Avoid Poor Decisions

Here are the biggest mistakes that folks make on the road to wealth. Double check to be sure that you aren’t guilty of any of these poor judgments.

Holding a 30-year Mortgage

If you have a 30-year mortgage, you could spend more than $100,000 extra dollars more than those with a 15-year mortgage.

Letting Someone Else Control Your Money

Know the details of your finances, don’t just turn it over to a broker, financial consultant, or spouse.

Failing to Control Leaks in Spending

Many Americans in debt spend their money in small amounts. If you plan to accumulate wealth, you have to stop leaks in spending.

Failing to Plan

If you don’t know where you are going and have no plan to get there, chances are you’ll never arrive. Write out your goals and visualize them.

Incurring Too Much Debt

If you spend all your money on interest on debts, you have nothing left to save. Pay cash and avoid credit card debt to pave your way to wealth.

Poor Retirement Saving Habits

Start early and save at least 10 to 15% of your income. Start today!

Taking Money From Retirement Funds

If you cash out or borrow money from your 401(k), chances are you’ll never make up the lost retirement savings.