"Wealth is just code for freedom, and freedom is the ultimate gift in life," write entrepreneurs, real estate investors, and self-made millionaires David Osborn and Paul Morris in their new book "Wealth Can't Wait."

Osborn is the operating partner of Keller Williams Realty and managing partner at private equity group Align Capital. Morris is the CEO of the second-largest Keller Williams franchise, located in Beverly Hills, California.

In their book, they outline how to build sustainable wealth -- not the kind you get from a "get-rich-quick formula" -- by shifting your mindset, overcoming obstacles, cultivating smart habits, and developing a dynamic business.

One of the first steps on the journey to building wealth, Obsorn and Morris say, is identifying and conquering the seven "wealth traps," or ways you could be inhibiting yourself from reaching your goals.

"To build awareness and enhance your state of mind, think of someone who is less talented, less hardworking, less smart, and less of whatever it is you are good at, yet has more wealth than you. The odds are that person has escaped the wealth traps," they write.

Below, check out the seven wealth traps and how to avoid them.