Millennial couple left $10,000 cash in the closet for years

About six years ago, married couple Christina, 37, and Noah, 35, withdrew $10,000 from the bank.

The money was sitting unused in an old personal account belonging to Christina, but a documentary about the bank's practices prompted the couple to withdraw the money from there, they told self-made millionaire and financial expert Ramit Sethi in a recent episode of his podcast “I Will Teach You to be Rich.” Their last names were not given.

After the massive withdrawal, the money remained in cash in their cupboard for another three years. They could not agree on what to do with it.

The situation is a perfect example of Christina and Noah's main problem: they have different views on money, which often leads to them doing nothing at all.

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Christina is concerned about the family's financial situation, but also wants to improve their lifestyle by buying a home or paying for better childcare. Noah, on the other hand, is happy with what the family has and is hesitant to spend more money than is absolutely necessary.

“I think you have a completely wrong idea of ​​what a lot of money means,” Sethi said. “And that's why you'll always feel bad.”

Because of their lack of connection, they worry about their financial health, argue among themselves about spending, and are indecisive when it comes to major financial matters like buying a home.

Here are Christina and Noah's biggest weaknesses and how Sethi addresses them.

Judging by their numbers, Christina and Noah are objectively doing pretty well, as Sethi was quick to point out. The couple said they have a net worth of around $860,000 with no debt and make a combined $300,000 per year.

Despite these facts, Christina is concerned about the couple's finances for two main reasons: She wants to spend more in certain areas, such as better childcare or the home of their dreams, but she also wants to make sure the couple saves enough for retirement.

Almost every time Christina suggests an idea, Noah wonders if they really need to spend extra money, which increases her concern about whether they are doing the “right” thing with their money.

“It feels like we're spending too much,” Christina said. “And maybe other people are OK with that and just spend their budget and don't save or invest much, but it feels like we're doing something wrong.”

Sethi asked Christina if she would feel better if her annual income was higher. She said she might, but she wouldn't necessarily buy herself those nicer things.

“Money is a deeply emotional issue. It's deeply political. But sometimes you just have to look at the numbers honestly,” Sethi told her.

Given her numbers, Christina doesn't have to worry too much, Sethi said. She and Noah have built up enough of a buffer to get them through some tough times should layoffs or unexpected expenses occur.

“The only factor that matters here with Christina is that she is afraid,” Sethi said. “And no amount of money in the bank, no spreadsheet, no income, no net worth is going to solve that emotional problem.”

Thanks to Noah's vigilance with money, the couple has been able to amass a sizable amount of savings and investments, but it's so extreme that Christina feels she has to persuade him to spend their money on things that make sense and fit their budget, like family vacations.

“I don't care about spending a lot of money,” Noah said. “I grew up with frugal parents, and they didn't spend money.”

Sethi asked if Noah enjoyed the family vacations and other things that Christina had to convince him to spend money on. He admitted that he did.

So the question is: why doesn't he trust that they can relax a little, release the tensions and enjoy the life they have worked hard for?

“In your eyes, you are not the one who crushes the dreams. You are the one in charge,” Sethi told him.

But in reality, Noah has been making dreams come true, as Sethi and the couple admit. He means well, of course, but at the current rate of investment, they will have over $11 million by the time they retire.

“Do we even need $11 million? I don't think you two need it,” Sethi said. “You can't even spend the money you have now.”

Ultimately, the couple realized there were relationship issues they wanted to address in couples therapy. But Sethi also helped them realize that they don't have to compare themselves to anyone. They can work together to develop a shared vision for the future and know they have a solid safety net should their situation change.

“Our spending is not the problem,” Noah said in a follow-up video. “It's more that my frugality and spending habits have negatively impacted our relationship and contributed to Christina's financial insecurity.”

Watch the full episode here.

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