179. The Skill of Having Money: Why You Keep Spending Your Savings
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
21 min
1 speaker
3 chapters
transcribed 1 month ago
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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. Today, I want to talk about a skill that most of us were never taught, the skill of having money, not just making money and spending money, but actually having it. letting it stay in your world, letting it accumulate, really having it. Because for a lot of women, money comes in and before it can turn into anything significant like savings, peace of mind, debt freedom, investments, it goes in so many other places.
And this is why you can make good money and still feel like your financial life is out of control. no matter how hard you end up working. So this episode is really about the skill of having money. This is a concept that not a lot of financial experts talk about, right? And so to be clear, I may mention things like saving and getting out of debt and overspending, but that is not what this episode is about. This episode is about something much deeper. It's about the skill that if you can get this one right, it will change everything for you. It will make all the other things I just mentioned so much easier. And that is, again, the skill of having money, the capacity to keep money in your life instead of constantly sending it away.
So this episode is for you if you're a woman who makes good money, but no matter how hard you try, you're always wondering, like, where in the world is all my money going? Right. And more specifically, it could look like getting a bonus and having a plan for that bonus. Maybe you put it into savings. And for a minute, it feels really good, right? You've got that money in savings and you feel a little secure, like, okay, I'm finally getting somewhere. I can finally get ahead. But before the money really even has a chance to settle into the account, your brain starts building a case for why all that money needs to leave, right? It'll sound like, you know what? Your lawn is the worst in the neighborhood.
You really need to spruce it up. You need some new furniture. Those throw pillows, they need to go, right? And so your brain will come up with all of these reasons why that money that's sitting in your account should start to dissipate and go away. And before you know it, that money that was starting to feel like security will turn into another purchase, another project, and into another upgrade. And listen, I want to be clear. It's okay to spend money, right? Your house will need things.
What is the 'skill of having money' and why does it matter?
Your world will require maintenance. This is not about pretending that spending money is bad. And honestly, if you've been listening to my podcast for any length of time, you will know that I am not saying about frugality. I am not about living a boring life filled with deprivation. I am not about slashing expenses. I believe that you can do both. You can build wealth and enjoy life at the same time, okay? So that's not what this episode is about. But it is about noticing the patterns that are running your financial life. If every time you try to save or you do save, you find a reason to spend it down, I really want you to pay attention to that. because it's a pattern that can be changed. But it's also a pattern that's dangerous because it will keep you stuck.
It will keep you feeling like you should be further along, like you're behind, like retirement and being able to one day be work optional and retire comfortably is just nowhere in sight. And as you go through your 30s and 40s and 50s, if you don't catch this now, like wherever you are, it doesn't matter what age you are, If you don't stop it now, it will not go away on its own. And so you have to notice it. Awareness is the first level of change. So you have to notice what's happening in your life.
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Chapters
3 chaptersSpeakers
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