Travis L Wright – Money Mistakes Most People Make (and How to Avoid Them)

Managing money isn’t always intuitive. Most of us aren’t taught practical financial skills in school, and by the time we realize what we don’t know, we’ve already made a few costly missteps. Over the years as a financial advisor, I’ve worked with people from all walks of life – entrepreneurs, working professionals, retirees – and I’ve noticed that most money mistakes are surprisingly common.

Here are some of the biggest financial pitfalls I see regularly – and more importantly, how to avoid them.

Living Beyond Your Means

This one’s obvious, but it still tops the list. Spending more than you earn is a slippery slope that leads to debt, stress, and long-term instability. Many people finance lifestyles they can’t actually afford in an effort to keep up appearances or chase short-term comfort.

How to avoid it: Track your expenses. Know what’s coming in and what’s going out. Build a monthly budget and stick to it. Delay major purchases until you can truly afford them. Financial peace often looks like a quiet, modest life on the surface – but it brings long-term freedom.

Not Saving for Emergencies

Unexpected expenses are not rare – they’re inevitable. Yet many people go years without setting aside emergency savings, assuming they’ll "figure it out" if something happens.

How to avoid it: Start with just $1,000 as a basic buffer. Then build toward saving 3-6 months of essential living expenses. Keep this money in a separate high-yield savings account so it’s accessible but out of sight.

Carrying High-Interest Debt

Credit card debt, payday loans, and other high-interest borrowing can silently eat away at your financial health. Many people only make minimum payments, unaware of how much they’re paying in interest over time.

How to avoid it: Prioritize paying off the highest-interest debts first (avalanche method), or the smallest ones for momentum (snowball method). Either way, make debt freedom a top priority. And never carry balances for things that lose value quickly, like clothes or dining out.

Delaying Retirement Savings

Young professionals often delay investing for retirement because it feels so far away. But time is the most powerful force in investing. Every year you wait, you lose compound growth.

How to avoid it: Start now, even if it’s small. Contribute to a 401(k) if your employer offers one, especially if they match. Open a Roth IRA if you’re eligible. Even $50/month matters when started early.

Not Knowing Where Your Money Goes

Many people guess what they spend – and they’re almost always wrong. Without clarity, it’s impossible to make smart changes.


How to avoid it: Use an app, spreadsheet, or notebook to track every expense for 30 days. You’ll likely be surprised by where your money is going. Awareness is the first step to control.

Final Thought

You don’t need a finance degree or a six-figure income to build a strong financial life. What you need is awareness, discipline, and a willingness to take control. Mistakes are part of the process – but they don’t have to define your path.


Start where you are. Fix what you can. And move forward with clarity.


— Travis L Wright


More from Travis L Wright’s Financial Advisory Treasure


https://travislwrightfa.wordpress.com/2025/05/15/travis-l-wright-my-story-of-becoming-a-financial-advisor/


https://medium.com/@travislwright.fa/travis-l-wright-best-financial-advice-for-beginners-b8a14d173d1f


https://about.me/travislwright.fa


https://vocal.media/authors/travis-l-wright-a07i20vwb


https://www.f6s.com/member/travislwright.fa