A couple with four kids and up to $1 million in debt tell financial advisor Ramit Sethi they'd lose their home if an emergency hit. They rely on one paycheck, avoid money conversations, and feel trapped. Ramit pushes them on what needs to change.
So many years, it was like, well, don't spend that. Well, don't spend that.
Your debt is between $633,000 and $1 million. Wow. How do you feel about your numbers?
Despair.
Embarrassed. It's heavy. It's like a burden that you carry around.
I don't feel like I have a lot of control because I just am like waiting on him to give us paychecks all the time.
It feels like you're putting all the burden on me to come up with a plan.
I need communication. I'm a person that thrives on knowing what's going on.
Do you resolve your money conversations, or do they just get swept under the rug?
They just move to a new day.
What does that feel like?
Overwhelming. Hopeless.
What's going to happen if you get hit by an emergency expense?
We'll lose our house. Yes. We'll always be broke.
Now, it's one thing if it's just the two of you, but you have 4 kids. I'm not okay with it. You have to change and probably change radically.
