? I get to travel and I get to stay at beautiful hotels. I get to surprise my friends and family, and I get to not have to count the prices when I go to a restaurant. I just don't want to.

I set a range, I'm generous with myself, and then I never have to check it. So what do you get is, if you love food, pick a range that is comfortable, but then you get to be able to get the nice pasta

if that's what you want. How does it feel? to hear that. It feels nice. Relaxing. Yeah. I love that word. Relaxing. Peaceful. Yeah. I just, I kind of love the transformation and when we first started talking to where we are now, just you two are much more open about. And I can, I can definitely and very clearly see the love between you. And I love being able to connect that to your money. Because when I see this money, I don't just see a conscious spending plan. I see beautiful vacations and I see you eating amazing food with friends and loved ones. Like, that's what I

see. And that gets me excited. Remember this. This is really important. People, this is where people find comfort in their numbers, in disorder. They find comfort in their checking account, then their savings account and last their portfolio. Yeah. Now, can I tell you how I find comfort? Your portfolio first. Yeah, I would literally, if my portfolio were a blanket, I would call it blankie. And I would like lie with it and just cuddle up with.

Now that's comfort. And that also grows and it compounds. That's comfort. The thing that drives me insane is people finding comfort over this tiny little tiny thing. I go, that's providing you comfort, something that's earning basically no interest, some little checking account,

just because you can see it. And so what I want people do is to dream bigger, right? Comfort comes from your portfolio. That's like a moat. Nobody can mess with you when you have your moat of wealth. Something goes wrong. Yeah, okay, you pull out free of your checking. It's too big.

You got your savings. Something, some opportunistic thing comes along or you want to buy a huge house or whatever. Boom. Portfolio. So I want everybody to reverse what they love. Portfolio first, okay? That's like the third person in your relationship. There's the two of you and your portfolio. That's love. Second is your savings. You got a nice savings. It's a healthy amount and you're growing it. Okay. Checking is like, it's like irrelevant. Whatever's there, you know, cover it, put a little bit extra so you can float it. And let's not talk about checking. It's just,

uninteresting. That's how you have a healthier relationship with your money. All right? Yeah. Awesome. I want an investment blankie. Yeah. Damn, I need to create some merch. Yeah, you do. It's a blankie and it just says your moat. Now you got this drag and a moat. I know, you know what? I need a merch store. And after every podcast, we're going to have some new little little thing. Damn, that would be amazing. If you start selling like dragon stuffed animals, I want a percentage.

One last thing I want to do. Speaking of investments, I would like to plug in your investments. Have you all ever done this where you plug in your investment numbers? Not with the number that we were just working with that extra $12,000 a month.

All right. Let's play with it, huh? So, because I want you to what numbers we're dealing with. Because when you first got on the call, we're talking about like $80 Wednesday lunches or whatever. I'm like, no, I'm not talking about this with them. They were $250 then.

Yeah, all right. All right. So here's the current amount you have, okay, invested. And do you know how much you're going to add every year based on just your current income in your mid-30s? Like 46,000. Yeah, right about that. Yeah. Yeah, exactly. So let's let's be conservative. Let's call it 46,000. I would have said 50, but let's just say 46,000 to be conservative. I like it. Years to grow. How long? 30. Yep. You'll be 65 by then. Again, just good calculation. And what percentage should we assume M, I'm asking you? What percentage should we assume here? Eight. Oh, good. I'll say seven because I like to be conservative, but eight is also valid.

let's say seven though let's do it my way all right how much m are you going to have if your income does not increase one bit for the rest of your life and you just keep this plan up how much are you going to have about two million damn someone's run some numbers before well it's actually a little bit more than that five million five point seven million what do you say m looks completely uninterested in this number well let me zoom in on this face that m this five million bucks That's adjusted for inflation. It's awesome. She's like, that's really cool.

I can buy that. I can go to Italy and get that pasta. And that's a lot of money. Yes. Kate, you feel safe? Anybody here feel comfortable? Yes. All right.

It's a lot of money. What I want to do is I really want to congratulate you because now you're playing big. Okay. And of course, you can play with it. You don't have to wait 30 years. You know, you want to see what happens at 20. just to say, oh, maybe we retire early. All right, 2.5 million.

But maybe you start earning a lot more. I'm sure that business is going to crush it. And maybe instead of 46,000 a year you're contributing, you turn that into 65,000. At your income, it's totally possible. So what happens? 3.3 million in 20 years and 7.6 million in 30 years. And of course, if you just let it sit there,

11 million by the time you are 70. The numbers are huge. The point is you started big, you started early. Now what matters is consistency. Okay? The only way that the two of you can be consistent is if you both feel good about money. I really enjoyed speaking to M&K, and my approach today was to focus more on the positivity

because their numbers are solid and their strategy is generally very good. What I wanted to do was to shift them from feeling like money is a burst. burden, like they're a dragon being totally uninterested in money to taking a victory lap and saying, hey, we did that. I took this approach because I saw that they have done this same thing in so many other parts of life. And what I wanted to do was I wanted to connect their feeling of accomplishment and togetherness with their money.

M and Kate are a great example of not needing to go deep on the tactics because they're quite smart. They're going to figure it out. But the real opportunity is to change the way they talk about money. They behave with money. And most importantly, the way they feel with money. Let's hear their follow-ups. First, let's hear from M.

One of the big things for me was participating more. So I started to add different reminders on my calendar that come up on a monthly basis to check, you know, our HELOC loans, our Mint. account just to make sure that we're that I'm showing up in a way that allows Kate to be able to have those conversations with me where I don't feel as though I'm being bombarded, um, but that I'm participating in my own rescue a bit more and not depending on Kate for all that because I know that stresses are out. One of my biggest takeaways was the plan and what it means. Um, the plan, you know, it's, it is a budget, um, but what it really is is that if we have goals,

in our life, we need to make sure that we're planning and creating pathways for us to achieve those goals. The last takeaway that I'll share with you is one of the things that I loved what you said was to play big means to be consistent. And what that meant to me based on our conversation is when we started to look at, you know, 10, 12 years, well, when we started to look further out, you know, into the retirement timeframe, but that in 10 to 12 years is our opportunity to create some really big wealth. And chunking it down like that has me really excited for some of the things that we can do as we keep earning, as we keep investing and continue to grow, not just our finances, but just our goals and grow towards them. So definitely appreciate it.

And now Kate's follow-up. One of the things that surprised me about our conversation was when you picked up on my frantic energy that I have around money. It was a useful moment for me because I think that I put so much importance and I want so badly for money not to cause anxiety that I actually make it cause more anxiety. Something that I took away from our conversation is that we actually are in a really good place. We actually don't need to maybe save as much. We can. can spend a little more and maybe look at investing a little bit more. So we actually have a very good solid financial foundation. Something I noticed was that what I could do is to contribute more financially. And I think that that's going to help me feel more confident about the money that we do make

and about spending money. And also just to check our finances less. and not be going through the transactions on a day-to-day basis. Take a kind of a zoomed-out approach and only look at our finances. Something that I plan on doing this month is actually M and I are going to go out on one of those $250 dinners that we deserve and we can afford and we should go out on. And we are going to have a lot of fun. So thank you so much and we hope to talk to you soon. Thanks for listening to I Will Teach You to Be Rich. I'm Rameet Seity.

Please follow the show on Apple, Spotify, or wherever you listen to podcasts. If you haven't read I Will Teach You to Be Rich, my book, pick up a copy. You can get it at any bookstore or any library, and it will show you the specific tactics for how to build the I Will Teach You to Be Rich system into your personal finances.