Jeff, a specialized surgeon, and his stay-at-home mom wife Susan, despite a $665,000 yearly income, struggle financially. Finance expert Ramit Sethi discusses how money anxiety affects spending habits regardless of income. Their financial advisor charges a 1.24% fee on Jeff’s $426,000 salary, leading to potential losses. Sethi recommends avoiding AUM fees.
The couple pays $6,000 annually in fees, but Sethi projects this to increase significantly over 35 years. He suggests investing in low-cost ETFs or index funds to avoid high fees. Robo-advisors like Acorns offer tailored investment solutions. Alternative assets like real estate and art can diversify portfolios and generate returns.
First National Realty Partners allows accredited investors to invest in commercial properties leased by national brands. Masterworks enables investing in contemporary art pieces with vetted potential for appreciation. Sethi advises on switching financial advisors from percentage-based to flat fees for better financial outcomes. Join Moneywise for exclusive financial insights and stories.

Read more at Yahoo Finance: This surgeon and his wife didn’t know they were being gouged until Ramit Sethi stepped in