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sschullo

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  1. Also, the legendary author of the FI and FIRE movement is CL Collins Simple Path to Wealth. He credits Bogle from the first to his last sentence. It's an easy ready Tricia. Here is my Amazon review of Simple Path to Wealth: https://www.amazon.com/gp/customer-reviews/R24LBG260PCZHL/ref=cm_cr_dp_d_rvw_btm?ie=UTF8&ASIN=1533667926#wasThisHelpful And my Amazon review of Your Money or Your Life by Vicki Robin: https://www.amazon.com/gp/customer-reviews/R34XCX7436D7ZK/ref=cm_cr_arp_d_rvw_ttl?ie=UTF8&ASIN=0143115766
  2. Ed and MNgopher, I don't know about you MNGopher, but I wish I were young enough to see how all of this plays out with the FI and FIRE movement. It will be interesting of the unintended consequences of retiring with a million or 1.5 million without a pension or full SS, yet living for up to 60 more years without an income! Its the longevity that is uncharted. Wall Street has data going back 100 years but the future is unknown. So its the only part of the equation that has to be trusted. Do we trust that the stock market and the world economies will continue to grow? If we cannot trust that, what is the use of investing? Illness is another factor. Capitalism is great for a healthy, literate, and sound mind but a chronic illness of any type takes it all away in a minute. Also after watching the documentary Playing with FIRE, the bigger transitions from Scott and Taylor in the were not the transition from employment to living without an income, it was the withdrawal systems of transitioning to frugal living. Initially, Taylor did not want to give up her Mercedes Benz, but that's just a small part. It was tough for them, but they did it. I wonder how many people will give up on living in frugality and retire in their 50s instead. But you folks are extremely smart and talented and you have got all of these known risks covered. I am most proud of the anti-materialism and anti-consumerism throughout the materials and books that I have read from your gurus.
  3. Thanks for reading my book! In the appendix, with Vanguard's permission, I published Vanguard's Model Portfolios. Since my late 50s, I used the 30/70 AA which I explained in detail the reasons on pages 80 and 81. Your current 75/25 is fine for your time horizon and you made it through (so far) this latest decline without losing sleep or worse yet panicking and getting out. You graduated! You have great risk tolerance. Congrats. I thought I had it back in the day with the tech bubble crash which lasted over two years and i was younger but what I had was not risk tolerance but overconfidence. That's just as deadly. Bill Bernstein wrote about if you won the game why continue playing. That was just one of the major mistakes I made. You asked about increasing your fixed account allocation as you age. That depends on how much you need the money when you retire. Some people can live comfortably with their pension and other sources of income (side gigs etc) and if that's the case, heck go 100% stocks and let your descendants benefit. But if you need the money, like I do, take the conservative approach.
  4. Tricia You asked about an AA with age. What are your thoughts so far? Steve
  5. Update. The portfolio is now down about 2.0% YTD at the closing of markets last Friday, May 22. From the highs of my portfolio in the middle of February to the lows of March, my portfolio was down about 12%. My thoughts. For most people market crashes are memorable but what's not so memorable is watching the markets recover. Buy and hold and long-term investors are able to just observe this fascinating stock and bond world. Passive investors participate by going along with the ride with all that is going on with thousands of corporations around the world with millions of hard-working employees, all of that energy is at our fingertips. Wow! Sorry but I get a little emotional about this! But this has little to do with me, its how my portfolio was constructed to go along with the flow, up over the last 11 years, down for a while and now up. Fascinating!
  6. Tricia, I like VG and Bogleheads philosophy also. Both have done great things for over 20 years (Bogleheads) to help us ordinary folks get a s at Wall Street using Vanguard index funds: Reasonable returns with reasonable risk with rock bottom costs and core asset classes. Nothing fancy, just plain and ordinary investing in the broadest and most diversified stock and bond market indices around the world. How cool is that! I have saved so much in fees it has paid for a lot of good stuff in my retirement life. I used that model portfolio allocations years ago to set up my stock-bond split that is suitable for my willingness to take equity risk and the need for the $$ for retirement. There are a number of Bogleheads who take 100% stock allocation for years and are perfectly happy with the volatility.
  7. I plan to today. Sorry I missed yesterday because something came up.
  8. I had two friends who just wanted to pay the hourly fee. One said she couldn't find one, and the other was rejected on the spot because she said that "most advisers don't work that way." This adviser was on the Garrett Planning Network. Yeah, it's a five-year-old story, but I just wonder how current this issue is. Read it here: https://latebloomerwealth.com/did-garrett-planning-network-pass-the-smell-test/ Why don't you bring your request to the panel and ask them if they would look at your plan for the hourly rate?
  9. Yes, but I have not read his other two free books. Do you know Paul's work?
  10. Here is a book for FREE from Paul Merriman. He is good as I have been listening to his podcasts for over a decade. And I read his book: Get Smart or Get Screwed: How to Select the Best and get the most from your financial advisor. get-smart-or-get-screwed-how-to-select-the-best-and-get-the-most-from-your-financial-advisor1.pdf
  11. Pushing this up. May 6 is a very special gathering. With the world's top financial advisers dedicated to 403(b) k12 teachers. Come one come all! Dan: You might attract a deluge of teachers who want to take advantage of free financial advice! :- ) Getting competent and genuine fiduciary advice in the corrupted 403(b) world is RARE! But they are all joining in on a panel that Dan is hosting! This is a first-time event that people can interact with the pros in public!
  12. CPAs and Attorneys, believe it or not, are fiduciaries! 90% of wall street minions are not, and fight every inch of proposed fiduciary legislation.
  13. Thank you. I am very happy you liked it. It was written for advocates like yourself, but for all educators too. Educators will learn the investing language and how corrupted the 403(b) is and what some of us were able to do at L.A. Unified. Those years from 2000 to 2014, the only place you got objective information was 403bwise.com right here in this forum. As you know, this topic is NEVER discussed publically anywhere in California within public k12 districts and unions. As you read in my book, the total absolute SILENCE from 1961 to 1998 is one of the great mysteries of retirement planning. Millions and millions of smart, and savvy investing educators came and went and back in those dark ages, no one warned their colleagues about the lawlessness of the 403b! But back in 1998, it took like ole me and an L.A. Reporter, Kathy Kristoff, to bring the permanently dormant topic, the 403(b), to transparency, and then U.S. News and World Report in 2000 put this site on the map for good. Its been a long, long slow grind but we keep moving forward. I have to believe that more and more teachers across the country are hearing the new message, avoid annuities like the plague. BTW, missed you yesterday on the zoom.com meetings. Are they great! Teachers from across the country are logging on and asking questions, and you get to see them. Dan has it well organized, and Scott fills in with the regulatory stuff. They are a great team. Next Tuesday will be a very special topic dear to my heart, Dan and Scott have a panel of fiduciary financial advisers that are our 403b reformed minded friends: Tony and Dina Isola, Breana, and another advisor, all fee-only fiduciaries. These advisers are about the only FAs around that understand the depth of the 403b problem. Our colleagues need help!
  14. Great Dan. Perhaps some of the regulars here will join in on the real live spirited discussions with real live people vs. the old fashioned 20th century written posts. See you Wednesday. Steve
  15. Happy you are going to use us as a model. Attend a committee meeting. If they don't have one, ask them if you can sit in on one of their meetings when they discuss 403/457b plans. We all know they meet behind closed doors and to let them know that you know they have meetings that affect the financial welfare of all of the districts employees will go a long way to opening up those meetings to employees. If they refuse, go to the school board public meetings as let them know what you want to do for the employees, its always for the employees. Use LAUSD as an example. Our committee is composed of reps from all collective bargaining units. To make sure the board understands that this committee is an advisory, it has no power to make changes, we advise the CFO, and he or she either says yes or no. The CFO is the fiduciary. I shudder to think how terrible the 457b plans are around the country when no employees are watching. The plan sponsors tell districts when they want to know, and its never about what is best for district employees. I got to know a teacher next door in the next county, and they have the same TPA for both plans. He mentioned to his superintendent about forming a committee, and the super sh-ot back, "TOO MUCH LIABILITY." Get ready for the 19th century thinking from district staff. I have done all of the above over the years, and I wrote it all in my book Fighting Powerful Interests, free download. All that I did from 1994 to 2014. It's an incredible story of how fighting for change against an inclosed educational culture that sees this topic as totally alien! As I mentioned in the webinar, I was very lucky that one benefits administrator knew how terrible the 403b was and started the 457b plan and asked my friends and me to join a committee. We are all volunteers and been on it for 14 years, long enough to get a Plan Design 457B Award.
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