How 'weapons of wealth destruction' can erase a lifetime of earnings

Stephen Grootes speaks with Warren Ingram, financial advisor and co-Founder of Galileo Capital, about common money mistakes that can quietly erode our financial freedom over time.

Listen to the interview in the audio player below.

Sometimes, it’s not one big financial mistake that derails our future, but rather a series of small, repeated missteps. Over time, these habits quietly erode our financial stability.

Debt accumulates, assets stagnate, and before we know it, our financial freedom slips further out of reach.

So what are the most common wealth-destroying habits that sabotage our goals?

"The mistakes are almost a death by a thousand cuts. It's little, incremental mistakes we make day-after-day, week-after-week, month-after-month."

- Warren Ingram, co-founder - Galileo Capital

Buying new cars frequently

New cars lose value the moment you drive them off the lot. The damage to your finances is even worse if you replace them every few years. Constantly upgrading cars is one of the fastest ways to lose money on depreciating assets.

Spending money you don’t have

Counting on a year-end bonus? If you charge a holiday to your credit card before the bonus arrives, what happens if it’s delayed, or doesn’t come at all? Spending future income before it hits your account is risky and can lead to unnecessary debt.

Using short-term debt for non-assets

Using credit cards to fund holidays, clothes, or dining out means you're paying high interest (often 20–25%) on items that don’t retain value. If it doesn’t grow in value or generate income, it should be bought with cash, not on credit.

Living beyond your means

Trying to live the lifestyle you feel you deserve, rather than the one you can afford, is a classic trap. It’s common among professionals who, after years of hard work, reward themselves with luxury homes and cars, often financed with debt they can’t comfortably manage.

Only paying the minimum on short-term debt

Credit card limits aren’t extra income, they’re borrowed money. If you’re only paying the minimum balance each month, interest charges can cause you to pay double (or more) for the original purchase. Always aim to pay your full balance off monthly.

Speaking to Stephen Grootes on The Money Show, Warren Ingram, financial advisor and co-founder of Galileo Capital says by identifying and avoiding these “weapons of wealth destruction,” you can protect your financial future and keep your goals within reach.

"The mistakes that draw our attention would be those really catastrophic, really poor decisions. Often launched globally, when people have invested a lot of money for example, in an Enron or a Steinhoff or something like that. They're really attention grabbing, and we would spend time and effort on them and try and learn from those mistakes and tried to avoid them. Unfortunately, those aren't the mistakes that cost most of us our ability to generate enough money to get to financial freedom."

- Warren Ingram, co-founder - Galileo Capital

Scroll to the top of the article to listen to the full interview.