246. "We’re drowning in debt, but bought another house"
Tue Feb 03 2026
Ramit Sethi of I Will Teach You To Be Rich talks to Melissa and Tony, a couple who immigrated from Mexico with big dreams and an even bigger work ethic. In less than a decade, they've built a net worth of nearly $900,000. But beneath the surface of their impressive paper wealth, they’re carrying almost $1 million in debt and are completely misaligned on their financial goals. With their second child due any day, Ramit helps them uncover the root of their money woes, from differing money styles to the profound impact of their upbringing. Can they finally get on the same page, create a financial system that works, and build a sustainable rich life?
In this episode we uncover:
• How Melissa and Tony built a nearly $900K net worth in 8 years
• The "rollercoaster" of their financial decision-making
• Why their credit card debt is actually due to real estate
• Tony’s “paycheck to paycheck” feeling with a $189k household income
• Melissa’s childhood money lessons from her dad, Mr. No
• How they navigate financial planning with a baby due this month
• Why they avoid combining their high incomes
• The cultural influences shaping their financial narratives
• What happens when Tony is “comfortable” and avoids change
• The deeper reasons behind their ongoing money disagreements
• Ramit’s advice on how to communicate about money effectively
• A surprising agreement that might change their future
Chapters:
(00:00:00) Introduction
(00:02:28) Their chaotic financial situation
(00:07:07) Melissa and Tony’s real estate struggles
(00:13:07) Melissa's real estate ambitions vs. Tony’s pessimism
(00:20:58) The cycles of making and losing money
(00:26:59) The ineffective communication about debt
(00:33:57) The danger of making emotional money decisions
(00:37:35) Diving deep into their income and debt
(00:46:01) Their unspoken rules about money and spending
(00:51:56) The painful truth behind being "house poor"
(01:00:43) Impact of childhood money lessons on their current finances
(01:10:29) The parent-child dynamic in their financial relationship
This episode is brought to you by:
Superhuman | Turn your inbox into momentum. Sign up at https://superhuman.com/ramit.
ZocDoc | Go to https://zocdoc.com/ramit to find and instantly book a top-rated doctor today #sponsored
DeleteMe | Get 20% off all consumer plans when you go to https://joindeleteme.com/ramit and use promo code RAMIT at checkout
Trust & Will | Protect what matters most in minutes at https://trustandwill.com/ramit and get 10% off plus free shipping
Gelt | Book a tax consultation with Gelt at https://joingelt.com/ramit. As a member of my community, you can skip the waitlist
Connect with Ramit
• Get my new book, Money For Couples
• Get Money Coaching with Ramit
• Download the Conscious Spending Plan
• Listen to my book—now on Audible
• Get my New York Times best-selling book
• Get my no-numbers journal
• Other episodes
• Instagram
• Twitter
• YouTube
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: https://iwt.com/apply
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Ramit Sethi of I Will Teach You To Be Rich talks to Melissa and Tony, a couple who immigrated from Mexico with big dreams and an even bigger work ethic. In less than a decade, they've built a net worth of nearly $900,000. But beneath the surface of their impressive paper wealth, they’re carrying almost $1 million in debt and are completely misaligned on their financial goals. With their second child due any day, Ramit helps them uncover the root of their money woes, from differing money styles to the profound impact of their upbringing. Can they finally get on the same page, create a financial system that works, and build a sustainable rich life? In this episode we uncover: • How Melissa and Tony built a nearly $900K net worth in 8 years • The "rollercoaster" of their financial decision-making • Why their credit card debt is actually due to real estate • Tony’s “paycheck to paycheck” feeling with a $189k household income • Melissa’s childhood money lessons from her dad, Mr. No • How they navigate financial planning with a baby due this month • Why they avoid combining their high incomes • The cultural influences shaping their financial narratives • What happens when Tony is “comfortable” and avoids change • The deeper reasons behind their ongoing money disagreements • Ramit’s advice on how to communicate about money effectively • A surprising agreement that might change their future Chapters: (00:00:00) Introduction (00:02:28) Their chaotic financial situation (00:07:07) Melissa and Tony’s real estate struggles (00:13:07) Melissa's real estate ambitions vs. Tony’s pessimism (00:20:58) The cycles of making and losing money (00:26:59) The ineffective communication about debt (00:33:57) The danger of making emotional money decisions (00:37:35) Diving deep into their income and debt (00:46:01) Their unspoken rules about money and spending (00:51:56) The painful truth behind being "house poor" (01:00:43) Impact of childhood money lessons on their current finances (01:10:29) The parent-child dynamic in their financial relationship This episode is brought to you by: Superhuman | Turn your inbox into momentum. Sign up at https://superhuman.com/ramit. ZocDoc | Go to https://zocdoc.com/ramit to find and instantly book a top-rated doctor today #sponsored DeleteMe | Get 20% off all consumer plans when you go to https://joindeleteme.com/ramit and use promo code RAMIT at checkout Trust & Will | Protect what matters most in minutes at https://trustandwill.com/ramit and get 10% off plus free shipping Gelt | Book a tax consultation with Gelt at https://joingelt.com/ramit. As a member of my community, you can skip the waitlist Connect with Ramit • Get my new book, Money For Couples • Get Money Coaching with Ramit • Download the Conscious Spending Plan • Listen to my book—now on Audible • Get my New York Times best-selling book • Get my no-numbers journal • Other episodes • Instagram • Twitter • YouTube 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: https://iwt.com/apply