186. Why Making More Money Can Still Leave You Feeling Behind
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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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. Today, I want to talk to you about something I hear often, and it usually sounds a little like this. When I was making way less money, I actually was more on top of things. I knew where it was going. I paid attention, I had a budget, I was way more careful. But once I started making more, I felt like I didn't have to be as careful anymore.
I didn't have to be as on top of it and I didn't have to watch things as closely. And now I make more money, but it just doesn't feel like it. I feel like I should be so much further along by now. And I think this is such an important conversation and I can't tell you how many times I've women have shared almost this exact same conversation with me. It's just like when I wasn't making as much, when I was just out of college or when I was in my early 30s, I was making less money and I was on top of things. I was responsible. I was careful. And as I started making more, I just felt like I didn't need to do that anymore. And so this conversation isn't about making more money, right? We all want to increase our income and make more money.
Like that's always a goal. And you're probably already doing that, right? You have the career, the business, and you have the money, the income coming in, but your financial life or your net worth may not reflect how much you make. And that's the part that is just so frustrating. And I know firsthand how frustrating that could be. My husband and I, we were making... multiple six figures, but we had a ton of debt. We were spending everything we made. We had very little savings and it just felt like money came in and it went right back out. So I know how frustrating that can be, right? Because you look around and think, how am I making this much money? But my savings is not where I want it to be. I'm carrying this high interest credit card debt every single month.
I'm behind when it comes to retirement. Yes, I'm investing, but it's not nearly enough that will allow me to retire comfortably. This is what I wanna talk about today because sometimes as your income increases, your attention to your finances decrease and that really, really matters, right?
Why do I feel behind financially even after a big pay raise?
Because what you focus on expands, it grows. And the opposite of that is true as well. What you don't focus on tends to disappear. Not all at once or in obvious ways at first, but little by little. So as you stop paying attention to your finances, it just starts going places that you're not aware of, right? And this makes sense when you think about a friendship. Think about a friendship. And this happens to us a lot, I think, as we age, right? So let's talk about maybe your best friend from college. You kept in touch. You paid attention to her. You checked in on her. You were there for her. But as you grew up, right, as you may have gotten married or moved away for a job, she got busy. The relationship, you just stop paying as much attention to it.
It's not that you don't still love your friend, but there's just less attention. And what happens with that relationship? Eventually, you just talk less and less and less. And before you know it, you look up and you're like, oh, my God, I haven't talked to my friend in years. Where is she? What's going on? I wonder how things are. That's the same thing with your money. It's like, it's a relationship that you have to pay attention to and focus on, or you will look up years later and be like, oh my gosh, where in the world is all my money going? I know it's coming in, but I don't have as much to show for it. I feel like I should be further along by now. Okay, so let's just take a moment to revisit what
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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
185. Your Past Money Habits Created Your Current Financial Life
184. Why Money Keeps Coming In and Going Right Back Out
183. Why Knowing What to do With Money Isn't Enough