When calculating the return on an investment, don't forget the invisible costs: → Broker commission: 0.1-0.5% per transaction (BVB) or $0 at Trading 212/Revolut (but hidden spread) → ETF management fee (TER): 0.07% (VWCE) vs 0.40% (some niche ETFs) — seems small, but compounded over 20 years it's enormous → Spread: bid-ask difference, invisible but real — on BVB it can be 0.5-2% → Tax: 10% on profit + CASS 10% above the ceiling of 6 minimum salaries → Inflation: nominal return 10% with inflation 5% = real return ~5% An ETF with TER 0.40% vs 0.07% on 100,000 RON for 20 years = ~15,000 RON difference. Small numbers matter.

When calculating the return on an investment, don't forget the invisible costs:

→ Broker commission: 0.1-0.5% per transaction (BVB) or $0 at Trading 212/Revolut (but hidden spread) → ETF management fee (TER): 0.07% (VWCE) vs 0.40% (some niche ETFs) — seems small, but compounded over 20 years it's enormous → Spread: bid-ask difference, invisible but real — on BVB it can be 0.5-2% → Tax: 10% on profit + CASS 10% above the ceiling of 6 minimum salaries → Inflation: nominal return 10% with inflation 5% = real return ~5%

An ETF with TER 0.40% vs 0.07% on 100,000 RON for 20 years = ~15,000 RON difference. Small numbers matter.