Late Bloomer Wealth

Late Bloomer Wealth

Dedicated to Helping K12 Teachers with their 403(b) & 457(b) plans.

Steve Schullo, PhD

Commingling of Life/Money: Y.T.D. Report 2020

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I have been accused that all I think about is finances and money. When I discuss the seemly absurd idea that most adults can self-manage their money without an adviser, the response from most people, especially from financial advisers, “not everybody is interested in money as you are…” blah, blah, BLAH!
I have heard that response so many times that I am no longer insulted. The fact is that I have some interest in money, finance, and investing because I was taken advantage of by unscrupulous insurance agents masquerading as a financial adviser. I had to learn this stuff for my protection! I despise Wall Street values and found a strategy of investing that bypasses those self-conflicting values. Interest in managing my finances and sharing with others doesn’t necessarily mean the I love this stuff. I don’t. It is an unfortunate necessity to be financially literate. I am grateful that I can manage my money without an adviser.
While I do read, blog, and write books on personal finance, I provide the following evidence that I am interested in other topics. Look at the books I have read since January 2020:
“The things They Carried” by Tim O’brian a Vietnam story by a veteran (I am a Vietnam Veteran)
“The Science of Religion” by Paramahansa Yoga (I am a Buddhist practitioner and student)
“Walking a Sacred Path” by Dr. Lauren Artress (Our Wedding destination was on a Labyrinth in the middle of the desert!)
“The Waterworks” by E.L. Doctorow (Never Read Doctorow work, happy I did because the setting was 19th century NYC)
“After Dinner Tales” by Angus Whyte (Angus was in my critique group when he suddenly died a year ago. His tales are hilarious, and he was an exceptionally good writer)
“A View from the Back of the Candy Store” by Ken White (Ken is a friend. I am so proud of him for publishing his book after five years in the making. What an interesting life of a successful interior design professional setting up shop in incredibly competitive Los Angeles. He read every chapter of his interesting and inspirational life to our critique group and gives us credit for this book by helping him in so many ways to put “pen to paper”).
“The Critical Media Literacy Guide” by Douglas Kellner and Jeff Share (Jeff is a long-time friend who teaches K12 teachers at UCLA. I want to collaborate with his work to combine media literacy and financial literacy).
I have reread parts of a book published in 1970 that is still prevalent today 50 years later! “The Greening of American” by Charles A. Reich. He predicted new ways of thinking about our culture and life that are still being worked out in 2020).
Finance books:
“The Bogleheads Guide to the Three-Fund Portfolio” by Taylor Larimore. Another simple portfolio that anybody can construct.
“The Future of Capitalism” by Lester Thurow (Scary stuff about the potential social problems caused by inequality of income may be coming to fruition today. He was prophesizing to both the private industry and the politicians to do something 25 years ago when this book was written!)
Rereading Benjamin Graham’s classic “The Intelligent Investor”. Graham was Warren Buffett’s mentor and a Columbia University Economics Professor who contribute much to the financial world. Graham died in 1973. Despite this almost half century old book, his thoughts on investing for this rank amateur is profoundly some of the most basic strategies I use today. One of the most important topics Graham professed is the investor’s “temperament.” When you are mindful, your chances of investing success will surprise you. I am profoundly surprised and grateful that I know this stuff that Graham writes about through John Bogle and the index investing revolution that is everywhere in 2020.
The major events of 2020 are unprecedented as you will read from a perspective of a retiree who has experienced many terrible times our country and the world has faced in my lifetime.
My work here is to hopefully inspire you that as we go through this mess and we are going to be OK, perhaps even stronger than before the epidemic.
Enjoy my Year-to-Date Report on all things personal and financial.

Millionaire Teacher Second Edition is Great!

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As writers, we want to make a difference. This blog post is about a financial book review I wrote on Amazon 9 years ago and why I recently increased my former 3-star to a 5-star review.
Over the last decade, I wrote 15 personal financial book reviews on Amazon. I gave all the authors four or five-star reviews because they wrote a good financial book. But not the Millionaire Teacher! I was angry and disappointed with the first edition. Because Rule 9 violated the indexing strategy that he promoted and wrote about in the first 8 Rules. So, I gave the book 3 stars. What you will read is unpredictable in the book publishing world, and Amazon!

Teacher TIP # 61 “Sign Up Immediately…” Check this out!

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A friend was closing down his store and in the pile of books he was about to give away, I found a copy of “The Gentle Red Pen: 101 Tips on Becoming the Teacher Who Makes a Difference” by an Award-Winning teacher, Bibi Angola. I started thumbing through the Tips. Guess which one of the following tips caught my attention immediately? Tip #1 “Greet your students at the door with a “hello” and a BIG smile.” Tip #20, “Get to know more about your colleagues.” Tip # 61 “Sign up immediately for a 403(b) plan (Ask your district or financial planner for details). You probably guess which one got my attention! Read on if you don’t know what I do here.

Anatomy of Survival in 2020

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This blog post is long. I have a lot to discuss and share because there is a lot to share and discuss. So, I have broken it up in pieces for your reading comprehension and comfort. In the end, I hope you will take from this crisis to plan for anything life could throw at us.
First, allow me to pontificate on this worldwide epidemic for the 10,000-foot level.
A few radical individualists strongly feel that we don’t need a civilization to survive. Fortunately, most people would agree their extreme view is way over the top politically and a dangerous delusion sponsored by hyperactive anti-government crusaders.
In the middle of this unprecedented attack by an unseen enemy, people around the world need a strong central government. The government can respond to emergencies when the country needs devices, money, research for a vaccine and cure.
But a strong government is not just for short term emergencies. It is the bedrock for our modern and advanced civil society which stands on the shoulders of local, state, and federal governments, public protection institutions, and a justice system paid for by the public known as taxes. Civilization itself depends on it.
We are not retreating to a time in human history in which humans had so much freedom, they killed one another for something to eat. This current virus is a great equalizer. COVID-19 knows no gender, race, faith, politics, geographies, country, income, or wealth. We are in this together–the sure way to fix this mess is to work together. We need all the help we can muster, all hands-on-deck!
Second. In this stage of my life, I want to share with you how I planned and learned from my mistakes about previous health scares, national and international crises, and especially financial crises. This is a big topic requiring a lengthy blog post as I have lived, breathed, suffered personal and financial losses, and experienced many national and international crises in my lifetime.
Outside of the Great Depression of the 1930s and WWII, I have lived through those previous crises. My health crisis was personal, but I have discovered that my cancer survivor status and getting wounded in “Nam” also helps and protects me today with COVID-19. I am happy to be alive and want to live a little longer so I will wear a mask to protect myself and my neighbors.
We will get through this current worldwide epidemic. But how will we be at the other end? Many things will change—where and how we work, shop, entertain and socialize has already been changing long before this current epidemic. But this virus and the aftermath will speed up these changes by a milestone.
What I am hoping to offer is a way to exploit and take advantage of the current serious drama. Doesn’t it almost always come suddenly, unpredicted, and uninvited? Isn’t always how we respond to unwelcome events rather than the event itself?
But how we respond, whether positive or negative, does come with a price. I have sometimes painfully learned that crisis, challenges, and upheavals both personal and socially are opportunities to discover and learn new skills and knowledge to evolve to be a better person. Who doesn’t want to improve on ourselves, our families, our community, and our world? Is this worth the uncomfortableness and sometimes pain? I believe so.
What I have learned in my seven decades of living is that extremely negative and painful times don’t last forever, but neither does those wonderful euphoric days. One of the most painful times of my life was losing Dan, the love of my life for 40 years, but I have lived to experience one of the most wonderful days of my life, getting married to Georgiana just 4 weeks ago on March 21st, 2020. Still, I have always been grateful for the many more just ordinary and peaceful days that are amazing about life—the simple things—such as enjoying a beautiful flower growing in my back yard or listening to the birds chirping as spring brings new life, and nature starts all over again.
This blog post is a result of my sincerest opportunity to lift our hearts and our minds based on my experience with previous episodes as one ordinary citizen, who lived in memorable and historic times.
This crisis is not much different than previous in that it is not about just you or just me. It is about all of us, caring for each other.
I hope you will enjoy my post.

Financial Shark Attack and Repellent #6 in this Series

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Number 6 in this long series of 67 shark attacks and repellant posts on how to protect yourself with a little financial know-how.
In this series, you will discover shark repellent by finding a genuine fiduciary financial adviser. A fiduciary is a financial professional who looks out after your best interests over theirs. Now that’s REPELLENT against the predatory attacks by unethical and self-conflict professionals who only look at getting commissions and high fees FROM YOU. Make no mistake, in the public K12 world the 403(b) greedy sharks are EVERYWHERE!
A fiduciary financial adviser should construct a well-diversified low-cost Vanguard portfolio like the one I constructed for myself and have used now for 15 years with good success. Fiduciaries are not sharks.

Amid COVID-19/Stock Market Crash, We Married Virtually!

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African killer bee attack, Bobcat visit, deadliest stock market crash since the 1930s and the worldwide pandemic did not deter Georgiana and me from getting married on Saturday, March 21st. However, it was not without major emotional and strategic adjustments in how and where we married.

On the morning of March 12th, we still intended to follow thru on our original wedding plans involving 50 guests at a beautiful venue. Georgiana, my fiancé, worked hard for weeks. The setting was a beautiful outdoor destination wedding on a little known but ancient labyrinth where our vows would have been exchanged with an outdoor dinner, toasts, first dance, cake cutting and DJ dancing after watching the sunset on the first day of spring. We had never had a formal wedding before, so we were looking forward to our day.

However, as we know now, events beyond our control changed everything. The COVID-19 scare had massive negative effects on our economy, our collective emotions and the financial markets. At the end Thursday, March 12, the broad markets DOW, Nasdaq and the S&P500 lost 10%, the biggest percentage loss in 33 years! In dollar amounts, my 7-figure portfolio declined $60,000!

We started getting messages from our wedding guests who decided not to come for obvious reasons, the virus news was not only getting worse by the day but by the hour too. We thought it would be safe because the ceremony and celebration will be held outdoors. But we were wrong and decided to cancel as the writing was on the wall. Our governor ordered a stay at home policy.

What a week leading up to March 21st! Everything CHANGED again! Read about one of the happiest days of my life but also the scariest, NOT because my portfolio had declined, but because of the unknown virus that is now spreading throughout the world, and here at home. And then what a whipsaw week for the markets, up and down, but mostly down continued until the end of March and the time for this Quarterly Report.
Read how Georgiana and I managed to marry safely and with family and friends attending “virtually” with “Plan B.” We took necessary precautions as recommended by the Center for Disease Control (CDC).

Despite the terrible time our country and the world are going through, you can be assured that old fashion planning ahead still works. With mindful flexibility, following common-sense health precautions and getting your financial emotions under control long before negative markets strike, as of right now, our private life and our finances are fine. We are grateful and lucky.

Since this is a financial blog, read and see how my portfolio performed as expected, complete with visual graphs and tables, and wedding pictures, and additional surprises.

Financial Shark Attack and Repellent # 5 in this Series

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Number 5 in this long series of 67 shark attacks and repellant posts on how to protect yourself with a little financial know-how.
In this series, you will discover shark repellent by finding a genuine fiduciary financial adviser. A fiduciary is a financial professional who looks out after your best interests over theirs. Now that’s REPELLANT against the predatory attacks by professionals who only look at getting commissions and high fees FROM YOU. Make no mistake, in the public K12 world the 403(b) sharks are EVERYWHERE!
Suggestions for a married couple when your spouse is not interested in knowing how to manage the family’s finances, this is a must-read! A naive’ widow (and some widowers too) is prime AAA golden goose who is 100% vulnerable to shark attacks. Protect your spouse and your family fortune before it is too late.

Financial Shark Attack and Repellent # 4 in this Series

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Number 4 in this long series of 67 shark attacks and repellant posts.
This massive series on how to recognize the difference between conflict-loaded financial advice (aka sales pitches) versus conflict-free objective advice (from a genuine fee-only fiduciary financial adviser).
If you are a K12 teacher be aware. The nicely dressed and smiley sharks are everywhere on public k-12 school campuses and district offices 24/7.

Financial Shark Attack & Fiduciary Repellent # 3 in this Series

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Number 3 in this series of 67 shark attacks and repellant posts.
This massive series on how to recognize the difference between conflict-loaded financial advice (aka sales pitches) versus conflict-free objective advice (from a genuine fee-only fiduciary financial adviser).
Most shark attacks occur on public K12 school districts. But everybody will discover how to protect yourself from conflicted advice. Sales pitches are everywhere! The salesforce are comprised of people who are very nice, smart, social, talkative, and nicely dressed. But they are not acting on your best interests because they get a kickback in the form of a commission or annual costs of the retirement plan they sold you, typically annuities.
You will not only recognize the difference between a nonfiduciary financial professional and a fiduciary, this series of 67 posts (one tip per day for the next two months), will clear up the distractions of the financial language. Thus, you can more effectively monitor your current financial adviser, find a new one, or just take matters into your hands and evolve into a DIYer (do-it-yourself). Once you are exposed to the basics spelled out in this series, you will discover that the financial world is not complicated or intimidating as all of us were lead to believe.
If you are a K12 teacher be aware. I repeat. The sharks are everywhere on school campuses and district offices 24/7. Their attacks occur routinely at public K-12 school districts.

Financial Shark Attack and Repellent Series #2

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Number 2 in this series of 67 shark attacks and repellant posts.
This series on how to recognize the difference between conflict-loaded financial advice (aka sales pitches) versus conflict-free objective advice (from a genuine fee-only fiduciary financial adviser). While this series focuses on K12 teachers where most shark attacks occur in the corrupted 403(b), everybody will discover how to protect yourself from conflicted advice.
You will not only recognize the difference between a nonfiduciary financial professional and a fiduciary, this series of 67 posts (one tip per day for the next two months), will clear up the distractions of the financial language. Thus, you can more effectively monitor your current financial adviser, find a new one, or just take matters into your hands and evolve into a DIYer (do-it-yourself). Once you are exposed to the basics spelled out in this series, you will discover that the financial world is not complicated or intimidating as all of us were lead to believe.
If you are a K12 teacher be aware. The sharks are everywhere on school campuses and district offices 24/7. Their attacks occur routinely at public K-12 school districts for decades.

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