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

Don't forget to share this episode with a friend, family member, colleague, or co-worker. Learn more about David by listening to episode 215: Who is David Chudyk and what does he do? <-- Click here to listen! 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. 👉 Liked the episode? Share it with a friend, colleague, or family member. We’re building a tribe of financially empowered listeners, and your share helps us grow! 📲 Follow us on Instagram: @weekly_wealth_podcast 📺 Watch episodes on YouTube: @theweeklywealthpodcast 🌐 Learn more at: www.weeklywealthpodcast.com 🎤 Hosted by David Chudyk, CFP® — Helping high earners, business owners, and the mass affluent make smarter financial decisions and build true wealth.