Investing

The 5 Dumbest Money Mistakes Americans Keep Making

Austin Smith

Published: February 4, 2025 4:51 pm

You’ve done what you can to cut back your spending. You brew coffee at home, you don’t walk into Target without a plan, and refuse to order the avocado toast.

Yet no matter how careful you are with your spending habits, spending still creeps ever higher. It doesn’t seem like much, but a little waste here, an extra streaming service there, and suddenly you’re right back where you started at the end of each month. 

But the answer isn’t in trying harder to set a budget and really stick to it this time. No, there are simple ways to cut spending, or earn more money. Here are five examples:

1. Stop Losing Money on Your Checking Account

Banks are supposed to keep your money safe, but today it feels like anything but. The average yield on a savings account is a paltry .4% today. That’s way below inflation, and every day your money is worth less and less. 

Adding insult to injury the average American pays $5-$25 a month simply for the privilege of eroding their hard earned savings. That’s as much as $300 a year!

But you can flip both of these in your favor. To win qualified customers, one bank is paying customers like you almost 10x the national average, up to a 3.8% yield today. That beats most dividends. And even better, instead of you paying $300 a year, this bank is handing out $300 sign up bonuses! There aren’t any account fees, and it’s FDIC insured. 

You can see why it’s our top pick for high yield savings. Opening an account takes just a few minutes (we checked). Click here to see how much you could be earning today. 

2. Are You Still Paying With a Debit Card?

The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly, you can actually get something back from this spending every time you swipe.  

Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!

Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more and apply now. 

3. Many Retirements And Savings Are Lost Before They Even Begin

If you’re like most Americans, you probably don’t have a clear picture of how you need to invest for the future and retirement. Is it a 60/40 rule? What’s the new safe withdrawal rate, it seems to change every year? Should you take Social Security at 62, or 67? And on, and on. 

Sadly many Americans don’t know what they’re doing wrong and land on the front step of retirement having wasted their funds in the wrong investments or building the wrong budget. But that can stop today. It’s possible not only to answer all of these questions but also correct decades of poor choices before it’s too late. 

A financial advisor can help you create a budget, track your spending, and make a plan for your future. They can also help you invest your money wisely and reach your financial goals. A fiduciary advisor is best because they are legally obligated to put your best interests first, a huge relief. 

You can take this simple quiz and get connected with three today at absolutely no cost. It only takes a minute, and can help you see if you are ahead, or behind on your financial goals. Click here to get started.

Talk to a financial advisor today and see if you are ahead, or behind on your finances.

4. Have You Noticed Your Insurance Rates Lately? Yikes. 

Insurance has gone parabolic, but you already know that. Auto insurance prices rose 25% last year and are showing no signs of slowing down. 

Many insurance companies seem to be pushing rates as high as possible hoping you won’t notice. And if your plan is on autopay it’s easy to miss these wild rate hikes. Luckily, this problem is easy to fix.

Insurify has launched an insurance comparison engine that lets you compare rates across 100+ different companies. No emails, no phone calls, no hidden garbage. Just a simple comparison across companies to find the best choice – for you. 

Click here to see how much you could save. It takes just a few minutes and the results could shock you.

5. Missing The Investment That Keeps Minting New Billionaires

Artificial Intelligence is here to stay, and it’s only picking up steam. If you’ve seen Nvidia’s stock chart the last few years you know what I’m talking about. Overnight, AI companies and newly minted billionaires seem to be popping up everywhere. 

It’s really hard to know which investments to make and which companies are set to become ‘The Next Nvidia’. That is, unless you’re the analyst that identified Nvidia’s potential as an AI stock way back in January of 2019 and put $50,000 of their own money on the line. 

Well he’s back, and this time he’s identified ‘The Next Nvidia’ stocks that are set to soar, including one company that has a near monopoly on the critical chip making process. It doesn’t take an AI bot to see with just a few investments like that small investments become enormous. Click here to see which companies are set to become The Next Nvidia, before it’s too late.