They have wandered off the right road (NLT).

Forsaking (2641) (kataleipo = kata = intensifies meaning + leipo = leave behind) literally means to leave behind and figuratively means to abandon or depart from.

The present tense indicates that the false teachers (active voice = their willful choice) are continually abandoning the "right way" which is God's way, synonymous with "the way of truth" Peter mentioned in (2 Peter 2:2 [note]).

What these men teach continually veers both them and their unstable "victims" away from the highway of holy doctrine that leads to holy living and instead leads is to the broad way of destruction (see note Matthew 7:13).

Right (2117) (euthus) when used as an adjective literally means straight or a straight line and figuratively to what is proper or right. The uses below will give you a good sense of these literal and figurative meanings of euthus.

Euthus is also used as adverb to mean immediately, right away, at once. The use of euthus with the meaning of immediately is a key word  in the Gospel of Mark as evidenced by 11 uses just in the first chapter!

Mk 1:3 The voice of one crying in the wilderness, ‘Make ready the way of the Lord, Make His paths straight (euthus used as an adjective) ”

Mk 1:10 Immediately (adverb) coming up out of the water, He saw the heavens opening, and the Spirit like a dove descending upon Him;

Mk 1:12 Immediately (adverb) the Spirit impelled Him to go out into the wilderness.

Mk 1:18 Immediately (adverb) they left their nets and followed Him.

Mk 1:20 Immediately (adverb) He called them; and they left their father Zebedee in the boat with the hired servants, and went away to follow Him.

Mk 1:21 They went into Capernaum; and Immediately (adverb) on the Sabbath He entered the synagogue and began to teach.

Mk 1:23 Just then (adverb) there was a man in their synagogue with an unclean spirit; and he cried out,

Mk 1:28 Immediately (adverb) the news about Him spread everywhere into all the surrounding district of Galilee.

Mk 1:29 And Immediately (adverb) after they came out of the synagogue, they came into the house of Simon and Andrew, with James and John.

Mk 1:30 Now Simon’s mother-in-law was lying sick with a fever; and Immediately (adverb) they spoke to Jesus about her.

Mk 1:42 Immediately (adverb) the leprosy left him and he was cleansed.

Mk 1:43 And He sternly warned him and Immediately (adverb) sent him away

There are 28 more uses of euthus meaning immediately in the remainder of Mark. In chapter 4 Jesus used euthus in His description of the affect of the sowing of the seed (the Word of God)...

And these are the ones who are beside the road where the word is sown; and when they hear, immediately Satan comes and takes away the word which has been sown in them. 16 And in a similar way these are the ones on whom seed was sown on the rocky places, who, when they hear the word, immediately receive it with joy; 17 and they have no firm root in themselves, but are only temporary; then, when affliction or persecution arises because of the word, immediately they fall away. (Mark 4:15-17)

Below are examples of uses of euthus as an adjective, which is the way it is used by Peter.

After Saul was blinded on the road to Damascus, Luke records the Lord's words to Ananias declaring...

Arise and go to the street called Straight (euthus - presumably this was a literal use and the street was straight and not crooked), and inquire at the house of Judas for a man from Tarsus named Saul, for behold, he is praying (Acts 9:11)

Peter addressed Simon who tried to purchase the gift of God declaring...

You have no part or portion in this matter, for your heart is not right (euthus) before God. (Acts 8:21)

Paul fixed his gaze on Elymas the magician and declared...

You who are full of all deceit and fraud, you son of the devil, you enemy of all righteousness, will you not cease to make crooked the straight (euthus) ways of the Lord? (Acts13:10)

Upright conduct in the Bible is pictured as a straight path. John the Baptizer uses the adjective euthus in the synoptic gospels to call upon the Jewish people to "make His paths straight!'" speaking of moral and spiritual preparation of their hearts (i.e. changing behavior) in anticipation of the appearing of their promised Messiah

For this is the one referred to by Isaiah the prophet, saying, "The voice of one crying in the wilderness, 'Make ready the way of the Lord, Make His paths straight!' (Mt 3:3)

In the Septuagint euthus is used 58 times (Ge 15:4; 24:45; 33:12; 38:29; Num. 23:3; Jos. 8:14; Jdg. 14:3; 1 Sam. 12:23; 1 Ki. 20:23, 25; 2 Ki. 10:15; Ezr. 8:21; Neh. 9:13; Job 3:11; Ps. 7:9; 11:2; 19:8; 25:21; 27:11; 32:11; 33:1; 36:10; 37:14; 49:14; 58:1; 64:10; 73:1; 78:37; 94:15; 97:11; 107:7, 42; 111:1; 112:2, 4; 125:4; 140:13; 143:10; Prov. 2:13, 16, 19, 21; 20:11; 28:10; 29:10; Isa. 26:7; 33:15; 40:3f; 42:16; 45:13; 59:14; Jer. 3:2; Ezek. 23:40; 33:17, 20; 46:9; Dan. 11:17; Hos. 14:9)

Below are some uses of euthus in the Septuagint  that help understand the meaning (observe who and what is euthus and the effect of not walking in a euthus way, etc)...

My shield is with God, Who saves the upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) in heart. (Ps 7:10) (See Spurgeon's note)

For, behold, the wicked bend the bow, They make ready their arrow upon the string, To shoot in darkness at the upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) in heart.  (Ps 11:2) (See Spurgeon's note)

The precepts of the LORD are right (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus), rejoicing the heart; The commandment of the LORD is pure, enlightening the eyes. (Ps 19:8) (See Spurgeon's note)

Let integrity and uprightness (Hebrew = yoshar = straight; pleasing; upright; righteous; LXX = euthus) preserve me, For I wait for Thee. (Psalm 25:21) (See Spurgeon's note)

Teach me Thy way, O LORD, and lead me in a level (Hebrew = mishor = level place, uprightness;  LXX = euthus) path, Because of my foes. (Psalm 27:11) (See Spurgeon's note)

Be glad in the LORD and rejoice, you righteous ones, and shout for joy, all you who are upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) in heart. (Psalm 32:11) (See Spurgeon's note)

Sing for joy in the LORD, O you righteous ones; Praise is becoming to the upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus). (Psalm 33:1) (See Spurgeon's note)

The righteous man will be glad in the LORD, and will take refuge in Him; And all the upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) in heart will glory. (Psalm 64:10) (Verse 10)

Surely God is good to Israel, To those who are pure (Hebrew = bar = pure; clean; righteous; LXX = euthus) in heart! (Psalm 73:1) (See Spurgeon's note)

The upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) see it, and are glad; but all unrighteousness shuts its mouth. (Psalm 107:42) (See Spurgeon's note)

His descendants will be mighty on earth; The generation of the upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) will be blessed. (Psalm 112:2)  (See Spurgeon's note)

Light arises in the darkness for the upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus). He is gracious and compassionate and righteous. (Psalm 112:4) (See Spurgeon's note)

Do good, O LORD, to those who are good, and to those who are upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) in their hearts. (Psalm 125:4) (See Spurgeon's note)

Surely the righteous will give thanks to Thy name; The upright (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus) will dwell in Thy presence. (Psalm 140:13) (See Spurgeon's note)

From those who leave the paths of uprightness (Hebrew = yoshar = straight; pleasing; upright; righteous; LXX = euthus), To walk in the ways of darkness; 14 Who delight in doing evil, And rejoice in the perversity of evil; 15 Whose paths are crooked, And who are devious in their ways; whose paths are crooked, and  who are devious in their ways. (Pr 2:13-15)

Whoever is wise, let him understand these things; Whoever is discerning, let him know them. For the ways of the LORD are right (Hebrew = yashar = straight; pleasing; upright; righteous; LXX = euthus), and the righteous will walk in them, but transgressors will stumble in them.( Hosea 14:9)

Way (3598)  (hodos) literally means a way for traveling or moving from one place to another and figuratively (which is how Peter uses it in the present context) refers to the course of behavior or to one's way of life.

In Acts the Way was a common early name for the Christian faith. Luke first alludes to the Way in Acts 9...

These false teachers have abandoned true and righteous belief ("the Way") resulting in unrighteous behavior. What you believe (and obey) is important, for your beliefs will direct your behavior.

Jude pronounces a woe on the false brethren who have gone the WAY of Cain (Jude 1:11), a clear parallel to the behavior of the false teachers here in 2 Peter.

GONE ASTRAY: eplanethesan (3PAPI):

These false teachers left the right road and lost their way (GWT)

Gone astray (4105) (planao from plane which describes "a wandering" and gives us our English word "planet") means literally to wander out of the way (active sense),  to be led astray or made to err from the right way (passive sense). Planao can describe physical wandering but more often in the NT it is used as Peter does in this verse to describe straying from spiritual truth or "following the wrong way".  Compare the Latin word errare.

Planao in this verse is in the passive voice which means they have been deceived, misled and have been led astray by an outside force (e.g., the lusts of the flesh, the world, devil). The present tense indicates that this is not a momentary action but that they are continually being led astray and exerting this same tragic effect on their followers.

Peter's description of the false teachers reminds one of Paul's warning of those in the last day who he describes as...

evil (poneros = actively harmful) men and impostors will proceed from bad to worse, deceiving (planao in the active voice) and being (planao in the passive voice) deceived. (see note 2 Timothy 3:13) (Comment: Notice that These men actively lead others astray from THE TRUTH whether through conduct, speech, or writing, but are themselves deceived by outside source or power (as indicated by the use of passive voice "being deceived").

Hiebert comments these false teacher's...

conscious, deliberate disobedience to the truth, which they knew, led to the inevitable result that they went astray, effectively lost their way. (ref)

The Mishnah (Rabbinic commentary on the Torah) note on Balaam is interesting

The characteristics of the talmidim (Ed note: like our modern day "disciples) of Bil‘am (Ed note: Hebrew for "Balaam") the wicked are an evil eye, a proud soul... [They] inherit Gey-Hinnom (Ed note: like gehenna = lake of fire = eternal punishment) and descend to the pit of destruction.

HAVING FOLLOWED THE WAY OF BALAAM THE SON OF BEOR: exakolouthesantes (AAPMPN) te hodo tou Balaam tou Bosor: (Jer 6:13, 8:10, Nu 22:5-7,22:18-21,23,28; Nu 25:1ff, 31:16; Dt 23:4,5; Josh 13:22; 24:9 Neh 13:2, Mic 6:5; Jude 1:11; Rev 2:14, the "end" of Balaam Nu 31:8)

Read the dictionary summary of Balaam: Short version SBD, Long version ISBE.

Balaam is used three times in the last books of the NT describing the way of Balaam (this verse), the error of Balaam (Jude 1:11) and the teaching (doctrine) of Balaam

THE ERROR: Woe to them! For they have gone the way of Cain, and for pay they have rushed headlong into the error of Balaam, and perished in the rebellion of Korah. (Jude 1:11)

THE TEACHING: But I have a few things against you, because you have there some who hold the teaching of Balaam, who kept teaching Balak to put a stumbling block (see study of this interesting Greek word - skandalon) before the sons of Israel, to eat things sacrificed to idols, and to commit acts of immorality. (see note Revelation 2:14).

This is Peters fourth OT illustration in this chapter presenting Balaam as the perfect illustration of a leader who leads people astray for his own personal gain.

Having followed (1811) (exakoloutheo from ek = out or intensifies meaning + akolouthéo = follow) is a strong compound clearly a "key word" in 2 Peter 2 (used 3 times and no where else) where the preposition ek gives the force of following out emphasizing close pursuance, and figuratively conveys the idea that these false teachers are closely following Balaam's way to the full end. They were assiduously following Balaam's lead, treading in his steps, imitating his way of acting.

The main root word akoloutheo is used elsewhere in the NT to describe the disciple's initial commitment to follow Jesus

And they [Peter and Andrew upon hearing Jesus' call] immediately left the nets, and followed Him. (Mt 4:20).

In translating Ruth's commitment to remain with Naomi, the Septuagint (Gk translation of Hebrew OT) translators selected akoloutheo for the Hebrew word clung, the latter picturing one sticking to another like "glue"! (see note Ruth 1:4).

The picture conveyed by exakoloutheo (which again is even stronger Greek word than akoloutheo) is that of "disciples" of Balaam so to speak who "stick like glue" to his ways. The verb is in the active voice indicating that they were not coerced by external forces but that they made an active decision of their will to stick to the ways of Balaam, lest any one should wonder whether they are personally accountable for their evil actions.

Jesus teaching is relevant to this discussion of Balaam...

No one can serve two masters; for either he will hate the one and love the other, or he will be devoted to one and despise the other. You cannot serve God and wealth (see note Matthew 6:34).

These tricksters did not follow the Way of Jesus Son of God instead choosing to follow the way of Balaam son of Beor! The first "Way is narrow that leads to life and few are those who find it" (see note Matthew 7:14) and the second "way is broad that leads to destruction and many are those who enter by it" (see note Matthew 7:13).

These false teachers may indeed experience seeming success and riches but it is only temporal pay, their eternal pay awaiting them in the form of destruction as Peter has already noted.

If you are following men who follow Balaam's ways, you need to take note, repent and return to the Way of truth. And do not delay or rationalize, just run back to Jesus the Way.

Wycliffe Commentary adds that

even in evangelical circles, an inordinate concern over financial return, or carelessness in the use of funds, has negated the work of some princes of the pulpit whose words were irresistibly powerful. (Pfeiffer, C F: Wycliffe Bible Commentary. 1981. Moody or Logos)

WHO LOVED THE WAGES OF UNRIGHTEOUSNESS: os misthon adikias egaphesen (3SAAI): (2Pe 2:13)

Balaam was a "man who had no objection to wickedness as long as he was paid for it" (Phillips) and who "loved the reward of wickedness" (Amp).

Loved (25)  (agapao) defines a love not as much out of affection as out of a decision of one's will, a love which is willing to sacrifice self for the "benefit" of the recipient (in this case their paychecks).

Like Balaam these men loved money and were willing to pursue it even "sacrificially" instead of obeying God (see Balaam's story especially in Nu 22:5-24:25).

Balaam also taught immorality...

OLD TESTAMENT: And Moses said to them, "Have you spared all the women (the Midianite women)? 16 "Behold, these caused the sons of Israel, through the counsel of Balaam, to trespass against the LORD in the matter of Peor, so the plague was among the congregation of the LORD. 17 "Now therefore, kill every male among the little ones, and kill every woman who has known man intimately. (Nu 31:15-17)

NEW TESTAMENT: But I have a few things against you (Jesus to the Church at Pergamum), because you have there some who hold the teaching (doctrine) of Balaam, who kept teaching Balak to put a stumbling block (see study of this interesting Greek word - skandalon)  before the sons of Israel, to eat things sacrificed to idols, and to commit acts of immorality. (See note Revelation 2:14) (Comment: Note that doctrine is important - Balaam's doctrine polluted their mind and led to their unrighteous acts. False teachers are master purveyors of false doctrine. We desperately need churches where the pastors are teaching sound doctrine to renew minds able to identify and resist false doctrine that is creeping into even the most conservative evangelical churches.)

The wages of sin are death (see note Romans 6:23) and so Balaam paid for his false teaching with his life...

And they killed the kings of Midian along with the rest of their slain: Evi and Rekem and Zur and Hur and Reba, the five kings of Midian; they also killed Balaam the son of Beor with the sword. (Nu 31:8).

In summary, the false teachers have left the biblical way and have gone into Balaam's error--mercenary greed and sexual impurity, the wages of which ultimately is eternal death away from the presence of God.

 Wuest adds that

Balaam was the hireling prophet who commercialized his gift. These false teachers were in the profession for the money they could get out of it. (Wuest, K. S. Wuest's Word Studies from the Greek New Testament: Eerdmans or Logos)

He was bent on cursing Israel, though God had forbidden it. He wanted the money the Moabite king Balak offered him. Similarly these false teachers apparently were guilty of attempting to extract money from naive listeners.

Wages (3408)  (misthos) literally refers to pay which is due for labor performed or dues paid for work.

Misthos is used in two general senses in the NT, either to refer to wages or to reward, recognition or recompense. In this latter figurative usage, misthos refers to rewards which God bestows for the moral quality of an action, such rewards most often to be bestowed in eternity future.

Some uses as in this present passage in 2Peter refer to "wages" obtained through iniquity, similar to the "wages" paid to Judas for his betrayal of Christ (see Acts 1:18).

Although Paul does not use misthos in the following passage, the principle of spiritual reaping clearly is related to rewards both here and in the future...

For the one who sows to his own flesh shall from the flesh reap corruption, but the one who sows to the Spirit shall from the Spirit reap eternal life.  (Gal 6:8)

Jesus associates rewards with giving, fasting and praying teaching that are dependent upon one's motive (see notes Matthew 6:1; 6:2; 6:5; 6:16). Note especially future rewards for having suffered for the Name of Christ in this life (Mt 5:12; Lu 6:23).

Here are the 29 uses of misthos in the NT...