183. Why Knowing What to do With Money Isn't Enough
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
13 min
1 speaker
5 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.
What common money struggle do successful women secretly admit to?
Welcome back to the podcast. So today I want to talk about something I think so many women silently say to themselves, and it's this. I know what I should be doing with my money. I just can't get myself to do it consistently. And listen, that is frustrating because we are not living in a time where personal finance information is hard to find. There are podcasts, books, YouTube channels, social media posts, financial experts everywhere telling you what to do with your money, how to save, how to spend less, why you should cut out things and pay off your debt and invest, all the things. The information is out there. And some of it is really good. So if information alone was enough to change our financial lives, a lot more women would be where they want to be financially.
But that's not what I see. What I see so often are women who already know a lot. They know that savings matter. They know that carrying credit card debt from month to month is costly. They know that they should be investing more than they currently are. And they know that they want to keep more money, right? They make good money and they know that they want to keep more of it. But even with all that they know, they still find themselves not doing the things they know they should be doing consistently. And that is the gap I want to talk about today. Because your financial life does not change because of what you know. Your financial life changes because of what you do on a consistent basis. So today I want to give you one simple shift.
And here it is. Stop focusing only on the outcome and start focusing on the behaviors that create the outcome. That is where change starts. Now, I was recently in a coaching training and the instructor shared a story that really, really stuck with me. He was talking about coaching a young girl in tennis. She was like middle school age and for weeks he was trying to help her hit the ball over the net more than five times. She could do it five times, but no more than that. So he gave her instructions. He reminded her what to do. He explained the basics, but no matter what he did, she could not get that ball over the net more than five times in a row. Now, listen. These lessons were being paid for by her parents.
So he started to get frustrated, not with the girl, but with himself as the coach. He's like, I have to help this girl. Like her parents are paying me all this money and I can't get her to hit this ball over the net more than five times. So he decided to change the focus. So instead of making the focus get the ball over the net more than five times in a row, he gave her something very simple to pay attention to. He gave her something very simple to focus on. He told her, when the ball bounces, say bounce. And when you hit it, say hit. Bounce, hit. Bounce, hit. Now, once she got that rhythm, that bounce, hit rhythm, she was able to hit the ball over the net way more than five times in a row, right? And why do you think that was?
Because the ultimate goal didn't change, right? He still wanted her to hit the ball over the net more than five times in a row, but that wasn't the focus, right? The focus was on the behaviors that will get the ball over the net more than five times in a row. So he switched her focus from I need to get the ball over the net as many times as possible to I just need to hit that ball after it bounces. So whenever it bounce, I'll say bounce. Whenever I hit the ball, I'll say hit. Right. That that was her only focus. And that changed everything.
Why isn't more personal finance information solving money problems?
Why? Because her behaviors changed. Not only did they change one time, they changed consistently.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–0:38
2
What common money struggle do successful women secretly admit to?
0:38–4:26
3
Why isn't more personal finance information solving money problems?
4:26–8:37
4
How does focusing on outcomes differ from focusing on behaviors?
8:37–10:07
5
What is the 'bounce, hit' coaching example and how does it apply to money habits?
10:07–13:24
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