56 Minutes of Money Wisdom for High-Earning Couples
About This Episode
Sam Parr interviews personal finance expert Ramit Sethi on how high-earning couples can transform money from a source of conflict into a tool for connection by treating their household like a business. They discuss moving past the four money types—Avoider, Optimizer, Worrier, and Dreamer—to create a Rich Life through structured annual reviews and monthly money meetings.
Episode Description
Show Notes
- 0:005 rules for money in your relationship
- 5:25the 4 money types: avoider, optimizer, worriers, dreamers
- 10:15The Annual Review
- 23:00Monthly money meetings
- 26:00There is no "money person"
- 31:094 benchmarks for high-earning couples
- 35:03Learning to spend
- 41:01Investments vs purchases
- 43:39Troubleshooting partnership disagreements
- 49:00Spending to solve problems
- 53:00Fight for simplicity
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Key Takeaways
Implement an Annual Rich Life Review every December by reviewing the year's photos to identify core values and setting intuitive goals for generosity, luxury, and adventure.
Schedule a structured 7-step Monthly Money Meeting that includes appreciation, individual and joint updates, and a review of the four key financial numbers to ensure neither partner is left financially defenseless.
Aim for specific financial ratios for high-earning households, specifically keeping fixed costs between 50-60% and allocating 20-35% for guilt-free spending to avoid micromanaging small purchases.