184. Why Money Keeps Coming In and Going Right Back Out
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
29 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. I have a question for you. Do you ever wonder why you can't save or accumulate a significant amount of money, even though you make good money in your career or business? And maybe you even save that money, right? You transfer money to your savings. You've got it set up automatically, but no matter how hard you try, you find yourself dipping into that money.
You find yourself not really being able to accumulate a significant amount of money. If that is you, this podcast is going to be so helpful because we are talking about a very important skill that all of us really need to learn if we want to build wealth.
Why does money keep coming in and going right back out for high earners?
And that is the skill of having money. This is different than the skill of saving money. In episode 113, we looked at the skill of saving money. Now, the skill of saving money and the skill of having money are completely different. The skill of saving money is really about the mechanics, the behaviors of actually setting money aside and putting it away into a savings account, preferably a high yield savings account. So many people don't even do this. OK, so that's saving money. But the skill of having money is actually keeping that money, allowing it to accumulate. So when you do save the money, you're not spending it down. So you're allowing it to accumulate month after month after month, right? So that is the skill of having money.
It's when you are comfortable with having money in your life, in your presence, without feeling the need to spend it down. Now, this is important because some of us are in what I call a money trance. We don't even realize it, but every single time we get paid, we automatically spend it all within days or at least within that pay period so that the next time we get paid, We literally have hardly any money to show from the last paycheck. It's like we're starting over from scratch every single time. And we do this over and over and over again. And what I really want to get across today is that you have to wake up from this trance. If you want to build wealth, you have to wake up from this trance and you have to develop the skill of having money, okay?
And so in this episode, we're going to look at the forces that are preventing you from having money. And then I'm gonna walk you through a couple of strategies that can help you practice the skill of having money. Now, before we get into those forces and mindsets and strategies, we have to tackle the elephant in the room. I want you to know that if you are not a person who is able to accumulate money, I want you to know that there's nothing wrong with you. It's actually a very normal thing that many of us are programmed to do. I want you to know that our brains are are so powerful. And we pick up signals, we pick up messages, and a lot of the signals and messages we picked up were from our childhood.
So if you lived in a household where there was very little money, and maybe your parents lived paycheck to paycheck, you picked up that habit. You picked up that familiar thing. Now, sometimes when we see our parents struggle with money, we can say, nope, I'm not gonna do that. And then you just decide early on that you're gonna live a different life. But many of us, we just repeat those same patterns that we grew up with. So I want you to know, that your brain just thinks this is normal. Your brain just thinks that this is how life is. That was my story. I thought that because the way I grew up and because the way I was behaving, even though I made good money, I'd never had any because of that. I just thought that was life.
That was just how everybody lived until I woke up from the money trance until I woke up to notice like, actually, no, it's my behaviors.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–1:25
2
Why does money keep coming in and going right back out for high earners?
1:25–7:28
3
How is the 'skill of having money' different from the skill of saving?
7:28–18:32
4
What childhood programming and the 'money trance' explain paycheck-to-paycheck living?
18:32–29:09
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
183. Why Knowing What to do With Money Isn't Enough