I could see how the conversation was going to end. And it wasn’t good. This particular teacher sought out my advice and wanted to know what the real deal was on fees. We agreed that everyone deserves to earn a living and compensation is part of the game. So when we got down to the nitty gritty of just how expensive those fees were, it came down to this: “I’d rather pay fees and have someone to blame when I lose my money.” There. He said it. He just didn’t care if he could save tens of thousands of dollars in fees. How would he feel if he was the sole reason why his 403b account dropped, albeit decades before he would even be allowed to access it anyway. Not good. He was unabashedly unwilling to take the responsibility of managing his gains and losses, despite knowing how. And so it goes, another irrational rationalization.
“I’d rather pay fees and have someone to blame when I lose my money”