Certified financial planner Jeff Rose explains how hidden costs can pile up if you’re not careful.
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In this video, certfied financial planner Jeff Rose breaks down a financial story he recently read about the practice of buying a $9 cheeseburger but, due to service fees, taxes and delivery costs, the final tally was actually double that. While Rose says it’s okay to splurge occasionally, it’s dangerous to do this over and over again. If you do that 10 times, for example, you could be spending $90 on delivery fees.
That money could be invested into stocks or other good investments that actually put more money in your pocket. Rose points out that if you had spent $18 on a partial share of Tesla stock on January 1, 2019, it could be worth more than $200 today.
In all likelihood, not all of your investments are going to pay such incredible dividends, but allocating your resources into things that make you more money is never a bad idea.