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Lessons From the Field #28:
You Get What You Pay For

It is hard to pay for something when no one is responsible for the outcome. As you watch today’s 55 seconds, you may want to ask yourself:

  • How do I know when I am paying too much for legal, tax, or investment advice?
  • What can I expect the soft and hard dollar impact to be for the assistance I am getting?
  • Where and when can I see the progress resulting from the guidance I paid for?

Price is only relevant in the absence of value. Advice that is worth much more than you paid for is never a cost, but an investment.

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When I hear the word “free,” I get skeptical. In my experience, free means you are either getting something subpar or there are hidden costs.

In the words of John Ruskin, “It’s unwise to pay too much, but it’s worse to pay too little.” Banks are offering investment advice for free; investment advisors are offering financial planning or free.

What is going on? How can companies give their services away and stay in business?

They cannot! They make their money somewhere. It just may not be where you are looking.

Digging a little deeper, in almost every case, these offers are being offset by overcharging for other services that are less obvious.

As far as I can see, there is still no free lunch.

What are you really paying for what you are getting?

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