189. How to Build Wealth Without Giving Up the Life You Enjoy
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
29 min
1 speaker
3 chapters
transcribed 1 month ago
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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. So today I'm super excited because I am dedicating this entire episode to talk about doing both. I've coined this the do both method, which means that you get to build wealth and enjoy life at the same time. So if you've been around for a while, you've heard me talk about this, but I wanted to dedicate an entire episode to it because...
I really do think there's a three-part framework to doing this, right? It sounds amazing, build wealth and enjoy life at the same time, but how do you actually do that? That's what we're going to unpack today because I truly believe that when some of you hear me say that, you are like, yeah, right. How in the world can you do that? How can you build wealth and enjoy life? You have to choose.
What problem does Jermaine identify about high earners who aren’t building wealth?
And the reason why we believe that is because that's what we've been sold. We've been told that in order to get your money under control, in order to get out of debt, to save or to invest, you need to give up your lattes. You need to stop going to restaurants. You need to eat rice and beans and coupon and all of that. And I want you to know that none of it is true. I've proved it to be wrong. And it's because of this right here. When my husband and I were deep in debt, we were in over $200,000 worth of debt. I completely just buried my head in the sand because I thought the only way we're going to be able to get out of this debt and to really get our finances under control is if we do all the things I just named, give up everything, no vacations, no nothing.
And I just couldn't wrap my brain around that. It was this narrative that was really being pushed at the time that, you know, wait until retirement to live. And that, again, it just didn't resonate with me. It actually made my skin crawl. And so I just ignored my money. I'm like, we're going to live. We're going to figure it out. We'll figure this money thing out later. Let's just live our lives. But then it got to a point where the financial stress was just too much. And I was willing to do anything that I needed to do to get... back in control, to feel some peace around my finances. So I read books, I devoured them. And I went to my husband and I was just like, listen, something has to change. I cannot keep living like this.
And this is what has to change. We need to give up pretty much our lifestyle. We need to eat rice and beans. We need to stop going on vacations. The kids are not doing any more extracurricular activities. I'm not shopping. I'm going to start couponing. No more anything. And he looked at me like, who are you? What have you done with my wife? And absolutely not. We definitely need to get our money under control. That's what he said. But we can't do it like that. At this time, again, we had $200,000 in debt. That could have taken decades, right? Based on where my mindset was at that time, that felt like I would just be in debt forever. And our kids at the time were young. And he was just very adamant about being able to create experiences with them, being able to nurture our relationship and things like that.
And when he said that to me, when he said, we have to do something, but we can't live like that. That is when the light bulb moment went off for me. And that is when I started to question everything because it really didn't make sense when you think about it. Why can't you get out of debt? and go on vacation? Why can't you save and still buy a latte? Why can't you invest and still look nice and buy nice clothes? Like why couldn't you do both? And that is where the do both method was born. Figure out a way to do both, build wealth and enjoy life at the same time.
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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
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
183. Why Knowing What to do With Money Isn't Enough