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7 Net-worth killers

Saving and spending aren't the only factors affecting your net worth. How you manage (or don't manage) your assets and liabilities can make a big difference, too.

What you need to save
4. Paying the IRS, not yourself
Small business owners have a lot to worry about, and retirement usually gets bumped from the list in favor of more near-term concerns. But there are some serious tax breaks to be had if you set aside some money for retirement now, breaks that will reduce the money you owe the IRS, and boost what you pay yourself.

If you're self-employed, you may contribute up to 25 percent of your self-employment income (gross income minus expenses) to a SEP (Simplified Employee Pension) and deduct the full amount. You can also set up SEPs for your employees and make tax-deductible contributions to them.

Another option, though less flexible, is the SIMPLE 401(k). If you have 100 or fewer employees and they each earn at least $5,000 a year, you and your employees can contribute up to $10,000 a year pre-tax and your company must match the contributions.

(Here's a more detailed look at small-business retirement plan options.)

Ignoring your money

Buying too much house

Driving too much car

Paying the IRS, not yourself

Always getting what you want

Letting your assets linger

Letting your debt lie
Save early. Save often. And don't make these gaffes. (more)
You don't have to spend a lot of time to put your financial house in order. (more)