Money

Self-made millionaires and billionaires highlight 4 of the biggest millennial money mistakes

Mark Cuban
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Mark Cuban

Managing your money can take some trial and error. And it doesn't help that less than half of U.S. states require high school students to take a personal finance class.

To help you take control of your money, CNBC rounded up four of the biggest money mistakes young people make, as pointed out by self-made millionaires and billionaires. Avoid these errors at all costs.

Mark Cuban: Overusing your credit card

The star of "Shark Tank" and owner of the Dallas Mavericks has some blunt money advice for young people: Don't use credit cards.

The one thing he wishes he had known about money in his 20s, he told Business Insider in 2014, is "that credit cards are the worst investment that you can make. That the money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market.

"I thought I would be a stock market genius. Until I wasn't. I should have paid off my cards every 30 days."

Suze Orman: Not taking ownership of your money

The biggest mistake financial expert Suze Orman sees people make is not taking an active role in handling their own money. Everyone is focused on success, "which is great," she told an audience at the eMerge Americas conference, "but you're not focusing on making more out of less."

"Not one of you in this room has an excuse of why you aren't dealing with your money," Orman continued. "Do you know your FICO score? Do you have credit card debt? Do you know how to get out of credit card debt? Do you know what type of retirement account to have? Do you know how to buy a home?"

Ultimately, "if you want to be powerful in life, you have to be powerful over your own money."

David Bach: Not buying a home

Not prioritizing homeownership is "the single biggest mistake millennials are making," self-made millionaire and author David Bach tells CNBC Make It.

Young adults in particular often focus on other priorities, and that is a costly mistake, Bach warns: "If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."

Grant Sabatier: Putting money goals above lifestyle goals

"Money is not everything, and it's not worth sacrificing your health, family, friends or other experiences for it," says Sabatier, who went from broke to seven figures in five years.

"I have lost a few friends and strained other relationships because I've spent too much time staying late in the office or hustling on the weekends. Even though I truly believe that having money is freedom, money is really just a tool to make experiences in life possible."

Rather than focusing solely on how to make more money, set lifestyle goals, says the self-made millionaire. Ask yourself questions like: What do you want to do with your money? How many hours a week do you want to work? How much do you want to travel?

After all, "making and saving more money is only useful if you have something in mind you want to use it for," says Sabatier.

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