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About sschullo

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  1. Last day to register! click here
  2. Hey colleagues: just in case you balked at the $75.00 registration fee, here is the REAL deal: "A registration fee of $75.00 will be paid to LACOE and includes professional development, continental breakfast and lunch. If the teacher attends both days of learning, the registration fee will be refunded by California Jump$tart. In addition, teachers will earn $100 per day of full-day attendance.Raffle: Gift cards and personal financial literacy classroom materials will be raffled throughout the day. An iPad-mini will be raffled at end of the workshop." It doesn't get any better than that!
  3. This is a rare training program, the focus is on personal finance for you and your students. Details are in the image. You only have until June 8 to register! Here is the registration link: Click here
  4. sschullo

    Why Teachers are Walking Out?

    Moe, Here is their website: https://www.choosefi.com/campfi/ The only difference is that these young people are very talented and many are engineers, website and social media experts and authors. But my generation is talented too and made a lot of money but my generation fell for the borrow and spend, bought homes way too big, expensive new cars every three years, sent their precious little ones to private schools from K-12 and private colleges. FI rejects all of that crap! Mr. Money Mustache writes about the stress involved with THINGS! As a result, FIs are able to put away 50-60% of their income because they could afford it, and maintained a simple lifestyle because their values lie with being FI over anything else. Now they wish for a quality of life after the corporate grind.
  5. sschullo

    Why Teachers are Walking Out?

    Hi Ed and Moe, Dan and Scott have noted many times that the NY Times article did make changes in getting classroom teachers aware that they are getting shafted by not only the sales force but their unions and district silent complicity too. I just don't see it partly because I have no access to the connections that teachers who have benefited from the articles. I am glad you brought up FI Moe. A friend from my LAUSD advisory committee and I registered for the CampFI that will be meeting in my neighborhood in August. Its already sold out! I am going to get ideas of how this group organized itself and how they choose their leaders. It's only a couple of years old and they are making a dent in how people view their lives. Authors JL Collins of "The Simple Path to Wealth" and Vicky Robbins of "Your Money or Your Life" (I read them both and wrote reviews on Amazon) and Mr. Money Mustache are their rock stars. We need a few rock stars. FI movement has a powerful part reality and part fantasy that public classroom teachers do not have, and that's the idea that we can be financially independent of the gruesome day job at ages 30-35 and do what whatever they want. That's a powerful strategy that has worked well for MMM and beginning to affect the FI movement too. Because of our lower wages, we cannot retire in our 30s, but late 40s or at 50 is certainly possible for most teachers in the country (of course there are the IFs, they start saving early, learning investing, watch fees, climb the salary scale, etc). The 403b advocacy has some effective leaders but they are busy with other things. We need a wealthy and charismatic leader who can focus on this problem 100% to get the 403b madness in front of teachers. For example https://www.ngpf.org/ But as you implied Ed, I think, it's going to take more than one strategy, a lot more. But one thing is sure, after 20 years and over 30 403b newspaper articles all warning about the 403b have not done it so far. Regarding CampFI, I will be the oldest by far as most or all of them will be younger than 40 who have either achieved FI or are close to it. Scott and I attended FinCon a couple of years ago in San Diego. It was a lot of fun talking with extremely capable young people.
  6. sschullo

    Why Teachers are Walking Out?

    We need to post our feelings about the corrupted 403(b) on other websites and blogs too. Reform in education is not just going to happen here or at Seth's blog but by using as many social media outlets as possible and keep discussing the 403(b) and how that is an example of once again teachers are taken advantage of. Once they realized that they have been ex ploited by the nice salespeople because they can collect a commission, all hell will break loose and reform will happen.
  7. sschullo

    Careers With The Most Millionaires

    It didn't break down what they meant by "educators." Predominately male administrators invest in real estate and usually make twice as much as a classroom teacher and they have LUCRATIVE pension benefits. Also, higher education professors have had TIAA for a century and they also make more money than public preK-12 teachers. I know, its not how much you make its what you do with what you make. Still only about 30% of all prek-12 educators use a 403(b), and 80% are in worthless TSAs. I think it goes back to who is the most vulnerable to the aggressive sales of low performing 403(b) TSA products. I read somewhere that educators and engineers are naturally frugal. Still, we have something that the vast majority of other employees do not, a pension. Pensions are worth up to millions of dollars too over the life of a retiree. Public prek-12 educators could be financially in pretty good shape, IF they learn a thing or two about investing, IF they start investing early, and IF they avoid the TSA sales machine, they also could easily retire at 50 because of our pension.
  8. Here in California, they increased both the teachers' contributions and the districts'. The district will be increased to an unsustainable 19% by 2020 (from 8.5% just a few years ago)!!! This will bust district budgets IMO. Teachers contribution went from 8.0% to about 11%. I have gone to my union meeting with just retirees in Los Angeles, and there is a lot of heads in the sand with statements such as "they will never take away our pensions" our pension benefit is protected by the constitution! What! I don't think this will happen in my lifetime but future teachers may not have a pension. The problem with pensions is with counties and cities with public protection employees, police and fire. OMG! Those pensions in some cities here in California have gone through the roof. Some police and fire are getting full benefits after a few years in the system. It was never like that with my pension plan. For me, after 24 years I only get 49% of my final compensation as a teacher. It is nowhere near 100%, a teacher has to work nearly 40 years to get 100%.
  9. sschullo

    Why Teachers are Walking Out?

    Dan had already emailed a notice of this outstanding article that is one of the best descriptions of our profession. https://sethnichols.wordpress.com/2018/05/17/why-teachers-are-walking-out/ Excerpt: For the last ten years, I’ve been a covert operative in Women’s World, a.k.a. Public School. I am not a typical elementary teacher. I am male. And I am often confounded at what I have seen my coworkers silently acquiesce to, happily playing along, fueled only by the sense of the purpose they work from. I am not surprised that teachers in many states have had walkouts. I am surprised that they waited so long to start. Obviously, I’m sympathetic to my colleagues. I’m also sympathetic to garbage collectors, Haitian farmers, and CPS caseworkers. In comparison, our job might be considered a breeze for the pay, with its dreamy holiday schedule and all. Let’s not go down that rabbit hole, though, because the walkouts aren’t really ultimately about “pay,” the face usually presented. Women are done being taken advantage of. There are about 100+ comments! Dan and I offered our comments on the topic we talk about, the corrupted 403(b). This article is the best explanation of why nobody talks about the 403b plan and explains why so many of our colleagues don't know that they are being screwed by the nice 403b annuity salesperson. Teachers "silently acquiesce" to the aggressive sales gimmicks. But I slightly disagree with the premise that it's mostly a gender issue. I have no surveys or data to back up my disagreement except for news reports where nurses are frequently striking somewhere in the country over the years. As the author noted, FINALLY teachers are striking all over the country too. Nurses which is also a female profession and in my opinion are more likely to stand up for their rights than public school teachers. I have one tiny anecdotal piece of evidence, my school nurse. She was tough and never took crap from anybody! Teachers complain vociferously about everything but they are less likely to DO SOMETHING about it. Hopefully, for this honorable profession which does so much good for society and the country, might start DOING SOMETHING! Have a great day, Steve
  10. HEY LAUSD COLLEAGUES!!! Every one must read this story about two teachers who saved and invested and are worth over a $million, and they are in their early 50s, and on Teacher's SALARIES! Many of you with just 20 years in the classroom and living in expensive Los Angeles and California may not realize that you might already be millionaires even if you have never saved a penny on your own. With that many years, LAUSD teachers have healthcare paid for the rest of your life with 20 years (Only 4 California districts offer paid healthcare during retirement!). Healthcare alone is worth a lot of money! And then we also have a PENSION! Folks, it can't get better than that. Sadly, educators hardly ever count their pension benefit. It's real money. I know, I get a check every month, and I have gotten almost $500,000 in benefits in the last ten years of retirement, and only worked 24 years as a teacher, and retired at 60 and I am only 70 years old. But I started late, and still retired early! CalSTRS pension plan with over 30 years of retirement is worth over a million. So, if you DID save an additional 10 to 15% of your income and invest in the district's 457b Award-Winning low-cost plan for 20 years, you could retire easily in your late 40s or early 50s, and go on to another career or live in Mexico too. ESIMONEY.COM Millionaire Interview 63 - ESI Money This interview with a millionaire shows that you don't have to earn a high salary in order to accumulate a good net worth. It also illustrates how you can retire early and even go back to work for a bit if you want to. With financial independence, the choices are yours!
  11. Death is also a motivator to transition to spending. When of somebody close dies unexpectedly from a disease that came from nowhere is a brutal reminder of the obvious in that we not only don't live forever, but we may not even make it to 84 for men and 87 for women.
  12. I hear you Tony. I am a first generation Italian and I learned about frugal living from my dairy farming parents as role models growing up on a small farm in Wisconsin. But I am also an American that was also influenced by those values too. As a young man, I lived in Los Angeles with all of those spending opportunities. If I earned a $100,000 at the time, I probably would have got into the rat race too. A $100,000 is a lot of money today for any young person but it was a tremendous amount 40 years ago when I was thirty and Vicky and her husband were about the same age. That's why they are so admired by today's young people who are fortunate to be earning a lot of money at a young age too and want to follow their footsteps of FINANCIAL FREEDOM! The temptation young high earners to spend must be tremendous! I did not have that experience at all. We are teachers! Sure I thought about it when I was young, heck, I wanted the sports cars, the fancy clothes, living a good life with dining at trendy restaurants and all that, but that's not what happened. Growing up on the farm made me accept my station in life, and I remember thinking that I will be a better older person than I was in my 20s, and that's exactly what happened! It is only because I made about minimum wage during my 20s and 30s, and in and out of school, finally earning my degree at 30 years old, and it was not until I got into teaching that I began to make a decent and steady income and able to save. BUT MOST IMPORTANT IS THAT I KEPT MY FRUGAL LIVING HABITS FOR THE REST OF MY WORKING LIFE and being happy with the slow increase in my wealth through the years. The FI movement is not just for high earners but for teachers too. We still have a huge benefit that they do not have, a pension. If a teacher just happened to start teaching at 22 and began saving in a low-cost equity-based growth investment (NOT ANNUITIES) right away, by the time they are 52, they would have 30 years pension benefit service and a lot of money saved in the 403b, they could be financially independent too! 2 cents, Steve
  13. sschullo

    choosing a 403b plan

    Welcome! Good luck. Steve
  14. Worth pushing this up. I got Money magazine in the mail and Vicky's picture was on the front cover. It is well deserved! I read her book last year, and I love the fact that it was initially written by a couple, both her late hubby and Vicky, is refreshing, and now she has carried their message today. I think that a best selling personal finance book written by a woman is even more refreshing! And the Millenials love it because they want to be financially independent. The millennials reject the current rat race of borrow and spend culture, and they reject the so-called "fabulous" life of fake materialism and the overwhelming stress that goes with it. Nobody says, lives and writes it better the absolutely famous Mr. Money Mustache. They are not going down the route of excessive spending just because they can well afford it at a young age. I think they have a lot of guts and courage NOT to spend because they can afford the sports car, fabulous apartments or large homes. They decided to save and invest their money and instead live minimally because they want FINANCIAL FREEDOM (FI) by 40 years old or younger. They don't even call what they do as "Retirement Planning." The new buzz-word is FI. What courage to stand up against our borrow and spend culture! And Vicky Robin and her husband were very early adopters of the FI revolution! Steve
  15. sschullo

    Great resource for teaching Personal Finance

    Dustin, and all, Tim, the founder of Next Gen Personal Finance, wants to interview me for his podcast. I got the request last March and now after looking at his outstanding website and the brilliant resources he has created, I am not sure what he wants from me. As you know our focus is on 403(b) reform and educating teachers. But after asking Tim, he said that his audience are teachers who want to know if their 403(b) is a good deal. Well, as we know here, that's a simple answer and will not take much time at all to say that the 403(b) with K12 public school districts is the WORST retirement plan ever created because of blah, blah blah. We know why it's terrible. Steve