Many people who seem well-off on social media may actually be broke. A survey found that 48% of those earning over $100,000 and 36% earning over $200,000 live paycheck to paycheck. Most Americans miss out on high-yield savings accounts that offer better returns than traditional banks, so consider Wealthfront Cash Account with a 4.15% APY.

To avoid financial struggles, resist impulse purchases and focus on addressing needs economically. Budgeting and being intentional with spending can prevent unnecessary debt. Apps like Rocket Money can help track expenses and negotiate lower rates on bills. Wealth can grow steadily by investing in stocks, bonds, and using Wealthfront’s automated investing platform.

Having a financial plan is crucial to avoid financial pitfalls. If you don’t have one, consider talking to a financial advisor. Advisor.com can match you with fiduciary advisors who act in your best interest. Book a free call today to see if they’re the right fit for your needs. Start investing wisely to achieve your financial goals and grow your wealth over time.

Read more at Yahoo Finance: 5 retirement costs that could sink your budget