Everyone wants to be a millionaire. And not just the kind that only has seven figures in total assets if you include your house, retirement funds and a shakedown of your kids to get back all the money you’ve loaned them over the years.
That day isn’t coming.
But you can still carve out major financial freedom. It’s never too late to start making wiser moves with your money and becoming the rich person you knew you were always meant to be.
In this article, we’ll go over some common bad money habits that are preventing you from getting rich — and offer real solutions for you to quash them on your path to personal prosperity.
1. You’re overpaying for car insurance
If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal can be a hassle.
That’s why you should 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 Insurance 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 charge extra. Try Provide Insurance today!
See How Much You Could Save Today
2. You don’t have an emergency fund
Currently, 57% of Americans do not have enough savings to cover a $1,000 emergency expense like replacing their water heater. Although baby boomers are more likely than younger generations to be able to front a $1,000 out-of-pocket expense, only 44% of this generation (age 59 to 77) have the ability to do so.
But you don’t have to worry. Luckily, with a company called America's 1st Choice Home Club, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
Plus, their in-house service team is available 24/7 to help and ensure a hassle-free repair process if anything goes wrong. You can even choose your own technician, or they can send you one from their nationwide network if you don’t have someone in mind.
All over America, homeowners are choosing AFC Home Club for the savings, service and peace of mind that it delivers.
Stop worrying about household breakdowns, and get a free quote in 30 seconds.
3. You need to clean up your credit
Maybe you’re lucky enough to be in the top 1.3% of all Americans who boast perfect credit (that’s a score of 850 by the way).
But if you’re like the rest of U.S. consumers, you could stand to prune your credit score. Ask yourself, is that unused line of JCPenney credit (still) sparking joy?
Maybe you know that you’re credit-challenged right now, with some black marks on your record. But starting today, you can take back control.
CreditStrong can help you repair your credit score with credit-building loans designed for consumers with impaired credit, no credit or downright bad credit.
Through a series of installment loans — with no upfront security deposit required — CreditStrong helps you build a solid credit history. There are no fees upfront, no hard credit pull and no minimum credit score required. Additionally, you can get your free FICO Score every month to easily check your progress along the way.
Reviewers rate Credit Strong a perfect 5 (out of 5) stars on The Credit Review, with customer Karrin noting their credit score improved by 190 points within 9 months.
Improve Your Credit Score Today
4. You’re not investing money
Look, it’s a plain truth that rich people get and stay rich by making money off of their money. Not investing money is one of the biggest reasons you’re missing out on joining the elusive millionaires’ circle.
Fundrise lets ordinary people with modest amounts of money (i.e, $10) own a piece of lucrative real estate holdings. Fundrise tears down the traditional barriers needed to invest in real estate property, and so far over 1.7 million consumers have used Fundrise to invest in landholdings.
It takes $10 to get started investing on Fundrise.com, and that minimum amount must be maintained. The platform is easy-to-use, open to all investors (of all experience levels) and there are other investment options too, like IRA and venture capital funds.
Fundrise.com investments have seen an average annual rate return of 5.29% over the past five years, a stark contrast to the average, annual 0.23% interest your money gets by sitting in a savings account.
This means Fundrise has the potential to make 2,300% more money than it would have made in your regular bank account — or under the mattress. And if you’re feeling skeptical or gun-shy, you can give Fundrise a shot for as little as $10.
Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.
5. Think you’re covered? Think again
Roughly 70% of Americans who reach the age of 65 will need some form of long-term care, like nursing homes or independent living facilities. No one wants to think about going to a home one day, but you probably will.
GoldenCare can make sure you’re prepared the right way.
This makes sense: since you’re probably going to a long-term care facility too, you may as well make up your mind to go to a good one — with amenities like dance halls, on-site wood shops, chicken coops, and speakeasy happy hours in the basement.
These types of facilities do exist, but state-funded care centers do not come even remotely close to this level of comfort. And you probably don’t want to stick your children and loved ones with assisted living bills of any kind — let alone the bills for assisted living homes with farmyard therapy animals — so you need to start planning now.
Find out how much money GoldenCare can save you today. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
Get Your Fast, Free Quote Today
6. You are not protecting your family
There’s nothing you wouldn’t do for your family, right? Well, if something happens to you, who’s going to pay the mortgage, or college bills? This is why life insurance is so important.
Not everybody needs insurance. If your kids are grown, and you have a sizable bank account, there might be less of a need. But if your family would have a hard time getting along without you, life insurance is definitely something you should look into. Just don’t pay too much for it by buying the wrong kind, or buying from a commissioned salesperson.
Shopping for life insurance used to be a long, complicated process. Now? Not so much. For example, Ethos is a company that lets you apply online in minutes without getting off the couch. There’s no medical exams, no blood tests, and you can get term life insurance ranging from $100,000 – $2,000,000. And for around $1/day you can get $250,000 in term coverage: less than you might be spending now on coffee.*
Simply answer a few online health questions and get a personalized quote in less than 5 minutes. This could be the most important thing you ever do for the people you love.
And Ethos is rock solid: They’ve protected more than 100,000 families and have provided over $34 billion in coverage. So, why not check it out?
*Sample quote based on 20 yr term for 40 year old non-smoking male
Get a Quick, Free Quote Today.
7. You’re getting ripped off by your bank
The average savings account will pay you 0.23% in annual interest. This is the basic equivalent of stuffing your money under your mattress — but way less convenient. Because it’s easier to flip your mattress than drive to the bank.
A smarter banking move would be to consider the Money Talks News Solutions Center.
On our Solutions page, you can find annual interest rates up to 16 times the national average for savings accounts, as well as attractive rates for CDs.
Check Out Higher Interest Rates Now
8. You need a safer way to store your money
Even at the best of times, “stock market” can be a scary word. And with all the recent bank failure headlines, anything finance-related these days feels like the boogeyman.
If you’re looking to diversify your savings, one thing to consider is a gold IRA from Oxford Gold Group
A gold IRA is what it sounds like: it’s a type of IRA that lets you invest in gold for your retirement. It’s a great way to diversify your portfolio with a little bit of shimmer and show. In this self-directed type of IRA, you don’t own the gold directly, but you are investing in a variety of assets related to this precious metal.
Silver is also hot right now, and Oxford Gold Group sells that, too. Want to diversify your retirement accounts? Oxford Gold Group can set up a gold (or silver) IRA, done with strict attention to Internal Revenue Service regulations.
Oxford Gold Group has a 4.9-star rating (out of five) on Trustpilot, and an A+ score with the Better Business Bureau. ConsumerAffairs.com calls the company’s precious metal investment services “a legitimate way” for people to diversify their retirement portfolios.
Request Your Free Investors Guide Now
9. You haven’t met the nerds
NerdWallet’s personal loans marketplace is the ultimate tool to make your life easier. Only takes a few minutes to apply — without affecting your credit score — and if approved by a lender, you’ll have money in your account in no time.
Whether you’re consolidating high-interest debt, financing your next home renovation project, or covering unexpected expenses, NerdWallet‘s platform makes finding the right loan quick and easy.
They’ve rated and reviewed loans from more than 35 financial institutions, with loan amounts ranging from $2,000 to $50,000 and APRs as low as 5.40%.
The marketplace also offers a range of helpful resources and tools, so you’ll feel confident and informed throughout the process. It’s never been this easy to find and compare personal loans.
Try out the NerdWallet loan marketplace right now. You’ll be glad you did!
10. You’re losing out on $1.7 million by not getting a free, second opinion
So you’re a matador with money. Unafraid to take the golden bull by the horns, you know how to take $500,000 and turn it into $1.7 million – with ease. But without a second opinion, you could be missing out on millions of extra dollars.
A Vanguard wealth management study found that the average DIY investor could grow a hypothetical sum of $500K into $1.7 million over 25 years, but by teaming up with a professional, that investor could have grown that same sum of money into $3.4 million.
An extra $1.7 million is worth a second opinion – especially when it’s free. The team at SmartAsset can connect you with some of the sharpest, shrewdest investors anywhere.
- Swipe. Take a short, online quiz about your money goals. SmartAsset will recommend some financial planners who can help you meet them. Look through (swipe) all their smart-money geniuses at your leisure, and pick a few with whom you’d like to speak to.
- Chat. Talk to a few advisers when it’s convenient for you. Get a feel for their philosophy about helping people with their money, and ask them what they would recommend for you.
It’s simple and straightforward. There are no hidden fees or obligations. You get access to a platform of carefully screened fiduciaries across all 50 states, with both nationwide and local firms.
Even if you don’t join forces with a financial adviser, you’d be foolish to not take advantage of a free second opinion.
(Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”)
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