1. Car Insurance Inflation

Car insurance rates have quietly surged, with some companies charging significantly more for the same coverage. If you haven’t shopped around lately, you could be overpaying by 15% or more each month. Take 15 minutes to compare quotes. The savings could add up to hundreds annually money that belongs in your savings, not your premiums.

2. Not Earning Interest on Savings

In a time when inflation is hovering around 2.3%, letting your savings sit in a 0.01% interest account is like watching your money lose value. High-yield savings accounts now offer interest rates between 4% and 4.12%, helping you outpace inflation and grow your emergency fund or short-term savings faster.

3. Emotional Investing

The 2025 market has been a rollercoaster, and many investors have jumped in and out at the wrong times. Emotional investing—buying high and selling low—can erode your portfolio. Instead, take the long view. Downturns often present buying opportunities, but only if you can keep emotions out of it.

4. Pandemic-Era Spending Habits

Stimulus checks may be long gone, but many people are still spending like it’s 2020. Luxury goods, impulse purchases, and inflated subscriptions are becoming the norm again even as student loans resume and credit card balances hit all-time highs. Reevaluate your budget to reflect today’s financial reality.

5. Gambling and Sports Betting

With the explosion of apps like FanDuel and DraftKings, betting has become a daily habit for millions. But it’s not an investment strategy. The house always wins, and what starts as harmless fun can quickly lead to drained accounts. Set firm limits or avoid it altogether if you’re trying to build lasting wealth.

6. Paying for Unaffordable Conveniences

Food delivery apps make life easier but at what cost? Between service fees, delivery charges, and tips, a $12 meal can quickly turn into a $25 expense. Even more alarming, some consumers are now financing takeout through buy-now-pay-later apps. Skip the delivery and cook at home if your budget is tight.

7. Not Investing in Personal Growth

Investing in yourself is one of the smartest financial decisions you can make. Start with free resources like YouTube or podcasts. Move on to books, courses, and certifications that build real skills. Unlike market swings, personal growth always pays dividends increased income, better decisions, and long-term wealth potential.

Final Thoughts

Building wealth isn’t just about making the right investments—it’s also about avoiding the wrong habits. From car insurance hikes to emotional investing, these seven wealth killers are silently draining the accounts of even the most well-intentioned savers. Stay vigilant, stay informed, and stay committed to smart financial choices. Your future self will thank you.

Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but he is not providing you with legal advice in this article. This article, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence

The post 7 Wealth Destroyers Draining Your Wallet and What to Do About Them appeared first on ROI TV.

If you’re serious about building long-term financial security, it’s not just about earning more—it’s about keeping and growing what you have. Here are seven money habits you’ll want to break—and smarter strategies you can use to move closer to financial independence.

1. Overpaying Taxes and Waiting for a Refund

Tax refund season feels like a celebration for many Americans, but here’s the truth: if you’re getting a big refund, you’ve been giving the government a 0% interest loan all year.

Example:

• Income: $60,000
• Taxes withheld: $17,000
• Taxes owed: $14,000
• Refund: $3,000

That $3,000 could have been earning interest in a high-yield savings account instead of sitting in Uncle Sam’s pocket.

Smarter strategy:

• Use the IRS Tax Withholding Estimator.
• Adjust your W-4 to fine-tune your withholdings.
• Keep your money working for you year-round.

2. Confusing “Can Afford” With “Can Buy”

Just because you can swipe a card doesn’t mean you can truly afford something.

A good rule:
If you can’t afford to buy five of it without financing, you probably shouldn’t buy one.

Financing luxury goods like a $1,000 Gucci scarf—or anything that doesn’t generate income—is a fast track to financial instability.

Smarter strategy:

• Focus on building assets, not collecting status symbols.
• Only finance appreciating assets (like a house), not depreciating ones.

3. Financing Cars Instead of Investing

The average new car payment in America today? $742 per month—and that doesn’t even include gas, insurance, or maintenance.

Instead of financing a $60,000 BMW, imagine buying a reliable used Toyota for cash—and investing that $600 difference every month.

At a 10% annual return, $600/month grows to:

• $775,000 in 25 years
• $2.1 million in 35 years

Smarter strategy:

• Drive a modest car early.
• Let compounding work its magic over decades.
• Buy your dream car later—in cash.

4. Waiting Too Long to Start Investing

If you start investing just $100 a month at age 21 at a 10% return, you could have over $1 million by age 67.

Wait until age 27? That drops to $580,000.
Wait until age 35? Just $250,000.

Smarter strategy:

• Start investing early—even small amounts.
• Let time and compound growth do the heavy lifting.

5. Focusing on What Others Make Instead of What You Gain

One of the biggest mindset traps is worrying about someone else’s cut instead of focusing on your own value.

Example:
A couple passed on buying their dream home because they were frustrated that the agent’s commission seemed high—losing the opportunity to live where they wanted for decades.

Smarter strategy:

• Focus on your benefits, not what someone else earns.
• A great opportunity for you is still a great opportunity, no matter what others gain.

6. Hesitating to Invest in Yourself

People will spend hundreds or thousands on vacations or luxury goods but balk at buying a $20 book or a $200 course.

Investments in personal growth—books, classes, workshops—can change your income, your mindset, and your future.

Smarter strategy:

• Budget for ongoing education.
• Apply what you learn immediately.
• Grow your skills as aggressively as you grow your savings.

7. Expanding Expenses With Income (Instead of Saving More)

Too many people raise their expenses every time they get a raise—new cars, bigger homes, fancier vacations.

Instead, follow the 75-15-10 rule:

• 75% of income for living expenses
• 15% for investing
• 10% for saving

No matter how much your income grows, sticking to this rule ensures you’re always building your financial future.

Smarter strategy:

• Cap your lifestyle inflation.
• Let raises boost your investments—not just your lifestyle.

Final Thoughts: Wealth is Built on Good Habits

You don’t need to be perfect with money—you just need to consistently make smarter choices than you did yesterday.

Break these seven common habits.
Start investing early.
Focus on value, not appearances.
And watch how steadily financial freedom becomes your reality.

Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but he is not providing you with legal advice in this article. This article, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

The post 7 Money Habits That Can Hurt Your Financial Freedom and What to Do Instead appeared first on ROI TV.