Ron Paul wants to abolish the Federal Reserve. He may want to take a look at financial statements first.
If you want a good laugh, or cry, check out one of your financial statements. And look beyond the plummeting numbers. Look at the types of fees your financial company is charging you.
Have you ever read the names of the fees and the explanations for those fees? Try it. I did. Here are a few categories I found in my IRA statement.
- Investment advisory expense. There’s an expense to advise me? I really don’t expect them to advise me; I expect them to invest my money. Or, are am I paying for someone to advise me that the market’s down 40 percent. Shoo-wee, money well spent.
- Administrative expenses. Is this, like, a fee to print up a statement to inform me about my investment advisory expense?
- Mortality and expense risk charges. What? This one sounds pretty morbid. I wonder what the immortality charge is?
- Acquired fund fees and expenses. Wow! I get a two-fer–fees and expenses! Bonus!
Wow. I can’t help feel like I’ve been put through a ringer.
How about you?