“DIY dabbling”? That’s how you stay broke
Ditch the earn-more, spend-more trap
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The Irish Times just told you to hand your money to professionals.
They're wrong.
And if you follow their advice, it could cost you hundreds of thousands.
Good advice, terrible conclusion
In their special report "Managing Personal Wealth," they shared some brilliant advice:
Don't let your money rot in savings accounts.
Leave your investments alone.
Max out your pension.
I agreed with so much of it.
Until I read "The pros and cons of investing solo".
It concluded with this gem:
"Consider a hybrid approach: let professionals handle the bulk of your investments, and keep a small pot for DIY dabbling."
"DIY dabbling"?!?
This single line of advice could cost you hundreds of thousands.
The hidden cost not mentioned by the Irish Times
Here's what they won't tell you:
Those "professionals" aren't working for free.
They're taking a slice of your returns every single year.
And that slice compounds into a fortune.
Just this week, I ran the numbers with Jack, a doctor from the States.
His financial adviser charges him 1.25% annually to manage his retirement account. Sounds small, right? We found the exact same investment on Vanguard for 0.08%.
The difference?
If Jack keeps his current setup for 20 years:
With his adviser: $4 million
Managing it himself: $4.6 million
That 1% fee will cost him $600,000.
And he has not had one conversation with that adviser since it was set up 3 years ago!
The industry's dirty secret
This is the dirty secret of the financial industry. They make investing sound complex so you'll pay them to do what you could learn in an afternoon.
Once I figured this out, everything changed.
I stopped trusting the "professionals" who were getting rich off my money. Started managing everything myself.
Made mistakes, sure. But even with those mistakes, I'm miles ahead of where I'd be paying someone else.
Now I teach others to do the same.
No fancy formulas.
No complex strategies.
Just the simple system that actually works.
And the best part?
Once you know how to do this yourself, you're set for life.
No more wondering if your adviser is ripping you off.
No more paying thousands for someone to click three buttons once a year.
Your first step to financial freedom
This Monday at 8pm: Your first step to financial freedom (live workshop)
In 90 minutes, I'll show you:
The exact tools I use to manage my entire portfolio (hint: they're free)
How to know exactly where you stand financially today
The specific steps to take based on YOUR situation
Why your pension might be your biggest opportunity (or biggest mistake)
This brings together everything I've learned coaching 270 professionals one-on-one this year.
Same system but in a group setting, fraction of the price.
There are only 9 spots left.
That is it for this weekend. I am delighted to share that my 'long run' today is only 16km as this time next week, I'll be in Lisbon for the full marathon.
To your financial freedom,
Sjoerd
P.S. I had 5 spots for 1:1 coaching available that have all been snapped up by people on my waitlist.
If you need 1:1 help with your pension tax relief or you want to use your education reimbursement before it expires, send me a message and I'll point you in the right direction.
Sjoerd Bak
Become a Millionaire Ltd
www.bamillionaire.com
