This is a YouTube video titled "The BEST Paying Hobby You Can Have #doctor #millionaire #money #wealth" containing a monologue by Jim Dahle recorded in August 2024. In this content, Jim Dahle discusses the financial benefits of acting as your own financial advisor and investment manager, emphasizing the cost savings compared to paying professional management fees.
You know what the best paying hobby out there is, though? It's acting as your own financial advisor, being your own financial planner and your own investment manager. Let's just consider the cost of investment management. You know, it's not unusual for somebody to pay 1% of their assets under management. Let's say you have a $4 million portfolio, right? You got $4 million, you're paying 1% a year. That's 40 grand. That's a whole month's pay. That's a good paying hobby if you can avoid that expense. So I would encourage you to at least consider acting as your own financial advisor, learning how to do it competently, right? Cause if you do it badly, that's not worth the savings, right? It's well worth paying a fair price to get good advice if you don't know how to do this stuff yourself. But I would encourage you to learn how to do it yourself. That is the right move for lots of you that are listening to this podcast, and it is by far the best paying hobby out there.