A couple in their early 30s with a net worth of more than $1.5 million admitted they still struggle to spend money on even the smallest comforts, including replacing workout leggings with holes in them.
During a recent episode of the “I Will Teach You To Be Rich” podcast, Michaela and Dave told personal finance personality Ramit Sethi that despite earning between $278,000 and $340,000 a year and holding more than $1 million in investments, fear about the future keeps them trapped in what they described as a scarcity mindset.
Still Living Like They Have Nothing
Michaela shocked Sethi when she revealed she was still wearing four-year-old leggings with holes in the knees because she couldn’t justify buying new ones.
“I couldn’t do it until there was a sale,” she said, adding that she’d wait for a discount before replacing them.
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Dave admitted he behaves similarly. Even though he works from home daily, he has refused to replace an uncomfortable office chair that hurts his back.
“I have to make the value stretch,” he said.
The couple acknowledged that their behavior doesn’t match their financial reality.
“We have money, but both of us have a hard time with just spending,” Michaela said.
According to the numbers reviewed on the show, the couple has roughly $545,000 in assets, more than $1 million invested, over $100,000 in savings and only mortgage debt. Their retirement projections stunned them even more. Sethi estimated they could end up with around $18 million by retirement if they continue investing aggressively.
Dave’s reaction was immediate.
“Embarrassment,” he said. “It’s an embarrassment of how little we’ve given to ourselves and those around us.”
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Health Scares Changed Everything
The couple’s anxiety around money intensified after a series of major life events.
Dave was hospitalized in his early 30s with heart-related health issues, while Michaela’s mother was diagnosed with stage 4 cancer while Michaela was pregnant.
“We’ve kind of been frozen,” Dave admitted.
Michaela also opened up about growing up in financial instability after her parents divorced. She started working at 14 years old and described constantly feeling responsible for herself and others.
“If I want something, I have to do it myself,” she said.
Her family history also included devastating losses. Her brother died when she was 19, and her father later passed away as well.
Those experiences heavily shaped how she views money and life.
“Life can be short, and it can end instantly,” she said.
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The couple realized they had become so focused on preparing for worst-case scenarios that they stopped allowing themselves to actually enjoy the wealth they had built.
“I’m scared that blink of an eye, we’re 65, 70, we never did anything with some money,” Michaela said.
Throughout the conversation, Sethi encouraged the couple to stop treating every purchase as a threat and begin intentionally building what he calls a “rich life” centered around experiences, travel, rest and quality time together.
By the end of the episode, …
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