Ep 38Young Hasidic Couple Learns How to Money the Hard Way
We used to see a nice car and say 'how'd they do it?' Now I think: who knows how much debt he's in
Anonymous young Chassidish couple
Young Hasidic Couple Learns How to Money the Hard Way
with Anonymous young Chassidish couple
Going through this, you know, debt problem and recklessness is normal but pulling yourself out of it is abnormal, but the resources are there to do it.
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Quotes
“Wow, we just paid five bills. I was like, okay, I guess that's life. Life is bills.”
“Don't go on vacation if you can't afford it.”
“You're just opening more cards. That was your initial problem.”
“I need a plan, I need a roadmap how to get there.”
“Budgeting doesn't mean just putting how much money you spent on a cheese danish onto a spreadsheet. It's knowing what you spent and making changes as a result of that knowing.”
Takeaways
- 1 They married at 20 with about $70,000 between savings and wedding gifts. Within months, most of it was gone to a honeymoon, eating out, gifts and cards.
- 2 His family saw debit cards as for ATMs only and credit cards as the way to live. Hers had a savings account from birth and avoided debt.
- 3 Even paying cards in full every month, they spent about $8,000 a month with no kids. Paying in full doesn't stop overspending.
- 4 She kept her worry inside at first to keep peace. The stress got so heavy she said she wouldn't get out of bed if the account hit zero.
- 5 He took responsibility by working morning, afternoon and night jobs. Her special-ed master's paid little, so one teacher's salary wasn't enough.
- 6 Their first advisor told them to open more cards for each expense. It wasn't a plan and made things worse.
- 7 Finding Dave Ramsey confirmed what she already believed. A second advisor built a detailed plan and became their go-to for big decisions.
- 8 Tracking alone isn't budgeting. The change came from targeting the problems and funding annual costs ahead of time.
- 9 Today they use only debit cards, checks and cash, and she loves seeing a card statement that says $0 due.
- 10 Money literacy should start in school. Taboo and shame stop people from asking for help.