Do you have a retirement fund and how much is your broker charging you on the fees? If you don’t know how much then you might be losing a fortune….
I am going to make a shocking revelation to you in this example when it comes to fees so pay close attention. Let’s assume you have 2 individuals, John and Andrew who put $1000 into an investment and left it for 40 years.
Do you see what just happened?
2% difference doesn’t seem like a lot but when you take compound interest into account, it’s a MASSIVE difference. John lost 31.9% due to the mere 1% he is paying. Andrew on the other hand lost a massive 68.7% in fees.
I have quite a chuckle when people tell me they leave everything to their brokers and they don’t know how much fees they pay because I know what happens behind the scenes when it comes to compound interest!
If you have a retirement fund, I bet you just had a massive light bulb moment, and if you don’t know what your fees are – go and find out NOW!