Ep 226: Budgetting is a bad word, money psychology, and the worst kinds of financial advice

The Weekly Wealth Podcast

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2M ago 22:49

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In this powerful episode of The Weekly Wealth Podcast, Certified Financial Planner David Chudyk pulls back the curtain on why traditional budgeting advice often fails—and how a smarter, psychology-driven approach to spending can lead to long-term wealth.

This week’s episode covers three high-impact financial topics:

🧠 1. The Psychology of Spending

Why do we overspend—even when we know better?

Learn how your brain tricks you into spending and how you can fight back using:

Dopamine control hacks (like the 48-hour rule)
Emotional spending triggers to watch out for
The “Would I buy this twice?” litmus test
The impact of comparison culture and social media envy

💰 2. Why Budgeting Often Fails (and How to Fix It)

Let’s stop calling it a budget—and start building a Spending Plan.

David breaks down:

Why most high-income earners still struggle with cash flow
The importance of financial margin and how to create it
Real-life examples of poor spending habits—even among the wealthy
How to align your expenses with your actual financial goals

🚫 3. The Worst Financial Advice Out There

You won’t believe some of the terrible advice David’s clients have received!

From half-baked Roth conversion ideas to TikTok influencers pushing risky schemes, you’ll hear:

The difference between a product pusher and a true fiduciary
Why “broke friends” shouldn’t be your financial role models
How to vet advice—even if it’s from someone you trust
Red flags in annuity, insurance, and investment sales pitches

🎧 Whether you’re just starting to get control of your spending or you’re a high earner feeling like money slips through your fingers, this episode will challenge your mindset, sharpen your strategy, and help you make better money decisions.

🔥 Bonus Hack:

Don’t forget to include money for FUN in your spending plan! Financial freedom includes joy—just make sure it fits your financial reality.

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🎤 Hosted by David Chudyk, CFP® — Helping high earners, business owners, and the mass affluent make smarter financial decisions and build true wealth.

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