Many Americans struggle to cover bills and save, with 56% unable to do so in 2024. Attorney Jaspreet Singh warns of money leaks, like overdraft fees costing up to $35 and urges proactive banking habits. Stashing cash in a high-yield savings account may not build wealth due to inflation. Singh emphasizes investing over saving, citing S&P 500 returns of 21.54% in 2024. He cautions against payday loans, which can lead to extreme interest rates of 390% to 780% annually. Singh advises adopting an investor’s mindset and considering higher-yield investment options like J.P. Morgan Chase stock. Banks engage in fractional reserve lending, contributing to inflation. The FDIC protects against bank failures but may not have enough funds, leading to potential tax increases or inflation.

Read more at Yahoo Finance: 5 Hidden Money Leaks Draining Your Wealth, According to Jaspreet Singh