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Why you should care about your money

Nearly every article published on this site is, in some way, trying to help you achieve better investment returns. Some articles are pointing to shares that you could be interested in. Other articles are highlighting the risks and downsides of specific companies. A key reason for Motley Fool’s existence is to help lower your investment fees.

It would be great for every Fool to achieve the best net investment return possible over the long-term. Meaning, after fees, we hope to beat the index. There are other aspects to creating wealth.

Sadly there is a major lethargy in all aspects related to money for most people.

Some homeowners stick with the same energy plan year after year, instead of comparing all the options from AGL Energy Ltd (ASX: AGL), Vocus Group Ltd (ASX: VOC), Origin Energy Ltd (ASX: ORG) and other small competitors. Some higher-priced energy plans are grandfathered and new cheaper plans are introduced – which leaves the homeowners who stay put worse off.

The most expensive part of a household’s budget is the mortgage repayment. If you have a loan that has a higher interest rate than necessary it can cost thousands, if not tens of thousands, more than it should over the life of the loan. A simple call to your bank could knock up to 1% off the interest rate if you’re a reliable borrower.

Are you getting good value for your internet? For your insurances? And so on.

No-one is responsible for your money except you. If you don’t care about getting the best value for your money then invariably you are likely on a poor deal. It’s the reason why banks thought they could get away with all the extra fees we are seeing discussed in the Hayne Royal Commission.

Foolish takeaway

It blows my mind that so people out there don’t bother to find good value deals, and then even if they realise their current one is bad they just complain but don’t do anything about it.

Whilst your investment returns are very important it’s also extremely important for the rest of your money to be working hard for you as well for long-term wealth.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Vocus Communications Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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