An April 2025 Gallup Poll identified inflation, housing costs and insufficient wages as the three most common financial problems Americans reported. While these things make it harder to build wealth, many other factors are less obvious but can still put a big dent in your finances.
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In a recent video, money expert Jaspreet Singh discussed seven of the biggest things killing your wealth in 2025. See how you can start saving more money, investing in yourself and making better money decisions.
The May 2025 consumer price index data indicated a 7% year-over-year increase in car insurance costs, which was nearly three times the rate for all items.
The rising cost of this essential coverage shows how important it is to check rates for different car insurance companies since you’ll likely find a better deal. Singh said rate shopping could save you 15% per month on your premiums.
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The current national average rate for savings accounts is 0.42%, and many major banks offer a small fraction of that. That tiny return doesn’t come close to keeping up with inflation, which steals your money’s purchasing power.
Singh recommended instead going with an insured bank offering a high-yield savings account, which he said can yield a much better 4% to 4.5% interest rate. That way, you’ll start earning more than inflation and still keep your money in a safe place.
“2025 will go down in history as one of the most educational years in stock market history because you can see the importance of not being an emotional investor,” Singh said.
He discussed the tariff-related market turbulence over the last several months. If you sold your investments out of panic, you may have lost a lot of money compared with if you had stayed calm and waited for the markets to go up again. At the same time, you might have missed out on opportunities to make money if you didn’t buy during the down periods.
Rather than acting on emotions, remember that volatility is normal and think about the long term. That way, you can make better investing decisions that build your wealth.
Singh spoke about how the extra money that people received during the pandemic led to increases in luxury purchases. That was also a time when many people’s expenses dropped since they were often staying home.
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