Building wealth requires smart strategies, but many people unknowingly sabotage their financial success. Avoiding common mistakes can help you stay on track toward long-term prosperity. Here are key pitfalls to steer clear of in your wealth-building journey.
1. Neglecting an Emergency Fund
One of the biggest mistakes is failing to establish an emergency fund. Without savings to cover unexpected expenses, you may rely on debt, derailing your financial progress. Aim to save 3-6 months’ worth of living expenses in a liquid account to protect your investments and avoid financial setbacks.