Want to build wealth? Avoid these money mistakes

Naftali Horowitz, a wealth management advisor at JP Morgan, shares his insights on building wealth and avoiding common financial mistakes.

He explores the importance of financial discipline, the role of money in personal growth, and the need for financial literacy education.

The importance of financial discipline

Living as though debt doesn’t exist and using credit cards as a payment convenience mechanism rather than a debt vehicle can help avoid unnecessary debt.

However, it’s important to have discipline and avoid carrying credit card balances.

Swiping a credit card means spending future money that may not be available, so it’s crucial to be aware of the consequences and use credit cards with discipline.

Cutting non-discretionary expenses

Cutting expenses in non-discretionary categories like eating out and unnecessary clothing can help save money.

Small daily expenses, like buying coffee, can add up significantly over time, so being mindful of these habits and cutting back on unnecessary spending can lead to significant savings.

The need for financial literacy education

Schools and Yeshivas should prioritize teaching financial literacy to children from a young age to prevent future financial struggles.

Parents also need to discipline their children and educate them about the value of money and responsible spending.