A wife wanted to aggressively pay off their debt, but her husband wanted to continue enjoying hobbies and purchases that helped him “enjoy life” even after the couple refinanced credit card debt and maxed the cards out again.
The couple shared their issues on Ramit Sethi‘s “I Will Teach You To Be Rich” podcast to discuss how they accumulated more than $261,000 in debt while struggling to get on the same page financially.
Don’t Miss:
- Explore whether your retirement strategy is optimized for income, taxes, and long-term withdrawals — take the AdviserMatch quiz today.
- Paying too much toward debt? Find out how much you could save with a quick, free check.
Different Views On Money
Ashley explained that Brandon wasn’t interested in managing finances together, leaving most of the responsibility on her shoulders.
“I’m the one figuring out how we’re going to pay off our debt,” she said. “And he kind of just wants to be able to spend the money.”
“Right now our goal is getting out of debt,” Ashley said. “I brought up the idea of selling a vehicle that is not a necessity.”
But Brandon pushed back because the Ford F-350 truck supported the lifestyle he had built around recreational hobbies. The couple previously bought the truck to pull a camper they admitted they only used a couple of times before selling it. In addition to the truck, Brandon also owned a snowmobile, four-wheeler, boat and pit bike.
Brandon admitted he rarely thought about finances unless he wanted to buy something. One example was a $2,500 snowmobile financed through a loan that took several years to pay off.
Looking back, Brandon acknowledged the purchase wasn’t a smart financial move.
“I probably should have waited,” he said.
Trending: This Under-$1 Pre-IPO AI Company Is Still Open to Retail Investors — Learn More
The couple’s financial struggles became even more complicated after taking out a large loan to pursue surrogacy and in vitro fertilization treatments in hopes of starting a family. The process was emotionally devastating after the pregnancy was lost, leaving them with significant debt but no child.
Ashley said the failed surrogacy process became a major motivator for her to finally eliminate debt and build financial stability.
Meanwhile, Brandon revealed that much of his spending habits were shaped by growing up poor and losing his brother in 2018.
“I just thought that enjoying life was more important than paying off all the debt right away,” he said.
Sethi pointed out that Ashley had spent years shielding Brandon emotionally while also handling nearly all of the financial responsibility.
“You’re actually not doing him any favors by taking all this burden on yourself,” Sethi told her.
See Also: More Than Half of Americans Aren’t Prepared for Retirement — Including 62% of Gen Y
The Turning Point
The conversation shifted after Sethi walked the couple through their financial numbers and showed them what life could look like without debt.
At the time, their fixed costs consumed 91% of their income. Sethi explained that if they aggressively paid off debt, they …
This post was originally published here
