Money Management

Sick of extra fees making your event tickets more expensive? Find out what changes some ticket platforms are making to provide more transparent pricing. 

If you’ve ever purchased event tickets online only to be shocked to see the price increase significantly at checkout due to extra fees, you’ll like this news. Some top online ticket-selling platforms have agreed to provide “all-in pricing” so consumers know the total cost of tickets before buying them. This update comes after President Joe Biden encouraged companies to be more transparent about extra fees.

Junk fees impact the wallets of consumers

The Biden administration has been campaigning to reduce junk fees. Junk fees are extra costs that businesses charge, which aren’t typically disclosed upfront. Examples of such charges include overdraft fees, ticket fees, and resort fees.

When you purchase something, it can be frustrating to learn that it will cost more than anticipated because of additional fees added further along in the checkout process. Junk fees can significantly impact consumers’ wallets, making everyday expenses more costly.

Biden has called on Congress to pass legislation that reduces or limits such fees. The president has also encouraged companies that charge these fees to change how they’re displayed, so consumers are more aware of the actual cost of a purchase upfront.

Knowing the total price you’ll pay before you pull out your credit card is ideal. There has been some progress in the quest to crack down on junk fees, and your personal finances could be positively impacted by recent changes to how some brands are displaying prices.

Wave goodbye to hidden fees when buying event tickets

This week, President Biden met with representatives from the event ticketing industry to discuss the need for more transparent pricing. Before the meeting, some companies pledged to alter their pricing practices to be more transparent about fees.

Live Nation, which owns Ticketmaster, will automatically list all prices upfront for all tickets to events at more than 200 of its own venues starting in September. The company will also give customers the option to view all-in pricing when searching for other tickets sold on its platform.

SeatGeek agreed to make similar changes. The online ticket platform will also enable customers to view all-in pricing when buying tickets. Changes like this can make it easier for shoppers to make more informed purchase decisions and could help some consumers keep more money in their checking accounts.

Another company that has recently changed how it displays its prices is Airbnb. The vacation home rental platform added a total price display feature, allowing consumers to view all-in pricing when searching for homes to rent. This feature makes it easier for travelers to honor their vacation budgets.

Consumers benefit from transparent pricing

All of this is welcome news if you’ve been hoping for more price transparency from businesses like Ticketmaster. Extra fees add up, and consumers already struggling financially feel the most impact as they continue paying for everyday expenses while trying to avoid credit card debt.

As more businesses change how they disclose fees, it’ll be easier for consumers to compare prices when making purchase decisions. These changes can also help consumers stay on budget, because they’ll know the total cost of event tickets before checkout. Hopefully, more companies will agree to wave goodbye to hidden fees in the near future.

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Looking to grow your net worth? Read on for some tips. 

Your net worth may not be something you think about all that often. But no matter what yours looks like, you’d probably enjoy seeing it increase.

During the first quarter of 2023, Americans’ total net worth grew to nearly $149 trillion. And a big reason for that was stock market gains.

After a sluggish 2022, the stock market rallied earlier this year, leading to an increase in $2.4 trillion in net worth among U.S. investors. And while home values declined during the first quarter of the year, the gains investors saw in their brokerage accounts and retirement plans more than made up for that.

If you’re looking to grow your net worth, then investing could be your ticket to doing so. You may also want to consider buying assets that can appreciate in value over time and minimizing your debt.

A higher net worth could be yours

Net worth is measured by taking the sum of your assets and subtracting your debts. So as a very simple example, if you have $20,000 in savings and owe $5,000 on your credit cards, your net worth would be $15,000.

If you’re looking to grow your net worth, it pays to consider putting money into the stock market. Over the past 50 years, the stock market has delivered an average annual return of 10%, as measured by the performance of the S&P 500 index.

If you were to take $5,000, invest that money in a mix of stocks or an S&P 500 ETF, and sit back and do nothing for 20 years, you’d see that $5,000 grow into about $33,640, assuming your portfolio generates an average annual 10% return during that time.

To be clear, you can also grow your net worth by putting more money into a savings account and letting it earn interest. But you’re not going to see a 10% return in a savings account anytime soon — not even close. So if you’re really eager to see your net worth increase, investing is a better bet.

Buying a home is another good way to increase your net worth — if you feel that’s something you’re up for. Homes have a tendency to gain value over time, so if you buy a $250,000 home today and its value increases to $350,000 over 10 years, that, too, could add to your net worth.

Similarly, paying off existing debt will help your net worth increase. This holds true whether you pay down a mortgage loan, personal loan, or credit card balance.

How fixated on net worth should you be?

Your net worth isn’t necessarily something you have to spend your days thinking about constantly. But as you map out your financial goals, you’ll probably end up making moves that, ideally, lend to a higher net worth.

In fact, growing your net worth and meeting your financial objectives are likely to go hand in hand. And minimizing debt and choosing the right investments could easily lend to both.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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