7 Biggest Wealth Killers of 2025, According to Jaspreet Singh

But now you’ll pay more for many purchases, and stimulus checks are far in the past. If you haven’t tightened your budget and reined in spending on luxuries, your pandemic-style buying habits may be destroying your wealth today and even putting you into debt.

Sports Betting

The American Gaming Association reported that Americans spent around $72 billion on sports betting in 2024. Being able to place bets on mobile apps has made it easier to find yourself with this gambling habit and overstated hopes of winning big.

“Expect to not make any money and do it for the fun if you find it fun, but you’re not going to make any money,” Singh said.

You have a much better chance of building wealth if you control your expenses, maximize your income and smartly invest your extra money.

Unaffordable Conveniences

Being able to order most things on your phone and have them quickly arrive at your place is great for convenience. But the hidden costs associated with those orders can kill your wealth.

For example, you might have to pay service and delivery fees along with a tip. Plus, there’s the risk of you buying things unnecessarily just because you see them, want them and can get them fast.

Rethinking convenience purchases is also important to avoid additional debt.

No Investment in Yourself

“The best investment you can make is not the S&P 500, it’s not Nvidia, it’s not Tesla, it’s not real estate, it’s not gold, it’s not Bitcoin — it’s you,” Singh said.

He explained that many people feel comfortable spending on fancy experiences or items, yet they question paying a similar amount to educate themselves and grow their skills. This cheats them from building knowledge that helps them make decisions that build wealth.