133. 3 Surprising Reasons You Overspend (Even If You’re a High Earner)
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
23 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. Listen, today's episode is for you if you ever found yourself asking this question. Why do I keep overspending even though I know better? If that question sounds familiar, if it's something that you ask on repeat, I want you to know that you are not alone and you are going to get a lot out of this episode today. Because so many of us walk around believing that we lack discipline, that we're just not good with money, or that something is wrong with us if we find ourselves struggling to not overspend.
If we find ourselves struggling with... impulse spending, or if we find ourselves struggling with emotional spending. But here's what I really want you to understand. If that is you, you are not bad with money. You're not just a spender and you're definitely not broken.
Why am I overspending even though I make good money?
There is nothing wrong with you. you probably just haven't really had an opportunity to understand why you spend the way you do. And once you understand the deeper reasons behind your spending, you can actually start to change it. Because as human beings, we are never ever stuck. We are designed to change, to grow and to evolve. There's a scientific term for this and that is called, and I might butcher it, but I'm going to give it a shot. It is called neuroplasticity, which means our brains can literally change. That means we can rewire our habits, we can change how we think, we can change how we act, and we can choose differently. You do not have to keep living the same financial life over and over and over again.
You just have to be willing to really look underneath the hood to see what's actually going on and then practice new things by taking one step at a time. And this is exactly the kind of work that I do with my clients in my brand new, fully private coaching program, Own Your Wealth. We get to the root causes of why you overspend. Because here's the thing, most of my clients, all of my clients, they make good money. And let me define what that is because it's subjective. My definition of making good money is you make six figures or very close to it, or of course you're making more than that, like multiple six figures. And if that is you, if you're doing that in your business or in your career or a combination of the two, to me, you make good money, right?
You're a high earner. But the one thing that really prevents a lot of high earning women from building wealth is overspending. It's like the money is coming in, but you have a hole in your pocket. And so the money comes in and it just slips right back out. And it seems like it's against your will. It seems like it's out of your control because there's these things that are happening outside of you. What it feels like is that it's something else controlling you and you just don't have discipline. You have no self-control and you just can't break free from it. But again, none of that is true. You are a human with a human brain and you can grow, you can change, you can learn skills, you can break habits and create new ones.
And this is the work I do with my clients because once you can really get control of your spending, then you free up so much money to be able to enjoy life more, to get out of the cycle of credit card debt, to save $20,000, $30,000 in a life happens fund or an emergency fund. And then you've really set up to just blow out your investments. You can really up level and accelerate your investments. And that is where the real wealth is made. And just imagine if that was your life, if you spent intentionally on things that actually mattered to you and you no longer have the desire to just spend money frivolously on things that did not matter to you.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–1:33
2
Why am I overspending even though I make good money?
1:33–10:14
3
How can understanding neuroplasticity help change spending habits?
10:14–13:23
4
What does Jermaine define as a ‘high earner’ and why does overspending stop wealth?
13:23–23:15
Speakers
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