[00:31:40] Ramit: Could you read out the bold words along with the numbers next to them?
[00:31:43] Dawn: Sure thing. Assets are at 28,500; investments stand at 24,985; savings are 58,484; and debt is at 14,895. So overall, the total net worth comes to 97,074.
[00:32:03] Ramit: What’s your take on these figures?
[00:32:06] Dawn: I wish the assets were higher, but without owning a home, it makes sense why they’re on the lower side. The investments aren’t large either. Honestly, I’d like to see all those numbers grow.
[00:32:14] Richard: I feel similarly, although it’s not the worst situation. Still, it’s something we can handle. I definitely think both the assets and investments need to be increased.
[00:32:23] Ramit: When you see $97,000, what does that figure mean to you?
[00:32:26] Dawn: It feels pretty small. But truthfully, I never really thought much about net worth before.
[00:32:30] Ramit: What did you focus on, then?
[00:32:32] Dawn: Mostly just on what I owed.
[00:32:33] Ramit: Like how much your car payment is each month, or what’s due on your bills monthly? That’s why you mention weekly payments from Richard, where he gives you $200 a week. Personally, I don’t ever discuss finances in weekly terms. It’s like measuring a walk in inches—2,520 inches, really? It doesn’t make much sense.
[00:32:56] Dawn: Right. That perspective feels so limited.
[00:32:57] Ramit: Exactly. Many people who weren’t taught about money tend to narrow their financial view to a month, or in your case, weeks. What impact does that have when you think of things week by week?
[00:33:12] Dawn: It really stops us from looking ahead. It’s all about getting the current bills paid. It’s a bit like meeting a car salesperson and only saying, “I just don’t want my monthly payment over $500” instead of truly understanding the overall cost.
[00:33:26] Richard: It confines your perspective. It’s like it clouds your ability to plan for the future or see the broader picture.
