I saw today people queuing up for fuel at Sainsbury’s. It’s cheap.
Based on 10,000 miles each year, the average saving on fuel is £50. That’s based on 4-5p per litre difference. I understand the old saying “ look after the pennies and the pounds look after themselves.”
But here’s some perspective. If you have over £100,000 invested in your pension fund or ISA or general investment accounts, and you delegate the investment fund management and administration to wealth managers or IFAs or private banks….you are likely to be paying upwards of £2,000 for their services, trading, fund management, etc etc. Instead, you could save £1,500 each year.
What if you have £500,000 or over £1m, your total financial intermediation costs are always higher than you think. Therefore, the savings over time, without losing performance, can be enormous. So what’s more important…. queuing up for save 5p a litre or taking the time to think about who manages your money? The answer is clearly to do both.
Want a conversation? We can always set up an informal chat about how we see the future and how it could impact you personally.