Bernadette Joy, CEO of Crush Your Money Goals, went from $300,000 in debt to earning her first million in just eight years — and it all started with one simple but powerful step: taking ownership of her finances.
But before her fortunes began to turn, Joy often felt like she was broke and that her finances were off track. As it turns out, many Americans can relate to this feeling — a recent survey from Empower found that 41% of Americans don’t consider themselves to be financially “well-off.”
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By holding herself accountable and confronting the money mistakes that were quietly draining her wealth, Joy flipped the script on her financial future. And as a self-proclaimed “debt-free millionaire money coach,” her goal is to help others to do the same.
Here’s what Joy recommends you can do to stop overspending on common missteps and get your finances on the right track.
Hidden credit cards fees
That shiny new credit card promising free flights, cash back galore and VIP lounge access might seem like a fast track to living your best life, but Joy warns her clients not to be fooled. Many of these credit cards come with hefty annual fees that can quietly chip away at your budget. On top of that, they often carry steeper penalties if you miss a payment, making them even more expensive over time.
While the perks may sound glamorous, they can quickly lose their luster if you’re not earning enough rewards to outweigh the cost — or worse, if the card nudges you into spending more just to "get your money’s worth."
With U.S. credit card balances reaching $1.21 trillion by the end of 2024 — according to the Federal Reserve Bank of New York — it’s clear that debt is already a major financial hurdle for millions of Americans. Add on unnecessary fees, and you could be walking further away from your financial goals.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Skipping retirement contributions hurts twice
When it comes to investing, a lot of people jump straight into brokerage accounts without taking full advantage of tax-advantaged options like a 401(k), HSA or IRA.
“Unless you have put the maximum allowed by the IRS each year in these, you likely don’t need a brokerage account at all,” Joy wrote in her CNBC article.
While there’s nothing wrong with investing in a regular brokerage account, you’re likely paying more in taxes than you need to. That’s because contributions to a traditional 401(k) are made with pre-tax dollars — meaning the money you contribute gets deducted from your taxable income for the year.
For example, if you earn $70,000 per year and put $10,000 into your 401(k), you’ll only pay income tax on $60,000. That’s an instant tax break that could give you more money to save for your nest egg. On the flip side, investments in a brokerage account are made with after-tax dollars, and any gains could be taxed as well.
Investment fees that eat at your wealth
Even if you’re diligently contributing to your 401(k) or investing in mutual funds, hidden fees could be quietly draining your returns. One of the biggest culprits is the expense ratio, a fee charged annually to cover operating costs like management and administrative services.
“While paying an extra 1% in fees might not sound like a big deal, over 30 years, it could mean losing out on six figures in potential growth,” Joy mentions in her CNBC article.
Instead, Joy recommends opting for low-cost index funds over actively-managed funds. Low-cost index funds tend to have significantly lower fees and, over time, those savings add up.
Even small adjustments to your investment strategy today can make a big difference to your future finances.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
