A well-to-do couple with a net worth of $1.3 million said they “feel broke” even though they earn an income of up to $70,000 per month.
Sandra, 46, and Brad, 48, who have been married for 25 years, said that their disagreements over money have put a strain on their relationship to the point where he has contemplated divorce.
The couple told “I Will Teach You To Be Rich” podcaster Ramit Sethi that they have four children and live an “elevated lifestyle” which includes private schooling for their kids, ballet lessons, and sports camps.
The news was first reported by CNBC.
They even splurged for a bedroom set that set them back $25,000.
Despite Brad’s $70,000-a-month earnings in the mortgage industry, Sandra told Sethi: “On paper we’re not broke, but it feels like we are.”
While Brad’s income fell from his annual wage of $800,000, the couple’s spending kept apace, they said.
A source of Sandra’s anxiety is Brad’s decision to invest their life savings – $1 million – into risky “fracking operations” that has so far been paying out $20,000 a month.
The risky bet by Brad, who called himself an “entrepreneur in his guts,” has Sandra frustrated.
“I can’t wrap my head around why he doesn’t get a job,” she said.
Sandra said while she wants a steady income, her husband wants “the moon and the stars and all the things in between.”
While Brad has been the primary breadwinner, Sandra is responsible for tracking the couple’s finances.
She said she keeps a spreadsheet tracking inflows and outflows of cash across 82 different categories of spending, including ballet and basketball camp for their kids, a trip to Cancun, dog food and annual membership at Costco.
“We didn’t worry about budgeting things” when times were good, according to Sandra, but because her husband is on a “high variable income,” there are “lean months” – which makes her doubt whether she can fit in everything they need within the budget.
“I sometimes ambush him at inappropriate moments and tell him about how bad our money looks, like before we go to bed,” Sandra said.
Brad told Sethi that Sandra gets upset no matter how much money is in the bank.
“I get very frustrated with that same conversation over and over again, whether we’ve got a lot of money in the bank or whether we’ve got very little money in the bank,” Brad said.
“I feel like we’re playing a very opposite game.”
This story originally appeared on NYPost
