Couple say they ‘feel broke’ despite earning $70,000 a month

A couple say they have been left feeling 'broke' despite earning a whopping $70,000 a month.

To put that into comparison, the average person in the US in 2021 earned close to $75,000 a year.

Yep, a year. Not a month.

So bringing in a massive $70,000 a month would be a dream for many a household, but not for Sandra and Brad.

The couple, who are in their 40s, have a large net worth and a clear idea of where their money is going each month.

The dream for a lot of families, eh?

Well, Sandra doesn't believe they are doing well financially.

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Speaking on self-made millionaire Ramit Sethi's podcast, I Will Teach You to be Rich, Sandra said: "On paper we’re not broke, but it feels like we are."

Since getting married some 25 years ago, the couple have amassed a whopping $1.3 million net worth.

But now they are at odds with how they approach and handle their money.

″[Budgeting] became easy when we were making a lot of money," Sandra said on the podcast.

"When it’s not easy, it’s watching everything and being meticulous with where the money’s going and keeping track of it and being stressed about it."

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Sethi indicated the couple's struggles is largely down to false money identities - something he put down to Brad's job.

The 48-year-old works in the mortgage industry, earning between $60,000 and $70,0000 a month in a good year for the housing market.

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But with this fluctuation of finances, Sandra feels less secure with her finances.

“The identity you have created for yourself around money might not be fully accurate with reality,” Sethi told her.

On top of that, Brad tends to overcompensate for his lower-earning periods with risky investments.

While this sometimes pays off, the risking of money adds to Sandra's unease.

Sethi went on to point out the fluctuations in Brad’s income has impacted the couple's ability to set long-term goals and conduct financial planning.

The millionaire said: "They use [variable income] as an excuse not to move forward, when in reality, it’s the tiniest of speed bumps.

"And by using that as an excuse, they get to avoid doing the real substantial, often hard work.

"Managing money is focusing on high value areas, like deciding what your rich life is, setting up appropriate categories and discussing what kind of monitoring you want for those categories."

In regards to communication issues between the pair, Sethi wanted them to think what financial security meant to them and how they planned to reach it.

"I understand the fear, [but] being frantic is not going to get you what you want," he said.

“It’s actually going to be more important for you to connect with Brad.”