Why Am I Still Broke? Uncovering The Hidden Root Causes
Today, we’re diving into the real reasons why so many of us find ourselves stuck in that paycheck-to-paycheck cycle, even if we're pulling in decent cash. It's not just about how much you make; it’s those sneaky habits and mindsets that keep us chained to financial stress. Together, we’ll explore how emotional spending and lifestyle creep can trip us up, and we'll share some practical tips to help you break free. So, grab your notepad, and let's get to work on answering the question, Why Am I Still Broke?
Check out the full podcast episode here
Ever wonder why your paycheck disappears faster than you can say 'budget'? Ralph Estep Jr. is here to shed some light on the hidden habits that leave us broke despite making good money. It turns out that the path to financial freedom isn't just about how much cash flows into your wallet; it’s also about how you manage what you have. Ralph shares how emotional spending and lifestyle choices can lead to financial shame. We’re diving deep into the importance of distinguishing between needs and wants, along with practical steps to identify those patterns that keep us in a cycle of financial anxiety. Ralph encourages us to reflect on our spending behaviors and challenges us to make small yet impactful changes. Are you ready to take charge of your finances and step into a future free from shame? Let’s get to work!
Chapters:
- 00:03 - Understanding Financial Struggles
- 01:36 - Understanding Financial Challenges: The Cycle of Lifestyle Creep
- 04:03 - Understanding Emotional Spending and Its Impact
- 06:07 - Understanding Needs vs. Wants
- 06:54 - Understanding Financial Needs and Wants
Takeaways:
- Feeling stuck financially often has less to do with income and more with spending habits.
- We often confuse needs and wants, leading to unnecessary financial strain and anxiety.
- Identifying emotional spending patterns is crucial to breaking the cycle of financial shame.
- Creating a needs versus wants list can help clarify where your money is actually going.
- It's important to ask if purchases honor God's provision and align with your financial goals.
- Small changes in spending can lead to significant financial improvements over time.
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00:00 - None
00:03 - Understanding Financial Struggles
01:36 - Understanding Financial Challenges: The Cycle of Lifestyle Creep
04:03 - Understanding Emotional Spending and Its Impact
06:07 - Understanding Needs vs. Wants
06:54 - Understanding Financial Needs and Wants
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Do you ever feel like your money just slips through your fingers?
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You work hard, even maybe make a decent income, but you're still stuck in that
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cycle of living paycheck to paycheck?
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Well, guess what?
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It's not always about how much money you make.
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So today we're gonna go deep into the hidden reasons why you're feeling stuck.
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We're gonna have a frank discussion about the sneaky habits and those
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difficult mindsets that keep us trapped.
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We're going way beyond the surface.
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We're moving beyond just budget more.
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So if you're ready to uncover the real root causes and finally break
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free, you're in the right place.
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Let's get real on today's show.
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Hey everyone, and welcome to the Ask Ralph Show.
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Ralph, your financial evangelist, and this is the show where we tackle real financial
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challenges with a faith centered approach.
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This show is all about helping you break that cycle of financial shame
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with confidence, and today we're digging deep into the root causes of why we
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live paycheck to paycheck, even when we think we shouldn't live this way.
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Mark asked this really great question.
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He said, Ralph, I make decent money, but I'm still broke.
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Where's it all going?
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Well, mark, that's the million dollar question, isn't it?
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So Mark, let's find the answers together on today's show.
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Lemme start by saying something bold.
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it's not always about your income.
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Now, that's sometimes part of it.
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But often it's what I call lifestyle creep, and yes, I chose
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the word creep intentionally.
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That new car, that bigger house, all those things add up over time.
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It's also the lack of budgeting and that emotional spending.
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All of this plays a big role many times.
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The truth is we spend to feel better, not because we need something.
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How about you?
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I'd have to say that I'm certainly guilty of that.
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How many times have you found yourself making that purchase just to feel
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better, just to feel some joy?
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Maybe you're feeling a little bit depressed, or maybe you're feeling a
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little sad and all of a sudden that new purchase, that'll be the answer.
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Some retail therapy, that's gonna be the answer to your low
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feeling, but think about it.
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Do you find yourself buying things to relieve stress or, or maybe
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to keep up with what others have?
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That fear of missing out?
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And let me just tell you, this isn't about judgment.
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We've all been there.
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It's about honesty and it's about recognizing patterns.
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These patterns that trap us.
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The Bible tells us in Proverbs 2117, and I love this, it says, whoever
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loves pleasure will become poor.
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Whoever loves wine and olive oil will never be rich.
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That is certainly direct, isn't it?
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And listen, it's not saying pleasure is bad, but it's warning us about letting
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our desires control our finances.
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That's really the critical point.
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Are you letting your desires control your finances?
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And I know that's a tough question, right?
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Have you ever thought about it?
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Have you ever thought about how your emotions keep you trapped in the
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very cycle you're trying to escape?
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And how are these emotional decisions, how are they making you feel even worse?
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But the good news is I've got a solution.
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So let me just ask you, are you ready for a solution?
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Well, let's get real practical.
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That's what this show is all about, practical solutions.
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So here's your actionable item for today.
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I want you to create a needs versus wants list.
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Start by writing down everything you spend money on and categorize it.
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Categorize it either as a need or as a want.
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It's really that simple.
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But you gotta be honest with yourself.
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You're not gonna get anywhere.
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If you're not honest.
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Ask yourself, do you need that daily fancy coffee, or is it a want?
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Do you need that new electronic gadget?
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Or is it a want?
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Do you need that subscription to, well, whatever you subscribe to, or is it
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a want you See, this list will help you see where you're overspending.
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You gotta be very strict with yourself.
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Ask yourself this very difficult question.
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Does this purchase honor God's provision for me?
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Ask yourself, does it keep me trapped in that cycle of shame?
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And hear me on this?
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It's okay to admit we've made mistakes.
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We are all learning, and God's grace is abundant and he is ready to help us grow.
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I want you to remember that small changes accumulate into huge, large results.
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Just like the parable of the mustard seed, small acts of
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obedience can lead to great growth.
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So let's get back to your question Mark.
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You're not alone in that question.
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Many of us fall into these traps.
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But by identifying the root causes, you're already moving forward.
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Remember, financial freedom isn't just about numbers, it's about
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stewardship, and it's about aligning our spending with God's purpose.
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Mark, you can do this, you can break free from the cycle of financial shame.
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It starts today with really asking yourself that tough question.
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Is this a need or is this a want?
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Well, let's pray together.
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Lord, we ask for your wisdom to see the hidden causes of our financial struggles.
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Help us to be honest with ourselves and to make those changes for the better.
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Lord grant us the strength to resist temptation and resist
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that emotional spending.
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Help us to focus on our needs and be good stewards of what you've given us.
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Help us to see the provision you've already provided, Lord, and help us to
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truly find that financial peace and help us to break that cycle of financial shame.
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We ask this in the name of Jesus.
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Amen.
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So your challenge today is pretty simple.
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Identify those root causes and start making changes.
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Is it a need or is it a want?
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Tomorrow we're gonna talk about the emotional side of this.
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So make sure you join me tomorrow and thank you for listening
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today because I know your time is valuable and I appreciate you.
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I appreciate you choosing to spend a few minutes with me
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today, and I want to encourage you to visit our website at graph
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podcast.com/newsletter and subscribe.
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I'd love for you to be part of our community.
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As I always say, I wanna encourage you today stay financially savvy out there.
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Let's keep moving forward in helping you break the cycle of
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financial shame with confidence.
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And may God bless you.
