Ramit Sethi of I Will Teach You To Be Rich talks to Kristina and Erin, a married couple who have been together for 10 years, raising two children in Toronto. They make good money, but they have no system for their finances, which has led to years of avoidance. They've accumulated $106K in debt and have only two weeks of savings. While Erin, the "stable one," has a full-time job, Kristina’s entrepreneurial journey has been marked by wildly inconsistent income, including a $50K loss on NFTs. They both admit they don’t trust each other or themselves with money. Ramit helps them confront their fears, redefine their relationship with money, and finally start working as a team.

In this episode we uncover:

• How Kristina lost $50K in NFTs

• Why Erin struggles with "spending with emotion"

• The cultural component of their Catholic guilt around money

• How their childhood experiences influence their money habits

• Kristina's fear that her income won't last

• The surprising truth about their combined income

• Why they avoid tracking their spending

• Their identity as "coach collectors" who avoid real change

• Ramit's "60-second truth-telling" exercise

• Why they need to be aligned as partners to achieve their goals

• The true cost of credit card debt

• Why their "guilt-free" spending is holding them back

• Ramit's radical advice on cutting fixed costs

• How they can quickly pay off their debt

Chapters:

(00:00:00) Introduction

(00:02:40) Feeling stupid about money

(00:05:23) Unspoken financial conversations

(00:08:44) Fear that money won't last

(00:09:25) Lack of trust around money

(00:15:16) Emotional spending and guilt

(00:19:55) The surprising truth about their net worth

(00:22:52) The impact of high fixed costs

(00:27:00) "We work too hard to feel like we don’t have anything"

(00:30:45) Why past coaching failed

(00:34:54) Childhood money lessons and scarcity

(00:41:46) The impact of Catholic guilt

(00:49:30) Goals for debt and savings

(00:54:30) Ramit's 60-second truth-telling

(00:58:33) Fixing the Conscious Spending Plan

(01:07:07) Aligning on a Rich Life together

(01:17:35) How Kristina and Erin are going to get on the same page

(01:21:40) Why they're afraid to talk about money with their kids

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