What Could You Buy With What the Average American Pays in Retirement Fees?

things you can buy with your fees

What Could You Buy With What the Average American Pays in Retirement Fees?

The average American is said to lose approximately $155,000 in their lifetime to fees. If that doesn’t strike you as insane, then try looking at what you could actually get for $155,000! Here are 5 things you could actually do with $155,000.

1)     Pay for an around the world cruise for yourself and five friends! A 111-day worldwide cruise costs around $25,000 a person. If you hadn’t paid over 6 times that amount in fees you could enjoy 4 months of sailing the seven seas.

2)     Put an 80% down payment on a home. The average home price in the United States is $190,000, with $155,000 down in cash you are looking at 80% of your down payment covered. Not too shabby.

3)     Purchase one of the world’s fastest cars. The Bugatti Veyron comes in at $120,000. You’d be able to purchase this luxury vehicle and have cash left over to pay the bills!

4)     Buy an internally flawless, 5 carat diamond with a color of D. The best of the best—shelling out $155,000 for some jewelry will yield you a pretty large gem stone.  5 carats of perfectly crafted diamond is most definitely something to swoon over.

5)     Spend 2 nights at the Penthouse Suite at the Hotel President Wilson in Geneva. With 10 rooms and 7 bathrooms, a good night sleep in this glam hotel will cost you $65,000 a night. With $155,000 you could enjoy a 2-night stay with some close family or friends.

$155,000 is a lot of money, and while the amount doesn’t all get charged to your account at once, little by little these fees start to add up. When you take a step back and analyze what you are missing out on simply by paying fees, it’s devastating, to say nothing of the earnings potential your wealth will take will all of those fees being charged! It’s time to get smarter about fees.

 

 

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Janine is a young 20-something who is passionate about personal finance. She is actively pursuing her professional designations to make personal finance part of her career. Janine created My Pennies, My Thoughts to document her journey to financial freedom and help her readers get there as well! Join her as she tries to conquer the financial world by the time she's 25!