Building wealth is a part of the American Dream. We’re told that through hard work and seizing opportunities we can lead successful, healthy, and wealthy lives. But building wealth isn’t important just for the sake of having money. In fact, it’s almost a requirement these days if you want to fully retire at some point. Social Security won’t provide much of a retirement. Your kids may not be able to afford college on their own, and there’s a good chance that health care costs can wipe out even a decent nest egg during your golden years.
Since building wealth is so important for our future why is it that most people still find themselves under a mountain of debt or end up retiring broke and unhappy? It isn’t just luck. Sure, in the game of life luck does play a part, but most of the outcomes in life are directly attributable to the choices you make and financial decisions are no different. If you make smart decisions with your money your odds of success lean in your favor. Make poor decisions and you put yourself behind the 8-ball. Here are seven of the biggest money problems and mistakes most people make and if you can avoid making these mistakes you’re on the fast track toward building wealth.