5 types of people who struggle to build wealth 😱

Have you ever noticed how some of the smartest people when it comes to finances… are the ones still struggling with it? I see it all the time, people who could pass a finance exam with flying colours but still have no savings.

I want to share the most common money personalities I see everywhere – from my DMs, conversations with friends, and especially the stories from my accountability group members. The same patterns keep showing up no matter who I talk to.

The “I know what to do, but don’t” investor

This type of person has consumed every piece of financial content out there. They know compound interest like the back of their hand.

Yet they still haven’t taken action.

The problem is analysis paralysis. They’re waiting for the perfect strategy, the perfect time, the perfect market conditions. Meanwhile, they’re missing out on years of potential growth.

Try this instead: Pick an amount you are comfortable with investing – whether it’s $25, $100, or $500, and start there. The amount doesn’t matter. What matters is making the first move and actually getting started. Set up automatic transfers to your investment account so the decision happens only once. Once you see your money working for you, you’ll naturally want to invest more.

The high earner in constant debt

This person makes great money, six figures, maybe more, and their friends think they’ve got it all figured out.

Yet every month, they’re still living paycheck to paycheck. The bigger salary just meant bigger expenses: nicer apartment, fancier car, expensive clothes, and more lavish dinners. They’ve upgraded everything except their approach to finances.

Lifestyle inflation is eating every raise they get. They’re spending tomorrow’s money today, thinking they’ll “catch up” next year.

Try this instead: Calculate your true hourly wage after taxes. A $200 dinner might mean three hours of work. Start questioning every purchase: “Is this worth X hours of my life?” 

Then, set up automatic transfers to your savings account & investing account every payday with the amount you’re willing to put into savings instead. This way, you’re saving before you spend, not spending before you save.

The budget starter-and-stopper

January 1st rolls around, and this person gets motivated. They download every budgeting app, categorize every expense, and plan out their financial year.

By March, they haven’t looked at their budget in weeks.

They made their budget too complicated… with fifteen different categories, tracking every coffee, and trying to be perfect. Then their system fell apart. It might be because life got busy, or they didn’t have the energy or motivation to follow through. It happens, and it’s completely okay and totally fixable with small, consistent steps.

Try this instead: Start with three categories: fixed expenses, savings, and discretionary spending (entertainment, shopping, dining out). Use the 50/30/20 rule as a starting point:

• 50% of your income – fixed expenses
• 30% – discretionary spending 
• 20% – savings 

Track only what matters. Remember this: Perfection isn’t the goal; consistency is.

Another tip: Try to track on a weekly basis rather than monthly. I find it overwhelming to wait until the end of the month to track all my spending, so every Sunday, I sit down and track the past 7 days. This is such a game changer.

The emotional spender

This person’s emotions are directly connected to their wallet, and it’s costing them.

• A bad day turns into a shopping trip. 
• A promotion turns into a big dinner. 
• Money stress turns into late-night online orders.
• Boredom turns into buying stuff they don’t need.

They’re using money to manage feelings instead of building wealth. Every emotional high or low triggers spending, then they feel guilty… which triggers more spending.

Try this instead: Create a 24-hour rule for non-essential purchases over $50 (or an amount that works for you). Find free ways to celebrate and de-stress. Going for a walk, calling a friend, or taking a bath works just as well as spending money. Sometimes all you need is a dose of dopamine, not a dent in your wallet.

The lone wolf

This person doesn’t talk about money with anyone. Their goals stay private, and their struggles stay hidden. They’re trying to build wealth in isolation.

Money management is hard enough with support. Doing it alone means no accountability, no one to celebrate wins with, and no one to help when they’re stuck.

I bought my first house at 23, but not because I figured everything out on my own. I had mentors, I asked questions, and I learned from people who were ahead of me. 

Try this instead: The fastest way to change your financial situation is to surround yourself with people who have the results you want. One way I can vouch for is my accountability group – we collectively saved over $1.2 million just last year.

[Join here]

What all these have in common

Every single one of these patterns has the same root cause: they’re trying to do it alone.

The “I know but don’t” investor needs someone to push them past analysis paralysis.

The high earner needs accountability to stick to their plan when lifestyle inflation kicks in.

The budget starter-and-stopper needs support to keep going when motivation fades.

The emotional spender needs people who understand the reasons behind their spending.

The lone wolf needs… well, a pack.

Even when people know this, they still struggle to follow through… because they’re doing it alone.

Think about it: when was the last time you successfully changed a habit completely on your own? Most of us need someone in our corner, checking in, celebrating the wins, and giving us that much-needed nudge when we’re about to give up.

That’s exactly why I created the Don’t Go Broke Collective accountability group.

I got a message last month that made me smile. One of our accountability group members, Cece, sent me a screenshot of her investment account with a note that read, “I can’t believe I waited this long. Joining your accountability group was the push I needed. I finally started investing after years of ‘planning to start.’” 

Within the first few weeks of joining our group, Cece fully funded her emergency fund with 6 months of income (triple her original target) while staying on track to invest $30,000 this year. What made the biggest difference was having people beside her who were taking the same steps as her and holding her accountable along the way.

Check out this video she made about her journey. This is the perfect example of the “I know what to do but don’t do it” investor.

This is also what happens when you stop trying to do everything alone.

Until next time,

P.S. Seriously, if you’ve been sitting on your money goals for months (or years), this is your sign. Knowledge + Action + Community = actual results.