Episode 411: The Hidden Cost of Over-Saving: When Saving Too Much Holds You Back

Journey To Launch

Jamila Souffrant

Finances, Business, Realestateinvesting, Entrepreneurship, Earlyretirement, Investing, Budgeting, Wealth

5 • 1.7K Ratings

🗓️ 29 January 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this week’s episode of the Journey to Launch podcast, I’m exploring the concept of "over-saving" and its potential to hinder financial growth and life enjoyment. You’ll hear about my personal journey of saving, a habit deeply instilled in me by my family, and how it has enabled me to achieve significant milestones throughout my life. However, I also mention how an overemphasis on saving, driven by fear or outdated goals, can prevent you from taking risks, making investments, and enjoying your money. I encourage you to understand your “enough point”—the amount needed to sustain a comfortable lifestyle—and align your saving and spending habits with your evolving financial goals.

In this episode, I share:

The importance of balancing saving with spending, and how to reflect on whether your saving habits are holding you back from opportunities and personal growth.
The concept of the "enough point," the income and savings level needed to sustain a desired lifestyle, and how to align your financial goals with this benchmark.
How to reframe viewing money as a tool to achieve financial goals, how to intentionally spend and invest in personal growth, happiness, and financial freedom.
How to differentiate smart saving from over-saving and the need for intentional saving aligned with current goals and values + more!

Transcript

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0:00.0	Money is literally a tool.
0:03.7	It's not just a safety net.
0:05.9	I know that having a safety net is important, but at some point, your safety net can become stifling or too thick and keeps you held back.
0:17.3	It's not a safety net that you can, like, fall back in and helps you bounce back up.
0:20.5	It's a safety net that keeps you stuck.
0:25.2	Welcome to the Journey to Launch podcast with your host, Jamila Sufron.
0:29.9	As a money expert who walks her talk, she helps brave journeyers like you, get out of debt, save, invest, and build real wealth.
0:39.7	Join her on the Journey to Launch to Financial Freedom in five, four, three, two, one.
0:51.9	If you want the episode, show notes for this episode, to journeytlaunch.com or click the description of wherever you're listening to this episode.
1:01.1	In the show notes, you'll get the transcribed version of the conversation, the links that we mentioned, and so much more.
1:08.4	Also, whether you are an OG journeyer or brand new to the podcast,
1:12.5	I've created a free Jump Start guide to help you on your financial freedom journey.
1:17.4	It includes the top episodes to listen to,
1:20.0	stages to go through to reach financial freedom, resources, and so much more.
1:24.3	You can go to Journey tolaunch.com slash jumpstart to get your guide right now.
1:29.8	Okay, let's hop into the episode.
1:33.5	Hey, hey, hey, journeyers.
1:35.2	Welcome to the Journey to Launch podcast.
1:37.4	I am your host, Jamila Sufran, your chief launch officer.
1:42.4	And today will be a solo episode that means it's just me and you.
1:46.7	I'll be talking about a topic that I think is really important because it doesn't get talked
1:52.5	about a lot because I think a lot of us in the personal finance space who talk about money,
	...

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