If you have $25,000+ in savings, you're in prime position to build serious wealth — but it’s just as easy to go backwards if you make the wrong moves.
Below are the 6 most common money mistakes people make once they’ve built up savings, and exactly how to fix them.
Mistake #1: Paying Credit Card Interest When You Could Pause It Until 2027
If you have credit card debt, fixing it must be your #1 priority. (If you don’t, skip ahead to #2).
Paying 20%+ interest is financial quicksand. No investment strategy matters if you're bleeding money to credit card companies every month.
The fix: The Wells Fargo Reflect® Card gives you 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers (then 17.24%, 23.74%, or 28.99% Variable APR. rates and fees). That’s by far one of the longest interest-free periods available today.
Move your debt to this card and you’ll get nearly 2 full years interest-free where every dollar goes directly toward eliminating your debt, not to the bank.
And the best part? There’s no annual fee. You can learn more and apply here.
Mistake #2: Ignoring the Stock Picks That Could Create Life-Changing Wealth
Here's the truth: it's nearly impossible to build real wealth without investing well.
The Motley Fool Stock Advisor service, created by our parent company over two decades ago, has helped millions of Americans do exactly that. Over 20+ years its stock picks have averaged 994% returns compared to just 172% for the S&P 500.
Right now, they've identified 10 stocks they believe are the best buys today — backed by the same research process that led them to originally recommend Nvidia back when it was at just 16 cents per share in March 2005. Now trading above $150 per share, buying Nvidia at Stock Advisor’s first recommendation would have turned $1,000 into over $1 million!
It’s dead-simple to follow Stock Advisor’s recommendations. You’ll get:
- 10 best-buy stocks today
- 2 new picks monthly
- Complete research reports
- Access to exclusive retirement planning content through GamePlan, and much more.
And it’s all backed by a 30 day full money back guarantee of your membership fee when you sign up here.
It’s no wonder Time Magazine said “Even billionaires get ideas from The Motley Fool.”
Mistake #3: Letting Your Bank Keep $340+ of Your Money Each Year (and Not Spending 5 Minutes to Fix it)
While you're building wealth in the stock market, don't let your emergency fund and cash reserves sit idle.
Most regular banks pay next to nothing in interest – often .01% APY – and they’re counting on you not paying attention.
Look at what $10,000 earns in different accounts:
- Traditional bank account (0.01% APY): $1 per year
- High-yield savings account (3.50% APY): $350 per year
- Difference: $349 per year
And if you have more than $10k in savings, the gains are even bigger.
The solution is simple: move your money to a high-yield account like American Express® High Yield Savings Account (Member FDIC) at 3.50% APY where you’ll earn 9X the national average interest rate. Plus, your money is FDIC-insured up to $250,000.
It’s not an exaggeration to say this 5-minute move could earn you thousands of dollars over the next few years – you can open your account here.
Mistake #4: Overpaying by $400+ Every Year for Car Insurance
You’ve probably noticed your car insurance premiums have skyrocketed over the past few years.
Insurance companies love loyal customers — because they can quietly raise your rates while offering discounts to new customers. Many drivers are overpaying by $400-$1,000 every year without realizing it.
The Simple Fix: A 2-minute comparison could save you hundreds. This free tool shows you exactly how much you're overpaying:
- Enter your ZIP code and basic info
- Answer a few questions about your car and coverage
- See your best quotes — and lock in a lower rate today
The worst case is that you confirm you already have the best rate. The best case is that you save hundreds of dollars per year. Either way, it’s worth a 2-minute check using this link.
Mistake #5: Using the Wrong Card for Everyday Spending? You Could Be Missing $800+
If you're using cash, debit cards, or just a basic credit card for your everyday spending, you could be missing out on $500-$1,000 in cash back every year.
You're spending money anyway — why not get rewarded for it?
The Discover it® Cash Back card is our top pick – in fact, more of our experts use it personally than any other card.
Here’s why it stands out:
- Discover will match all the cash back you’ve earned at the end of your first year. Earn $400? They'll turn it into $800.
- Earn up to 5% cash back — that's one of the best cash back rates available.
- Long 0% intro APR period until well into 2026 on both purchases and balance transfers.
- $0 annual fee
Bottom line: This card could put $800+ back in your pocket this year, and it takes just 3 minutes to apply using this link.
Mistake #6: Trying to Manage a $100k+ Portfolio Alone
Once your portfolio crosses the six-figure mark, the stakes get higher. Even small mistakes can cost you thousands.
Studies show people who work with a financial advisor could end up with about 15% more money in retirement on average. Over a 30-year retirement, that could mean hundreds of thousands of dollars in extra spending power.
An advisor can help you optimize asset allocation, tax strategy, withdrawals, Social Security timing, and more — especially if you’re planning for healthcare, travel, or legacy goals.
The key is using a fiduciary advisor, which are legally required to act in your best interest (not all advisors are).
We like this tool from SmartAsset which connects you with up to 3 vetted fiduciary advisors in your area. No cost, no pressure — just a quick call to see if expert help is right for you.
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