. TonyRobbins asks: Is the game of financial freedom still winnable? investinyou (In partnership with acorns.)
div > div.group > p:first-child"> It was late 2010 and almost two years since the market began its 51 percent free fall.
When I wrote "Unshakeable," my mission was to arm readers with the facts to create peace of mind in a world of increasing volatility. This is simply untrue if we embrace the mindset of an owner and start investing early. Get this: A 19-year-old who saves and invests $50 per week will accumulate $2,600 per year. If she does this until age 65 and averages a 10 percent annual return , she will have over $2.2 million dollars at age 65.
So let's take our same example of a 19-year-old saver from above to see just how fees can impact our future. If she paid 2 percent in annual fees , she would no longer have more than $2.2 million at retirement. She would have $1.16 million — an almost 50 percent reduction in her potential nest egg. Here is a good rule of thumb to remember: A 1 percent reduction in annual fees can allow your money to last 10 years longer in retirement. So yes, fees matter a whole heck of a lot.
The good news is that there is a small segment of advisors who, like doctors and lawyers, self-select to be a fiduciary. A fiduciary is someone required by law to put your interests first. Someone who doesn't have a horse in the race when they are making recommendations. Sounds like common sense, but the truth is most advisors, although great and well-intentioned, do not fit these criteria.
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