Lifestyle Inflation: Increasing spending as income rises prevents significant savings and investments.
Excessive Debt: Accumulating high-interest debt limits financial freedom and hampers wealth accumulation.
Neglecting Investments: Not prioritizing investments limits potential for compound growth and passive income.
Underestimating Savings: Ignoring the power of consistent saving impedes long-term wealth-building.
Status Symbol Spending: Prioritizing appearances through luxury items drains resources that could be invested.
Ignoring Financial Education: Lack of financial knowledge leads to poor money management and missed opportunities.