187. Making Good Money Isn’t the Same as Building Wealth
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
24 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. Okay, so have you ever looked at how much money you're making now and compared it to what you may have been making five, maybe even 10 years ago and thought, how in the world am I making this much more money, yet it just doesn't feel like it, right? You may be making more than you've ever made before because you're doing your thing.
Maybe you're a business owner, a woman working in healthcare, human resources, higher education, sales, finance, maybe technology or some other field, right? You've earned the degree. You have the credentials and you've worked your way up. You might be in your late 30s, in your 40s, in your 50s, you're in your prime, right? You've landed the bigger role, received the promotions, right? And you finally have reached the income that you thought would change everything. Maybe you're making 100K, 150K, 200K, or even more. And for context, when we really think about those numbers, the median household income in the US was just under 84,000 in 2024. That means that you may be out earning entire households that have multiple people working outside the home and you're making more than them combined.
But again, as I said earlier, it doesn't feel like it and you feel like you should be so much further along by now. Like you just don't have the breathing room or the margin that you really, really want in your financial life. right? You may still be carrying credit card debt from month to month. You may have saved some money, but it's just not nearly as much as you think you should have based on what you earned. You may feel like your monthly expenses are higher than they should be and that your retirement account is lackluster, right? It's like I'm putting money in my 401k or my IRA, but I don't think it's enough for me to retire comfortably and live this same lifestyle. And I'm painting this picture for you because I know how frustrating these circumstances can be.
I know firsthand because I experienced them myself. And I work with women every single week who are in this predicament. Because on one hand, you know that you're doing well. You know that you're earning great money. But on the other hand, your financial life does not feel the way you thought it would at this income level. And again, this is something that I hear from women all the time. And it's something I've been paying very close attention to lately in my coaching. And what I've noticed is that making more money does not automatically mean you're building wealth because making good money and building wealth are not the same thing. Making more money gives you more money to work with, but what really matters is what you do with that money.
And that is what we're going to talk about today, right? Because we celebrate making more all the time. We celebrate the raises, the promotions, landing the bigger role. climbing the corporate ladder, starting the business, growing the business, and having the highest income we've ever had.
Why does earning more not always feel like financial progress?
We celebrate those things as we should, because I don't want you to think that I'm saying that income doesn't matter because it does. It is true. hugely important because let's be honest, it's hard to save. It's hard to pay off debt, stay out of debt, travel, invest, be generous and create breathing room when you simply do not have enough money coming in. So yes, ask for the raise, go for the promotion, go for the bigger role, grow the business, increase your income. I am all for that. That's one of the things I help my clients do in our coaching. I am all for women making as much money as they want to make. And here's the thing, income is only one piece of the wealth building puzzle.
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Chapters
4 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
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
183. Why Knowing What to do With Money Isn't Enough