The Meaningful Money Personal Finance Podcast Big Mistakes: Ignoring Costs
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Jun 19, 2024 This podcast delves into the importance of considering costs in financial planning, stressing how neglecting costs can lead to unnecessary financial losses. It explores various aspects like investment costs, tax planning, and strategies for supporting young adult children. The discussion also covers financial strategies for children and grandchildren, emphasizing the need for awareness and optimization of costs in order to build wealth and invest wisely.
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Fund Costs
- Look for the Ongoing Charges Figure (OCF) for fund costs.
- Be aware that even OCF doesn't include all costs like transaction fees, which can even be negative.
Platform Fees
- Platform fees vary; some charge per account, transaction, or admin.
- Fees can be percentage-based, flat, or a mix, sometimes with caps.
Impact of Costs
- Costs compound over time, just like investment gains.
- A seemingly small percentage can significantly impact long-term returns.