Author Topic: My, I have been such a fool!  (Read 3089 times)

StubbleToStart

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My, I have been such a fool!
« on: January 14, 2016, 03:19:03 PM »
Hello all. I'm new to this forum, been reading MMM on and off for about a year. I have recently started putting my nose to the grindstone to get rid of debts, and learn what I didn't even know I needed to know. In looking at my retirement IRAs that are held with an investment firm, I was just able to figure out that my spouse and I paid ALMOST $4K IN FEES to them last year, and have been doing so for about the last 8 years! What a blind fool I have been. Very grateful for this group, for MMM, and for the new IRA I just set up with Vanguard that will be receiving my IRA funds as soon as humanly possible. Thanks to all for the many great posts. That is all.

GreenSheep

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Re: My, I have been such a fool!
« Reply #1 on: January 14, 2016, 05:24:19 PM »
I had just about the same reaction when I found out the same thing last year! What a horrible, painful discovery! I've switched to Vanguard, too, and haven't looked back. I feel like this should be made more obvious to the general public! Teach it in high school! Put it on billboards! Whatever it takes! (I know, I know. I'm sure it was on a form I signed somewhere.) I'm just glad I realized it now and not much later in life. Same for you... better late than never.

And I agree... fantastic advice, perspectives, ideas, etc. here.

Late2TheGame

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Re: My, I have been such a fool!
« Reply #2 on: January 14, 2016, 06:09:38 PM »
I too have just realized that we are paying way more in fees that we should.  I believe the vast majority of investors do not look at this 1 simple thing.  I wonder how much it make a difference over 30 years if you have investments in Mutual Funds with 0.04% vs 1.00% or higher Expense Ratio.

Late2TheGame

TheAnonOne

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Re: My, I have been such a fool!
« Reply #3 on: January 15, 2016, 12:01:29 PM »
I too have just realized that we are paying way more in fees that we should.  I believe the vast majority of investors do not look at this 1 simple thing.  I wonder how much it make a difference over 30 years if you have investments in Mutual Funds with 0.04% vs 1.00% or higher Expense Ratio.

Late2TheGame

http://401kfee.com/how-much-are-high-fees-costing-you/
A lot.