"For a lot people, even if you're just moderately wealthy, one of your biggest annual expenses ... is financial fees. And people are totally clueless about it."

That's what Motley Fool columnist Morgan Housel tells host Matt Trogdon in the latest episode of Out On a Limb. It's a theme Housel touched on in his recent column, "Finance is a Strange Industry."

Housel noted the danger average investors face because they don't understand how financial fees work. "A lot of people think they're paying no fees at all because they don't get a bill," Housel says. "But they're paying thousands and thousands of fees that are just being deducted from their assets."

Housel recommends that investors read through the documentation they get from their financial managers in order to get a handle on how much they're paying.

Watch the video below for more of Housel's insights on how investors should handle daily stock market updates.

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