When have you last looked at your retirement statement?
Do you have any idea of how much you investment choices are costing? Don’t feel bad. I’ve done this interview and I still don’t know. It’s on my to-do list.
Let’s find out together.
Here’s the thing. A small 2% difference in the amount of fees one mutual fund is charging in your retirement account could have HUUUUUUUGE ramifications the money you end up with in retirement.
That’s not the point of this podcast. We’re not going down the path of how to pick one fund over another. Except to say that the fees each fund charges are not created equal.
Meeting Joanna was confirmation (in my mind) that this topic is one we should discuss.
I’ve been reading a book by Tony Robbins called Money: Master the Game. While I sense, from the first page, that this book is a huge infomercial; there are still useful nuggets.
This chart, for example, shows just how much money we could be giving away needlessly by not paying attention to our 401k fees.
Over 30 years, a 2% difference in fees could cost us $300,000.
That’s money out of our pocket. That’s money that’s not earning interest! Why didn’t I already know this? Wow!
We know now. They question is are we going to just sit on this information or look into making a switch.
Don’t take my word for it. Please! Check this information out with your financial professional of choice.
Joanna Zarach, my guest on the Midday Money Show, is a self taught 401k expert. She’s a management consultant and helps entrepreneurs set up and take advantage of the retirement benefits available to us via our good ol’ American tax code.
She dropped so much knowledge, that I really want you to to take notes as you listen. But, one thing that study out is this quote:
“I’m going to invest in my own knowledge about money. Get a little uncomfortable to ask a question. I’m going to take action.”
This is a great topic for those who aren’t not investment professionals, but are concerned about making the best decisions – right now – with your savings options.
How much are you paying in mutual fund fees? Leave a comment on the new Midday Money Show voicemail. Call: (773) 893-0241
“No one will care about your money as much as you should. In the very large world of the 401(k), there are many hands in the 401(k) pot.” ~Joanna Zarach
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