Know What You’re Paying in Investment Fees
The rich also pay attention to investment fees --
something that many people overlook. For example, more than half of workers don't know they're paying fees on their workplace retirement savings accounts, according to a study by the National Association of Retirement Plan Participants. Yet, those fees can eat away at your returns, Schulte said.
"The more you're paying in mutual fund fees or transaction fees means less money in your pocket," he said.
Even small fees can have a big impact. If you invest $100,000 over 20 years and pay a 1 percent annual fee, your portfolio value will be about $30,000 less than if you had paid a 0.25 percent annual fee, according to the Securities and Exchange Commission's Office of Investor Education and Advocacy.
Check your account statement to see what fees you're paying. If they seem high, the SEC's Office of Investor Education and Advocacy recommends asking whether the costs can be reduced. You also should shop around for accounts and investment firms with low fees. Then, you'll be able to keep more of the money you worked hard to save.