Mutual funds are a great way to invest in the market. Pick a couple mutual funds appropriately, and you have instant diversification and no investing skills or regular maintenance that is needed from your end.

About No Load Mutual Funds

Mutual funds don’t come without some expenses, and the ones you currently invest in can be eating all of your profits. As you review your portfolio and select new funds to stash your cash, it is important to consider the fees associated owning that mutual fund. And many times it is not so obvious.

The biggest expense to look out for is a load fee. These are fees you either pay on the front-end or the back-end of purchasing your fund. In other words, your broker automatically takes 5% out of your $10,000 capital before investing the money, or they take 5% when you go to sell your investment.

A load fee is simply an additional sales charge that is tacked on to the mutual fund expenses in order to pay your broker a commission. These charges can range from 2% to as much as 8% of your investment. Often though, a broker didn’t have to do any work to find you this great mutual fund. There’s a good chance you discovered and initiated the transaction, so why are you paying a broker fee?

Chances are that a fund with a load fee has a similar or identical fund without the load fee. So as you are searching for the ideal diversified mutual fund that meets your goals, double check that there is no load fee associated with the fund.

The other fee that you cannot escape is the expense ratio. This is simply a maintenance fee associated with every mutual fund, which is the cost to run the mutual fund. This goes to pay for advertising, general trading costs, etc. The average domestic mutual fund expense ratio is about 1.5%, so make sure you’re not overpaying for this fee.

In fact, studies show that over the long run, low-expense funds are more likely to outperform high-expense funds, so you may be better off shopping for the cheaper alternative.

If you are a real bargain hunter, index funds that mimic a stock index (such as the Dow Jones Industrial Average or the S&P 500) are the lowest-cost mutual funds. This is because these funds require very little active management. Because of their low cost nature, and the unlikelihood that the market can be beat, many professional advisers recommend having a no load mutual fund that mimics the S&P 500 included in your core portfolio.

To further reduce your no load mutual fund fees, open an online brokerage account that has no trading fees or expenses.

Millionaire Money Habit: While mutual funds are a great way to diversify your portfolio and have a passive investment approach, it is important to know how your money is being spent. Don’t overlook the fee structure and details or you will be wondering where your profits went. -RT

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An online savings account can make give you more bang for your buck on your money that is just sitting dormant. But what are the pros and cons of an online savings account?

Pros:

Higher Yield: You will receive a higher yield on your money. In other words, online savings accounts pay you more interest. HSBC currently pays 6x the national average. When Federal Interest rates start going back up, you can expect your rates to increase.

Easy Access: You can access your money anytime with an ATM card. Other investment products that offer similar returns on your money, such as a CD, require locking your money up for 6-12 months.

Painless Setup: It takes just 5 minutes to open and fund your account online. Just fill out a quick application form and transfer money from your current bank account – instantly giving you a higher return on your savings with a bank-to-bank transfer.

No Fees: The best online savings accounts have no fees, no minimum balances.

24 Hour Access: Since an online high-yield savings account is completely online, you have complete access to your account 24 hours a day, 7 days a week.

Safety: The big online savings accounts are FDIC insured. That means up to $100,000 of your money is completely protected.

Cons:

Simple Banking: High-yield online savings accounts are able to give you great rates because their overhead is so much lower. They have no branches to maintain, and no tellers to pay. If you need a personal touch, you will have to call an 800 number.

ATM Fees: While you can withdraw your money at anytime with an ATM card, you will likely be charged $2 or so for using another bank’s ATM machine. Chances are your online bank will not have their own network of ATMs that are easily accessible. Some online banks are reimbursing customers for this inconvenience though, so this may be a non-issue.

Deposits: If you have direct deposit set up, there are not problems, but depositing a check can be a bit tricky since there are no branches. You will have to deposit your check into your brick and mortar bank account and then transfer the funds electronically. Not a big deal since the electronic transfer only takes a few mouse clicks.

Millionaire Money Habit: While it is recommended to have 3 – 6 months of emergency fund savings that is easily accessible, it does not mean you can’t put that money to work for you. When you deposit money in a bank you are essentially giving them a loan until you need the money, so make sure you are getting the best return on your money by opening an online savings account.