120. The Skill of Investing: How to Start Building Wealth From Scratch
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
22 min
1 speaker
3 chapters
transcribed 1 month ago
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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 continuing with our series around the skills of money. And today we're going to discuss the skills of investing. Now, here's a disclaimer. I am not a financial advisor. So I will not be giving you specific investment advice. I will not be telling you which stocks you should invest in or which index funds you should purchase.
That is not my role. Remember, I am a life coach who specializes in financial coaching. And some people call this money coaching. And I just wanted to take a moment before we dive into the skills of investing to share the differences between what a financial advisor does and what a financial coach like myself does. Okay, so financial coaching is like having a trainer for your money. Think about if you were going to go to the gym, if you wanted to lose weight, you may hire a Thank you so much for watching. That is what financial coaching is for your money. So in my opinion, it's for people who make good money, but they're not building wealth. So you may be doing really well in your career or in your business, but you're not as far along as you want to.
And you've tried some things on your own. You've tried listening to podcasts. You've tried reading books. You've tried budgeting, you've tried all the things you hear about, but you still find yourself stuck and you may try some things and then before you know it, you're right back in your same place. old habits. So I think financial coaching is for people who know what they should be doing, but they can't get themselves to do it. And some common struggles include overspending, impulse spending, emotional spending. They find themselves stuck in the cycle of credit card debt where they try to pay it off or they do pay it off, but then they find themselves right back at it. And they have trouble saving.
So they have a goal of having $20,000, $30,000, $40,000 in savings. But no matter what they do, they just can't seem to accumulate that amount of money. They sabotage themselves every time they save a little bit of money, they spend it. So the habits are what's preventing them from doing all the things that they know that they should be doing. And so a financial coach will help you to get organized with your finances. This is what I do. I help you to get organized. I help you to really understand what's most important to you, your values. I help you come up with a plan that is specific to your life that you can stick to. We don't put ourselves on strict budgets. I don't believe in those. And then I'm there to support you the entire way.
So
taking those first steps, getting back on track when things go left, right? Helping you to stay accountable, not to me, but to yourself. Helping you to shift your habits and the way you think about money. So when you do those things, you start building up your savings. You start getting that momentum. You pay off debt and you stay out of debt. You take control of your spending where you spend on things that are truly meaningful to you and you stop spending on things that aren't.
What does a financial coach do versus a financial advisor?
And when you... Do those things because your mindset is different and because your habits are different. That is when you start building wealth. And you do all of this again without feeling restricted or feeling deprived. Now, this is what you need in order to be ready for a financial advisor, because an advisor is someone who is going to help you manage your investments and pick out investments and come up with a financial plan so that when it's time for you to retire, you are ready. But it's very hard to do what a financial advisor wants you to do or will help you to do if you don't have these foundations in place that I mentioned before.
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Chapters
3 chaptersSpeakers
1 identifiedMore from Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
189. How to Build Wealth Without Giving Up the Life You Enjoy
188. The Biggest Financial Mistake Women Make After Getting a Raise
187. Making Good Money Isn’t the Same as Building Wealth
186. Why Making More Money Can Still Leave You Feeling Behind
185. Your Past Money Habits Created Your Current Financial Life
184. Why Money Keeps Coming In and Going Right Back Out