Financial management in theory can not make you rich, just like reading all the books about how to become successful make you rich by merely reading them. They are guides to success, most of them contains practical examples from successful people's experiences. We can't undermine the importance of financial management or education because even when you eventually becomes rich, without a proper financial education, you can spend on things that are not important and become poor.

One of the financial traps that I can think of is spending according to your income. If you earn $100 in a week and your expenditure for the week equals the $100, that means that you've trapped yourself and it'll be very hard to go to the next level in life. We should always spend bellow what we earn, so that we can save some for emergency needs and also invest some parts of it. For most people their incomes are barely enough to take care of their expenses before another salary comes. This is where most people becomes trapped, they can't move forward in life and if anything happens to their jobs, they'll become instantly poor. The solution is to either get a higher paying job, get a part-time job to support your income or learn a skill that people will need your services and pays you for it. If you can raise funds, then research and go into business.