9 Money Mistakes That Keep Your Wallet Empty

Multi-millionaire Graham Stephan just dropped a reality check on what’s actually tanking your wealth-building efforts. Here’s what’s holding you back:

Lifestyle creep is silent wealth killer — You get a raise, suddenly you’re eating out more, upgrading everything. Spending scales with income but your savings stays flat. The trap? Hard to dial it back once you’re used to it.

Most people don’t even track where money bleeds out — Average American drops $18k/year on non-essentials, including $300/month on impulse buys. Stephan says just 2 months of tracking expenses? You’ll shock yourself at how much you save.

Borrowing the max you qualify for is a setup — Banks will offer you everything. Qualifying ≠ affording. He’s bought homes way below his approved mortgage. Budget smart, not greedy.

Taxes eat 30%+ of income but most people don’t optimize — Max out 401(k) ($22.5k/year), Roth IRA ($6.5k/year), HSA ($3.85k+). That’s $32.85k/year in tax-advantaged savings most people leave on the table.

Multiple income streams = millionaire pattern — 65% of millionaires have 3+ income sources. Single paycheck is risky.

Being cheap backfires — Hire the worst accountant, save $500 now, lose $5k later. Buy cheap boots, replace them 5 times. Quality costs more upfront but wins long-term.

No emergency plan = financial disaster waiting — Job loss, car breakdown, house damage… 3-6 month emergency fund isn’t optional, it’s survival.

The real killer? No plan at all — Most don’t need millions, just need to calculate their actual lifestyle cost, then reverse-engineer the savings needed. That’s it.

Bottomline: Wealth isn’t about income, it’s about the habits you repeat daily.