A couple carrying $924,000 in debt bought another house anyway, against one partner's wishes. Ramit Sethi walks them through why the cycle keeps repeating and what it takes to actually break it.
How much debt are you guys in right now?
924,000.
How's it feel to you to be in debt? It feels like we're never going to get out of it.
Tony didn't want to buy another property because he doesn't like real estate investments that much. I was like, no, let's buy this short sale. And then we bought it.
It feels like I live paycheck to paycheck. I don't feel like I'm making any money.
I can't even figure out what page anybody's on right now. It's like a kid wanting to buy a toy. I want this toy. No, I want that toy. You're talking about a million plus dollars here.
I feel like I'm in the roller coaster again, trying to see what he want to say next.
If we end this call right now, I suspect you will go the rest of your life getting into debt, making a little bit of money over here, paying it off, going into debt, doing it over and over until one day, it's like you're in the ocean and it just engulfs you. Do you know anybody who's done that?
Their parents. They lost their houses. 50.
And now you're both repeating the same pattern.
