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  1. Today
  2. I agree but we tend to be predictably irrational!!
  3. Yesterday
  4. Let me acknowledge that lots of people don’t have the skills to earn enough to invest and still others prefer consumerism over investing. Speaking to the minority of people who aren’t in those two groups... It really is as simple as I described. Everything you need to know can be written on an index card and explained to you in an afternoon. From there it just boils down to having the self control to execute. The solution isn’t complicated. Aside from being born rich, there are no shortcuts. You will likely need to at least partially embrace the notion that the value of a human being is entirely unrelated to the things they own and the things they own can at best bring fleeting happiness.
  5. tony

    How To Find Your Inner Millionaire

    Zoey, By the way thanks for the virtual flashcards website. It might actually come in useful.
  6. Well certainly not in a ten-second call-in financial news show blip I wish it were as simple as you state but people are complicated, different, and some are not all that financially smart. They don't know what they don't know. Credit Card debt counseling is big business these days because folks don't know how to handle money and certainly aren't doing the things you mention above. Most people learn by their mistakes. You can't expect folks who don't know or understand how a revolving credit card works to suddenly make the leap to understanding Index Funds. And as we know even those knowledgeable enough fall victim to the enticements of our materialistic culture. And... common sense, in general, is uncommon. So maybe unremarkable advice is a starting point for some and needed. Perhaps a slap on the hand and shouting is exactly what they need. I just am not sure what it takes. We need financial literacy taught on every educational level but capitalism works best when we stay stupid.
  7. There isn’t any remarkable advice to give. 1. Do everything in your power to make as much money as you can (earn a valuable degree, ask for promotions, interview for new companies yearly, etc). 2. Stop spending money (get roommates, reject consumerism, drive a used/cheap car until it is scrap metal or better yet ride a bike, live in a safe but modest space, cook healthy food at home, keep physically active, etc). 3. Invest every dime in total market index funds and max out tax advantaged accounts before you put the rest in a taxable account. It isn’t complicated, but it does require a highly paid skill set and/or a radically different set of values than most Americans have.
  8. I never cared for her advice as its very basic and yes this article is old news, but folks are still commenting on the ridiculousness of her statement. Her books which I scanned in bookstores say nothing out of the ordinary. Possibly, they were strictly money-making ventures for her. I made the mistake of posting this article and further making her relevant. What bothers me is the general population's lack of financial literacy is making substandard advice gurus very rich. I know this is a blanket statement but many of these gurus give unremarkable advice. I'm not anti -Orman but you can't give good advice in a 5 minute TV segment or in a short article. Those need to be starting points. Steve makes a good point here. We all need to start yelling about the continuing pathetic state of so many 403b choices and get some attention too.
  9. Old news. I read one of her books years ago and occasionally listened to her TV show, and it was OK. BUT when she yelled at a caller and called her "STUPID" on her show!, I quit. Then I heard later she was making additional money with ads for selling new cars and some kind of credit card. So, it was no surprise at her lashing out what these young people are doing, cutting excessive spending, and investing at a young age. WHAT THE HECK IS WRONG WITH THAT? Interesting that even the Wall Street mucky mucks agree that people should start saving and investing early in their working lives. But not the arrogant Orman who again she yells, that she "hates" FIRE. Yelling makes for good media coverage and the fact that we are still talking about her. But Orman might have a lesson for us. I wonder if we started yelling at the annuity industry sales practices and possibly get more media coverage and the attention where its needed to our colleagues.
  10. sschullo

    John Bogle has passed away

    The tributes to this great man are pouring in: Allan Roth: https://www.financial-planning.com/opinion/vanguard-founder-father-of-index-investing-jack-bogles-impact-on-finance?utm_campaign=alert-c-Jan 16 2019&utm_medium=email&utm_source=newsletter&eid=869b561341484b12b3e1dd8017d6f271 Rick Ferri: https://www.forbes.com/sites/rickferri/2019/01/16/the-worth-of-a-man-a-tribute-to-john-c-bogle/#5af133386451 https://theconcourse.deadspin.com/a-salute-to-john-bogle-a-real--peoples-hero-1786003350 Larry Swedroe: https://www.etf.com/sections/index-investor-corner/bogle https://retirementincomejournal.com/article/jack-bogles-spirit-lives-on/
  11. sschullo

    John Bogle has passed away

    One of my favorite books of all, not just financial but for life wisdoms too, was Bogle's Book "Enough". Here is a review I wrote. It not only explains Jack's philosophy that supersedes all of the perverse incentives everywhere on Wall Street, but his indexing foresight and subsequently constructing a very simple portfolio that avoids all of the costly and greedy shenanigans everywhere on Wall Street. His idea will go down as one of the greatest contributions to society in the 20th century, and continues to develop in the 21st. http://latebloomerwealth.com/enough-by-john-bogle-a-review-by-two-late-bloomer-millionaire-educators/
  12. whyme

    John Bogle has passed away

    Very few people go into financial services with the goal of improving society. Fewer still are such lucid and effective teachers as Jack Bogle.
  13. Thank you krow36. I'll share the article with my father who was talking about making his money stretch. This should actually be posted on senior forums too.
  14. 5 million - the FIRE just got doused. 😥
  15. tony

    ICMA-RC

    Dan posted this on the home page. This is really good news for the 403b . They were involved in our stellar 457b state plan that I helped get on our provider list. I believe they are headquartered in Virginia and D.C. https://www.icmarc.org/about-us/updates-from-icma-rc/press-room/news-20190116-icmarcenters403bmarketbringingparticipantcenteredapproachandlowcosts.html
  16. Zoey

    How To Find Your Inner Millionaire

    Thanks Tony. Looks interesting. Frequently I enjoy the story behind the authors, and yes that means I spend a lot of time reading about the authors and their other work! It's the same with s. I used to make note of things I needed to look up/read up on post its. The space above my table got a tad fuller than I expected. 😊 I eventually started using virtual flash cards to maintain my hobby/interest. My friends make fun of my interest, but I think it has introduced me to a variety of interesting things in this world. It's amazing to see the variety of things people do to in life. Well, I'll read up about the father-daughter duo.
  17. 5 million is roughly 167 years of expenses for me. Better keep working 🙄
  18. EdLaFave

    John Bogle has passed away

    That’s really awful news. He is the only person in the investment industry that I admire. I guess all we can do is to keep passing on everything he taught us.
  19. sschullo

    John Bogle has passed away

    I was too very grateful that I not only met Jack at a Boglehead reunion but that he lived during our time, and help millions and millions of people. His contributions to the insane financial industry were just incredible. Jack did everything with about as much ethics, compassion, transparency, foresight, intelligence, and tenacity that any human could have accomplished. He alone changed the perverse incentives, massive conflicts of interest, aggressive marketing and sales, and pure profit motive foundation of the entire financial industry to a more democratic, ethical, altruistic, fiduciary and downright simple. He created Vanguard that was so simple to invest that millions of people could now become do-it-yourselfers. And save a ton of money in costs. RIP Jack.
  20. Last week
  21. tony

    John Bogle has passed away

    A true friend of the investor. He will be missed. His knowledge, honesty, and wisdom will live on. I am very sad at the moment and don't have much more to say.
  22. Admin

    John Bogle has passed away

    It is with the utmost sadness that I share the news of the passing of John Bogle. I had the supreme honor to meet him several years ago. Dan Otter The genius of John Bogle in 9 quotes
  23. sschullo

    403(b) lawsuits hit a wall.

    Hi Moe, ERISA is not the problem. It's state insurance code laws. Annuity products and the sales force are regulated under state insurance commissions. California's law and about 5 other states regulations are especially egregious! But the problem is all over the country. We have new Insurance Commissioner here in California and I sent him and his staff the following letter with the NY Times stories, American Federation of teachers "Shark Attack" article my book and a similar letter written by an LAUSD benefits administrator. My letter explains the problem head on! We are asking for a meeting so that we might be able to introduce state legislation that begins to chip away at the abuses. January 14, 2019 The Honorable Ricardo Lara California State Insurance Commissioner Dear Commissioner Lara: RE: Insurance Code 770.3 is a consumer nightmare You won the election because in your words, “…my allegiance will always be first and foremost to the consumers….” Congratulations on your victory for yourself and for California consumers. I wanted to bring to your attention to this obscure code, 770.3. This law is anti-consumer. 770.3 protects the insurance industry against the best interests of our state’s public K-12 educators. The annuity retirement products are overwhelmingly sold to our states’ teachers via each district’s defined contribution plan, 403(b). While almost all the other public sector employers can screen and pick vendors because of best practices and at reduced costs for their employees, the 1,181 California K-12 school districts cannot for fear of violating 770.3. The “any willing provider” model of 770.3 has had an iron-fist, and in my opinion, a negative presence, since annuities were first sold to teachers in 1961. The anti-consumer claim is evidenced by the enclosed documents: 1. New York Times 403(b) Articles 2. Shark Attack by American Federation of Teachers 3. A letter from Los Angeles Unified School District (LAUSD) benefit's administrator, George Tischler to your predecessor David Jones 4. My book, Fighting Powerful Interests: Educators Challenge Tax-sheltered Annuities and WIN! In addition to the above documents, over 35 newspaper and online articles reported the same problem repeatedly for 25 years--annuities are costly, inappropriate and yield pathetic returns for our teachers’ 403(b) plans. The annuity sales force is the only beneficiary. Our teachers are woefully unprotected from misleading, aggressive and self-conflicted financial sales pitches. The retirement planning universe has changed to fiduciary standards. While these sales “practices” are legal under 770.3, they are unethical, anti-consumer and not-at-all fiduciary. It’s time for reform. Amending 770.3 to reform the 403(b) is your opportunity to show your “allegiance” to one group of consumers, California’s 933,410 public-school educators and their beneficiaries (data from our pension plan, California State Teachers’ Retirement System 06/30/17). On the behalf of myself and my advocate colleagues Sandy, Scott, Barbara and Dan, we request a meeting with you or your staff to continue this conversation. Once again, congratulations on your election! We look forward to meeting you. Sincerely, Steve Schullo, Ph. D. Retired LAUSD elementary teacher LAUSD’s 403(b)/457(b) advisory committee member. Blogger and author of two books. cc Michael Martinez Senior Deputy Commissioner & Legislative Director Kendra Zoller Deputy Legislative Director Jack Ehnes Chief Executive Officer, California State Teachers Retirement System David Holmquist Office of General Counsel, Los Angeles Unified School District
  24. MoeMoney

    403(b) lawsuits hit a wall.

    If the plainiffs aren't finding their wins in higher ed 403(b) plans, what can be done to direct their attention to our k12 world? Or is the answer going to be NOTHING because of ERISA?
  25. https://www.marketwatch.com/story/suze-orman-says-you-need-5-million-to-retire-thats-nonsense-2019-01-15
  26. Financial guru and author Suze Orman ruffled a lot of feathers in a recent podcast, saying that people need $5 million — maybe even $10 million — in order to retire.Orman was responding to a question about the “financial independence, retire early” (FIRE) movement, a growing online trend where people in their 30s or younger just stop working. https://www.marketwatch.com/story/suze-orman-says-you-need-5-million-to-retire-thats-nonsense-2019-01-15
  27. “The recent volatility in the stock market can make older investors feel vulnerable. Here are some strategies to make sure your money lasts as long as you do.” Another excellent NYT article by Tara Siegel Bernard. https://www.nytimes.com/2019/01/07/your-money/stock-market-retirement.html
  28. Being an immigrant myself, I can relate to this article. As a growing demographic, the second /third generation better-assimilated Latino population will soon be targeted by financial advisors and salespeople and its probably actually already begun. Financial Literacy might be the only way to save this demographic from the jaws of the sharks and financial scammers who prey on those lacking adequate financial acumen. This article is an example of why financial literacy is not just an elective to take but should be a rigorous required life skill class in both high school and college. I had to take a History class in middle school, high school, and then basically the same class again in college but no class was available about money management. Why? Please inform me if it won't open for you and I will copy and paste. I had no understanding of saving or compound interest back then. My family’s needs were immediate: food, clothes, rent. I wasn’t saving, except maybe for some candy. In general, financial literacy among Latino communities is lower than that of the average adult in the United States, particularly among first-generation immigrants, most of whom are scraping by on low-paying jobs. https://www.nytimes.com/2019/01/10/style/personal-finance-latinos.html
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