“We achieved FIRE with $4.3M. Why can’t we enjoy it?”

Рет қаралды 152,243

Күн бұрын

Ramit Sethi of I Will Teach You To Be Rich talks to Mindy and Carl. In their early 50s with two teenage children and a successful track record flipping real estate that’s helped them build a $4.3M fortune. But as devoted members of the FIRE community, they struggle to talk, think, and spend it in healthy ways.
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Can’t-miss moments
00:00:00 - 1: Opening
00:04:09 - 2: Would they call themselves cheap?
00:08:32 - 3: A pattern with cheap people
00:16:34 - 4: Flashback to Ramit and Mindy's emotional conversation years ago
00:20:16 - 5: Watch what happens when Mindy talks about her Germany trip
00:26:40 - 6: Ramit's biggest critique of the Financial Independence movement
00:29:50 - 7: 2 layovers from Denver to Florida to save...$20?
00:33:32 - 8: Ramit is not convinced they want to change
00:36:15 - 9: Carl describes his "sad conversations about money" growing up
00:40:55 - 10: Ramit takes a huge left turn
00:45:26 - 11: What changes have they made?
00:57:25 - 12: Do we keep busy so we can escape ourselves?
01:00:01 - 13: The amazing money lesson they are teaching their 13 yo daughter
01:03:13 - 14: Mindy begins looking at life through a new lens
01:07:53 - 15: The tables have turned: Mindy interviews Ramit
01:13:46 - 16: Ramit gives Mindy and Carl some homework
01:15:52 - 17: They will have $32M at age 74
01:17:43 - 18: Mindy and Carl's VIDEO follow-ups
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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: forms.gle/pjYMaLeThJM3z9uN6
Produced by Crate Media.

Пікірлер: 485

@ramitsethi Жыл бұрын

0:00 Please remember: These are real people who had the courage to come on my podcast and ask for help. Would you be willing to come on this podcast and share every detail of your financial life? Feel free to leave comments based on what you think, but remember that we are here to help in a supportive way, not to demean and criticize. Download the Conscious Spending Plan so you can use your money GUILT-FREE: iwt.com/csp-youtube

@LLioness30 Жыл бұрын

I’m fascinated with the work you have done with folks and getting them to understand how money works and how to understand the effects. The realization of them getting it or even admit there’s an issue and they make the progress to a richer life. I need that help, we need that help.

@karenmoore7309 Жыл бұрын

Congratulations on achieving your goals and looking at what is important/ worth spending money to experience! Thanks for sharing!

@I_amMe. Жыл бұрын

I respect Mindy and the FIRE community, my understanding of FIRE is being efficient and frugal and not necessarily being cheap. I don’t like that you’re kind of shaming them for not being wasteful. I only spend money on things that brings me joy and not just spending because I have it. I search for best value and don’t pay more I should in time and money, I call it being efficient.

@eileenwatt8283 Жыл бұрын

They don't seems to carve out any time for leisure. They could set aside an account for leisure and that would take their insuritites away. I can Identify but they have to shift their mind set from frugal to cautious spenders on experiences.

@Xoxo-ty4sk 9 ай бұрын

@Ramit im wondering if maybe you missed something really important at 47.25 min, Carl is telling that his friends told him he should do it. So I thought maybe because his friends agree with it and approve this money spending, he doesn't feel bad about it

@milikoshki Жыл бұрын

This weirdly reminds me of purity culture in the sense that evangelical kids are taught anything remotely sexual is BAD, but once they're married they're expected to immediately embrace their sexuality. Seems like there's a similar gap in FIRE where people need to learn how to enjoy and get comfortable with spending, rather than saving up all this money to do nothing more than protect it, like a jealous dragon crouching over it's hoard. Props to Mindy and Carl for their willingness to share this vulnerable topic with all of us!

@ramitsethi Жыл бұрын

Extremely insightful comment. Thank you

@pinnacleroofing9841 Жыл бұрын

cool / interesting analogy

@labitcoineragt3596 Жыл бұрын

Very interesting! I like that analogy.

@cagr9334 11 ай бұрын

Oh my goodness! Terrible correlation… am a product of purity culture, didn’t kiss my husband until the wedding day. But had no issues in the bedroom at all from our first night to today 19 years later! Haha!!! Purity culture is far less harmful than free for all sex! Nothing to do at all with money!

@bradman4399 11 ай бұрын

@@cagr9334 you being a product of purity culture doesn't invalidate the experiences of others. some people do FIRE movement and don't struggle with their transition away from 'saver mode'. It's a great analogy.

@GingerConcierge Жыл бұрын

I don't know how to explain it, but this was the episode that really 'clicked' for me what a Rich Life truly is. I've been following Ramit and IWT since I was a teenager. As a twentysomething now, I really felt that my life was on pause until I would finally hit the amount of income that would cover all of my Rich Life expenses- until I realized that my Rich Life was never about dream trips or fancy clothes or hiring a personal trainer. Am I valuing experiences and relationships and health now? Is my money going towards those values now, or what I think I *should* be doing? My idea of a Rich Life isn't a set of experiences/material items I want and then I have to guess what that means in terms of 'what I value'. I need to determine what I value first and then put money/time into those values at my current income. I know it's silly, but I thought that 'travel' was a value. I now realize that my values when I was dreaming up these trips were 'relationships', 'continuous learning and exploring', 'rest', and 'good food'. I can still put money and time into these values even if I can't afford a three month trip around Europe yet. And while I save for that goal, I won't oscillate between feast and famine. This is what it means to live a Rich Life at any income. Great episode. Thank you Ramit, Mindy, and Carl!

@michellec.b7580 Жыл бұрын

Yes! Good point about the values. Very interesting. Glad you shared.

@mogain9258 Жыл бұрын

Great point, we can live our values without blowing a bunch of money on luxury. Some of Ramit's interviews with wealthy people seem to be about getting then to spend more on luxury goods and services. But for some of us, we don't have an excess money problem (yet), and it's more about living well with what we have.

@britneeg Жыл бұрын

That’s a great point about traveling. People act like I’m crazy when I say I don’t like traveling. I know how to get those experiences and still sleep in my own bed at night.

@vanessakettner117 Жыл бұрын

Love this!

@klt9874 11 ай бұрын

Wow! great insight.

@filipb1462 Жыл бұрын

"The more money I have, the more meaning I get to create in adventurous ways". Ramit, that is so powerful. Thank you.

@MariaNattestad 8 ай бұрын

The idea Ramit said that “there’s some waste in every system” has stuck with me. I repeat this to myself often when it comes to purchases that aren’t super efficient, like I could probably find this cheaper on Amazon, but I’m holding this in the store so I’ll just get it now. It helps me not optimize everything.

@andresgarciacastro1783 2 ай бұрын

Completly agree. Also, your time is valuable.

@lowlowseesee 2 ай бұрын

When I discovered entropy in my studies (I’m not a brainiac but I like to read) I never forgot this concept. I see it everywhere. Now latriy I know what opportunity cost is and I see it in dating, art, job choice and of course it’s origin; financial choices

@workinprogresssince1974 Жыл бұрын

When my aunt died about 6 years ago she was living in abject poverty in a house with no central heating and threadbare furniture. After her will was read and her assets were drawn together it turned out she was worth a fortune, but she had been too scared to spend the money, because 'what if.....' It was her fear of spending money that eventually killed her. You can't take it with you when you go, and you should enjoy some it on experiences that enhance your life and bring you together with your friends and family. Surely that's why it was saved, so that you could enjoy those years, not spend it still living in fear of where every penny goes.

@lbslott Жыл бұрын

We had an uncle like that too.

@AstorSkywalker Жыл бұрын

I think it's scary to think that you might be without money in your old age when you cannot work as when you were young

@workinprogresssince1974 Жыл бұрын

@@AstorSkywalker I totally agree, and I can understand why people might decide to keep the money in the bank rather than living at least a basic standard of living. But there's a balance. I mean, having a ton of money in the bank and living without central heating or enough food to live on isn't a fair trade when the whole point of the money is for it to look after you when you can't work. It's getting the balance right whilst also planning for the future. It's tricky.

@labitcoineragt3596 Жыл бұрын

😮 wow, how sad 😖

@stop08it Жыл бұрын

Did she grow up in poverty by any chance? I've noticed this behavior in people that grow up poor and start to amass wealth, of course, it doesn't apply to everyone that grew up that way. Honestly, it's really heartbreaking that she died that way, i'm sorry.

@AqueshaDru Жыл бұрын

Omg! Ramit asks amazing questions honestly. You're like a money therapist 🤔

@lowlowseesee 2 ай бұрын

He’s a genius lol

@julienichols8598 Жыл бұрын

This resonates with me. We got out of debt a few years ago and have been saving ever since. With a comfortable amount saved, its hard to loosen the reins a bit and learn how to spend. I recently got a promotion and my husband and I sat down to talk about where the extra money could go. We decided to put money aside each month to eat out and to take a small trip and do something fun with our kids. Feels good to be able to enjoy life and not stress about every dollar. Ramit has changed my thinking about how money is handled in our home. ❤

@chumabanjwa4662 Жыл бұрын

I loved hearing Carl report back and listening to all the wonderful experiences he is going to have with his family. Well done Mindy and Carl, enjoy the money you have clearly worked hard to accumulate. Life is too short!

@vanessakettner117 Жыл бұрын

Me, too! Loved this so much!

@kimsousa6420 11 ай бұрын

I can TOTALLY relate. My husband and I live in expensive CA. We are still working in our early 60's because even with $4M+ it never feels like enough. We have investment properties, a Dollar General Grocery Store, a vacation home, our main residence, and about $1M in our retirement accounts. With the economy, and fluctuating stocks, we never feel, ever, like we have enough. We both still work, and do our own home improvement/gardening, much of the time. Sometimes we hire things out because we are too busy working, or we are just too old to feel good doing it anymore. We have a 26 yo son who owns his own home and is doing well, but is always to busy to spend any vacation with us - kind of like the Jim Croche song. Makes me wish I could have seen the forest through the trees while he still was young, so we could have taken some time to make experiences and memories with him. Now it all just seems too late.

@StevenEdwardsAudio 6 ай бұрын

It’s not too late, but you need to stop worrying and have some fun. The money is being wasted.

@samiquerizvi 6 күн бұрын

I think in ten years you would think the same thing about yourself right now, that you wish you enjoyed life now.

@rookie999 Жыл бұрын

I feel like since FIRE has become a thing, people are getting financial anorexia. 20 bucks badly spent haunt me for days now.

@dj_bae Жыл бұрын

I think the fact that most common people have to be that concerned over $20 these days in order to secure their financial future is an indication of the overall failures of our governments to build economic systems that actually work for the working class. We should be frugal, yes, but the level of frugality that is required is severe for a lot of people and it really shouldn’t be that way.

@asongfromunderthefloorboards 3 ай бұрын

That's why it is crucial to have a budget that has plenty of wiggle room. I don't really ever eat out, maybe one beer with friends and one date (I pay). So I have $125 in my Restaurant category. There is no fear over $10 difference in meal, I can leave a sizeable tip, and it's purely guilt-free - I spent the money on what I wanted to spend the money on. Financial Independence is about enabling you to spend money without working a traditional job. It should be spending-focused, just very deliberate about where your money goes.

@heathershuster5570 Ай бұрын

'financial anorexia' well-said 👏

@MariaNattestad 7 ай бұрын

Can we please have more episodes like this one with Mindy and Carl? People who know what they’re doing (like what a Roth is for) but still have interesting mindset challenges around money? They are more relatable for those of us who already have our stuff together :) Ramit, I read your book 8 years ago before launching my career. I want to see more advanced case studies :)

@fnamelname7296 Жыл бұрын

I can relate to this. I turned 50 few months back. Our net worth is 6.5M. I used to drive a 2007 Honda civic, so my wife gifted me a Tesla model X which is about $110k. I was honestly horrified and upset with my wife for such a frivolous purchase. It also came as a surprise because she also is quite frugal. I still have my civic which i use as my primary car and take the Model X occasionally. It’s been over 8 months and I still feel guilty driving it. I am an immigrant raised in the slums of India. I got my phd in US, started a company and sold it when I was 45. I am still working not just because I enjoy it but because of my mindset. I have a constant fear that I may lose everything. My sister who is a physician, also has a similar networth and has a very similar mindset as me. It’s a real struggle for us to spend money!

@weswest8666 Жыл бұрын

Try random acts of kindness, like paying for a strangers meal at a restaurant. Think of the cost of the Tesla as “a good day in the market” and train yourself to enjoy it some days and it’s ok to feel guilty about it on the others just like how the market goes up one day and down the next. 110k swing daily is probably common in your investments I’d say…

@fnamelname7296 Жыл бұрын

@@weswest8666 the daily fluctuations in the market are closer to 35-40k, because almost 50% of my portfolio is invested in real estate. But I see your point. It is actually easier for me to spend money on other people. For example the first thing I bought when I had some money was a house for my parents. It was my moms dream to have running water in the house! I also helped pay for my sisters education till she got her residency. I instituted a scholarship in my grandfathers name at my school that helps pay for the education for the top 5 kids from the school. Problem is when we want to enjoy our money. We have never flown business class. Our clothes and most of the other stuff is from Target. My oldest son who is in HS wanted $400 Air Jordans, which I refused because I thought it was ridiculous! At the same time I have over $150k in each of my sons 529. It’s a real problem for me to splurge on something. That’s why I could instantly relate to this couple.

@dawnkoplitz1825 Жыл бұрын

I understand your fear of losing everything. I have the same fear.

@MY-kh9hx Жыл бұрын

Maybe you can deduct 2 million (as a margin of safety) from your networth, then calculate the annual spending you can have at 4% and force yourself to spend it on whatever nonsense? If you cant spend all of it that year, you will need to spend the accumulated unspent money next year or you will get some negative consequence? That is 15k a month. Please please please buy your son the air Jordan. If you keep rejecting a teenager material goods they dying to have, they will end up becoming a hyper-spending adults. You can explicitly tell him it’s just a one time splurge to manage his future expectation. I also recommend you to read the book “die with zero” which I read recently. It’s mind blowing. Although I am only in the wealth accumulation stage, it already striked me way more than I expected and changed how I looked at wealth accumulation.

@hakerann Жыл бұрын

It must have been difficult for your frugal wife to spend so extravagantly on you! Excellent work on her part! One aspect of thanking her is actually using and enjoying the gift and letting her enjoy your joy in it.

@alison.testroete Жыл бұрын

As someone who hosts cycling trips, I've found that the people who focus the most on price get the least from the experience. But those who bring enthusiasm and understand that lasting memories are often intentionally cultivated take away the most. It sounds like Mindy and Carl are starting to understand the opportunity cost of optimizing.

@factorfitness3713 Жыл бұрын

Exactly this. Money is only as good as what you get out of it. Spend it well and you won't need regret.

@cashcompounding2279 Жыл бұрын

I want to hear from Mindy and Carl on the regular! Their Bigger Pockets podcast was all about accumulating the bigger pockets, but now that they have bigger pockets, I want to hear from them about how they LIVE with bigger pockets. I want to hear THOSE struggles and challenges TOO!

@valerieproctor517 2 күн бұрын

I knew I recognized her immediately! Wow

@VarunVermaMD Жыл бұрын

$4.3 mil not be relatable to most people - but the episode has so many pearls. Love your philosophy on spending money on your rich life. Thanks Ramit!

@KayyDGee 2 ай бұрын

This was my favorite episode! I’ve been going through the podcasts for the last few months…when I saw Mindy, I knew this was going to be good! I love Bigger Pockets! Ramit really showcased his skill in this episode. He is gentle, but straight to the point with money psychology! Way to go!

@2passportsandpostcards 10 ай бұрын

Money psychology is the most fascinating type of psychology 👏🏻👏🏻👏🏻👏🏻

@barbaratozzano6364 Жыл бұрын

Bottom line, it's really hard to switch gears from saving and being frugal, to being comfortable with spending large sums of money with no qualms. I can relate. I'm certainly not at financial independence, but I know I would be in the same boat. It is a lifetime habit and I'm not sure I even want to break it. However, I have learned to look at my finances a little differently and see that I do have enough to spend a little more on experiences now.

@Rk-m84 Жыл бұрын

I have huge respect for Carl and Mindy. Actually, I started my Fi journey after seeing Carl’s interview with ChooseFi. I congratulate them for being courageous for showing up at the interview. Thanks Ramit

@MikeHawk143 Жыл бұрын

So proud of them for reaching fi now they get to live the dream life.

@old_ladyhustler727 Жыл бұрын

@@MikeHawk143 They don't even know what the dream life is. It was a sad interview.

@MikeHawk143 Жыл бұрын

@@old_ladyhustler727 Remit puts in quite a dramatic show. I wished they spoke of a yearly budget to spend.

@christinaslate1865 Жыл бұрын

It’s hard to explain…when you’ve been in the habit of saving , saving , saving and you’ve been doing it for so long , it’s not the number . My condo and car are paid off , I have zero debt and high six figures in the bank . I can’t bring myself to buy a case a coke ! It’s seems so wasteful to me ! There’s a pair of sneakers I REALLY want but I can’t bring myself to spend 200 dollars for them . It’s so ridiculous, I won’t even run my AC in condo unless my dog is panting . I know , I know . Crazy I grew up very poor and was homeless as a teenager . It’s just hard . It’s easy to relate to this couple, even though some people think it’s crazy .

@frankiewoods7035 Жыл бұрын

I'm here because of BiggerPockets Money and Mile High FI podcasts. Glad I checked it out. I can't believe how tough these questions were and how vulnerable the two of you were. Hats off.

@davidcarlin1300 Жыл бұрын

This is probably the best episode you've done. Really enjoyed all 3 of you in this ep.

@kendrawright5283 Жыл бұрын

This was an awesome episode. I LOVE that they hired someone to hang those DAMN DOORS! And, I know it takes so much bravery to come on a show like this when you’re well known in an industry such as Fi. I also appreciate how Ramit helps us learn to live now, while we are accumulating wealth. You can make smart choices with money and still live fully now. They are not independent of each other. The video follow ups were cool!

@JiaxinYu Жыл бұрын

Ramit, I'd like to see you talk to couples who have a lot of money and spend it well. I'd be interested to see how high earners can spend meaningfully on things they love.

@DionTalkFinancialFreedom Жыл бұрын

Retired last year. 52 years old. Learning to spend is weird. Not easy.

@ms.z461 Жыл бұрын

What a full circle moment. I remember when Ramit was on the biggerpockets money podcast and Mindy was very vulnerable about her attitude to money. Not listened to this episode yet but I hope they've gone on that awesome cycling trip Mindy vividly described.

@mauriciosueros599 Жыл бұрын

I remember that episode too 😅

@onyinyechichizobam8142 5 ай бұрын

Same. wanted to even make this comment.@@mauriciosueros599

@labitcoineragt3596 Жыл бұрын

Final comment 😂 Ramit I love your approach, you’re not only beast mode with money but also you have an understanding for human psychology. You sound just like a psychotherapist (and that’s a compliment) which is what I think most people need to be able to utilize their resources for a wealthy future. “Spending money meaningfully” is the key. That was wonderfully said Ramit! ❤

@victor_centeno Жыл бұрын

If spending is hard for them, can you imagine how hard it is for spenders to become frugals? They have it easy, just need to add a categorie for guilty free spending in their budget and that's it. We need to understand how hard could be to change your mindset. Thanks Mindy and Carl for opening yourselves like that. Following Money Bigger Pockets since episode 1. Totally love what u do. Awesome episode.

@Erepk Жыл бұрын

You’d be surprised. Even with a “guilt free” category, I can’t help but think “I’m going to try to not spend it all to save what remains”

@the1337fleet Жыл бұрын

@@Erepk yeah, the joy comes from maximizing savings. Like getting a high score in a game.

@AnimsOnDemand Жыл бұрын

It seems easy from our perspective but it's never easy to completely rewire your brain to break habits that you've had for so long.

@seanmei6284 7 ай бұрын

@@Erepk I ended up moving Guilt Free spending up above Savings and renamed it Random Splurges.

@jldsystemsltd.4657 Жыл бұрын

This is such an impactful episode! Thank you Mindy and Carl for sharing from the heart. I believe I know how emotional this was for you to share with us. I love BP Money!

@WilliamMcVey-wam Жыл бұрын

Honestly, as a member of the FIRE community, how others spend their money really wouldn't get them kicked out of the community. I don't think of the FIRE as necessarily even frugal. We like to be *intentional*. Spend the money that will bring you joy and value into your life. That is decision only the individual can make and thus, how much they choose to spend for a vacation or for wardrobe or for a meal while on vacation doesn't at all impact how serious they are about being part of the community. I obviously am not everyone in FIRE, but mostly, I think the community just doesn't care what others are doing/spending and they are much more interested in making the best decisions for themselves.

@nijudy1976 11 ай бұрын

For some reason, this episode is so profound; it made me think about many things. Appreciate the host and the guests to share their experience!

@bradman4399 11 ай бұрын

God that last little comment from Mindy said "I still want to go on the bike ride" right before the cut to the follow-ups was just raw emotion. I am so hopeful for them. They have worked hard and have earned a life of fulfillment.

@karenwhetsel569 Жыл бұрын

I started following Carl's blog about 10 years ago and they really inpired me to live a bit more frugally and I've been introduced to several other bloggers which have helped me change my habits and introduced me to a different way of thinking. I actually didn't know she was the Mindy from Bigger Pockets. I absolutely loved this podcast episode and am so glad they did a deep dive into their hearts. It was really great interview, Ramit. I'm so glad they chose to start having experiences like going to Hawaii and that Alaskan cruise, I was like yes!!! Do it!

@MissGirl1450 Жыл бұрын

I yelled at my phone when she said, "well, I'm a grandchild of the depression." Honey, almost everyone your age born in this country is a grandchild of the depression. That's just an excuse to keep you from changing. My grandparents who were raised in the depression would be rolling their eyes at you.

@factorfitness3713 Жыл бұрын

And being two generations removed, it's a pretty extreme case to make about your money habits. At what point are you no longer a product of something that happened nearly 100 years ago?

@KS_1995 Жыл бұрын

Wow, I started listening to BP in 2017 and this is so great to see Mindy and her husband here on IWT. The BP Money episode was great, but I think this will go into even greater depths within their spending “troubles”.

@francisb2390 Жыл бұрын

"spending troubles", I like that phrase.

@KS_1995 Жыл бұрын

Thanks! I didn’t want to use the term bad spending habits. I think that explains their situation well. Have a great day!

@Julie-rg3mb Жыл бұрын

You are 100% correct that more money does not change the way you view money. One of the main reasons I watch is because I get to listen people who have similar stories to myself. I grew up lower middle class, paycheck-to-paycheck, and my husband middle class with frugal parents. However, we pursued education and opportunities, leaving our home country for a while, and both became high earners. My husband is now a very high earner (mid-7 figures) and we also had a huge liquidity event this year. I can relate to a lot of your guests who have difficulty making the mental leap to buying back their time. There is a lot of guilt in hiring people to do things you are perfectly capable of doing yourself (and arguably have the time to do). It feels wasteful and almost humiliating, even though buying back time is easily the best use of money. I also relate to choosing to live a smaller life than I have to. Why do we do this? Lots to think about. I am reading your book so hoping for some more a-ha moments like this. So far the podcast has been immensely helpful. Thank you!

@tammiesspark Жыл бұрын

I am overwhelmed by how well they changed and took action after one phone call. Truly well done and inspiring for others!

@hrhsophiathefirst4060 Жыл бұрын

I understand their mindset, I grew up very poor and I have had a relatively successful life. Spending is hard for me but I am learning to enjoy having money and spending it on things to make myself and my husband have a great time. For his 40th birthday we rented his dream car, Morgan 2-seater and toured Wales. It was amazing and 6 years later we still talk about that trip. Another trip I want to plan is a driving tour of Basque France and Spain in a Citroen DS, I have started my research and I bet it will be amazing. Someone asked me about the trip and the cost and honestly I had to go look as the cost was erased from my mind. The amazing Jaipur mushroom dish and crashing an Indian wedding in Malvern and dancing all night? That I will never forget!

@bloodthirstyworks Жыл бұрын

Hi Ramit. When you have couples that are well off or have become wealthy but are struggling to find happiness, can you also have a discussion with them on how they built their wealth? It would help a lot of us.

@sarahb8073 Жыл бұрын

Look up the FIRE movement. There are a bunch of helpful podcasts and blogs out there. The main tenants are put in hard work up front and save 50% or more of your income. Some of the subtenants to do this are to be frugal (cut back on material things and minimize/optimize fixed costs), invest (usually in low cost, total market ETFs/funds), and increase your pay (through promotions, side hustles, passive income, investment properties, etc). It's pretty solid as it puts time on your side to build wealth, but some (not all) in the FIRE movement forget to live during the accumulation phase and struggle once they have hit their goal, especially if frugality is their main vehicle to that savings rate.

@user-ov1ix7vi4s Жыл бұрын

Mindy Jensen has her own podcast. Google her. She’s well-know in this FIRE community.

@bloodthirstyworks 11 ай бұрын

@@rafaelw8115 Why the f do you care? Mind your own godamn business. I didnt ask for your silly opinion or view.

@jh26pt2 Жыл бұрын

Great episode. It hits home for me - my wife and I are planning an anniversary trip for later this year, and for the first time ever, we splurged on first class plane tickets and a suite at the hotel. I definitely hesitated (and hesitated again) before clicking the button to confirm the purchase. We can develop some really terrific saving muscles. But we also need to develop some spending and giving muscles as well.

@DonnasWonderland Жыл бұрын

These guys honestly i understand when you’ve been in that mindset so long how hard it is to change. I think Ramit asking what’s the why was so important for them to realise what not changing was taking away from them. You have all the money but what about the time, experience and fun memories. You guys are lucky that you have the wealth and can have both ❤ great episode 😊

@1H4NDC14PP1N6 4 ай бұрын

I love the perspective in this episode. So so valueable these conversations, especially for people who are also well on their way on their path to FIRE

@princessbablaschmabladingd7451 Жыл бұрын

Hahaha this whole episode I was like an old man shouting at the TV going HIRE SOMEONE TO HANG THE DAMN DOORS!!!!!!!!!! I was so relieved when Mindy revealed at the end that they did get someone to do it.

@annaisapalindrome Жыл бұрын

I was doing the same thing!!

@GORetireandGOGrey Жыл бұрын

This episode has created so much discussion in our house. There are many points that match up from Mindy and Carl's situation to our own lives. How do we make the switch from a saving focus to a spending focus? The math part is pretty simple, it's just math. It is the gut check emotion and life long habits that are the tough part. We are now both retired as of this month and really working hard to live our rich life. Even when we both agree on the big parts it is a challenge to find our way through the small parts. We have made some quick changes after watching this episode and there are more to come. "What would Ramit say" is now a phrase we use. Great episode!

@Jane5720 Жыл бұрын

I think $99 is a lot for breakfast but I don’t have their net worth either. That said, it’s hard for them to enjoy it, relax and have fun and that’s a tough lesson. I do admire this couple they are very honest with their feelings, and how they feel it and even that’s hard to do. I really enjoyed Mindy.

@mogain9258 Жыл бұрын

$99 is a lot for breakfast for the majority of people on planet earth, including me.

@julistar90 Жыл бұрын

I don’t see myself paying $99 for breakfast even if I had the money.

@jr5557 Жыл бұрын

@@julistar9099$ after tip for 2 teens and 2 adults is a lot but if a nice breakfast place and everyone got drinks it's not that unusual

@scorpio7938 Жыл бұрын

That breakfast would have to have gold sprinkled on it that's alot for breakfast but on the other hand they can afford it sounds once in a while so enjoy good listening

@FireflyOnTheMoon 9 ай бұрын

$99 is a lot for breakfast anywhere in the world for anyone

@michellec.b7580 Жыл бұрын

I came to see the video follow up as suggested. It is awesome seeing the person sharing their thoughts. I want to watch on here occasionally too! I enjoy these conversations so much. Thank you for opening our minds-whether we’re in debt or financially wealthy. 🎉so fun!

@momhouser Жыл бұрын

I would love to see you do a podcast that takes this idea, but moves it to the context of old couples who are trying to decide whether or how to spend limited savings (say 500K) in light up the unknowns of paying for their old age care (nursing home / assisted living).

@mrohde2067 Жыл бұрын

Agreed, this would be an excellent show idea ! Many people may be ‘saving’ for unexpected health surprises. Our society is not the healthiest and it’s reasonable to expect a terminal diagnosis could upset the Apple cart . A 50 year old friend of ours was recently diagnosed with cancer . Living in CA , with a non working spouse could Mount a lot of stress on the already Ill person on , ‘how can I afford treatment without going bankrupt. ‘ Along with money , “health brings a freedom , few people realize , until they no longer have it “ Health and financial fitness are both important to equip our children with .

@MikeHawk143 Жыл бұрын

Yeah remit needs to address old age. People can prepay for old age care and prob a smart idea to prevent unknown stress for self and family.

@moneyandwealthconverstaion8550 Жыл бұрын

I'm happy they realized the true meaning of life. It's not about the money it's about what the money can give you. I must say the couple are looking more relieved and relaxed. i.e. less stressed 😊

@naturallyhooked Жыл бұрын

I’m happy for mindy and Carl and I would love to follow their progress! Mindy and bigger pockets has made an enormous difference in our lives. Good luck Mindy and Carl!! 🩷🩷

@johnlittle8267 9 ай бұрын

So glad to see they got some help and they're going on a cruise! Sounds like some real progress!

@ivzg3576 Жыл бұрын

I see myself in Mindy and Carl. I lost my inheritance money. Went back from scratch but through hard work, discipline, and perseverance I get back the money I lost. My problem now is how to loosen up the belt a little bit without worrying about going back to zero again. This is so insightful 🥺 I'm still having a hard time after watching this video but I'll keep trying.

@osvaldoaguilarlauzurique8025 Жыл бұрын

I loved this one. Priceless opportunity to learn from the experience of Carl and Mindy. They have done the most difficult part already and yet they are modest and willing to be vulnerable in order to improve. Respect!

@albert1558 Жыл бұрын

What an awesome episode. Even when we have enough money it’s hard to let go of it.

@PolinaPark Жыл бұрын

I love this episode!!! Thank you for it!

@lorijharman-runyan6433 Жыл бұрын

My husband retired 6 months ago. I'm so happy to have him home everyday. We haven't even thought about spending any of our money. We're just happy having time together. I know we will spend some money on ourselves sometime in the upcoming near future but, flipping the switch from saving to spending still seems unreal.

@renjithragil 10 күн бұрын

Great video! Thank you for doing this!

@ritarogers2657 Жыл бұрын

What a way to self reflect for both of them! Loads of difficult questions and opening yourselves up like that for the rest of us to hear is incredible 👏! Thank you both.

@susanharkema2888 Жыл бұрын

That's why I love a budget. If my budget reflects my values, vision, and plans, then it tells me what I can safely spend...so spend it!

@RaymondAtivie 11 ай бұрын

Exactly

@Jupiter88844 7 ай бұрын

💯

@mrsrrr75 Жыл бұрын

Wow I remember the bigger pockets episode! I’m so proud of Mindy and Carl

@aaronmurphy8796 Жыл бұрын

I like that Carl held his ground . Clearly they have changes to make but clearly also not a failure . There’s a lot of ground between being rich but not maximizing your enjoyment and being a failure .

@Capycorg 8 ай бұрын

As with other episodes, the second half is inspiring! I was worried when I heard about the chagrin over a $20 breakfast... but the Hawaii trip convinced me that these two are starting to focus on what matters (creating lasting memories with their teens). Those times don't last forever, and how special to reframe their focus on appreciating the present with family.

@Jamie-se7dq 3 ай бұрын

This is one of the most fascinating episodes. Mindy and Carl, don't be hard on yourselves! It sounds like you just want to be comfortable with splurging on something once in a while that you love and feel okay with it because it will enrich your life. But you have great values and Mindy I love your podcast and have even more respect for you for sharing on this one.

@labitcoineragt3596 Жыл бұрын

Woohoo!!! Great update Carl!!! You all are going to never forget that cruise to Alaska!!! It will be amazing! That was a great update 🎉🎉🎉🎉

@VaporGawd Жыл бұрын

Probably one of the most powerful episodes. Like I'm learning so much about partnership, synergy and learning how to live a balanced rich life

@nadiadomingoselebedi Жыл бұрын

I love this episode. I’ve watched Mindy for a while and I love how vulnerable and real she’s being

@Jane5720 Жыл бұрын

It’s got me to thinking of how I should be spending my money. I’m not at the level. They are not at all, but I do fairly decently, so I think my thoughts is how to be kinder to myself in those waves that are may be more self-care.

@LoretoLala Жыл бұрын

Hey, Ramit! it would be so nice to have these types of talks but for single people! Money talks are also within individuals :P

@alexisballard1459 Жыл бұрын

These same talks can apply to your relationship with money yourself!

@LoretoLala Жыл бұрын

@@alexisballard1459 yes, a lot! I still would love to see how he handles the questions with single people

@ramitsethi Жыл бұрын

Thanks for listening. This podcast is for couples, but I'd invite you to join iwt.com/moneycoaching, where I do Q&A each month (often with single people).

@MinnieOnCam Жыл бұрын

The single and building wealth is a marginalized group in the personal finance community.

@mygoodlife204 Жыл бұрын

My heart goes out to Mindy! to be so vulnerable here when she"s the expert in the FIRE community.

@MikeHawk143 Жыл бұрын

This episode seems odd. Don't they know their yearly budget? I guess they having trouble spending it, I don't understand. I guess they will figure it out.

@Zadnak1 Жыл бұрын

@@MikeHawk143 When someone or a couple has an unlimited budget and a scarcity mindset, they almost never do.

@MikeHawk143 Жыл бұрын

No they certainly do, the both semi famous FI, real estate podcast hosts.

@mrs.rachelgerald1991 Жыл бұрын

This was a great interview and I'm glad they were candid with their answers. I enjoyed their follow-up interviews.

@markjones5773 Жыл бұрын

Really enjoyed this video!!

@NursesToRiches Жыл бұрын

Ramit I've been a huge fan since I read your book years ago and I recommend it to everyone. I would love to have you on my show!

@aguirret8 Жыл бұрын

How beautiful that they can take their whole family on a cruise! That is amazing!

@mimowamimo6048 Жыл бұрын

Wow Mindy is from bigger pockets. I am amazed to see her in this show. Thanks Mindy for being open and share this side of your lives.

@waddles7503 Жыл бұрын

What are you optimizing for? As a fellow person who achieved FI and a life long optimizer, a friend changed my life with this simple reframing. Nothing wrong with being an optimizer, but reframe what you're optimizing for. We no longer need to optimize for saving and efficiency, but can optimize for living a rich life... This simple shift has been lifechanging for me... Enjoyed the video!

@cherryminas8201 Жыл бұрын

This is so good, thank you for your vulnerability Mindy and Carl. thank you Ramit.

@alexisballard1459 Жыл бұрын

Love the video follow up addition!!

@dukeofearlyretirement Жыл бұрын

This is a real issue in their situation, where investments have grown beyond what they need to achieve FI. It must be hard to switch to a mindset of financial abundance. But let's not pretend that their frugality was a mistake. They saved aggressively and spent lavishly on buying their financial Freedom. And buying your freedom is my definition of a "rich life."

@mogain9258 Жыл бұрын

I agree that buying freedom is th ultimate luxury, much better than a $99 breakfast out or a brand new car. Their frugality and work habits got them to an incredible position.

@candecarro Ай бұрын

This is a thought provoking episode. I’m 76 but about their age financially. With the exception of groceries I rarely consider “cost” when making a purchase. I bought a bike recently- I got the most bike of the least weight at what appeared to be a fair price. I ride it. I love it. I think I have all the money I will ever need. The boat I bought last year. I wanted the smallest, newest, fastest, easiest-to-maintain that fit on my lift that I could purchase easily. I found it. I bought it. I love it.

@candecarro 6 ай бұрын

This was terrific. It must have been difficult for them, as they’re somewhat public, advising and hearing from others. Nice work, I commend your bravery.

@Ecclectic_citcelccE Жыл бұрын

Thank you Ramit, I needed this... all of it. ❤ I do think the husband could hire someone to finish the projects that he doesn't enjoy.

@old_ladyhustler727 Жыл бұрын

Glad for the follow up. Hopefully they live a life fulfilled.

@moniqueg943 Жыл бұрын

Great episode. I’d love to see new episodes with people from the working class.

@markroth6326 Жыл бұрын

Great episode it’s tough to switch gears after being in the accumulation phase for so long with a frugal mindset!

@deborahmeek6529 5 ай бұрын

I am 42 and my hubby is 40, this episode has made me realize maybe I will never be rich because we do save some money and we have no debt but I really really care about being beautiful and as you get older it just gets more and more expensive to look beautiful and young and I don’t think I can give that up. Oh wow their kids are each two years younger then our two kids

@LouCarlozo 29 күн бұрын

Well played, Ramit! A counterargument to toxic frugality I've heard elsewhere is that if you hold onto your money too long, you'll be frail, or in a nursing home, or absent of too many faculties to ever enjoy it--and possibly all of those things. Even healthy nest eggs have an expiration date. That said, getting the save/spend balance right is an art that often takes a lifetime to master.

@dakine4238 Жыл бұрын

They accomplished a great feat and I hope they enjoy their life and family.

@madisontran3020 7 ай бұрын

This episode was so inspiring. One day I will be able to live my rich life !

@makayla4292 Жыл бұрын

loved this ep!

@VashtiPerry 19 күн бұрын

I follow Mindy on her podcast. I didn't even realize this was the crossover episode😂😂❤ I enjoyed this

@francisb2390 Жыл бұрын

For me, it's your best episode that made me hold a mirror up to myself. I've been following Carl's blog while he was on the 1500 days hunt which tracked my plan as well. Like them, when the dashboard lit up with achieving the FI goal, nothing changed in my habits, we continued to save and invest. I like how you peeled back the layers and zoned in on helping them realize that creating experiences with the family will help the transition to allocating their assets to experiences and creating memories. I'd like to see a few more episodes that pull this thread. Your interviewing skills are exceptional and help deliver the payload of behavioral changes. Thanks.

@MrChando1975 7 ай бұрын

Great episode Remit!

@Whableful Жыл бұрын

As soon as I heard Mindy’s voice I knew exactly who she was!!! I listen to her podcast - so good!!!

@richardtol7395 3 ай бұрын

Great talk!

@sj2073 Жыл бұрын

Fascinating interview. Lots of food for thought

@elizabethrufener7280 11 ай бұрын

Unfortunately there seems more money made in pushing frugality/FIRE than in using money to help you create a meaningful life for yourself and others. One of the reasons why Ramit is successful is because he has a unique perspective which I wish was more common!

@dquan731 8 ай бұрын

It’s very important how FIRE was achieved. If it was done via frugality, then you won’t be able to enjoy it just like this couple. Definitely need to work towards FIRE while living your desired standard of living. Although mathematically improbable, the fear of running out of money is very real.

@fpm8338 7 ай бұрын

Thank you Ramit!

@melissablakely3394 Жыл бұрын

what an amazing success story! I hope they can go on that Alaska cruise with family!

@vgmijpn8ball Жыл бұрын

Loved one of your episodes on her podcast and it's so awesome you got her to come on your show with her husband! Thank you so much for another great episode. This is my favorite episode by far. Absolutely amazing to see them wrestle with changing such a fundamental belief they've had for decades. It was particularly interesting when they talked about turning 80 and how they would have no way to spend all their money. My father is 80 and can barely walk, all the money in the world won't help him do what he wishes he could do. Also so glad they got help hanging doors in their house, at age 50 they are still hanging doors?!