Ramit Sethi explains how a 1% annual fee from an asset-under-management advisor can cost you hundreds of thousands of dollars over a lifetime. His friend fired his advisor after one email and will save millions as a result.
One of the first things you can do is look into firing your AUM-based financial advisor. Like, if you're paying a 1% fee, that's going to cost you hundreds of thousands of dollars and keep you from hitting the $1 million mark. You know, I helped a friend do this. This friend of mine was earning pretty good money. He wrote me one day. He's like, hey, I think I might be getting ripped off. Can you help me? I was like, call me. He told me how much he was making, how much he had invested. I was like, you need to fire these people immediately. And he did. And I have the email. Oh, I fucking love the drama. He fired him and he will save millions over the course of his life.
