53. “We want to break the cycle of generational poverty, but we don’t know how” (Part 1)

07/26/22 • 50 min

4 Listeners

Annie and Austin were both raised without knowing where their next meal would come from. They came to me looking for a way to break the relentless chain of generational poverty that they’ve experienced... and that they fear they’re passing on to their two young children.

The good news is that it’s not too late for them, or anyone, to start making the right decisions and move toward a Rich Life they can be proud to pass on. They bring in about $130k a year in a low-cost region, and since they’re only in their twenties, they can expect to make more money as they get further into their careers.

Annie and Austin have never been taught about money. So listen in as I meet them where they are: zero savings, $68,000 in debt, and no tools for managing their finances. Stick around next week for part two of this conversation, where we dig into the numbers and present long-term solutions.

Connect with Ramit

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.

Connect with Ramit

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.

Previous Episode

52. “He hides purchases from me—and I let him”

2 Recommendations

Lisa and Jeff are in their forties and have a blended household. They had about a $300k net worth before they were awarded a $1.275M settlement in January of this year. What’s important isn’t the details of the settlement, but that they don’t know what to do with it.

She doesn’t trust him—and for good reason. He opens lines of credit and makes secret purchases while also refusing to participate in financial planning, leaving Lisa to carry the burden. She’s looking for a teammate, but he’s happy to simply send her his paycheck and make jokes about their toxic dynamic.

They’ve invested the windfall in a few places (yes, one of which is a bad financial advisor), but they lack a vision—and the communication to build one. Before they decide what to do with the settlement cash, they need to be honest with themselves, and with one another. That’s where I come in. Let’s see if we can bring some clarity to their situation.

Connect with Ramit

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.

Next Episode

54. “We grew up poor—but we could be millionaires” (Part 2)

Last week, in part one of my conversation with Austin and Annie, we got deeply personal about their upbringings and the invisible scripts they picked up as kids. I learned that they were passing bad money habits to their young daughter—continuing a cycle of generational poverty.

Today, my goal is to move them out of that cycle by getting tactical with how they can turn things around. They’re young and make plenty of money to be comfortable—even multimillionaires—in their future. But we need to get the calculator out to make them believe it. Tune in as Austin and Annie see how it’s possible to go from generational poverty to generational wealth.

Connect with Ramit

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.