MMS #11 | Pesky high fees and interest: the impact they can have and why to avoid them!
Description
In this episode of Money Made Simple, Jennie and Liv are addressing the "elephant in the room" of the finance industry: the many types of fees and interest charged (which help generate those significant profits you keep hearing about in the news!). They provide some simple examples of how paying higher fees can impact the amount of money you accrue via your savings or investments over the long term, or the amount of interest you'll pay over the lifetime of a debt.
This week's episode covers:
Average fees charged on your KiwiSaver balance, and how these can add up over a year and over the longer termThe difference between paying 1% in fees vs 0.29% in fees (all things else being equal!) A look at the total amounts and percentages of fees taken by KiwiSaver providers in NZ for managing your moneyHow to be "paranoid" about the fees and interest that you pay when using any banking servicesThe difference that interest rates can make over the life of your mortgage - with relevant examples of course!Resources we mention in this episode:
Sorted.org fee calculators
Money Made Simple audio book
Once you've listened to this episode, we hope that you will have a clear understanding of the impacts that higher vs lower fees can have across many areas of financial services - and, of course, that fees are but just one variable to consider when it comes to choosing how to manage your own personal finances. And who you get to manage them!
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Disclaimer: This podcast contains personal opinions and is intended to provide educational information only. It doesn't relate to your particular financial situation or goals and is not financial advice or recommendations. Simplicity New Zealand Limited is the issuer of the Simplicity KiwiSaver scheme and investment funds. For product disclosure statements please visit Simplicity's website simplicity. kiwi.
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