Can you answer these questions?

• What interest rate are you paying on your mortgage?
• What fees are you paying on your mortgage?
• What admin fees are you paying on your super?
• What investment fees are you paying on your super?
• If you’re paying for financial advice, how much does it cost you each year?

In the last few weeks, I’ve been staggered by some of the people I’ve helped… staggered by just how much they’ve been paying for the financial products they’ve been using and the advice they’ve been receiving. The great news for those individuals, however, is that they’ve now taken action to remedy this.

You can’t avoid fees! You need to have bank accounts, you likely need a mortgage to allow you to have a home, you need a super fund, you need insurances… I’d argue you need financial advice. You can’t avoid having to pay for these things but as the master of your own financial destiny, you can control how much you pay and ensure you get value for money.

Depending on how soon you take action, we’re potentially talking about hundreds of thousands of dollars, possibly millions of dollars difference. Hint: The later you leave it the more it will cost you!

You’d be hard-pressed to think value for money exists within the financial services sector given recent media attention. I guarantee you it does. The trick is to make the system work for you and not the other way around.

The financial services industry is one of those unusual industries where how much you pay has little, if any, connection to whether what you’re paying for is any good or not! In fact, it’s often the case that the more you pay, the less you get. I see situations time and time again where people are paying through the nose for advice, services and products that are made to appear fancy but are really nothing more than smoke and mirrors designed to part people with their money.

Perhaps the biggest part of the problem is people not actually knowing what they’re paying.

Due to hidden commissions, percentage-based fees and other fees being craftily added in hard to find places, many people cannot answer the above questions. If you’re one of them, don’t despair. I’m an expert and even I sometimes find it hard to decipher what some people are paying! For example, even if you look, it’s not always easy to find out what the overall fees are on your superannuation.

I’m continually saying to people that when it comes to money, the last thing you want to be is like everyone else. Don’t sit back and be a victim. Now is the time to take a stand and fight for your financial future.

Whether you would like your existing financial advice reviewed or you’re ready to take the first step on your journey to financial freedom, give me a call and let’s have a chat!

Cheers,

Daniel