Wealth Management Minimum Trap
$100,000+ required
"Free" financial advice requires six-figure minimums, leaving millennials with cookie-cutter, high-fee products when they need guidance most.
The real cost
$20,000-$100,000 in lifetime wealth building lost
How to not get wrecked
- 1Use fee-for-service planners
- 2Educate yourself through books
- 3Work with fee-only financial advisors
- 4Avoid insurance-investment hybrids completely
Related money drains
#11
Big Bank Fee Extraction
$250-$360/year
Big 6 banks charge $250–$360/year in fees while paying 0.05% on savings. You pay them to hold your money.
#12
Overdraft Trap
$45-$48 per NSF transaction
NSF fees of $45–$48 per transaction can trigger daily. Being broke costs extra.
#13
ATM Fees: Death by a Thousand Cuts
$4.77 per transaction
Out-of-network ATM fees average $4.77. A $20 withdrawal can cost $24.77.
Track your spending and plug these drains with Prosperi.