Consider this – an investor who saves just $1,000/month from age 25 to 70 – stops – then draws income for 15 years, will have paid $1,088,139 in fees and commissions – and the meter is still running.
The assumptions that go into that math aren’t trumped up to make a point. Our investor earns 8%/year, and pays fees and commissions at 1% of their account value each year.
You may be saving more – or less. But fees and commissions – even at a very modest 1% add up to a lot more than most of us think. What’s worse, most people cannot tell whether or not they got any measurable value for all the advice they bought.
Whether your number is $1,000,000 – or $100,000 – it’s a lot of money – and it’s money you can’t spend – or pass on. It’s the Wall Street way – and it explains why those in the Wall Street world seem to live so well.
The only other option seems to be to go the do-it-yourself route – but even that doesn’t take the number to zero – it just reduces it.
Here’s another idea. What if those fees – whether $100,000 or $1,000,000 – were completely refundable at the end of your life? Would that make a difference? We can show you a place to grow and protect your money – and all the fees that are charged over the course of your lifetime, are completely, 100% refundable. Post a comment to learn more.