Investment Fee Vampire
2-3% annual management fees
Canadian mutual funds charge excessive fees: $10,000 invested loses $200-$300 yearly. Over 30 years, fees consume 30-50% of investment returns.
The real cost
$50,000-$150,000 in lost retirement wealth
How to not get wrecked
- 1Choose index funds with fees under 0.25%
- 2Choose low-cost index funds
- 3Avoid bank-sold investment products
- 4Calculate actual dollar impact of fees
Related money drains
#11
Big Bank Fee Extraction
$250-$360/year
Big 6 banks charge $250–$360/year in fees while paying 0.05% on savings. You pay them to hold your money.
#12
Overdraft Trap
$45-$48 per NSF transaction
NSF fees of $45–$48 per transaction can trigger daily. Being broke costs extra.
#13
ATM Fees: Death by a Thousand Cuts
$4.77 per transaction
Out-of-network ATM fees average $4.77. A $20 withdrawal can cost $24.77.
Track your spending and plug these drains with Prosperi.