119. How to Get Out of Debt & Stay Debt-Free for Good
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
25 min
1 speaker
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
You are listening to the Becoming the Wealthy You podcast with Jermaine Foley.
If you're a woman who makes good money in your career or business, but you're not building wealth like you want to, then you're in the right place. In this podcast, you'll learn how to stop overspending, break free from the cycle of debt, save lots of cash, and become the wealthy woman you were born to be. Let's dive in. Well, hello, everyone. Welcome back to the podcast. Today we are talking about a very important topic, which is the skill of getting out of debt and staying out. I have a question for you. Have you ever paid off your credit card debt only to find yourself right back in it just a few months later? If so, I want you to know that you are not alone. This is a cycle that I see over and over again with my clients.
A lot of women come to me and start working with me inside of my coaching program, the Wealthy Women's Academy, because they know that on paper, they make good money and they should be so much further along. But credit card debt and just debt in general is one of the things they just can't seem to break free from. And so today's episode isn't going to just be about paying off debt.
How does credit card debt keep high-earners from building wealth?
Anybody can pay off debt, right? It's actually going to be about staying out of debt, in particularly credit card debt for good. Okay, in my experience, I've seen a lot, right? I just told you that a lot of women come to me because they can't break free from the cycle of credit card debt. They also have trouble saving and there's a lot of overspending happening. Those are the three things that I specialize in, helping you to get your spending under control and not use your money as an emotional fix to make yourself feel better. No one will ever, ever be able to become super wealthy or wealthy if they use their money to alter their emotions. Because listen, as humans, we live in a world where we will always have negative emotion.
We live in a world where negative emotion is just a part of the human experience. And if we're always trying to escape it, we are going to keep ourselves just getting by with money. We're going to keep ourselves in a frustrating pattern where we can't break free from the cycle of debt, where we can't save a significant amount of money and where we just can't build wealth like we want to. And so that is one of the main reasons why so many people find themselves stuck. Another reason is because a lot of folks use their credit cards to live beyond their means. So they use their credit cards to expand their lifestyle beyond their income. And a lot of times we don't even know we're doing this, but we're doing it.
And then the final reason is that we're relying on our credit cards as an emergency fund. So let me recap those. You're using your credit cards for emotional spending, You're using your cards to live beyond your means and or you're using your cards to act as an emergency fund. And we're going to dig deeper into all three of these in a minute. But what I want you to know is that getting out of debt is one step. skill. That's one skill that you guys need to learn. But then there's another skill that you also need to learn. And that is the skill of staying out all together. Okay, and we're going to cover both today. And that's why I titled this podcast, the skill of getting out of debt and staying out. Now, before we get into the strategy around getting out of debt, I really want you to understand what's keeping you stuck in the cycle in the first place.
And I named a few of those things. And now let's go ahead and go a little deeper. The first one is we use our credit cards to spend beyond our means. Credit cards make it so easy. easy to spend more than you earn. It's just super easy to do because a lot of times we swipe our cards and we don't even know that we're doing it. And you could think about this, like if you're in the habit of constantly swiping your card for this and that, or if you're indulging in retail therapy or something like that, you don't realize how fast those charges add up.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–1:36
2
How does credit card debt keep high-earners from building wealth?
1:36–14:51
3
What are the three common reasons people stay stuck in credit card debt?
14:51–19:23
4
How can you tell if you’re using credit cards to live beyond your means?
19:23–25:42
Speakers
1 identifiedMore from Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
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185. Your Past Money Habits Created Your Current Financial Life
184. Why Money Keeps Coming In and Going Right Back Out