Your financial portfolio needs to include a variety of funds and accounts. You have savings accounts, checking accounts, retirement funds, investment accounts, and so on. But could you be paying too much of your gains back to banks and investment companies in hidden fees? Here are a few things to consider.
Conduct an Annual Review of Your Portfolio
At least once a year, you should be reviewing all of your accounts. Look at the annual yield versus the fees that are incurred. Are there abnormal fees? Do you have accounts that are accruing more interest while charging you less? This can help you to determine which accounts and funds are providing you with the most benefits and which ones are just good for the bank.
Take Advantage of Low-Cost ETFs
ETFs are a bit of a unicorn in the financial world. You get a much higher reward with a minimally higher risk. On the other hand, you may get hit with a lot of unnecessary fees that interfere with your gains. Therefore, you want to try and find low-cost ETFs to maximize your profits.
Consolidate Accounts to Eliminate Fees
Dump accounts and funds that are charging you too much and consolidate the funds into your other accounts. Having a higher balance may even reduce the fees on those accounts. This will help you to save for your future faster.