Internal locus of control and planning

Ramit Sethi of I Will Teach You To Be Rich talks to Grace and James, a couple from Ireland, aged 38 and 37, who have been navigating immense challenges. James was diagnosed with cancer and underwent a year of treatment, while Grace managed a difficult pregnancy and maternity leave with their second child, an infant. Amidst the fear and grief, their household income took a significant hit, causing financial strain. Grace felt the burden of managing their finances, leading to guilt about James continuing to work during his illness. Despite these hardships, they’ve built a strong financial foundation with high savings and have managed to stay afloat. Ramit helps them explore their individual money psychologies, the impact of their upbringings, and how their shared experiences have shaped their financial outlook, revealing a story of resilience, unwavering teamwork, and an inspiring pursuit of a rich life.

In this episode we uncover:

• How Grace feels immense pressure to manage finances

• The emotional toll of James's cancer diagnosis

• Grace's hidden "mindless" spending under stress

• The Irish perspective on "mustn't grumble" about money

• James's childhood money messages and aversion to debt

• The surprising freedom found in small financial wins

• Grace's proactive approach to long-term financial planning

• The power of internal versus external locus of control

• How a shared money philosophy can emerge from conflict

• The importance of planning for the worst when at your best

• Their inspiring journey of overcoming adversity as a team

Chapters:

(00:00:00) Introduction

(00:05:13) Grace's guilt over James working during cancer

(00:12:32) Grace's "mindless purchases" and coping mechanisms

(00:15:55) The surprising reality of their financial stability

(00:30:03) Contrasting money philosophies: big spend vs. small treats

(00:33:45) Reviewing their Conscious Spending Plan and uncovering hidden wealth

(00:46:12) The impact of fluctuating income on their financial outlook

(00:55:00) Planning for the worst when they are at their best

(01:00:16) James's upbringing and the origins of his money anxiety

(01:11:10) Their "ice cream cone" fight and early money revelations

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If you and your partner have a money issue and you want my help, I occasionally select a couple to work with, free of charge. Apply for my help here: https://iwt.com/apply