148. Values-Based Spending: Fund What Matters and Cut What Doesn’t
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
28 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 values-based spending, which is the second pillar in my do-both method. Now, before we dive in, I have to tell you a quick story. I was recently on a flight watching a new movie that just came out this year called The Materialist. The main character was actually the woman who was on Fifty Shades of Grey, the main character.
I don't know her name. But in this movie, she was a high end matchmaker for successful people looking for equally successful partners. So at one point she was at a wedding that she had helped match, you know, the bride and the groom and all of the women. She was helping them, giving them tips and strategies, and they were just eating it up. And the groom's brother was eyeing her. And then he ended up sitting next to her at dinner. And he said something that really, really stuck out to me. He said, you never tell people they need you. You let them know that they could do it on their own. But if they have the means to afford you, why wouldn't they hire you? And it hit me. That's exactly how I feel about financial coaching.
You, my friend, you listening to me on the other end of this microphone, you can absolutely do this on your own. You're smart, you're capable, and you're resourceful. But it's kind of like what he said. Why would you go at it alone if you don't have to? If you have the means, if you have the resources to be able to invest in yourself, why wouldn't you? It's kind of like coloring your own hair. Sure, you can do it at home. And it might even look good for a little while, but the results will fade. The color will dull and it never quite matches your undertone or the season that we're in, right? If it's fall, it might not look good for fall. If it's summer, it may not quite match summer. What's interesting is, is that you just don't have someone mixing the exact formula for you.
A professional hairstylist that could help you get it right and make it last as long as possible. Coaching is the exact same way you all. You can DIY your finances and you might even make some progress for a while. Some of you can definitely DIY and you're DIYing it. You listen to this podcast every single week and you literally apply everything I say. But there's another group of you who are trying to DIY and you take two steps forward and then five steps backwards, right?
What is values-based spending and why is it the second pillar of the Do-Both Method?
You are trying to do it on your own, but it's not sticking, right? Maybe you've done a no spend challenge and celebrate it by overspending the next month. Maybe you've paid off your credit cards only to run them right back up again. Maybe you've saved a few thousand when you got a bonus only to spend it down. Right. Hear me again. I'm going to keep saying it. DIY can work because it's what I did. But it took me 15 years to figure out how to make it stick. Yeah, I saved.
How did a movie anecdote illustrate the value of investing in financial coaching?
I got out of debt. I stopped overspending. I went back and forth. I would save and then I would spend. I would get out of debt and then I would go back into debt. I would not spend, then I would go on a spending spree. But it took me trial and error to figure out, okay, it's not just about money. It's not just about budgeting. It's not just about scrimping and saving and cutting back and slashing expenses. It's about what is happening in my mind today. It is about the psychology of money more than anything else. So it took me 15 years to not only figure it out, but learn how to actually make it stick where I wasn't going back and forth. where I would pay it off and then run it back up again, where I would save and then spend it out, where I would not spend and then go on a spending spree, right?
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:29
2
What is values-based spending and why is it the second pillar of the Do-Both Method?
3:29–4:02
3
How did a movie anecdote illustrate the value of investing in financial coaching?
4:02–16:09
4
Why do smart, high-earning women still struggle to build wealth?
16:09–28:46
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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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