180. Why You Keep Falling Back Into Old Money Habits (Your Financial Thermostat Explained)
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
18 min
1 speaker
3 chapters
transcribed 1 month ago
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Transcript generated automatically by AI and may contain errors.
Who is this episode for and what problem does it address?
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, so last week, we talked about the skill of having money, not just making money, not just spending money, but actually having money, keeping it in your life, letting it stay, letting it accumulate, letting it become peace of mind, savings, debt freedom, investments, options, and wealth.
And
And based on the response I got from that episode, I know it hit something. Because for a lot of women, the issue is not, oh, I just need to get control of my money. It's so much deeper than that. You have gotten control of your money before. You have done all the things you've saved, but spent it. You've paid off debt, but it's come back. You will invest, but then you borrow from your investments, your 401k or your IRA. You put yourself on a no spend challenge, but soon as it's over, you revert, you go on a splurge. And then before you know it, everything you didn't spend, you spend in like one day. So the deeper issue is that you just need to get control of your money. You know how to get control of your money temporarily.
You just don't know how to do it consistently. And that is what we're going to talk about today. We're gonna talk about why you keep having to start over, why you keep finding yourself back in the same place over and over again, because this is something that I know is real because you wanna change. You want to build wealth. You want to have money in the bank. You want to be credit card debt free. You want all of this and you do it. You make it happen. But before you know it, you're back to the same familiar place that you've been in over and over and over again. And so today we're going to break down why that keeps happening and what you actually need to do to change that pattern for good. So before we talk about actually changing the pattern, let's really take a deep dive to understand it.
So this is a pattern that I see all the time. I saw it with myself. I see it with my clients. I've worked with so many women and I see this over and over again. You make good money, right? You get serious about your finances. Like I just said, you decide that this is the time you're finally going to change things. Maybe it's the beginning of the year. Maybe something else has happened. Maybe you had an event in your life that happens and you're like, no, I have to change this. And you decide that you're going to. So you pay down the debt. You start saving. You get a big bonus or a client win. And you're like, yes, I can finally make progress. And when you do, you feel some relief. It feels like you're finally getting somewhere.
Then... Life happens. The credit cards start to creep back up again. The savings get used. The bonuses, they go to clean up past spending because the spending picked back up. And before you know it, you're right back in that same familiar place. Not because of one big dramatic mistake, but because little by little, the old pattern started to creep back in again. And that's one of the most frustrating places to find yourself. Now, even though it's frustrating to be there, I want to say this very, very clearly. If you find yourself in this frustrating place, it does not mean that you're undisciplined. It does not mean that you lack self-control. It also doesn't mean that you're bad with numbers or that you're bad with money.
And it definitely doesn't mean you do not care about your future.
Why do women who make good money still feel like they're starting over?
Honestly, I have not met one woman who doesn't care. That's why this feels so frustrating because you do care. You do want to build wealth. You do want to feel good. financially peaceful and secure. You do want to stop relying on your credit cards.
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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