Jaspreet Singh: Stop Buying These 5 Things Now To Get Rich in 2026
Written by
Nicole Symon
Edited by
Molly Sullivan
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If one of your goals for 2026 is to build wealth and be more financially secure, you’ll need to be intentional about how you spend your money. You can’t eliminate expenses entirely, but you can stop buying things that get in the way of reaching your financial goals. So, what are those purchases you should avoid.
In a recent YouTube video, personal finance influencer Jaspreet Singh listed five things you shouldn’t buy if you want to stop wasting money.
1. Alcohol, Recreational Drugs and Cigarettes
The first items that Singh singled out as purchases you should avoid are things like alcohol, marijuana and cigarettes. He emphasized that these things “do not add value to your life” and are just expenses that add up quickly. The average person who drinks, for example, spends over $80 per month on alcohol. Smoking tends to be even more costly, with the average smoker spending around $200 per month, according to Singh.
It’s not easy to stop using substances like these, as Singh acknowledged, but if you can, you’ll free up a surprising amount of extra cash to help you build wealth.
2. Car Financing
In 2025, more than 80% of new car buyers and 37% of used car buyers used loans to help cover those purchases. Those loan payments averaged $748 monthly for new cars and $532 for used cars — around $9,000 and $6,000 per year, respectively.
The cost isn’t the whole reason car financing is on Singh’s list of purchases to avoid, though. He said, “Financing a car is a triple whammy” of financial concerns. It ticks all three of these negative boxes:
- You’re paying interest.
- The item you’re paying interest on doesn’t grow in value. It actually loses value as a depreciating liability.
- The item has a limited time span — you can’t use the car forever.
Singh recommended purchasing an older car with cash. He pointed out that not only will you save on the price of the car and interest payments from financing it, but you will probably also save money on things like insurance, oil changes and repairs.
3. The Newest iPhone
Every year, Apple releases several versions of the new iPhone. Singh pointed out that it’s normal for people to keep buying the new iPhone every year or two, especially since there are always promotions to finance the purchase with monthly payments.
“People feel like they’re getting a steal because you’re only paying 50 bucks a month, 80 bucks a month, 40 bucks a month for this new phone, but you don’t realize how much it’s actually costing you.”
While your payments in the first year may only add up to $600 or $700, compared to the $1,200 sticker price of the new phone, you’re probably going to want another new phone next year and start the cycle over again. Buying a phone in cash and keeping it for two to five years leaves you with much more money in your pocket over time.
4. Designer Goods
There’s a temptation to go out and buy designer items that carry prestige, like Gucci and Louis Vuitton. But unless you have enough money to cover those purchases in cash comfortably, they’re probably not the right move to help you reach your financial goals.
“People like to look rich because it’s a lot easier to do than actually become rich. To actually become rich requires you to sacrifice, which means you’ve got to look like you’re poor ,” Singh said. Use the money you would spend on these designer goods to invest in your financial future instead.
5. Extended Warranties
When you buy bigger-ticket items, like electronics, furniture and appliances, you often have the option to buy extended warranties. Singh recommended avoiding the added expense and focusing on building an emergency fund instead. That way, you keep your money in your hands. If something unexpected happens, you can dip into the emergency fund to address it.
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