157. Why New Year’s Resolutions Fail - And What People Who Succeed Do Differently with Money
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
17 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. OK, so around this time every year. There seems to be a lot of talk about New Year's resolutions, and you've probably heard the stats that around 80% of people who set New Year's resolutions actually quit. by the second or third week in January. And there's actually a name for this. It's called Quitter's Day. And it's the second Friday of January.
This is when most people give up on their New Year's resolution. And for a long time, I used to use that stat as proof that New Year's resolutions just don't work. And I would say, what's the point? You know, most people give up. Usually people never achieve their goals. So why even bother? But then when I was reading a book on behavior change, I The author pointed out something that really changed the way I now see New Year's resolutions. She said that, yes, 80% of the people quit, but if you flip that stat on its head, that means 20% actually follow through. And when you really think about the fact that millions upon millions of people set New Year's resolutions, that means that millions of people do actually change their lives.
So the real question really isn't why do New Year's resolutions fail, right? We see the news articles about those, but the real question really is what's different about the 20% who actually succeed? What do you need to do to be one of those few that make their New Year's resolution stick? And here's what I've come to believe after years of doing this work. The people who actually stick to their New Year's resolution, the people who actually change, it's not about luck. It's not about willpower. And it's not that they're somehow more disciplined than everyone else. It's that they understand something that most of us just don't understand. They get that real change requires commitment, not just intention.
So let me say that again for the people in the back. Real change requires commitment, not just intention. And here's the difference between the two. Both are important, but they're very different. So I want to explain. So intention is what you want to do. It's the hope, the plan. Commitment is different, though.
Why do most New Year’s resolutions fail by Quitter’s Day?
Commitment happens when you decide that you will do it no matter what, even when it's uncomfortable. even when you don't feel like it, even when you don't feel motivated, and even when you want to give up. Commitment looks like getting back on track even when you mess up, right? It means that you are just in it for the long haul. You are in it to win it. Most people set goals, but very few people actually commit to making those goals a reality no matter what. So if you do not want to be one of those people who set goals without committing to them, who set New Year's resolutions without actually going all in and being fully committed to them, then I've got something for you coming up. I am hosting a brand new workshop.
one-day workshop called the 2026 Money Reset. Your year to build wealth for real this time, and you are invited. During this workshop, I am going to be taking you through a lot of different things that hold women back, from doing the things they want to do in the new year. This isn't going to be another budgeting class, and we're not even going to focus on setting goals. This is a reset, a fresh start, so that you can commit to whatever you want to accomplish in 2026. This is going to be a transformational experience designed to help you understand why you're not further along financially, even though you make really good money. And we're going to look at what needs to change so that you walk into 2026 feeling committed, clear, confident, and in control of your finances.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:20
2
Why do most New Year’s resolutions fail by Quitter’s Day?
3:20–8:58
3
What distinguishes the 20% who actually follow through on resolutions?
8:58–15:56
4
How is commitment different from intention when changing money habits?
15:56–17:45
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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