"We’re in our 30s — and live with his mom"

About this video

• Video Title: We’re in our 30s — and live with his mom
• Channel: I Will Teach You To Be Rich
• Speakers: Ramit (Host), Angela, David
• Duration: 01:39:15

Overview

This video features a consultation with a couple in their early 30s, Angela and David, who are struggling financially despite having stable jobs and living with David's mother rent-free. They have a five-year-old daughter and the goal of buying their own home. The host, Ramit, dives into their spending habits, financial history, and personal beliefs about money to uncover why they are not achieving their goals and to help them create a realistic plan for financial stability and independence.

Key takeaways

• Financial Misalignment: Angela and David's actions and spending habits are not aligned with their stated goals of financial security and homeownership.
• "Dreamer" Mentality: Both individuals exhibit traits of "dreamers," relying on future big breaks or external support rather than concrete plans and consistent action.
• Impact of Childhood Experiences: Their upbringing and past financial experiences significantly influence their current relationship with money, leading to patterns of avoidance, stress, and improvisation.
• Lack of Financial Structure: They lack a clear system for managing their money, leading to overspending, insufficient savings, and a generally precarious financial situation.
• Importance of Proactive Planning: The video emphasizes the need for specific, actionable plans, especially regarding income generation, expense management, and future goals like moving out and building savings.
• "Where Are They Now?" Update: The follow-up segment shows Angela making significant progress in implementing changes, while David's lack of an update raises questions about his commitment.