5 Things You’re Buying That Are Stopping You From Getting Rich, According to Financial Advisors

For the average working American, building wealth takes time, intention and commitment, and often, making budget cuts or changing your spending habits.

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While it can be hard to figure out what to prioritize, financial experts offered some tips on five things you should stop buying if you want to get rich.

If you’re worrying about spending too much on Starbucks coffee and avocado toast, your focus is in the wrong place, according to Cory Smith, a financial advisor and owner of Discretionary Inc.

“In reality, if your goal is to build wealth, then focusing on the little things like coffee at home will rarely add up to anything significant,” he said.

Instead, focus on the large items, like making sure you’re not buying “too much house.” He said that lenders will typically lend you as much as you qualify for, and it can be easy to buy the maximum house you could potentially afford.

“Try to keep your total housing expenses — mortgage, taxes, HOA fees, utilities, etc. — under 25% of your take-home pay. This move will add a few hundred dollars each month to your cash flow, which can then be redirected toward investing.”

Another significant consideration is not to rush out and buy a new car just because you paid off your current one. Instead of paying $500 or more a month in car payments, put that money into assets that will grow in value.

Erika Wasserman, a certified financial therapist and founder of Your Financial Therapist, doesn’t prescribe a specific thing people should stop buying to build wealth, instead tying it into what accords with your values and happiness.

“It is going to be different for each person depending on their values and what brings them happiness. For example, a concert ticket is wasteful to someone who doesn’t enjoy music, or a cup of coffee out is ‘throwing money away’ when you can make it at home to someone who doesn’t enjoy coffee shops.”

She asks her clients what they spend money on that others “don’t understand” and their answers vary, she said, “from plants for outdoor space for a client who grew up in the city, to daily coffee runs to a mom of two kids, to paying the mortgage to a newly divorced client.”

By identifying what spending brings you joy, happiness, stress relief, feelings of security and comfort, you are then able to say no to the other things that don’t.