$13 trillion dollars. That’s a hell of a lot of money! A trillion is 12 zeroes! To break it down even further, CNN gave the illustration that spending $1 million dollars everyday since Jesus was born would still not equate to $1 trillion. Broke down into seconds, 1 million seconds is roughly 11.5 days, 1 billion seconds is about 32 years, and 1 trillion seconds is 32,000 years! So 13 trillion seconds would be 416,000 years! Now that we have an idea of how big 13 trillion really is, let’s talk about where this number came from.
The Global Financial Services Industry earns an estimated $13.1 trillion dollars per year. Click here to read the article according to Investopedia.
Where does this come from? Fees! If you have $100,000 in a mutual fund or 401k that you contribute $350/mo to, at a 7% annual return you should have $856,067 in 25 years. But, when you account for a 1.25 annual management fee on the entire account and a 3% front end load fee on the $350/mo you’re putting in, you will only have $620,190. That $235,877 dollars you will pay in fees! In this example, that is 27.5% of your total balance paid to the Financial Services Industry. This comes out to paying almost $10k per year in fees over the 25 years.
Let’s make a deal. You lend me $100,000 and give me $350/mo to go speculate with in the stock market. For the privilege of lending YOUR money to ME, I am going to charge you a 1.25% interest rate and a 3% origination cost on the $350/mo. If I make money, I’ll pay you whatever I make over my fee. If I lose money, you get nothing, but I still collect my fees. The only guarantee in this deal, is that I get paid. Do we have a deal?
The truth about the financial services industry. This trillion dollar industry makes up almost 20% of the global GDP in revenue. They are not in it for you. Very clearly, they are in it for the money. It doesn’t matter which celebrity endorses their commercial, how heart warming the stock images and video of happy families are in their ads, or how many of your friends and family swear by them. You are being taken advantage of and it is a very profitable scam.
The way to defend against this is to clearly organize your current finances so you know your earnings, expenses, and balance sheet. You also need to know exactly what your goals are the numbers needed by certain dates to achieve those goals. Add in monthly coaching for direction and accountability, education, and a mastermind of like-minded people. All of these steps should be taken before you ever invest a dime.
If you would like to get out of financial danger, stop paying fees to a $13.1 Trillion dollar industry, and start looking out for YOUR financial future instead of theirs, click here to schedule a free 30-minute coaching call.
Own Your Potential,
Jerry Fetta believes everyone has the God-given right to own their potential. Most of us don’t because we spend 40 hours per week serving the 40 year to life sentence, trading our precious time for worthless paper called money.
We live on an economic planet and time and money do need to be exchanged. But it doesn’t need to be your time or your money. Jerry teaches his clients to secure income producing assets that make the time and money exchange for you so you can buy your freedom back and live a life of abundance and prosperity. To get there we must know how to make money, how to keep it, and how to multiply it.
Jerry provides coaching, education, accountability, and community to help you build wealth. Join the Wealth DynamX coaching program, get educated on Wealth DynamX University, and begin networking with the Wealth DynamX Mastermind Group today.