This week on the Retirement Quick Tips podcast, I'm talking about why most Americans never reach financial independence and become wealthy.

So far this week, I've talked about the typical path that many Americans take that set them up for failure when it comes to reaching financial independence:

• Taking on student loan debt (average repayment = $500+ a month for 10+ years)

• Buying a car (2nd highest expense for young people behind housing. Average monthly car payment for Gen Z today = $577). For many, it's not unusual to carry car payments of $1000 or more.

• Average credit card debt is $6700 at 23% interest - another few hundred a month in paying it off.

Then we come to the biggest expense - housing. The median monthly mortgage payment for U.S. homebuyers today is currently $2,259. That reflects today's higher interest rates and higher home prices. It's not surprising then that the average age of first-time homebuyer is 38. For many of you listening, you bought your first house when you were in your late 20s or early 30s. Today's first time homebuyers are now middle aged.