Five Financial Freedoms Worth Celebrating

As we celebrate this Independence Day, there is much to reflect on about the history and present state of our country. As a financial planner, I've also come to appreciate the changes in our country's financial system during my lifetime. While not all of them have been positive, we have seen remarkable progress over the decades. Many of you may not be aware of — or fully taking advantage of — these financial freedoms. Here are five that come to mind.

Investing has never been cheaper. One financial advantage Americans often overlook is access to some of the lowest-cost investment funds anywhere in the world. You can invest your money in mutual funds (and many ETFs) for under 0.05% per year. That's just $5 annually to invest $10,000 in a diversified basket of stocks. While a higher-cost fund can certainly outperform a lower-cost one, decades of research have shown that cost is one of the strongest predictors of future fund performance. Over long periods, lower-cost mutual funds and ETFs have tended to outperform their more expensive peers because they don't have to overcome as large a fee hurdle. Review your investment expenses through your brokerage website or with a quick web search. If they exceed about 0.25% per year, consider lower-cost alternatives.

Americans can hire qualified fee-only fiduciaries. We have seen a quiet revolution in the delivery of financial advice over the last few decades. In this country, we have a widely respected CFP credential that requires extensive education, experience, an examination and ongoing continuing education. We also have thousands of fee-only financial advisers who do not accept commissions and have a fiduciary obligation to their clients — which means they must put the client's interests ahead of their own. While still relatively uncommon, there are even qualified advisers who work on an hourly basis. The website napfa.org is a good place to start if you're looking for a fee-only, fiduciary CFP professional.

Our banking and brokerage system is remarkably competitive. There has never been better access to low- and no-cost banking and investment accounts. With a quick search, you can find free checking accounts with features such as free ATM withdrawals and bill payment, savings accounts paying competitive interest rates, and brokerage firms offering low-cost investing. Just as importantly, if you're unhappy with your bank or investment company, you can usually vote with your feet. Bank accounts can be closed, and brokerage accounts can generally be transferred electronically to another firm. That combination of competition and portability is something many people in other countries don't enjoy. Yet many of us still settle for high-fee accounts that pay little or no interest. Take advantage of our competitive marketplace by reviewing what you're paying in fees and what you're earning on your savings.

Our financial markets are remarkably transparent. If you're trying to get the pulse of the local real estate market, many people turn to Zillow or similar resources to access data about recent property transactions. Market information such as sales volume and median prices is also widely available. In many other developed economies, it can be much harder to obtain this information when deciding how much to list a home for or whether a property is fairly priced. This transparency extends to publicly traded companies as well, which must publish audited financial statements, disclose information that could materially affect investors, and follow rules designed to discourage insider trading.

Guaranteed access to health insurance is still available even after serious illness. This is perhaps one area where we do not offer better options than many other developed countries, but it is also one where we've seen real, if uneven, progress since the ACA became law in 2010. Despite the expiration of the expanded pandemic-era ACA tax credits at the end of 2025, insurers still cannot deny you coverage or charge you more because of a pre-existing condition. Also, credits are still available to many families based on income. That said, premiums for many have risen sharply this year and I hope we see federal and state lawmakers make real progress on making coverage more affordable. Guaranteed issue itself, though, remains a win worth recognizing.

There's still room for improvement when it comes to consumer protection and corporate accountability in this country. But this Independence Day, it's worth recognizing the hard-won structural wins and competitive shifts that favor ordinary citizens. They are tools worth putting to work for ourselves and our families.

David Gardner is a certified financial planner in Boulder County and is admitted to practice before the IRS. He can be reached at entreewealth.com. As financial planning is only possible after knowing the client, the column is not intended to be personal financial or tax advice. Data presented is believed to be accurate at the time of writing.