30-day challenges
We are pleased to continue our 30-day challenge series. Past challenges can be found here.
This month's 30-day challenge is to audit your investment expenses. You've successfully completed this challenge once you've done 2 or more of the following things:
- Request a fee schedule/statement from your financial advisor (if you have one).
- Request a fee schedule/statement from the administrator of your 401(k) or other employer-sponsored retirement plan (or find out your fees by logging into your plan account).
- Look through recent statements to see if there are any charges you don't recognize.
- Calculate your blended expense ratio.
The idea here is that you might uncover some expenses you didn't know you were paying, which in turn might give you a reason to make a change for the better. The impact of costs on investments can be depressing. If you find a clean slate, sleep well knowing that your money is working for you (instead of your investment company) as best it can.
More information on investment expenses
- General advice on investing be found in our Investing wiki page.
- Specific advice for employer-sponsored plans is in our 401(k) fund selection guide.
Bonus criterion
Excited for more? Not much to do this month? You may complete the following criterion as one of the two required for success:
- Get a headstart on gathering your required tax documents for this year.
Submitted February 03, 2017 at 08:06AM by AutoModerator http://ift.tt/2jFnL3j
