4 types of money mistakes that will stand in the way of building wealth
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- After five years of studying people at opposite ends of the wealth spectrum, I was able to identify behavior patterns that lead to bad money decisions.
- Those patterns include letting ego drive your money decisions, allowing emotions to get in the way of your choices, over or under-thinking your financial decisions, and making decisions out of fear or stress.
- Just like anything else, making poor money decisions that stand in the way of building wealth can become a habit, so it's wise to get in front of them as soon as possible.
- Need help making better money decisions? SmartAsset's free tool can help find the right financial planner for you »
In my Rich Habits research, I spent five years interviewing and studying people at opposite ends of the wealth spectrum: 233 people with at least $160,000 in annual gross income and $3.2 million in net assets, and 128 people with less than $35,000 in annual gross income and less than $5,000 in liquid assets.
As I peeled the onion, I learned a lot about how people manage their money, and why so many people have money problems.See the rest of the story at Business Insider
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