8 Money Traps Keeping You From Getting Rich

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Ready to kick those sneaky money traps to the curb and turbocharge your financial game?

Say goodbye to the roadblocks standing between you and true wealth. From overspending to ignoring cost-saving opportunities, it’s time to tackle these money traps head-on.

Let’s smash through these barriers and pave the way to your financial success! The following won’t all work for you, but some will, so be sure to read it all.

1. Not diversifying your investments

If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down. You can’t control the market, but you can hedge against uncertainty by having other forms of wealth.

One of the best ways to protect your savings is diversification. Keep money in different types of investments, ideally ones that go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.

But there’s one investment that thrives in this scenario: gold.

Be careful who you deal with, though. Lots of companies in the gold business are pretty shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Goldco, on the other hand, has an A+ rating from the Better Business Bureau, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?

2. Thinking you’re an investing expert

To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan, maximize your Social Security, help with estate planning and making sure you’re on the right track. They can also be there in case one day, you’re not.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.

Nothing to lose and lots to potentially gain. Take a minute and check it out right now!

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

3. Not dealing with your credit

Jane’s poor credit score made her life an uphill battle. Her low score meant high rates on her credit cards, which dug her financial hole ever deeper. Her dream of one day owning her own home seemed to be slipping away.

But there was a light at the end of the tunnel: a lifeline in the form of a a credit repair service.

With some help and guidance from Credit Saint, Jane began a journey to rebuild her credit, one step at a time. They helped dispute some negative items on her credit score and dispute others. Her credit utilization improved, and so did her confidence.

Today, Jane stands tall, her credit score a testament to her perseverance. A mortgage for her dream home, a favorable car loan, and a low-interest credit card – all within reach thanks to Credit Saint.

Unlock your financial potential and experience the rebirth you deserve. Get a free consultation with Credit Saint today and take the first step toward a fresh start.

4. Paying out of pocket to fix your home

Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.

Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.

They also allow you to customize your plan, so you only pay for what you need.

When something goes wrong, just call First American, day or night. The company has a network of pre-screened technicians and typically dispatches an independent contractor within 48 hours.

Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.

Get your free quote in 30 seconds.

5. Paying full price for everything

Are you over 18? Then you’re eligible to save hundreds of dollars every year simply by joining AARP.

“What?” You say, “I thought AARP was for retired people.”

As it turns out, you don’t have to be 50 or older to join AARP. And members get discounts on hundreds of things, like:

  • Up to $200 per person off flights
  • Up to 30% off rental cars
  • Up to 15% off restaurants
  • Up to 20% off hotels

You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games, and tons of information, programs and resources.

Anyone trying to save money can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week. Click here and check it out.

6. Not saving $610+ on your auto insurance

If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.

Well, it used to be.

Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.

All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.

You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.

Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.

7. Not saving up to $600/year on your phone bill

You can’t survive these days without a smartphone. But what’s not so smart is paying big money to the heavily advertised companies you see on TV.

Finding a more affordable mobile provider could save you hundreds every year. And there are plenty of companies offering premium features without the outrageous price tag. You can find plans for as little as $5 a month.

One example: With Tello Mobile you get T-Mobile’s reliable 5G network, generous data, international texting, unlimited US calling, eSIM support, and hotspot access for as little as $5.

Switching is faster and easier than you think, and the savings are huge. So stop financing some CEO’s third vacation home and check out Tello today!

Bonus: Tello just upgraded their phone plans, increasing the data and decreasing their prices. You can get Unlimited for $25/month. It comes with 35GB of high-speed data and 5GB of free hotspot.

If you’re unwilling to switch, at least study your bill and see if you can cut out unneeded lines, downsize your data plan, or drop the insurance if you have an older phone.

8. Forget savings accounts & CDs — there’s a better way

Are you still relying on CDs for retirement savings? It’s time to reconsider. With rates soaring up to 6.9%, annuities offer safety, and their interest accumulation beats CDs by 20% or more.

What can 20% more interest mean for you? Let’s look at an example.

Today’s CDs max out at about 5%. So, if you earn 5% on $100,000 over ten years, you’ll end up with about $163,000. But if you can earn 6.9% with an annuity, you’ll have nearly $195,000. That’s $32,000 more money you could use to travel, fix up the house or spend on whatever you want.

Annuities also offer tax-deferred growth for turbocharging compounding. And they can do something CDs can’t — they can be converted into a stable monthly income for life.

Ready to learn more? Get unbiased advice and info at Annuity.org. And if you like what you see, schedule a free consultation with a trusted retirement planning advisor.

Nothing to lose, and potentially a lot to gain. Check out Annuity.org today.

Stacy Johnson / Money Talks News

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