I'm a financial planner, and I've found people who build wealth most successfully have 4 things in common

Courtesy Steve Repak

Steve Repak, CFP.

• As a financial planner, I've learned that the choices you make with your money today are the most important part of building wealth.
• The people I've worked with who build wealth most successfully tend to have four things in common: They spend less than they earn, they have little or no debt, they're good savers, and they aren't emotional about their financial decisions.
• SmartAsset's free tool can find the right financial planner to help you build wealth »

In my years as a financial planner, I've learned when it comes to building wealth, it doesn't matter how much you make, how much you know, or where you are from. All that matters is what you do.

I've found that most of the people I work with who are most successful at building wealth - let's call them "wealth-builders" - tend to have the same four habits with their money.

1. They spend less than they earn

My successful wealth-builders didn't always make a lot of money. They didn't live in the largest house, or drive the newest cars, or wear the latest designer clothes. However, they did all spend less than they earned - they lived within their means.

Most people know how much they earn, but unfortunately many of them have no idea how much they spend. If asked off the top of their head, they may only be able to account for approximately 70% to 80% of that spending.

If you want to be successful, you must be able to account for how much and where you are spending your money. Because once you know where you are spending your money, you can then decide on what you can change, reduce, or cut out completely to reach your financial goals.

2. They have little or no debt

It doesn't take a finance degree to understand that you build more wealth by earning interest on the money you have rather than paying interest to someone else.

I am not saying that all debt is bad, but in my opinion, there are only three instances where it may be OK to have debt, and then only after you have calculated the risk: education, a mortgage, and starting a business.

• Education: I believe one of the best investments you can ever make is in yourself, and that college isn't the only place to do it.
• Home mortgage: This is not a one-size-fits-all statement, but if you are planning to stay put for at least five to 10 years, then it may make sense to purchase a house with the hopes of building equity in your own property instead of renting and building equity for someone else.
• Starting a business: One of the best bosses you could ever work for is yourself. Just be sure you have done your research and are not taking on more risk that you can afford to lose.

3. They are good savers

No matter whether their goals were short-term like an emergency fund, a car, or a down payment for a house; or longer-term such as retirement, my most successful wealth-builders were very good savers and very careful spenders.

Many of those successful wealth-builders keep their checking accounts at one financial institution while their savings are at a different one. It isn't because they have so much money, but rather to keep them from being tempted to overspend. Keeping their savings separate from the money available in their checking makes it more difficult to get their hands on the cash.

4. They don't allow their emotions to influence their financial decisions

Emotions are very tricky, and while they serve us well in some instances, our emotions can also be a detriment -especially when it comes to money. There are some people who spend money out of boredom, out of anger, and when they are feeling too optimistic.

The wealth-builders who are successful do not allow their emotions to influence how they spend. In addition, when it came to their long-term savings, my most successful wealth-builders did not allow their emotions to influence their investment decisions.

Warren Buffett said it best: "Be fearful when others are greedy and be greedy when others are fearful." It is easier said than done, but at the end of the day, financial decisions based on facts typically will be better than making decisions based on pure emotions.

Steve Repak, CFP® is an Army veteran, speaker, and the author of the "6 Week Money Challenge: For Your Personal Finances."

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