Suiter Self Education Helps Consumers Avoid Financial Pitfalls

The path to building wealth isn’t always about making more money—it’s often about avoiding the mistakes that can derail your financial journey. According to the Federal Reserve’s Survey of Consumer Finances, the wealth gap in America continues to widen, with the top 10% of families holding nearly 70% of the wealth. What separates those who accumulate wealth from those who struggle isn’t necessarily a high income but the financial habits they practice consistently. The following five pitfalls represent common mistakes that prevent many Americans from building lasting wealth, regardless of their income level. According to the Federal Reserve, Americans collectively hold over $1 trillion in credit card debt, with the average household carrying approximately $7,000 in revolving credit balances. This debt trap often begins with a dangerous but straightforward habit: spending more than you earn.

Lifestyle inflation—increasing spending as income grows—is the silent wealth killer. Many working professionals upgrade their cars, homes, and wardrobes immediately after receiving raises, leaving their savings rate unchanged or even diminished. Wealth builders take a different approach. They maintain a significant gap between income and expenses, often living well below their means. Warren Buffett exemplifies this principle by still living in the same house he purchased in 1958 for $31,500 despite being one of the world’s wealthiest individuals. Imagine that you hopped into your car to drive to the Land of Wealth and Happiness, except your car doesn't have a steering wheel, the windshield is covered with mud, and you're actually sitting...

Copyright © 2025, Northwest Arkansas Newspapers LLC. (NWA Media) This document may not be reprinted without the express written permission of Northwest Arkansas Newspapers LLC Material from the Associated Press is Copyright © 2025, Associated Press and may not be published, broadcast, rewritten, or redistributed. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP materials nor any portion thereof may be stored in a computer except for personal and noncommercial use.

The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any... All rights reserved.

People Also Search

• Self-education Helps Consumers Avoid Financial Pitfalls
• Suiter: Self-education helps consumers avoid financial pitfalls
• Avoid pitfalls - PressReader
• Articles by Mary Suiter's Profile - Muck Rack
• Dollars and sense: The case for teaching personal finance
• People Who Build Wealth Avoid These 5 Common Financial Pitfalls
• OPINION | MARY SUITER: Avoid pitfalls - Northwest Arkansas Democrat-Gazette
• PDF Five principles of effective financial education
• 20 Benefits of Teaching Financial Literacy - The Money Coach
• Self-education can... - St. Louis Post-Dispatch: The Platform