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I Wrote About The Misplaced Shame Associated With Investing In A Bad 4


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#1 EdLaFave

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Posted 17 May 2017 - 05:11 PM

I wrote about the misplaced shame associated with investing in a bad 403b/457b (or any plan really).

 

https://educatorsfig...ashamed-not-you

 

I want everybody to know there is nothing to be embarrassed about. We need to get this exploîtation out in the open and address it.


Navigate and reform OCPS' 403b and 457b.

#2 tony

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Posted 17 May 2017 - 05:37 PM

Great Job!!  You are a good addition to this website-you have a fire in your soul that shows in your writing



#3 EdLaFave

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Posted 19 May 2017 - 03:03 PM

Thanks Tony, "fire in your soul" is quite the compliment. I appreciate it.


Navigate and reform OCPS' 403b and 457b.

#4 tony

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Posted 19 May 2017 - 06:48 PM

Ed

 

You and me are similar in that we were taken advantage of and now we fight to make sure the same thing doesn't happen to others. I just wish teachers in particular and others as well would take the time to learn about investing. If the general  population would get wiser, the financial industry would be forced to change their practices. Currently too many (but not all) financial advisors are parasitic leaches . The new fiduciary standards are a step in the right direction. I just hope they aren't derailed by our current president. Still its up to the investor to know the facts.  

 

Please keep posting!!  Your wife is fortunate to have you as her financial advisor:)

Tony



#5 sschullo

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Posted 19 May 2017 - 06:49 PM

Hi Ed,

Great job. I "liked it", tweeted it out to my followers, and shared it on my FB page. 

 

Everyone else: Please share Ed's message on your twitter, and FB page, for starters. If you don't have one, both are free and you can share not only Ed's letter out to the world, but many other articles and news reports about 403b or 457b plans. Look at the bottom of this thread and you can see all of the other social media connections that we can share out to our followers. I have almost 5,000 twitter followers and growing every day, and I have several hundred FB friends and followers. Many are my colleagues at LAUSD. 

 

Steve


Steve Schullo

Author and Co-Author of two books:

1. Late Bloomer Millionaires: A Financial Story and Investment Guide for the Late Starter (2013)

2. Fighting Powerful Interests: Educators Challenge Tax-sheltered Annuities and WIN! (2015)


#6 EdLaFave

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Posted 22 May 2017 - 09:40 PM

Tony, I agree completely about wishing people would learn more about financial matters. We start off by not providing any financial education to our kids in public schools and then we make financial discussions taboo (I hypothesize it's because we tie a person's worth to their wealth). That is a vicious combo that I frankly don't blame people for not overcoming.

 

...plus in my family nobody really had money so there was nothing to discuss even if it weren't taboo.

 

Steve, thanks! I've seen some traffic coming from Facebook that I think came from you.


Navigate and reform OCPS' 403b and 457b.

#7 sschullo

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Posted 23 May 2017 - 06:47 AM

Tony, I agree completely about wishing people would learn more about financial matters. We start off by not providing any financial education to our kids in public schools and then we make financial discussions taboo (I hypothesize it's because we tie a person's worth to their wealth). That is a vicious combo that I frankly don't blame people for not overcoming.

 

...plus in my family nobody really had money so there was nothing to discuss even if it weren't taboo.

 

Steve, thanks! I've seen some traffic coming from Facebook that I think came from you.

 

Tony, what I learned from my family which also had no money was frugality. I mother, as a single parent, knew how to save a little despite making assembly line wages at 3M, and she bought stock and bonds. I don't know how she did it!, but it can be done. Our boomer generation spends too much, and many made a lot more money than public school teachers.

I have always remembered when somebody wrote in one of the many books I read over the years about how to be successful in life, is that "It's not how much you make, but what YOU DO with what you make." 

 

Ed, Google analytics will report where your traffic is coming from, and a gazillion other pieces of data. 


Steve Schullo

Author and Co-Author of two books:

1. Late Bloomer Millionaires: A Financial Story and Investment Guide for the Late Starter (2013)

2. Fighting Powerful Interests: Educators Challenge Tax-sheltered Annuities and WIN! (2015)


#8 tony

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Posted 23 May 2017 - 09:53 AM

Ed and Steve

 

Seems like all our parents were of modest means. I was a young lad when my parents and me landed at Ellis Island. I was not born here.What an extraordinary risk it was for my parents to come to a country where they spoke no English and had no understanding of the system. Still they were saving and making their money go further than many Americans with better economic advantages.

 

But I wonder if growing up this way makes us better with money than say people who grew up privileged and in  no need of anything and no money challenges in life.  My dad always found a way to "split a penny in half"  as he would often say to make it buy more. He was so frugal. He even made all our clothes!.

 

I taught personal finance for two years before retiring. It was obvious to me listening to  student attitudes  about money who were of poor, average, and above average means. Those with above average means seemed the most scary to me . A very casual and cavalier attitude about money and saving.

 

I agree that the educational system must address financial literacy or should I say illiteracy from a young age. In Virginia its a requirement for graduation now. You must take it and also pass an exit exam on the subject matter or you don't graduate.

 

Tony



#9 EdLaFave

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Posted 23 May 2017 - 10:43 AM

I think it is really cool and interesting that you literally landed at Ellis Island. How old were you? Where did you and your family come from? Any interesting stories/memories you want to share about the experience?
 
As far as being frugal, I'm not sure how it happened (my sister is quite different than me). As a young child I remember playing video games that would inevitably give me some awesome resource (powerful gun, healing potion, whatever). I wouldn't use the resource because at some point in the future I might really need it. I'd always get to the end of the game without using it despite having unnecessarily struggled through a few of the levels. As far as I can remember that attitude has always been with me but I don't plan to get to death without using my retirement savings :)
 
...I do remember during college shedding some tears of frustration because I couldn't afford to go to the dentist and for a time I had to beg for food from students who had the meal plan. That certainly played a role in my intense desire for financial independence.
 
I applaud Virginia, I didn't know about that.
 
Steve, I'll look into Google Analytics. I tried to use Google Search Console but it doesn't seem to tell me much. Wordpress does give me some useful info though.

Navigate and reform OCPS' 403b and 457b.

#10 tony

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Posted 23 May 2017 - 04:42 PM

Ed

 

I was born in Rome , Italy.  Dad was a Tailor. Mom a Housekeeper. I was just a child when we came over. I am trying to plan a trip to Italy next September to see relatives and some site seeing.  This is all off topic so I apologize.

 

 

Tony