Transcript
A (0:00)
If you or your partner has fallen for a scam, I want to help. Especially if you've recently fallen for an email or text scam or you've gotten bad financial advice from someone who did not keep their promises. Or maybe you just have not even told your partner because you are embarrassed. If this is you, I want to talk. Apply for free coaching with me by being on my podcast. Apply today@iwt.com apply. That's iwt.com apply.
B (0:29)
Holy.
A (0:31)
We have a couple here who's making $400,000 plus per year, and you are saying it feels like we are living paycheck to paycheck.
C (0:39)
We're not organized in how we manage it. It feels like, nope, it's here. Might as well spend it.
A (0:45)
$2.18 million net worth. What do you think about those numbers?
B (0:49)
To me, net worth is just a number.
A (0:51)
Means nothing to you?
C (0:52)
Yeah, I'm not sure that it's enough. I don't have confidence.
A (0:56)
The two of you are really stuck in a cycle. The real cost here is that the two of you just are not having fun with money.
B (1:02)
Is this, like, how she really thinks of me? Like, I thought 140 was a respectable income. I know it's not anywhere near what she makes.
C (1:09)
When he said 140, I'm like, the math ain't math. And he flashed his phone in my face and was like, bam, you're wrong.
B (1:16)
I feel drained.
A (1:18)
You don't trust the financial advisor you spoke to. You don't trust your husband. You don't trust yourself. What the is going on right now? You know why I occasionally feature couples who make a lot of money and still worry if they'll have enough. Because you'll probably do the exact same thing when you have a lot more money. Unless you start to master your money psychology right now. Like, imagine this. What if you made over $450,000 a year and you still felt like it wasn't enough? It sounds ridiculous to even hear that, but if you keep saving and investing just like you're doing right now, one day you will have more money than you ever thought you would. Here's my question. Will you magically change the way you feel about money then? Today, I'm talking with Chris and Heather, 41 years old, 39 years old. They're a Bay Area couple who, on paper, are doing great, but they don't feel that way. Chris and Heather are haunted by one question. Is it enough? I am bringing them on this podcast as a crystal ball to show you what you might face as you become more financially successful. Think about it. Consider when you were younger, like a little kid, how much you thought a lot of money was. Was it 50 bucks? Was it $50,000 a year? And when you achieved those numbers, did you sit back and smile and say, wow, I finally made it? I. I don't need anything else. No, almost nobody does. That's why I want to hear from you. Tell me about a goal that you achieved and how you felt about it. Maybe it was saving your first hundred dollars or earning six figures or saving enough to buy a jacket that you had your eye on for months. I would love to hear what it felt like once you achieved that goal. And I read every comment, so just leave yours below. Now, when we talk about our finances, we often over focus on the math and and we under focus on the psychology. What makes this conversation even more interesting is that Chris and Heather actually submitted separate applications to be on this show. So throughout this episode I'm going to be comparing what each of them wrote and it's quite revealing how they see money differently. Before we get to their interview, let's take a look at their conscious spending plan. This includes all of their key numbers. If you want my help with your own conscious spending plan, you can join my money coaching program at@iwt.com moneycoaching income $450,000 net worth 2.1 million assets 863,000 investments 1.46 million savings 89k debt 221k fixed costs are 56% investments 5% savings 1% and guilt free spending 37% or $8,000 a month. On paper, these stats are extremely impressive. But when you have investments and savings like they do and you are agonizing over whether you can afford to finish painting part of your house, you've probably taken a very wrong turn somewhere back in time already. When I'm looking at the numbers and how they feel about money, I can see a major disconnect, most likely driven by fear. Here now is my conversation with Chris and Heather. I was struck by the difference in your applications. To me, Chris said biggest challenge she wants to spend everything we make. And then she complains about how she feels like she is behind on retirement while also saying she wants to retire early. Heather's application Biggest challenge We need a framework and to hear some real advice. We've hired financial help. When we were younger they told us you're doing everything you're supposed to, but I don't believe them. My husband pretends to be the money Expert, but I don't trust him either. What do you hear in both of those applications?