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Author: Goofyhoofy Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Re: The Millionaire Twins Next Door Date: 11/27/2013 11:09 AM
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As is the choice to decide when the money one has is enough. Maybe it's a gender difference - do men use accumulated money as a proxy for virility ?

I'm quite sure some do, just as some women will spend thousands to stave off the effect of time on their youthful beauty. I daresay most men do not fall into the category of having "enough" to ignore the effects of financial fees (heck, more than half don't have enough to live reasonably without a Social Security check.)

If you are in the category of truly wealthy, I'm sure the 2% rake doesn't affect you or your lifestyle appreciably. For the great mass of investors, particularly the ones of modest means who do their best to save for retirement and have a comfortable life, losing 1/3 to 2/3 of your gains DOES make a significant difference.

But I am not opposed to people hiring other people to do this for them, it's just important that they understand the ramifications of doing so, including the data which demonstrates that most advisors perform no better than the average market, and that the compounding effects of fees take a significant toll over a person's lifetime.

Still, I go to a diner to have someone fry an egg for me at triple the cost of doing it myself, so I am not hyper critical of those who choose to spend their money in such manner. I just don't do it every day, and unlike financial advisors, the waitress presents me with a bill with actual figures as to the cost, rather than having the monies subtracted from my bank account without notice to me of what those costs actually are.
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