188. The Biggest Financial Mistake Women Make After Getting a Raise
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
12 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. Okay, so today we're going to talk about the biggest financial mistake women make after getting a raise or after making more money, after getting a bonus, all the things. This is going to be a short, sweet, and very actionable episode. This is one that I want you to save so that you could come back to it the next time you're anticipating a raise, a bonus, a new client contract, or any type of windfall.
Okay, so remember, episode 188, this is one that you're going to want to come back to. So first, before we dive into the actions, let's talk about the mistake. And it's probably not what you're thinking. I think the biggest mistake women make after getting a raise is that they do not sit down and decide ahead of time where the money will go. They do not sit down and think about it or direct it. We do not sit down and just make decisions about what is going to happen with the money. That's it. That's it right there. That is the mistake. And as you can see, this happens before the spending even starts. Let's say you're anticipating an increase in your salary. You're getting a nice bump, let's say 20K, okay?
Here's what I want you to do. I want you to sit down and think about what that will look like in your life. What is the impact? How much money will that be additional in your life? I want you to really sit down and calculate how much extra you're going to be bringing home. So here's the thing. I don't want you to wait until you get that first paycheck. I suggest you sit down and calculate it based on your best estimate.
Okay.
right? Take out the taxes, take out deductions, just do a really nice estimate. It doesn't have to be perfect, but I bet you're going to get really close based on your previous pay periods, right? So based on the $20,000 increase, you could potentially estimate that you're going to get an additional $500 a check and you get paid twice a month. So that's $1,000 per month extra you're going to be receiving. Now, I did not do any calculations. These are just really, really rough numbers, but I think you get what I mean.
What is the biggest financial mistake women make after getting a raise?
So you can anticipate about $1,000 additional in your life every single month. That is $12,000 a year. And then you could say, okay, based on this, here's what I want to do with this money. And I recommend you use percentages. Okay. I won't give you the percentages, but when I am working with my private clients, based on the season of life they're in, based on what's going on in their life, what their financial goals are, all the things, we will come up with percentages for them, actual percentages. But for now, I just want you to think in terms of percentages, okay? So you want to think about, what are some of my financial goals? Because you're going to want to build wealth with some of this money.
You're going to want to enjoy it. And depending on what season of life you're in, you might need to stabilize some things with it as well. So let's say you have credit card debt and your savings just isn't where you want it to be. For you, I would say the combination of things need to be saving some of it, paying down debt with some of it, and enjoying some of it. Remember, we can do both. We can build wealth and enjoy life at the same time. Now, if you do have... high credit card debt and not a lot saved, you might prioritize those. So give those two buckets more money than maybe spending, or you might decide to split it a third, a third, and a third. You get to decide. Again, this is something I've helped my clients figure out inside private coaching, but guess what?
You ultimately are in charge of your money, so you get to decide what you want to do with it.
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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
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
183. Why Knowing What to do With Money Isn't Enough