As a finance reporter, I personally come across individuals who feel they are paying too much for certain things in life. In some cases, it could be due to a lack of awareness or transparency, while in others, it may be simply due to the high cost of living.
So, I polled our audience at Benzinga to find out what they think costs a lot of money but shouldn't. Here’s the consensus:
Healthcare in the U.S.
At the top of the list was U.S. healthcare, which isn’t surprising given the high costs of medical treatments, procedures, and prescription drugs.
The lack of transparency in pricing and insurance coverage only adds to the confusion and frustration. This issue remains a major concern for many Americans, and it is not likely to go away anytime soon.
One company, Mark Cuban's Cost Plus Drugs, is aiming to disrupt the healthcare industry by offering prescription medication at a fraction of the cost of traditional pharmacies plus a fixed markup fee of $6 to $15 per prescription.
Glasses
Some feel that the cost of eyeglasses is too high, especially when it comes to designer brands. However, there are alternatives such as online retailers and discount stores that offer affordable options.
For those in need of new glasses, an option is to look for deals and discounts from online retailers including Zenni Optical or Warby Parker WRBY — both offer affordable options.
News and Information
News and information are important, but they can also be expensive. Many news organizations require subscriptions or paywalls to access their content, which can add up over time.
However, there are free sources of news and information available, including the website you’re reading this on right now. Benzinga prides itself on being the leading source for real-time news, analysis, and actionable insights to traders, investors, and financial professionals.
Property Taxes
Property taxes are a necessary expense for homeowners, but they can certainly be a burden. The amount of property taxes can vary widely depending on the location and the value of the property.
While there isn’t much one can do to get around the expense, one can try and reduce the taxes by challenging the assessment, improving the property, appealing the taxes, and looking for any exemptions one can apply.
Electricity
Electricity is another item that many people feel costs too much. It can be especially true during the summer when air conditioning use is high.
But, there are ways to reduce electricity costs, including using energy-efficient appliances and lighting and adjusting the thermostat to save on cooling costs.
Freedom
Freedom may seem like an abstract concept, but it can come at a cost. Many people feel that their freedoms are being eroded by government regulations and policies and that they are paying too much to maintain their rights and freedoms.
As a concept, though, "freedom" is an ideal that isn’t subject to a monetary value. It is a fundamental right that all individuals are entitled to by virtue of being human.
While there may be costs associated with securing and maintaining freedom, including fighting for civil rights or upholding democratic institutions, the concept of freedom itself is priceless.
Water
Access to clean and safe water is a basic human right, but it can also be expensive. The cost of water varies depending on the location and the source of the water.
Many people, where it is legal, are turning to alternatives such as rainwater harvesting and water conservation to reduce their water bills.
Financial Literacy
Financial literacy is important for everyone, but it can also be expensive. Many pay for financial advice and education, but there are free resources available — including Benzinga — like online courses and workshops.
Many financial institutions and non-profit organizations offer free financial literacy courses and workshops, as well as budgeting and personal finance tools. There are also free government resources like the Consumer Financial Protection Bureau and the Securities and Exchange Commission that provide educational materials on financial planning, investing, and avoiding scams.
Living
The cost of housing, food, transportation, and other necessities — especially in cities — can add up quickly, leaving little room for savings or discretionary spending.
It may seem obvious, but housing is often the largest expense for many people. Downsizing, moving to a cheaper area, or taking on a roommate can all help reduce housing costs.
Higher Education
The cost of tuition, textbooks, and other expenses can leave many students with a mountain of debt after graduation. There are many options available to take free college courses:
Access to Legal Services
Access to legal services can be expensive for those who cannot afford a private attorney. Many people turn to legal aid organizations and pro bono services for help, but these resources can be limited and may not be available in all areas.
Many law schools have legal clinics where law students provide free legal services to the community under the supervision of licensed attorneys. These clinics offer assistance with a range of legal issues, including landlord-tenant disputes, consumer rights, and employment law.
Land
Land is a finite resource, and its value can vary widely depending on the location and intended use. The cost of land can be a major expense for developers, farmers, and other land users.
However, there are some programs and initiatives that offer the opportunity to use land for free or at a reduced cost. For example, some government agencies offer public land for lease or sale at a reduced rate for certain uses, like for agriculture or conservation.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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