161. Stop Eating Your Money: How Food Overspending Keeps You From Building Wealth
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 there, welcome back to the podcast. Okay, so let me start with something that might sound obvious, but it's actually the root cause of why a lot of people do not build wealth like they want to. The number one reason why most people are not as far along as they want to be financially is because of overspending. It's the reason why people are stuck in the cycle of credit card debt where they pay it off only to run it back up again.
And that cycle continues and continues. So many people I work with and I talk to, they don't have a problem with paying off credit cards, right? They've paid off the same credit card balance over and over again. Their problem is they can't stay out of credit card debt. And that is my specialty. That is what I help women do. I help them to get out and to stay out of credit card debt. So if that's you, that is what I can help you with. It's also the reason why a lot of us don't have as much money saved. Why? Because of overspending. So credit card debt, little savings, not investing at the level that you know you need to so that you can retire with plenty of money. The reason why we're not able to do those things is because of overspending.
It is not good. usually because of income, right? For the women I work with, these are women who make good money. So if this is you, if you make good money in your business or in your career, but you still find yourself thinking I should be further along by now, it's typically not how much is coming in, it's how much is going out. So overspending, in my experience, when I look at my own life and when I look at the lives of my clients, overspending is the number one reason most people stay stuck financially. And the tricky part is this. Overspending rarely shows up in just one place. For most people, it shows up in multiple areas. And one of the sneakiest places overspending hides is with food. And when I say food, I'm not just talking about groceries.
I'm talking about groceries, eating out, DoorDash, convenience meals, grabbing something on the way home, all of it. And here's why I think food spending and food overspending is so sneaky. It's one of those things that's really hard to get a hold of. Because at the end of the day, you have to eat. You're busy. You're tired. You've worked all day. You don't feel like cooking half the time. I know I don't.
Why is overspending the #1 reason many high-earning women aren't building wealth?
The spending isn't just like this one big purchase, it's fragmented. You do a little here, a little there, almost every week you're spending on groceries. And by the end of the month, you're like, oh my gosh, I just can't believe that I spent that much. And that's only if you're paying attention, right? It's not like there's these big, huge purchases that can kind of alert you. It's small decisions over and over again that don't really feel like overspending in the moment. But again, when you add it all up, It's a lot. And so today I want to talk to you about this because a lot of people are making good money and they are eating it away without even realizing what's happening. So right before the new year began, I was on Instagram just scrolling and I saw a reel that just stopped me in my tracks.
It was a businesswoman. You guys, it was so captivating because she was eating Chinese food in her car. So she was like crunching on the egg rolls. slurping on the soup. So she was just really enjoying this food. It was like this big production. And she talked about how she's in business for herself. So she turned over her numbers to her accountant and her accountant congratulated her and told her she made more money than she'd ever made before. So after giving her all those accolades, she said, but there's this one thing I have to tell you.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:10
2
Why is overspending the #1 reason many high-earning women aren't building wealth?
3:10–11:08
3
How does food spending hide itself and erode your savings over time?
11:08–15:36
4
What story illustrates the moment of realizing food was 'eating our money'?
15:36–23:51
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