3min snip

Money For Couples with Ramit Sethi cover image

127. “Our financial advisor almost cost us $800k. How do we fire them?”

Money For Couples with Ramit Sethi

NOTE

The Cost of Fees: A Hidden Drain on Your Portfolio

Imagine paying $350 for a nice bottle of wine, but then going back to the same restaurant and finding out it's now $500. Same wine, higher price. That's like paying $25 for mashed potatoes at a fancy restaurant, but then finding out it's $800 the next time. It's crazy, right? Well, that's what happens with percentage-based fees. Right now, you're paying $6,000 a year in fees without even realizing it. And those fees keep increasing over time. In fact, in 35 years, you'll have paid an average of $2,054 per month in fees from $500 a month. It's like a backloaded cost that slowly adds up. Most advisors make their money when your portfolio grows, which is why they love to charge commissions. It's like having little holes in your canoe and slowly sinking without even realizing it.

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