Please Comment on Introduction of New Book

I am currently revising and updating Late Bloomer Millionaires

Hi Readers,

I am asking for some help. I will be publishing serval versions of the Introduction to the 2^nd edition of my first book, Late Bloomer Millionaires, published nine years ago. I am requesting you to read these short introductions and provide some feedback. I am doing this because the Introduction to any book is super important. I have different introductions and want to know which one draws your attention the most.  I want to convey to readers that the contents of this book will help them achieve financial literacy.

Recall my co-author and husband of 40 years, Dan Robertson, who died suddenly six years ago. We were working on the 2^nd edition before he died. Because my life was turned upside down, the new book is still a work in progress. I hope to get it published by the end of 2022.

Thank you in advance for your time reviewing my introductions.

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Late Bloomer Millionaire: A Financial Story for Late Starters and K12 Teachers

By

Stephen Schullo

 

Introduction (Version 1)

This book is about planning for life after a career, no matter what your age. You will need finances to do this, and if you have nothing saved now and are older than 40 or 50, this book is for you.

The skills and knowledge required can be learned in about a days’ worth of study. Unfortunately, successful investing is also about your temperament and your emotions. Money can be a volatile issue when talked about in family situations, and it is one of the primary reasons for divorce. Yet, most people speak more comfortably about their love life than about their finances.

Isn’t that strange? What is so taboo about financial discussions? It is not the purpose of this book to get into philosophical reasons, and the objective is to get you started on your journey. While it is helpful to learn about investments by discussing with more knowledgeable people, there are plenty of online forums and resources to get your questions answered anonymously.

I share my lifelong journey because it would have been helpful to me to read this book back when I was in my early 20s. Getting started is tough. But knowing the end in mind would have been assuring that what I did was worth it. I started anyway because I remember from my parent’s generation that it is good to save, PERIOD! I took that clever idea and internalized it my entire working career.

I still remember contributing my first $200 to my employer’s tax differed retirement plan, which reduced my take-home pay! But after a few months, I never looked back, and 24 years later, after financial mistakes and my recovery, I ended with a sizeable nest egg comfortable enough that I retired earlier than most Americans—age 61.

What worked for me:

1. I never used a budget: It was too much work, and it didn’t work
2. I paid myself first and spent the rest.
3. I knew early on that I could live on 90% of income just as easily as 100%.
4. I never bought new cars: I bought used or slightly used cars.
5. Instead of chronic car payments, I invested the money instead.
6. To help lower homeowner’s costs, I rented out part of my house
7. Took on the buyer’s paper of a piece of property I sold and got an 8.0% interest on the loan for 12 years
8. Never had an emergency fund. I wanted all my money working.
9. Never had a goal for how much we will need for retirement. Because of our limited salaries, my late husband and I just saved what we could and hoped for the best.
10. Never saved more than 15% of my salary because I lived in super-expensive Los Angeles.
11. When the markets crashed in 2000, 2008, and 2020, I never panicked and got out.
12. I knew that after every stock market crash, it always recovers and eventually achieves new highs.
13. Timing the market is always wrong.
14. The future is entirely unknown.
15. I saved enough money controlling investment costs and reasonable returns to purchase two new electric cars (while retired).
16. I also bought solar panels for my house. Along with the electric cars, I was able to control energy inflation and to do my part in reducing greenhouse gases, CO² .

I am so fortunate to have learned to control my emotions and have enough practical skills to manage my investments without a costly financial adviser. You can too by reading this book.