3min chapter

Finding Mastery with Dr. Michael Gervais cover image

How To Master Your Money and Live a Rich Life | Ramit Sethi

Finding Mastery with Dr. Michael Gervais

CHAPTER

The Cost of a Financial Advisor

When I was 21, he opened a Vanguard and he's like, Mike, how much money you got? I'm like, not very much. He goes, put it in. And of course, I've been aggressive in it in my adult years. So low cost, long term investing, kind of set it and leave it. Let me tell you why cost matter. If you pay 1% AUM or assets under management, you will pay over the course of your life over 25% of your returns in fees. For most people, that's hundreds of thousands of dollars. You do not get better performance by paying a percentage to a financial advisor.

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