168. The 7 Hidden Overspending Patterns That Keep High Earners From Building Wealth
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
19 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. Okay, let me tell you about a woman I know. She makes six figures, multiple six figures or close to it. She has a career that she's worked very hard for. Maybe it's a business or maybe she works for someone else. And she has a life that looks really, really good from the outside. And yet every month she gets to a certain point and thinks,
Where in the world did all my money go? She's smart. She's driven.
Who is a Henry and why do high earners still struggle to build wealth?
She's a person that other people look up to. Yet money is the one area she just can't figure out. And quite honestly, this was me. And it's a lot of the women that I work with in my private coaching practice. And I'm guessing that it might be you too. And so I'm so excited to share that starting today, I am going to be diving into the reasons and the patterns behind why this continues to happen. So like I said, I've worked with dozens of women who fit this exact description and I was one of them, right? And there's actually a term for this. It's called the Henry effect. Henry stands for high earner, not rich yet. People who earn good money, sometimes very good money, but that income hasn't translated into wealth yet, right?
And I did an entire episode on the Henry phenomenon a couple of episodes ago, which was episode 130. So feel free to check that out if you identify as a Henry. A Henry, again, is someone who is a high earner, but you're not rich yet. You totally identify with the woman I described earlier. And here's the distinction about Henrys that I want to make. Income is not their problem. They've already solved that part. But when it comes to building wealth, as you all know, income is just one piece of it. I teach something called the five core areas of money. And I say, if you want to be wealthy, if you want to build wealth, if you want to get on the track of being financially secure, you must master the five core areas of money, income just being one of those areas.
Now, besides income, the next one that I see that trips people up, that causes people to wonder where in the world all their money is going, it's spending. Spending is the next area, right? So when you think about the five areas, you've got income, spending, debt, savings, and investing. So you have to get all five of those in control, working like a well-oiled machine in order for wealth to accumulate. And besides income, once your income is good, what I see is that spending is the number one reason people aren't building wealth. I say all the time that spending, overspending, it's not just spending, it's overspending that causes so many of us to not be where we want to be financially. I believe it's the number one wealth stealer for many of us.
But here's what I want you to know about spending. It's not just spending randomly here or there. It's usually the patterns that we fall into. Specific spending patterns that show up in very specific moments. Moments when you're bored, moments when you're stressed, moments when you're celebrating, moments when you're trying to make someone else feel better, when you're trying to make someone else happy, moments when you simply want things to be easier than they are. And over time, those moments create spending decisions. And when those decisions repeat week after week and month after month, they quietly create turn into patterns. So in this series, we're going to name seven of those spending patterns, not as personality types, not as character flaws, but as patterns, because spending patterns can be changed.
For most of you, when you hear these, you're going to recognize yourself in two or three of them.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–1:12
2
Who is a Henry and why do high earners still struggle to build wealth?
1:12–13:27
3
What are the five core areas of money that determine wealth building success?
13:27–18:24
4
How does overspending become patterns instead of random purchases?
18:24–19:51
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