Why you need to fire Wall Street!
We have been coaching people on the fundamentals of financial investing and the clip below is one of the best examples we have found yet to illustrate how we’ve all been taught a myth when it comes to how we invest in mutual funds.
In January of this year, the father of the index fund, Jack Bogle passed away, leaving a lasting legacy with his Vanguard funds. It’s been said that Jack Bogle did more to help the average American working household save for retirement than anyone else in the modern era of investing. And the primary way he did this was to reduce the fees that are taken from our accounts in his Vanguard funds.
One of my favorite quotes from this clip is “do you really want to invest in a system where you put up 100% of the capital, you take 100% of the risk, and you get 30% of the return.” [1:52]
The first step of financial independence is a firm decision not to be at the mercy of others. It’s the pursuit of financial education and personal investing experience. At this point, it’s not about where you should invest your money. It’s about giving yourself the right financial education. This is why you need to fire Wall Street!