3112: The Worst Investment Advice I Ever Heard-Everywhere by Chris Mamula of Can I Retire Yet

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 18 April 2025

⏱️ 14 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3112: Chris Mamula reflects on the costly mistake of blindly trusting a financial advisor, a decision that led to years of excessive fees and missed investment growth. His story exposes how common and dangerous it is to rely on referrals for financial advice in a financially illiterate society, underscoring the life-changing power of self-education in investing. Read along with the original article(s) here: https://www.caniretireyet.com/the-worst-investment-advice-i-ever-heard-everywhere Quotes to ponder: "We later learned we paid approximately eight times more in hidden fees than we thought we were by following his investment advice." "The worst advice, which I read and hear frequently, is that you should find a good financial advisor by seeking the recommendation of someone you trust." "There is no substitute to self education. Those unwilling to learn are destined to repeat these same mistakes." Episode references: The White Coat Investor: https://www.amazon.com/White-Coat-Investor-Financial-Doctors/dp/0991433106 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, the worst investment advice I ever heard everywhere by Chris Mamula of can I retire yet.com.
0:12.6	My financial story creates an interesting juxtaposition. On one hand, my wife and I did many things well with our money. We achieved financial
0:23.8	independence quickly, allowing me to retire last fall at 41 years old. On the other hand,
0:30.8	we followed bad investment advice that in retrospect could only be described as pure stupidity.
0:39.4	The good.
0:41.1	My wife and I are reasonably intelligent, hardworking people.
0:45.9	Both of us are first-generation college graduates from working class families.
0:51.4	We each earned three college degrees and had professional success. We were financially
0:57.7	savvy enough to get out of debt quickly, pay off our mortgage in seven years, and save
1:03.1	approximately half our income throughout our careers. Throughout the accumulation phase,
1:09.7	we managed to maintain our high savings rate while living
1:13.7	lives filled with adventure, travel, and amazing experiences while we were earning normal
1:20.1	professional salaries. The bad. We began investing with a financial advisor who we blindly trusted, handing him large sums of our hard-earned money.
1:33.5	We later learned that we paid approximately eight times more in hidden fees than we thought we were
1:40.2	by following his investment advice, costing us thousands of dollars each year. Following
1:46.8	horrible advice led to costly tax planning blunders that cost thousands more annually. This combination
1:55.4	of excessive fees and unnecessary taxes cost us nearly $20,000 in just the last year we used his services.
2:05.7	The Ugly
2:06.4	We weren't ignorant just once.
2:10.2	We willingly followed this investment advice for nearly a decade.
2:15.6	Considering lost compounding over decades, this was a million dollar mistake.
2:21.2	How did this happen to us? It was a direct result of following what I now consider the worst
	...

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