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Understanding Investment Fees: Are They Eating Your Returns? · Becoming Financially Confident

• 0:37
  Here's
• 0:37
  something
• 0:38
  you
• 0:38
  might
• 0:38
  not
• 0:38
  know.
• 0:38
  Did
• 0:39
  you
• 0:39
  know
• 0:39
  that
• 0:39
  your
• 0:40
  investments
• 0:41
  actually
• 0:41
  have
• 0:41
  a
• 0:41
  price
• 0:42
  tag
• 0:42
  on
• 0:42
  them?
• 0:43
  As
• 0:44
  I
• 0:44
  was
• 0:44
  preparing
• 0:44
  for
• 0:44
  the
• 0:45
  show,
• 0:45
  I
• 0:45
  thought
• 0:45
  about,
• 0:45
  you
• 0:46
  know,
• 0:46
  a
• 0:46
  lot
• 0:46
  of
• 0:46
  people
• 0:46
  don't
• 0:46
  know
• 0:46
  this.
• 0:47
  And
• 0:47
  I
• 0:48
  found
• 0:48
  some
• 0:48
  amazing
• 0:49
  statistics.
• 0:50
  Listen
• 0:50
  to
• 0:50
  some
• 0:50
  of
• 0:50
  these.
• 0:51
  21%
• 0:52
  of
• 0:52
  investors
• 0:53
  believe
• 0:53
  they
• 0:54
  pay
• 0:54
  no
• 0:54
  fees
• 0:54
  on
• 0:55
  their
• 0:55
  investments.
• 0:56
  You
• 0:56
  may
• 0:56
  be
• 0:57
  one
• 0:57
  of
• 0:57
  those
• 0:57
  people
• 0:57
  right
• 0:57
  now
• 0:58
  listening,
• 0:58
  Ralph.
• 0:58
  What
• 0:58
  do
• 0:58
  you
• 0:58
  mean
• 0:59
  I'm
• 0:59
  paying
• 0:59
  for
• 0:59
  my
• 0:59
  investments?
• 1:00
  Yes,
• 1:00
  we're
• 1:00
  going
• 1:01
  to
• 1:01
  get
• 1:01
  to
• 1:01
  that
• 1:01
  in
• 1:01
  a
• 1:01
  minute.
• 1:02
  Listen
• 1:02
  to
• 1:02
  this.
• 1:03
  Another
• 1:04
  17%
• 1:05
  don't
• 1:06
  know
• 1:06
  how
• 1:06
  much
• 1:06
  they
• 1:06
  pay
• 1:07
  in
• 1:07
  fees.
• 1:08
  So
• 1:08
  21%
• 1:09
  don't
• 1:09
  know
• 1:09
  that
• 1:09
  they're
• 1:09
  paying
• 1:10
  fees.
• 1:10
  And
• 1:11
  70%
• 1:12
  don't
• 1:12
  know
• 1:12
  how
• 1:12
  much
• 1:12
  their
• 1:13
  fees
• 1:13
  are.
• 1:14
  And
• 1:14
  87%
• 1:15
  say
• 1:15
  they're
• 1:16
  aware
• 1:16
  of
• 1:16
  the
• 1:16
  fees.
• 1:17
  But
• 1:17
  the
• 1:18
  term
• 1:18
  expense
• 1:18
  ratio
• 1:19
  has
• 1:19
  no
• 1:20
  idea
• 1:20
  what
• 1:20
  that
• 1:20
  means.
• 1:21
  30%
• 1:22
  say
• 1:22
  they
• 1:22
  completely
• 1:23
  understand
• 1:23
  it.
• 1:24
  Similarly,
• 1:25
  this
• 1:25
  is
• 1:25
  an
• 1:25
  interesting
• 1:26
  statistic
• 1:26
  as
• 1:26
  well.
• 1:27
  83%
• 1:28
  had
• 1:28
  heard
• 1:29
  of
• 1:29
  basis
• 1:29
  points,
• 1:30
  but
• 1:30
  only
• 1:30
  25%
• 1:31
  completely
• 1:32
  understood
• 1:32
  those
• 1:34
  in
• 1:34
  one
• 1:34
  survey.
• 1:35
  Listen
• 1:35
  to
• 1:35
  this.
• 1:36
  73%
• 1:37
  of
• 1:37
  investors
• 1:38
  didn't
• 1:38
  know
• 1:38
  how
• 1:38
  much
• 1:39
  they
• 1:39
  paid
• 1:39
  in
• 1:39
  investing
• 1:40
  related
• 1:40
  fees
• 1:40
  last
• 1:40
  year.
• 1:41
  And
• 1:42
  64%,
• 1:43
  here's
• 1:43
  the
• 1:43
  truly
• 1:43
  tragic
• 1:44
  statistic
• 1:44
  of
• 1:45
  this.
• 1:46
  64%
• 1:47
  didn't
• 1:47
  know
• 1:47
  how
• 1:47
  to
• 1:48
  check
• 1:48
  what
• 1:48
  fees
• 1:48
  are
• 1:48
  being
• 1:49
  charged.
• 1:50
  Well,
• 1:50
  that's
• 1:50
  what
• 1:50
  I
• 1:51
  talk
• 1:51
  about
• 1:51
  on
• 1:51
  today's
• 1:51
  show
• 1:52
  because
• 1:52
  you've
• 1:53
  got
• 1:53
  to,
• 1:53
  this
• 1:54
  is
• 1:54
  so
• 1:54
  mission
• 1:55
  critical.
• 1:55
  As
• 1:55
  we
• 1:55
  work
• 1:56
  through
• 1:56
  this
• 1:56
  series
• 1:56
  of
• 1:57
  investments,
• 1:58
  it
• 1:58
  is
• 1:58
  mission
• 1:59
  critical
• 1:59
  that
• 1:59
  you
• 1:59
  understand
• 2:00
  how
• 2:01
  to
• 2:01
  find
• 2:01
  these
• 2:01
  fees,
• 2:02
  how
• 2:02
  to
• 2:02
  and
• 2:03
  really
• 2:03
  how
• 2:03
  to
• 2:03
  negotiate
• 2:03
  them.
• 2:04
  I
• 2:04
  got
• 2:04
  a
• 2:04
  listener
• 2:04
  question.
• 2:05
  So
• 2:06
  fellow
• 2:06
  wrote
• 2:06
  this.
• 2:06
  He
• 2:06
  said,
• 2:07
  ralph,
• 2:07
  I
• 2:07
  know
• 2:07
  I'm
• 2:08
  paying
• 2:08
  something
• 2:08
  for
• 2:08
  my
• 2:09
  investments,
• 2:09
  but
• 2:10
  I
• 2:10
  don't
• 2:10
  really
• 2:11
  understand
• 2:11
  the
• 2:11
  fees.
• 2:12
  Are
• 2:12
  they
• 2:13
  really
• 2:13
  a
• 2:13
  big
• 2:13
  deal?
• 2:14
  Let
• 2:15
  me
• 2:15
  just
• 2:15
  tell
• 2:15
  you
• 2:15
  right
• 2:15
  now,
• 2:15
  they
• 2:16
  are
• 2:16
  a
• 2:16
  huge
• 2:17
  deal.
• 2:18
  Investment
• 2:18
  fees
• 2:19
  might
• 2:19
  look
• 2:19
  small,
• 2:20
  but
• 2:21
  think
• 2:21
  about
• 2:21
  this
• 2:21
  for
• 2:21
  a
• 2:21
  second.
• 2:22
  Maybe
• 2:23
  1%
• 2:23
  or
• 2:23
  2%
• 2:24
  here
• 2:24
  and
• 2:24
  there,
• 2:24
  but
• 2:25
  over
• 2:25
  time.
• 2:26
  So
• 2:26
  we're
• 2:26
  really
• 2:26
  going
• 2:26
  to
• 2:26
  drill
• 2:27
  into
• 2:27
  on
• 2:27
  today's
• 2:27
  show.
• 2:28
  Over
• 2:28
  time
• 2:29
  they
• 2:29
  can
• 2:29
  quietly
• 2:29
  eat
• 2:30
  away
• 2:30
  at
• 2:30
  your
• 2:30
  returns
• 2:30
  and
• 2:31
  cost
• 2:31
  you
• 2:32
  thousands
• 2:32
  of
• 2:32
  dollars.
• 2:32
  Yes,
• 2:33
  you
• 2:33
  heard
• 2:33
  me
• 2:33
  right.
• 2:34
  Thousands
• 2:34
  of
• 2:35
  dollars.
• 2:36
  That's
• 2:36
  what
• 2:36
  I'm
• 2:36
  going
• 2:36
  to
• 2:36
  cover
• 2:36
  on
• 2:37
  today's
• 2:37
  show.
• 2:39
  This
• 2:39
  is
• 2:39
  Financially
• 2:40
  Confident
• 2:40
  Christian,
• 2:41
  your
• 2:42
  daily
• 2:42
  dose
• 2:42
  of
• 2:42
  gospel
• 2:43
  grounded
• 2:43
  insight
• 2:44
  and
• 2:44
  faith
• 2:44
  driven
• 2:45
  tips
• 2:45
  to
• 2:45
  help
• 2:45
  you
• 2:46
  break
• 2:46
  the
• 2:46
  cycle
• 2:46
  of
• 2:47
  financial
• 2:47
  shame
• 2:47
  with
• 2:48
  confidence.
• 2:51
  Thank
• 2:51
  you
• 2:51
  for
• 2:51
  joining
• 2:52
  me
• 2:52
  on
• 2:52
  the
• 2:52
  show
• 2:52
  today.
• 2:53
  My
• 2:53
  name
• 2:53
  is
• 2:53
  Ralph
• 2:54
  and
• 2:54
  I've
• 2:54
  worked
• 2:55
  with
• 2:55
  hundreds
• 2:55
  of
• 2:55
  clients
• 2:56
  working
• 2:56
  with
• 2:56
  their
• 2:57
  investment
• 2:57
  portfolios.
• 2:58
  And
• 2:58
  the
• 2:58
  truth
• 2:59
  is,
• 2:59
  and
• 2:59
  this
• 2:59
  is
• 3:00
  really
• 3:00
  a
• 3:00
  sad
• 3:00
  truth,
• 3:01
  I
• 3:01
  have
• 3:02
  found
• 3:02
  that
• 3:02
  these
• 3:02
  fees
• 3:03
  are
• 3:03
  draining
• 3:04
  their
• 3:04
  growth
• 3:04
  over
• 3:04
  time.
• 3:05
  And
• 3:05
  here's
• 3:05
  the
• 3:05
  problem.
• 3:06
  A
• 3:06
  lot
• 3:07
  of
• 3:07
  people
• 3:07
  didn't
• 3:07
  even
• 3:07
  realize
• 3:08
  that
• 3:08
  they
• 3:08
  were
• 3:09
  paying
• 3:09
  them
• 3:09
  and
• 3:10
  how
• 3:10
  much
• 3:10
  they
• 3:10
  were
• 3:10
  losing.
• 3:12
  If
• 3:12
  you've
• 3:12
  been
• 3:12
  listening
• 3:12
  to
• 3:12
  this
• 3:13
  series,
• 3:13
  you
• 3:13
  know,
• 3:13
  I
• 3:13
  don't
• 3:13
  actually
• 3:14
  sell
• 3:14
  investments,
• 3:15
  but
• 3:15
  I've
• 3:16
  been
• 3:16
  working
• 3:16
  with
• 3:16
  clients
• 3:16
  to
• 3:17
  help
• 3:17
  them
• 3:17
  shift
• 3:17
  into
• 3:18
  some
• 3:18
  lower
• 3:18
  cost
• 3:19
  options
• 3:19
  that
• 3:19
  save
• 3:20
  them
• 3:20
  significant
• 3:20
  money
• 3:21
  without
• 3:22
  changing
• 3:22
  their
• 3:22
  goals.
• 3:24
  Here's
• 3:24
  a
• 3:24
  really
• 3:25
  broad
• 3:25
  example
• 3:26
  of
• 3:26
  what
• 3:26
  I'm
• 3:26
  talking
• 3:26
  about,
• 3:27
  of
• 3:27
  just
• 3:28
  what
• 3:28
  these
• 3:28
  fees
• 3:28
  cost
• 3:29
  you
• 3:29
  over
• 3:29
  time.
• 3:29
  Because
• 3:29
  it's
• 3:29
  one
• 3:29
  thing
• 3:30
  to
• 3:30
  say,
• 3:30
  okay,
• 3:30
  Ralph,
• 3:30
  I
• 3:30
  get
• 3:31
  it,
• 3:31
  somebody's
• 3:32
  got
• 3:32
  to
• 3:32
  make
• 3:32
  money
• 3:32
  in
• 3:33
  this.
• 3:34
  But
• 3:34
  you
• 3:34
  got
• 3:34
  to
• 3:35
  understand
• 3:35
  the
• 3:35
  impact
• 3:36
  of
• 3:36
  this.
• 3:37
  And
• 3:38
  I'm
• 3:38
  going
• 3:38
  to
• 3:38
  start
• 3:38
  with
• 3:38
  a
• 3:38
  quote.
• 3:38
  This
• 3:39
  is
• 3:39
  from
• 3:39
  Jack
• 3:39
  Bogle.
• 3:40
  I
• 3:40
  mentioned
• 3:40
  him
• 3:40
  the
• 3:40
  other
• 3:40
  day.
• 3:41
  Jack
• 3:41
  is
• 3:41
  the
• 3:41
  president
• 3:42
  of
• 3:42
  Vanguard.
• 3:43
  And
• 3:43
  Jack
• 3:44
  had
• 3:44
  this
• 3:44
  brilliant
• 3:45
  quote.
• 3:45
  He
• 3:45
  said,
• 3:45
  in
• 3:45
  investing,
• 3:46
  you
• 3:46
  get
• 3:47
  what
• 3:47
  you
• 3:47
  don't
• 3:48
  pay
• 3:48
  for.
• 3:48
  I
• 3:48
  thought
• 3:49
  that
• 3:49
  was
• 3:49
  great.
• 3:50
  Think
• 3:50
  about
• 3:50
  that
• 3:50
  for
• 3:50
  a
• 3:51
  second.
• 3:51
  In
• 3:51
  investing,
• 3:52
  you
• 3:52
  get
• 3:52
  what
• 3:52
  you
• 3:52
  don't
• 3:53
  pay
• 3:53
  for.
• 3:53
  So
• 3:54
  let
• 3:54
  me
• 3:54
  tell
• 3:54
  you
• 3:54
  about
• 3:54
  my
• 3:54
  client
• 3:55
  story.
• 3:55
  Client
• 3:55
  had
• 3:56
  an
• 3:56
  expensive
• 3:56
  mutual
• 3:57
  fund.
• 3:57
  Listen
• 3:57
  to
• 3:57
  this.
• 3:58
  And
• 3:58
  you're
• 3:58
  going
• 3:58
  to
• 3:58
  understand
• 3:59
  what
• 3:59
  this
• 3:59
  is
• 3:59
  just
• 3:59
  in
• 3:59
  a
• 4:00
  couple
• 4:00
  minutes.
• 4:00
  But
• 4:01
  this
• 4:01
  mutual
• 4:01
  fund
• 4:01
  had
• 4:02
  a
• 4:02
  1.5%
• 4:03
  expense
• 4:03
  ratio.
• 4:04
  So
• 4:04
  basically
• 4:05
  what
• 4:05
  that
• 4:05
  means
• 4:05
  is
• 4:05
  that
• 4:06
  whatever
• 4:06
  the
• 4:06
  value
• 4:06
  that
• 4:07
  fund
• 4:07
  was,
• 4:08
  1.5%
• 4:09
  of
• 4:09
  that
• 4:10
  was
• 4:10
  going
• 4:10
  for
• 4:10
  an
• 4:11
  expense.
• 4:12
  Well,
• 4:12
  I
• 4:12
  worked
• 4:13
  with
• 4:13
  him
• 4:13
  and
• 4:13
  I
• 4:13
  was
• 4:13
  able
• 4:14
  to
• 4:14
  find
• 4:14
  him
• 4:14
  an
• 4:14
  investment
• 4:15
  that
• 4:15
  switched
• 4:15
  to.05%.
• 4:18
  And
• 4:18
  listen,
• 4:18
  that
• 4:19
  saved
• 4:19
  him
• 4:19
  thousands
• 4:19
  of
• 4:20
  dollars
• 4:20
  over
• 4:20
  the
• 4:20
  years
• 4:21
  without
• 4:21
  sacrificing
• 4:22
  performance.
• 4:22
  And
• 4:22
  I'm
• 4:22
  going
• 4:22
  to
• 4:23
  show
• 4:23
  you
• 4:23
  some
• 4:23
  actual
• 4:23
  numbers
• 4:24
  here
• 4:24
  in
• 4:24
  a
• 4:24
  few
• 4:24
  minutes.
• 4:25
  But
• 4:25
  that's
• 4:25
  what
• 4:25
  we
• 4:26
  need
• 4:26
  to
• 4:26
  talk
• 4:26
  about
• 4:26
  on
• 4:26
  the
• 4:26
  show
• 4:27
  today.
• 4:28
  So
• 4:28
  here's
• 4:28
  the
• 4:28
  main
• 4:28
  parts
• 4:29
  of
• 4:29
  what
• 4:29
  we
• 4:29
  really
• 4:29
  need
• 4:30
  to
• 4:30
  drill
• 4:30
  into.
• 4:31
  A
• 4:31
  lot
• 4:31
  of
• 4:31
  people
• 4:31
  don't
• 4:31
  understand
• 4:32
  when
• 4:32
  I
• 4:32
  start
• 4:32
  talking
• 4:33
  about
• 4:33
  expense
• 4:34
  ratios.
• 4:34
  What
• 4:34
  is
• 4:35
  an
• 4:35
  expense
• 4:35
  ratio?
• 4:35
  Let's
• 4:36
  start
• 4:36
  there.
• 4:37
  An
• 4:37
  expense
• 4:37
  ratio
• 4:38
  is
• 4:39
  basically
• 4:39
  the
• 4:39
  annual
• 4:40
  fee
• 4:40
  for
• 4:40
  running
• 4:40
  the
• 4:40
  fund.
• 4:41
  If
• 4:42
  somebody's
• 4:42
  going
• 4:42
  to
• 4:42
  be
• 4:42
  a
• 4:43
  professional
• 4:43
  money
• 4:43
  manager,
• 4:44
  they,
• 4:44
  they
• 4:44
  are
• 4:44
  going
• 4:45
  to
• 4:45
  charge
• 4:45
  a
• 4:45
  fee
• 4:46
  to
• 4:46
  run
• 4:46
  that
• 4:46
  fund
• 4:46
  because
• 4:47
  they
• 4:47
  have
• 4:47
  work
• 4:47
  to
• 4:47
  do.
• 4:48
  They
• 4:48
  have
• 4:48
  to
• 4:48
  go
• 4:48
  and
• 4:49
  look
• 4:49
  at
• 4:49
  the
• 4:49
  different
• 4:49
  investments,
• 4:50
  decide
• 4:50
  on
• 4:50
  the
• 4:51
  trades.
• 4:51
  There's
• 4:51
  a
• 4:51
  lot
• 4:51
  of
• 4:51
  work
• 4:52
  that
• 4:52
  goes
• 4:52
  into
• 4:52
  this.
• 4:53
  But
• 4:53
  even
• 4:54
  1%,
• 4:55
  if
• 4:55
  they're
• 4:56
  charging
• 4:56
  a
• 4:56
  1%
• 4:56
  fee
• 4:57
  versus
• 4:57
  a
• 4:58
  0.1%
• 4:59
  makes
• 4:59
  a
• 5:00
  huge
• 5:00
  difference
• 5:01
  over
• 5:01
  the
• 5:01
  decades.
• 5:02
  So
• 5:02
  that's
• 5:03
  where
• 5:03
  it
• 5:03
  starts.
• 5:03
  The
• 5:03
  first
• 5:03
  thing
• 5:04
  you've
• 5:04
  got
• 5:04
  to
• 5:04
  really
• 5:04
  understand
• 5:05
  is
• 5:05
  what
• 5:05
  are
• 5:06
  the
• 5:06
  expense
• 5:06
  ratios?
• 5:07
  So
• 5:07
  if
• 5:07
  you're
• 5:08
  looking
• 5:08
  for
• 5:08
  an
• 5:08
  investment,
• 5:09
  one
• 5:10
  of
• 5:10
  the
• 5:10
  things
• 5:10
  that
• 5:10
  I
• 5:10
  counsel
• 5:11
  clients
• 5:11
  on
• 5:11
  almost
• 5:11
  every
• 5:12
  day
• 5:12
  in
• 5:12
  my
• 5:12
  practice
• 5:13
  is
• 5:13
  what
• 5:13
  I
• 5:13
  what
• 5:13
  is
• 5:14
  the
• 5:14
  investment
• 5:15
  expense.
• 5:16
  What
• 5:16
  are
• 5:16
  the
• 5:17
  expense
• 5:17
  ratios?
• 5:18
  Because
• 5:18
  it's
• 5:19
  easy
• 5:19
  to
• 5:19
  hear
• 5:19
  from
• 5:19
  a
• 5:19
  friend.
• 5:20
  Oh,
• 5:20
  Ralph,
• 5:20
  I've
• 5:20
  got
• 5:20
  this
• 5:20
  investment
• 5:21
  idea.
• 5:21
  This
• 5:21
  thing
• 5:22
  is
• 5:22
  soaring,
• 5:22
  dude.
• 5:22
  You
• 5:23
  gotta
• 5:23
  buy
• 5:23
  into
• 5:23
  this.
• 5:24
  It
• 5:25
  is
• 5:25
  so
• 5:25
  important
• 5:25
  that
• 5:26
  you
• 5:26
  understand
• 5:27
  so
• 5:27
  that
• 5:27
  you
• 5:27
  can
• 5:27
  compare
• 5:28
  apples
• 5:28
  and
• 5:28
  apples
• 5:29
  and
• 5:29
  not
• 5:29
  apples
• 5:30
  and
• 5:30
  grapefruit.
• 5:30
  So
• 5:30
  it
• 5:31
  starts
• 5:31
  there.
• 5:31
  Think
• 5:32
  about
• 5:32
  the
• 5:32
  example
• 5:32
  we
• 5:32
  talked
• 5:33
  about.
• 5:33
  Just
• 5:33
  that
• 5:34
  little
• 5:34
  bit
• 5:34
  of
• 5:34
  a
• 5:34
  change
• 5:34
  can
• 5:35
  save
• 5:35
  you
• 5:35
  thousands
• 5:35
  of
• 5:36
  dollars.
• 5:36
  Another
• 5:37
  big
• 5:37
  number
• 5:38
  that
• 5:38
  we
• 5:38
  have
• 5:38
  to
• 5:38
  understand
• 5:39
  is
• 5:39
  what's
• 5:39
  called
• 5:40
  a
• 5:40
  load
• 5:40
  or
• 5:40
  commission.
• 5:41
  Now
• 5:41
  I'm
• 5:41
  not
• 5:41
  gonna
• 5:41
  get
• 5:42
  into
• 5:42
  into
• 5:42
  super
• 5:43
  complicated
• 5:44
  things
• 5:44
  because
• 5:44
  with
• 5:45
  this
• 5:45
  30
• 5:45
  day
• 5:45
  series,
• 5:46
  my
• 5:46
  goal
• 5:46
  was
• 5:46
  to
• 5:46
  really
• 5:46
  give
• 5:47
  you
• 5:47
  a
• 5:47
  30,000
• 5:48
  foot
• 5:48
  view.
• 5:49
  But
• 5:49
  loads
• 5:50
  and
• 5:50
  commissions
• 5:50
  are
• 5:51
  what
• 5:51
  they
• 5:51
  charge
• 5:52
  at
• 5:52
  the
• 5:52
  front
• 5:52
  end.
• 5:52
  So
• 5:53
  in
• 5:53
  other
• 5:53
  words,
• 5:54
  what
• 5:54
  I'm
• 5:54
  saying
• 5:54
  here
• 5:55
  is
• 5:55
  some
• 5:55
  funds,
• 5:56
  when
• 5:56
  you
• 5:56
  buy
• 5:56
  into
• 5:56
  them,
• 5:57
  they
• 5:57
  charge
• 5:58
  you
• 5:58
  a
• 5:58
  fee
• 5:58
  to
• 5:59
  buy
• 5:59
  or
• 5:59
  sell.
• 6:00
  That
• 6:00
  I'm
• 6:00
  going
• 6:01
  to
• 6:01
  tell
• 6:01
  you
• 6:01
  right
• 6:01
  now,
• 6:02
  my
• 6:02
  personal
• 6:02
  advice
• 6:03
  is
• 6:03
  watch
• 6:03
  out
• 6:03
  for
• 6:04
  these
• 6:04
  and
• 6:04
  avoid
• 6:05
  those
• 6:05
  if
• 6:05
  possible.
• 6:06
  I
• 6:06
  don't
• 6:07
  like
• 6:07
  those,
• 6:08
  so
• 6:08
  that's
• 6:08
  just
• 6:08
  my
• 6:08
  personal
• 6:09
  bias.
• 6:09
  But
• 6:09
  I
• 6:09
  don't
• 6:10
  like
• 6:10
  those.
• 6:10
  So
• 6:10
  that's
• 6:11
  the
• 6:11
  second
• 6:11
  thing.
• 6:11
  Loads
• 6:12
  and
• 6:12
  commissions.
• 6:13
  Another
• 6:13
  thing
• 6:14
  is
• 6:14
  advisor
• 6:15
  fees.
• 6:15
  And
• 6:16
  let
• 6:16
  me
• 6:16
  just
• 6:16
  tell
• 6:16
  you
• 6:16
  right
• 6:16
  now,
• 6:17
  I've
• 6:17
  seen
• 6:17
  these
• 6:17
  things
• 6:18
  make
• 6:18
  huge
• 6:19
  impacts
• 6:19
  on
• 6:20
  people.
• 6:20
  It's
• 6:21
  one
• 6:21
  thing
• 6:21
  to
• 6:21
  pay
• 6:21
  for
• 6:22
  advice.
• 6:23
  A
• 6:23
  lot
• 6:23
  of
• 6:23
  brokers
• 6:24
  charge
• 6:24
  an
• 6:24
  advisor
• 6:25
  fee.
• 6:25
  You're
• 6:25
  paying
• 6:26
  them
• 6:26
  for
• 6:26
  advice.
• 6:26
  You're
• 6:26
  paying
• 6:26
  for
• 6:27
  the
• 6:27
  intellectual
• 6:28
  property.
• 6:29
  I
• 6:29
  do
• 6:29
  another
• 6:29
  show
• 6:30
  called
• 6:30
  Grit
• 6:30
  and
• 6:30
  Growth
• 6:30
  Business
• 6:31
  and
• 6:31
  I
• 6:31
  was
• 6:31
  talking
• 6:32
  the
• 6:32
  other
• 6:32
  day
• 6:32
  as
• 6:32
  I
• 6:32
  was
• 6:32
  recording
• 6:33
  a
• 6:33
  show
• 6:33
  about
• 6:33
  pricing.
• 6:34
  Everybody
• 6:35
  is
• 6:35
  entitled
• 6:36
  to
• 6:36
  make
• 6:36
  money
• 6:36
  at
• 6:37
  what
• 6:37
  they
• 6:37
  do.
• 6:38
  But
• 6:38
  the
• 6:38
  key
• 6:38
  to
• 6:38
  today
• 6:39
  is
• 6:39
  know
• 6:40
  what
• 6:40
  you're
• 6:40
  paying
• 6:40
  for
• 6:41
  and
• 6:41
  is
• 6:41
  it
• 6:42
  worth
• 6:42
  it?
• 6:42
  It's
• 6:42
  fine
• 6:43
  to
• 6:43
  get
• 6:43
  professional
• 6:43
  advice.
• 6:44
  People
• 6:44
  pay
• 6:44
  me
• 6:44
  for
• 6:44
  professional
• 6:45
  advice.
• 6:46
  But
• 6:46
  as
• 6:46
  part
• 6:47
  of
• 6:47
  understanding
• 6:48
  the
• 6:48
  fees
• 6:48
  you're
• 6:48
  paying
• 6:48
  with
• 6:49
  your
• 6:49
  investments,
• 6:50
  understand
• 6:50
  what
• 6:51
  you're
• 6:51
  paying
• 6:51
  for
• 6:51
  and
• 6:52
  ask
• 6:52
  yourself
• 6:52
  that
• 6:53
  difficult
• 6:53
  question,
• 6:54
  am
• 6:54
  I
• 6:54
  getting
• 6:55
  value
• 6:55
  for
• 6:55
  this?
• 6:56
  The
• 6:56
  other
• 6:56
  thing
• 6:57
  you've
• 6:57
  really
• 6:57
  got
• 6:57
  to
• 6:57
  think
• 6:57
  about
• 6:58
  is
• 6:58
  the
• 6:58
  long
• 6:59
  term
• 6:59
  impact.
• 7:00
  Like
• 7:00
  I
• 7:00
  mentioned
• 7:00
  a
• 7:01
  few
• 7:01
  minutes
• 7:01
  ago,
• 7:02
  a
• 7:02
  small
• 7:02
  1%
• 7:03
  fee
• 7:03
  can
• 7:03
  mean
• 7:04
  losing
• 7:04
  hundreds
• 7:05
  of
• 7:05
  thousands
• 7:06
  over
• 7:06
  a
• 7:07
  lifetime
• 7:07
  of
• 7:07
  investing.
• 7:08
  I
• 7:08
  might
• 7:08
  get
• 7:09
  to
• 7:09
  an
• 7:09
  example
• 7:09
  here
• 7:09
  in
• 7:09
  a
• 7:09
  second
• 7:10
  because
• 7:10
  you're
• 7:10
  not
• 7:10
  going
• 7:10
  to
• 7:11
  believe
• 7:11
  this
• 7:11
  number.
• 7:12
  The
• 7:12
  good
• 7:12
  news
• 7:13
  in
• 7:13
  all
• 7:13
  of
• 7:13
  this,
• 7:13
  that's
• 7:13
  why
• 7:14
  I
• 7:14
  did
• 7:14
  this
• 7:14
  show
• 7:14
  today.
• 7:15
  There
• 7:15
  are
• 7:15
  low
• 7:16
  cost
• 7:16
  funds
• 7:16
  available,
• 7:17
  you
• 7:17
  just
• 7:17
  need
• 7:18
  to
• 7:18
  look.
• 7:18
  So
• 7:18
  look
• 7:18
  at
• 7:18
  this.
• 7:19
  Let's
• 7:19
  talk
• 7:19
  about
• 7:19
  this
• 7:19
  example.
• 7:20
  Let
• 7:20
  me
• 7:20
  pull
• 7:20
  up
• 7:20
  my
• 7:20
  notes
• 7:20
  here.
• 7:21
  Here's
• 7:22
  the
• 7:22
  example.
• 7:23
  If
• 7:23
  you
• 7:23
  have
• 7:23
  $100,000
• 7:25
  invested,
• 7:25
  so
• 7:26
  that's
• 7:26
  your
• 7:26
  investment.
• 7:26
  It's
• 7:27
  a
• 7:27
  lot
• 7:27
  of
• 7:27
  money.
• 7:27
  But
• 7:27
  let's
• 7:27
  just
• 7:27
  say
• 7:28
  over
• 7:28
  time
• 7:28
  you've
• 7:29
  accumulated
• 7:29
  $100,000.
• 7:30
  You.
• 7:30
  And
• 7:31
  let's
• 7:31
  say
• 7:31
  it's
• 7:31
  growing
• 7:32
  at
• 7:32
  4%
• 7:32
  annually.
• 7:33
  And
• 7:33
  let's
• 7:34
  say
• 7:34
  you're
• 7:34
  going
• 7:34
  to
• 7:34
  do
• 7:34
  that
• 7:34
  for
• 7:34
  20
• 7:35
  years.
• 7:35
  The
• 7:36
  final
• 7:36
  value
• 7:36
  of
• 7:37
  that
• 7:37
  investment
• 7:37
  depends
• 7:38
  heavily
• 7:38
  on
• 7:38
  the
• 7:38
  fees
• 7:39
  being
• 7:39
  charged.
• 7:40
  So
• 7:40
  think
• 7:41
  about
• 7:41
  this.
• 7:41
  So
• 7:41
  like
• 7:41
  I
• 7:41
  said,
• 7:42
  $100,000,
• 7:43
  4%.
• 7:44
  I
• 7:44
  know
• 7:44
  it's
• 7:44
  tough
• 7:44
  to
• 7:44
  do
• 7:44
  math
• 7:45
  and
• 7:45
  audio
• 7:46
  podcast,
• 7:46
  but
• 7:46
  just
• 7:47
  bear
• 7:47
  with
• 7:47
  me
• 7:48
  here
• 7:48
  a
• 7:48
  second
• 7:48
  because
• 7:48
  it's
• 7:48
  so
• 7:48
  important
• 7:49
  that
• 7:49
  you
• 7:49
  understand
• 7:49
  this.
• 7:50
  $100,000,
• 7:51
  4%
• 7:52
  for
• 7:52
  20
• 7:52
  years
• 7:53
  if
• 7:53
  the
• 7:54
  annual
• 7:54
  fee
• 7:55
  is
• 7:55
  0.25%.
• 7:56
  So
• 7:56
  a
• 7:56
  quarter
• 7:57
  of
• 7:57
  a
• 7:57
  point,
• 7:58
  that
• 7:58
  ends
• 7:58
  up
• 7:58
  being
• 7:59
  that
• 7:59
  you'll
• 7:59
  have
• 8:00
  $208,000
• 8:01
  at
• 8:01
  the
• 8:01
  end
• 8:02
  of
• 8:02
  that
• 8:02
  investment.
• 8:02
  So
• 8:02
  again,
• 8:03
  $100,000,
• 8:04
  4%
• 8:05
  annually
• 8:05
  over
• 8:05
  20
• 8:06
  years.
• 8:07
  The
• 8:07
  final
• 8:07
  value,
• 8:07
  it
• 8:08
  comes
• 8:08
  down
• 8:08
  to
• 8:08
  the
• 8:08
  fee.
• 8:09
  So
• 8:09
  at
• 8:09
  a.25,
• 8:10
  you
• 8:10
  have
• 8:10
  a
• 8:11
  $208,000.
• 8:12
  That's
• 8:12
  pretty
• 8:12
  good,
• 8:12
  right?
• 8:13
  0.25
• 8:14
  is
• 8:14
  a
• 8:14
  good
• 8:14
  rate.
• 8:15
  Let's
• 8:15
  say
• 8:15
  we
• 8:15
  double
• 8:16
  that
• 8:16
  to
• 8:16
  0.5.
• 8:18
  That
• 8:18
  same
• 8:18
  investment,
• 8:19
  a
• 8:19
  hundred
• 8:19
  thousand
• 8:20
  dollars,
• 8:20
  4%
• 8:21
  annually,
• 8:21
  20
• 8:22
  years
• 8:22
  now,
• 8:22
  all
• 8:23
  of
• 8:23
  a
• 8:23
  sudden,
• 8:23
  because
• 8:23
  we've
• 8:23
  doubled
• 8:24
  that
• 8:24
  fee.
• 8:24
  And
• 8:24
  listen,
• 8:25
  the
• 8:25
  fee
• 8:25
  is
• 8:25
  only
• 8:25
  a
• 8:25
  half
• 8:25
  a
• 8:26
  percentage
• 8:27
  now,
• 8:27
  we've
• 8:27
  dropped
• 8:27
  to
• 8:27
  $198,000.
• 8:29
  If
• 8:29
  you're
• 8:30
  doing
• 8:30
  the
• 8:30
  math,
• 8:30
  you
• 8:31
  just
• 8:31
  lost
• 8:31
  $10,000
• 8:33
  in
• 8:34
  a
• 8:34
  quarter
• 8:34
  point
• 8:35
  change.
• 8:36
  Well,
• 8:36
  listen
• 8:36
  to
• 8:36
  this
• 8:37
  one.
• 8:37
  A
• 8:37
  lot
• 8:37
  of
• 8:37
  people
• 8:37
  don't
• 8:38
  realize
• 8:38
  this.
• 8:38
  They
• 8:38
  said,
• 8:38
  oh,
• 8:39
  1%
• 8:39
  fee,
• 8:39
  that's
• 8:39
  no
• 8:39
  big
• 8:40
  deal.
• 8:40
  Well,
• 8:40
  think
• 8:40
  about
• 8:40
  this.
• 8:41
  With
• 8:41
  a
• 8:42
  1%
• 8:42
  fee
• 8:42
  again,
• 8:43
  a
• 8:43
  hundred
• 8:43
  thousand
• 8:43
  dollars
• 8:44
  invested
• 8:45
  at
• 8:45
  4%
• 8:45
  over
• 8:46
  20
• 8:46
  years.
• 8:46
  Listen
• 8:46
  to
• 8:47
  this
• 8:47
  one.
• 8:47
  When
• 8:48
  I
• 8:48
  saw
• 8:48
  this,
• 8:48
  I
• 8:48
  was
• 8:48
  like,
• 8:48
  wow,
• 8:49
  this
• 8:49
  is
• 8:49
  amazing.
• 8:50
  1%
• 8:51
  fee,
• 8:52
  that
• 8:52
  hundred
• 8:52
  thousand
• 8:53
  dollars
• 8:53
  grows
• 8:54
  to
• 8:54
  $179,000.
• 8:57
  Now
• 8:57
  do
• 8:57
  the
• 8:57
  math
• 8:57
  for
• 8:58
  you.
• 8:58
  We
• 8:59
  started
• 8:59
  208
• 8:59
  for
• 9:00
  a
• 9:00
  quarter
• 9:00
  point
• 9:01
  fee.
• 9:01
  Now
• 9:02
  we're
• 9:02
  down
• 9:02
  to
• 9:02
  179.
• 9:04
  That
• 9:04
  is
• 9:05
  $29,000.
• 9:08
  See,
• 9:08
  a
• 9:08
  1%
• 9:08
  annual
• 9:09
  fee
• 9:09
  can
• 9:09
  reduce
• 9:09
  your
• 9:10
  returns
• 9:10
  by
• 9:10
  30%
• 9:11
  over
• 9:11
  35
• 9:12
  years
• 9:13
  versus
• 9:14
  a
• 9:14
  scenario
• 9:14
  with
• 9:14
  much
• 9:14
  lower
• 9:15
  fees.
• 9:16
  That's
• 9:16
  why
• 9:16
  this
• 9:16
  is
• 9:17
  so
• 9:17
  important.
• 9:17
  That's
• 9:17
  why
• 9:17
  I
• 9:18
  felt
• 9:18
  so
• 9:18
  compelled
• 9:18
  to
• 9:19
  do
• 9:19
  the
• 9:19
  show
• 9:19
  today.
• 9:20
  And
• 9:20
  that's
• 9:20
  why
• 9:20
  you
• 9:21
  really
• 9:21
  got
• 9:21
  to
• 9:21
  understand
• 9:22
  what
• 9:23
  are
• 9:23
  the
• 9:23
  expense
• 9:23
  ratios?
• 9:24
  Because
• 9:24
  that
• 9:24
  annual
• 9:25
  fee
• 9:25
  eats
• 9:25
  at
• 9:26
  your
• 9:26
  savings.
• 9:26
  $29,000
• 9:28
  is
• 9:28
  a
• 9:28
  lot
• 9:28
  of
• 9:28
  money.
• 9:29
  Are
• 9:29
  you
• 9:29
  paying
• 9:30
  a
• 9:30
  load
• 9:30
  or
• 9:30
  commission
• 9:31
  at
• 9:31
  the
• 9:31
  front
• 9:31
  end?
• 9:32
  What
• 9:32
  are
• 9:32
  you
• 9:32
  paying
• 9:32
  in
• 9:33
  advisory
• 9:33
  fees?
• 9:33
  You've
• 9:34
  got
• 9:34
  to
• 9:34
  know
• 9:34
  what
• 9:34
  these
• 9:34
  things
• 9:34
  are.
• 9:35
  And
• 9:35
  listen,
• 9:35
  it's
• 9:35
  okay
• 9:36
  to
• 9:36
  say
• 9:36
  to
• 9:36
  your
• 9:36
  broker,
• 9:37
  what
• 9:37
  are
• 9:37
  you
• 9:37
  charging
• 9:37
  me?
• 9:38
  It's
• 9:38
  okay
• 9:39
  to
• 9:39
  go
• 9:39
  to
• 9:39
  the
• 9:40
  HR
• 9:40
  person
• 9:40
  if
• 9:40
  you're
• 9:41
  covered
• 9:41
  by
• 9:41
  a
• 9:41
  401k
• 9:42
  plan
• 9:42
  and
• 9:42
  say,
• 9:42
  what
• 9:43
  are
• 9:43
  the
• 9:43
  fees
• 9:43
  associated
• 9:44
  with
• 9:44
  this?
• 9:45
  I'm
• 9:45
  going
• 9:45
  to
• 9:45
  tell
• 9:45
  you
• 9:45
  right
• 9:45
  now,
• 9:45
  the
• 9:46
  HR
• 9:46
  person
• 9:46
  is
• 9:46
  probably
• 9:46
  going
• 9:46
  to
• 9:47
  be
• 9:47
  like,
• 9:47
  I
• 9:47
  have
• 9:47
  no
• 9:47
  idea.
• 9:48
  Keep
• 9:48
  digging
• 9:48
  deeper.
• 9:49
  Don't
• 9:49
  just
• 9:49
  accept,
• 9:49
  oh,
• 9:50
  I
• 9:50
  don't
• 9:50
  know,
• 9:50
  go
• 9:51
  find
• 9:51
  the
• 9:51
  answer.
• 9:52
  Because
• 9:52
  the
• 9:52
  long
• 9:53
  term
• 9:53
  impact
• 9:53
  I
• 9:54
  showed
• 9:54
  you,
• 9:54
  the
• 9:54
  numbers
• 9:55
  are
• 9:55
  huge.
• 9:56
  And
• 9:56
  there
• 9:57
  are
• 9:57
  other
• 9:57
  options
• 9:58
  out
• 9:58
  there
• 9:58
  available
• 9:59
  when.
• 9:59
  I
• 9:59
  always
• 9:59
  want
• 10:00
  to
• 10:00
  ground
• 10:00
  this
• 10:00
  in
• 10:00
  scripture.
• 10:01
  So
• 10:01
  I
• 10:01
  found
• 10:01
  this
• 10:02
  verse
• 10:02
  from
• 10:03
  the
• 10:03
  book
• 10:03
  of
• 10:03
  Proverbs,
• 10:04
  chapter
• 10:04
  27,
• 10:05
  verse
• 10:06
  23.
• 10:07
  And
• 10:07
  it
• 10:07
  kind
• 10:08
  of
• 10:08
  hits
• 10:08
  close
• 10:08
  to
• 10:08
  home
• 10:08
  for
• 10:09
  me
• 10:09
  because
• 10:09
  I
• 10:09
  raise
• 10:09
  Black
• 10:10
  Angus
• 10:10
  cows
• 10:10
  here
• 10:10
  on
• 10:11
  the
• 10:11
  farm.
• 10:12
  It
• 10:12
  makes
• 10:12
  sense
• 10:12
  here
• 10:12
  in
• 10:12
  a
• 10:13
  second,
• 10:13
  but
• 10:13
  this
• 10:13
  is
• 10:13
  what
• 10:13
  it
• 10:13
  says,
• 10:13
  Proverbs
• 10:14
  27,
• 10:15
  23.
• 10:16
  Be
• 10:16
  sure
• 10:16
  to
• 10:16
  know
• 10:16
  the
• 10:16
  condition
• 10:17
  of
• 10:17
  your
• 10:17
  flocks.
• 10:18
  Give
• 10:18
  careful
• 10:19
  attention
• 10:19
  to
• 10:19
  your
• 10:20
  herds.
• 10:21
  Now
• 10:21
  you
• 10:21
  can
• 10:21
  understand
• 10:21
  why
• 10:22
  this
• 10:22
  was
• 10:22
  so
• 10:22
  imperative
• 10:23
  to
• 10:23
  me.
• 10:23
  I
• 10:24
  got
• 10:24
  10
• 10:25
  black
• 10:25
  Angus
• 10:25
  cows
• 10:26
  out
• 10:26
  there
• 10:26
  in
• 10:26
  the
• 10:26
  pasture.
• 10:27
  I've
• 10:27
  got
• 10:27
  to
• 10:27
  pay
• 10:28
  attention
• 10:28
  to
• 10:28
  them.
• 10:29
  I
• 10:29
  need
• 10:29
  to
• 10:29
  understand
• 10:30
  the
• 10:30
  details.
• 10:31
  Well,
• 10:31
  investments
• 10:32
  work
• 10:32
  the
• 10:32
  same
• 10:32
  way.
• 10:33
  You
• 10:33
  got
• 10:33
  to
• 10:33
  pay
• 10:34
  attention
• 10:34
  to
• 10:34
  the
• 10:34
  details
• 10:35
  because
• 10:36
  the
• 10:36
  fees
• 10:36
  matter
• 10:36
  over
• 10:37
  time.
• 10:37
  Like
• 10:37
  I
• 10:37
  showed
• 10:37
  you
• 10:37
  that
• 10:38
  math,
• 10:39
  just
• 10:39
  that
• 10:39
  between
• 10:40
  0.25
• 10:41
  and
• 10:41
  1%,
• 10:42
  $29,000
• 10:43
  difference.
• 10:44
  It's
• 10:44
  all
• 10:45
  in
• 10:45
  the
• 10:45
  details.
• 10:45
  And
• 10:46
  it's
• 10:46
  all
• 10:46
  about
• 10:46
  those
• 10:46
  details
• 10:47
  always.
• 10:48
  Well,
• 10:48
  how
• 10:48
  about
• 10:48
  we
• 10:48
  pray
• 10:49
  together
• 10:49
  now?
• 10:50
  Lord,
• 10:50
  we
• 10:51
  come
• 10:51
  to
• 10:51
  you
• 10:51
  today.
• 10:51
  We
• 10:51
  just
• 10:52
  thank
• 10:52
  you
• 10:52
  for
• 10:53
  the
• 10:53
  wisdom
• 10:53
  that
• 10:53
  you
• 10:53
  give
• 10:54
  us,
• 10:54
  Lord,
• 10:54
  and
• 10:54
  even
• 10:54
  the
• 10:55
  small
• 10:55
  things
• 10:55
  in
• 10:55
  our
• 10:55
  life
• 10:55
  to
• 10:56
  make
• 10:56
  a
• 10:56
  huge
• 10:56
  difference.
• 10:57
  And
• 10:57
  Lord,
• 10:58
  we're
• 10:58
  just
• 10:58
  so
• 10:58
  grateful
• 10:59
  for
• 10:59
  the
• 10:59
  resource
• 10:59
  that
• 10:59
  you
• 11:00
  entrust
• 11:00
  us
• 11:00
  with,
• 11:00
  Lord,
• 11:01
  and
• 11:01
  we
• 11:01
  really
• 11:02
  want
• 11:02
  to
• 11:02
  be
• 11:02
  good
• 11:02
  stewards
• 11:02
  of
• 11:03
  that,
• 11:03
  Lord.
• 11:03
  So
• 11:03
  help
• 11:03
  us
• 11:03
  to
• 11:04
  understand
• 11:04
  these
• 11:04
  things.
• 11:05
  Help
• 11:05
  us
• 11:05
  to
• 11:05
  dig
• 11:06
  in
• 11:06
  deep
• 11:06
  and
• 11:07
  really
• 11:07
  study
• 11:07
  what
• 11:08
  are
• 11:08
  the
• 11:08
  best
• 11:08
  investments
• 11:09
  for
• 11:09
  us
• 11:09
  so
• 11:09
  we're
• 11:09
  not
• 11:09
  wasting
• 11:10
  the
• 11:10
  resource
• 11:10
  that
• 11:11
  you
• 11:11
  give
• 11:11
  us,
• 11:11
  Lord.
• 11:12
  Give
• 11:12
  us
• 11:12
  courage
• 11:13
  to
• 11:13
  make
• 11:13
  those
• 11:13
  changes
• 11:14
  and
• 11:14
  courage
• 11:15
  to
• 11:15
  ask
• 11:15
  the
• 11:15
  questions
• 11:16
  that
• 11:16
  might
• 11:16
  seem
• 11:16
  a
• 11:16
  little
• 11:17
  awkward
• 11:17
  at
• 11:17
  first
• 11:17
  because
• 11:18
  most
• 11:18
  of
• 11:18
  us
• 11:18
  are
• 11:19
  not
• 11:19
  financial
• 11:20
  experts.
• 11:20
  Lord,
• 11:21
  help
• 11:21
  us
• 11:21
  to
• 11:21
  have
• 11:21
  the
• 11:21
  courage
• 11:22
  to
• 11:22
  do
• 11:22
  that
• 11:22
  so
• 11:22
  that
• 11:22
  we
• 11:22
  can
• 11:23
  really
• 11:23
  prepare
• 11:24
  for
• 11:24
  the
• 11:24
  long
• 11:24
  term
• 11:25
  and
• 11:25
  really
• 11:25
  see
• 11:26
  the
• 11:26
  blessing
• 11:26
  that
• 11:26
  you
• 11:27
  put
• 11:27
  into
• 11:27
  our
• 11:28
  lives.
• 11:28
  And
• 11:28
  we
• 11:28
  just
• 11:28
  ask
• 11:29
  this
• 11:29
  in
• 11:29
  complete
• 11:29
  confidence
• 11:30
  in
• 11:30
  the
• 11:31
  name
• 11:31
  of
• 11:31
  Jesus,
• 11:32
  Amen.
• 11:33
  So
• 11:34
  my
• 11:34
  one
• 11:34
  action
• 11:34
  step
• 11:34
  for
• 11:35
  today,
• 11:35
  I
• 11:35
  always
• 11:35
  want
• 11:35
  to
• 11:35
  give
• 11:35
  you
• 11:35
  an
• 11:36
  action
• 11:36
  step
• 11:36
  for
• 11:36
  today.
• 11:37
  Now's
• 11:38
  the
• 11:38
  time
• 11:38
  to
• 11:38
  comparison
• 11:39
  shop.
• 11:39
  Look
• 11:39
  at
• 11:39
  the
• 11:39
  details,
• 11:40
  look
• 11:41
  at
• 11:41
  just
• 11:41
  one
• 11:41
  investment
• 11:42
  that
• 11:42
  you
• 11:42
  owned,
• 11:43
  find
• 11:44
  its
• 11:44
  expense
• 11:44
  ratio,
• 11:45
  find
• 11:45
  the
• 11:45
  fees,
• 11:46
  write
• 11:46
  it
• 11:46
  down,
• 11:46
  how
• 11:47
  much
• 11:47
  you're
• 11:47
  paying
• 11:47
  for,
• 11:48
  and
• 11:48
  then
• 11:48
  do
• 11:48
  some
• 11:48
  comparison
• 11:49
  shopping,
• 11:50
  Go
• 11:50
  look
• 11:50
  at
• 11:50
  other
• 11:51
  options,
• 11:51
  talk
• 11:51
  to
• 11:52
  other
• 11:52
  people,
• 11:52
  talk
• 11:52
  to
• 11:52
  other
• 11:53
  brokers
• 11:53
  and
• 11:54
  compare
• 11:54
  it
• 11:54
  to
• 11:54
  some
• 11:54
  lower
• 11:55
  cost
• 11:55
  alternatives.
• 11:56
  Because
• 11:56
  in
• 11:56
  the
• 11:56
  end
• 11:57
  you
• 11:57
  might
• 11:57
  just
• 11:58
  give
• 11:58
  yourself
• 11:58
  a
• 11:59
  super
• 11:59
  boost
• 12:00
  of
• 12:00
  thousands
• 12:01
  of
• 12:01
  dollars
• 12:01
  if
• 12:02
  you
• 12:02
  pay
• 12:02
  attention
• 12:02
  to
• 12:03
  this.
• 12:04
  One
• 12:04
  of
• 12:04
  the
• 12:04
  things
• 12:04
  I
• 12:04
  would
• 12:04
  love
• 12:05
  to
• 12:05
  do
• 12:05
  for
• 12:05
  you.
• 12:05
  I'd
• 12:05
  love
• 12:06
  to
• 12:06
  give
• 12:06
  you
• 12:06
  a
• 12:06
  copy
• 12:06
  of
• 12:06
  my
• 12:06
  book.
• 12:07
  I
• 12:07
  just
• 12:07
  finished
• 12:07
  writing
• 12:07
  my
• 12:07
  third
• 12:08
  book.
• 12:08
  It
• 12:08
  has
• 12:09
  been
• 12:09
  a
• 12:09
  true
• 12:09
  passion
• 12:10
  project
• 12:10
  of
• 12:11
  mine.
• 12:11
  I
• 12:11
  took
• 12:12
  30
• 12:12
  years
• 12:12
  of
• 12:13
  the
• 12:13
  advice
• 12:14
  I'd
• 12:14
  been
• 12:14
  giving
• 12:14
  people,
• 12:14
  the
• 12:15
  individual
• 12:16
  meetings
• 12:16
  that
• 12:16
  I
• 12:16
  had,
• 12:16
  and
• 12:16
  I
• 12:16
  summed
• 12:17
  it
• 12:17
  all
• 12:17
  up
• 12:17
  in
• 12:17
  this
• 12:17
  book.
• 12:17
  It's
• 12:18
  called
• 12:18
  how
• 12:18
  to
• 12:18
  Become
• 12:18
  a
• 12:18
  Financially
• 12:19
  Confident
• 12:19
  Christian.
• 12:20
  Kind
• 12:20
  of
• 12:20
  goes
• 12:20
  along
• 12:21
  with
• 12:21
  the
• 12:21
  name
• 12:21
  of
• 12:21
  the
• 12:21
  show,
• 12:22
  but
• 12:22
  I
• 12:22
  want
• 12:22
  to
• 12:22
  give
• 12:22
  you
• 12:23
  a
• 12:23
  free
• 12:23
  copy
• 12:23
  of
• 12:23
  that.
• 12:23
  You
• 12:23
  can
• 12:23
  download
• 12:24
  a
• 12:24
  copy
• 12:24
  absolutely
• 12:25
  free,
• 12:25
  no
• 12:25
  questions
• 12:25
  asked.
• 12:26
  Just
• 12:26
  go
• 12:26
  to
• 12:26
  this
• 12:27
  website,
• 12:28
  FinanciallyConfidentChristian.com/becoming
• 12:31
  I'm
• 12:31
  going
• 12:31
  to
• 12:31
  give
• 12:31
  you
• 12:31
  that
• 12:31
  again
• 12:32
  because
• 12:32
  truly
• 12:33
  I
• 12:33
  want
• 12:33
  you
• 12:33
  to
• 12:33
  download
• 12:34
  this
• 12:34
  book
• 12:34
  and
• 12:34
  share
• 12:34
  with
• 12:34
  as
• 12:34
  many
• 12:34
  people
• 12:35
  as
• 12:35
  you
• 12:35
  want.
• 12:35
  That's
• 12:35
  very
• 12:35
  cool
• 12:36
  with
• 12:36
  me.
• 12:36
  Go
• 12:37
  to
• 12:37
  financiallyconfidentchristian.com/becoming
• 12:41
  and
• 12:41
  download
• 12:42
  a
• 12:42
  copy
• 12:42
  of
• 12:42
  the
• 12:42
  book
• 12:42
  today.
• 12:43
  You
• 12:43
  are
• 12:43
  going
• 12:43
  to
• 12:44
  find
• 12:44
  it
• 12:44
  is
• 12:44
  going
• 12:45
  to
• 12:45
  be
• 12:45
  an
• 12:45
  amazing
• 12:46
  tool
• 12:46
  to
• 12:46
  help
• 12:47
  you
• 12:47
  finally
• 12:47
  break
• 12:48
  that
• 12:48
  cycle
• 12:48
  of
• 12:48
  financial
• 12:49
  shame
• 12:49
  and
• 12:50
  live
• 12:50
  in
• 12:50
  financial
• 12:51
  confidence.
• 12:52
  So
• 12:52
  as
• 12:53
  I
• 12:53
  sum
• 12:53
  up
• 12:53
  today,
• 12:54
  those
• 12:54
  fees
• 12:55
  may
• 12:55
  look
• 12:55
  small.
• 12:55
  You
• 12:55
  hear
• 12:55
  1%,
• 12:56
  you
• 12:56
  hear
• 12:56
  a
• 12:56
  half
• 12:57
  a
• 12:57
  percent,
• 12:57
  you
• 12:57
  hear
• 12:57
  a
• 12:58
  quarter
• 12:58
  percent.
• 12:59
  But
• 12:59
  just
• 12:59
  like
• 12:59
  we
• 13:00
  talked
• 13:00
  about
• 13:00
  compounding
• 13:01
  the
• 13:01
  other
• 13:01
  day,
• 13:01
  that
• 13:02
  compounding
• 13:03
  against
• 13:03
  you
• 13:03
  over
• 13:04
  time
• 13:05
  will
• 13:05
  cost
• 13:05
  you
• 13:06
  money
• 13:06
  in
• 13:06
  the
• 13:06
  long
• 13:06
  run.
• 13:06
  So
• 13:07
  you
• 13:07
  got
• 13:07
  to
• 13:07
  understand
• 13:07
  that.
• 13:07
  Know
• 13:08
  the
• 13:08
  expense
• 13:08
  ratios.
• 13:09
  That
• 13:09
  is
• 13:10
  truly
• 13:10
  a
• 13:10
  key
• 13:10
  part
• 13:11
  of
• 13:11
  stewardship
• 13:11
  and
• 13:11
  so
• 13:12
  many
• 13:12
  people
• 13:12
  you
• 13:12
  can
• 13:12
  amaze
• 13:13
  your
• 13:13
  friends.
• 13:13
  You
• 13:13
  can
• 13:13
  say,
• 13:14
  I
• 13:14
  learned
• 13:14
  something
• 13:14
  on
• 13:15
  Ralph
• 13:15
  show
• 13:15
  that
• 13:15
  I
• 13:16
  had
• 13:16
  no
• 13:16
  idea
• 13:16
  about.
• 13:17
  And
• 13:17
  cutting
• 13:18
  cost
• 13:18
  is
• 13:18
  a
• 13:18
  simple
• 13:19
  way
• 13:19
  to
• 13:19
  improve
• 13:19
  those
• 13:20
  returns
• 13:20
  so
• 13:21
  that
• 13:21
  you
• 13:21
  can
• 13:21
  be
• 13:21
  faithful
• 13:22
  in
• 13:22
  the
• 13:22
  small
• 13:22
  details.
• 13:23
  Because
• 13:23
  over
• 13:23
  decades,
• 13:23
  like
• 13:24
  I
• 13:24
  Talked
• 13:24
  about
• 13:24
  in
• 13:24
  20
• 13:25
  years,
• 13:26
  make
• 13:26
  that
• 13:27
  money,
• 13:27
  maximize
• 13:28
  it
• 13:28
  for
• 13:28
  yourself.
• 13:28
  They
• 13:28
  make
• 13:29
  a
• 13:29
  huge
• 13:29
  difference.
• 13:30
  Now
• 13:30
  tomorrow
• 13:30
  on
• 13:31
  the
• 13:31
  show,
• 13:31
  I'm
• 13:31
  going
• 13:31
  to
• 13:32
  go
• 13:32
  beyond
• 13:32
  the
• 13:32
  traditional
• 13:33
  401k.
• 13:33
  One
• 13:34
  of
• 13:34
  the
• 13:34
  things
• 13:34
  I've
• 13:34
  realized
• 13:35
  in
• 13:35
  my
• 13:35
  practice
• 13:35
  as
• 13:36
  I'm
• 13:36
  starting
• 13:36
  to
• 13:36
  see
• 13:37
  people
• 13:37
  get
• 13:37
  older,
• 13:37
  hey,
• 13:37
  I'm
• 13:38
  getting
• 13:38
  older
• 13:38
  myself.
• 13:38
  And
• 13:38
  that
• 13:39
  retirement
• 13:39
  window
• 13:40
  is
• 13:40
  getting
• 13:40
  closer
• 13:40
  and
• 13:41
  closer
• 13:41
  every
• 13:41
  year.
• 13:41
  I
• 13:41
  hate
• 13:42
  to
• 13:42
  say
• 13:42
  that,
• 13:42
  but
• 13:42
  it's
• 13:42
  so
• 13:42
  true.
• 13:43
  We
• 13:43
  have
• 13:44
  to
• 13:44
  understand
• 13:44
  how
• 13:45
  to
• 13:45
  invest
• 13:45
  beyond
• 13:46
  that
• 13:46
  401k
• 13:47
  because
• 13:47
  it's
• 13:47
  not
• 13:48
  going
• 13:48
  to
• 13:48
  be
• 13:48
  enough
• 13:48
  for
• 13:48
  retirement.
• 13:49
  I'm
• 13:49
  not
• 13:49
  trying
• 13:49
  to
• 13:49
  alarm
• 13:50
  you,
• 13:50
  but
• 13:50
  tomorrow
• 13:50
  I'm
• 13:51
  going
• 13:51
  to
• 13:51
  unwind
• 13:51
  that
• 13:52
  a
• 13:52
  little
• 13:52
  bit.
• 13:52
  I'm
• 13:52
  going
• 13:52
  to
• 13:52
  give
• 13:53
  you
• 13:53
  some
• 13:53
  other
• 13:53
  ideas
• 13:53
  of
• 13:54
  how
• 13:54
  to
• 13:54
  really
• 13:54
  grow
• 13:54
  your
• 13:55
  investments
• 13:55
  beyond
• 13:56
  that
• 13:56
  401.
• 13:56
  It's
• 13:56
  going
• 13:56
  to
• 13:57
  be
• 13:57
  a
• 13:57
  great
• 13:57
  show
• 13:58
  today.
• 13:58
  I
• 13:58
  have
• 13:58
  confidence
• 13:59
  in
• 13:59
  you.
• 13:59
  But
• 14:00
  more
• 14:00
  important
• 14:00
  than
• 14:00
  any
• 14:01
  of
• 14:01
  those
• 14:01
  things,
• 14:01
  God
• 14:02
  has
• 14:02
  confidence
• 14:02
  in
• 14:02
  you.
• 14:03
  God
• 14:03
  wants
• 14:03
  you
• 14:03
  to
• 14:03
  be
• 14:03
  successful
• 14:04
  in
• 14:04
  your
• 14:04
  finances.
• 14:06
  So
• 14:06
  go
• 14:06
  today
• 14:06
  and
• 14:06
  be
• 14:07
  that
• 14:07
  financially
• 14:07
  confident
• 14:08
  Christian
• 14:08
  that
• 14:08
  I
• 14:08
  know
• 14:09
  and
• 14:09
  God
• 14:09
  knows
• 14:09
  you
• 14:10
  can
• 14:10
  be.
• 14:10
  Stay
• 14:11
  financially
• 14:11
  savvy
• 14:12
  out
• 14:12
  there.
• 14:12
  God
• 14:13
  bless
• 14:13
  you
• 14:13
  and
• 14:13
  you
• 14:14
  have
• 14:14
  a
• 14:14
  great
• 14:14
  day
• 14:14
  today.