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 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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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.
That’s why Money Talk News urges homeowners to use a service like Choice Home Warranty. Protect your home, and your wallet, from getting nailed by major expenses.
Starting at $36 a month, Choice Home Warranty will cover a wide list of commonly needed home maintenance and repairs, including heating, electrical, plumbing, water heater, kitchen and laundry appliances, ductwork, garage doors, ceiling fans and exhaust fans.
With $1,000 being the average price to replace a water heater, you’d be coming out ahead by $568 for this one home repair alone.
There are service fee deductibles, but those cap out at $60 to $85, which is extremely affordable.
While the Money Talk News team is hyped up about Choice Home Warranty, we’re far from alone. Bob Villa and gang at This Old House rate Choice Home Warranty a 9.3 out of 10. See how much Choice Home Warranty could be saving you.
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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 up 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.)
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6. You haven’t bought a teeny, tiny piece of the Mona Lisa
Defensive investing strategies are a requirement in this economic climate. Unfortunately, traditional equities are getting crushed between record levels of inflation and interest rate hikes.
Morgan Stanley says the markets are in a “danger zone,” forecasting American stocks to sink 26% further in 2023. Nowadays, even your defensive investments may need growth potential.
Tried-and-true hedges aren’t even immune to this level of volatility. Since peaking in June, the real estate market has lost Americans $2.3 trillion.
But while most markets ran red in 2022, the art market had a record-setting season, headlined by tech mogul Paul Allen’s collection drawing a record $1.5 billion in sales at auction.
Asset managers from BlackRock to Goldman Sachs have praised art as an asset, primarily due to its near-zero correlation with traditional equities. It’s no passing trend: over the last 26 years, art prices have outpaced the S&P 500 by almost double.
Masterworks allows almost any investor to invest in contemporary art from legends like Picasso, Monet, and Banksy without spending millions on a single painting. Skip the waitlist and join 652,000 members today.
See important Reg A disclosures: Masterworks.com/cd
Make Money Investing in Fine Art
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.
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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 gold with a Goldco IRA.
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.
The aptly named financial firm, Goldco, makes it easy for investors to open a precious metals IRA. Right now, they’re offering investors 10% back in free silver. So if you opened a $100,000 precious metals IRA, you would get $10,000 in free silver.
Over 1,000 reviews of GoldCo on Consumer Affairs are overwhelmingly positive, with the company receiving an overall rating of 4.8 (out of 5) stars.
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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 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 US. 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
“I’ll think about it tomorrow,” says no rich person ever.
That mindset will not help you achieve, or maintain, wealth. Start today. Starting now you can start saving money, tackling debts and launching a plan to get rich.
I like to tell people, “You’re never too old to be a late bloomer.” By similar extension, you’re never too old or too broke to get rich or become a millionaire, and following the tips outlined in this article will help you reach those money goals.