Late Bloomer Wealth

One year anniversary of Jack Bogle’s Death

Jack Bogle 1929-2019

(I wrote this in my journal one year ago with editing)

He died peacefully yesterday. He was 89. I have been thinking for some time now about Jack’s passing, and it finally happened. So it was not a surprise until death comes.

The news release said that Bogle died from cancer and not from his failing heart, in which he had a heart transplant 23 years ago. He had his first heart attack at age 31! And four additional attacks until the transplant.

He was always thankful for the person who donated his heart to Jack, and I think all Bogleheads are grateful too.

My review of his best book, IMO, Enough: True Measures of Money, Business, and Life was not just a personal finance book but a book for everybody who wants to live a more fulfilling life. He challenged the current capitalist system with the winning take all approach by beating the other guy though outsmarting, outthinking and all that competitive crap. It’s not about BEATING anybody, it’s about all of these buzz words in his book, Enough. 

Bogle titled each chapter 1-10 with these timeless life principles below:

  1. Too Much Cost, Not Enough Value
  2. Too Much Speculation, Not Enough Investment
  3. Too Much Complexity, Not Enough Simplicity,
  4. Too Much Counting, Not Enough Trust,
  5. Too Much Business Conduct, Not Enough Professional Conduct,
  6. Too Much Salesmanship, Not Enough Stewardship,
  7. Too Much Management, Not Enough Leadership,
  8. Too Much Focus on Things, Not Enough Focus on Commitment,
  9. Too Many Twenty-First-Century Values, Not Enough 18th Century Values,
  10. Too Much Success, Not Enough Character

Ironically, I believe Bogle was one of the most successful people on the planet, especially in the personal finance world with us regular investors. With all of his genuine wisdoms in mind, I doubt if he was thinking of making money when he started Vanguard and the indexing strategy. But we know he was thinking about us, the regular investor!

I know this is a long shot, but I think that the now-famous frugal living guru of all time, Mr. Money Mustache also never thought about being a competitive entrepreneur at all! MMM referred to Bogle’s investment strategy frequently and for good reason. MMM also had the wisdom and foresight to create a wonderful life. MMM tapped into millions of people’s fantasies who also want to live a stress-free, simple life, where excessive spending on worthless stuff drives one to be even more ambiguous so they can keep up with the jones.

I know “keeping up with the Jones” is an old cliché but unfortunately, my Boomer generation went down the borrow and spend path BIG TIME, with every moment filled with unnecessary stress and expensive path, not only expensive to the bank account but also on their mental and physical well-being. That lifestyle is unhealthy!

Jack Bogle is similar to the other genius thinkers and doers of the 20th century with his massive contributions to our civilization without thinking of “making money”: Albert Einstein, Frank L. Wright, Sigmund Freud, Stephen Hawkins, Linus Pauling, Winston Churchill, George Orwell, and others.

When CNBC announced the death of Jack and talked about his life and incredible and impeccable legacy, I wept when they showed his smiling face, with these numbers “John Bogle 1929-2019”. At that moment I realized that from now on, I will not hear this great man again, one of my greatest heroes, who has helped me, personally, and millions of others with our finances and a way of living.

RIP Jack. I will miss you terribly.

Here is his last CNBC interview: https://www.cnbc.com/video/2019/01/17/jack-bogle-in-his-last-cnbc-interview-on-why-timing-markets-never-works.html 

 

 

(January 17, 2020 note: I still miss your smile and your grace as you advocated for us regular folks)

Stephen’s Bio

Stephen A. Schullo, Ph.D. (UCLA ’96) taught in the Los Angeles Unified School District (LAUSD) for 24 years and UCLA Extension teaching educational technology to student teachers. Steve wrote investment articles for the United Teacher-Los Angeles (UTLA) union newspaper for 13 years. He has been featured and quoted in many mainstream media articles about 403(b) plans, including the Los Angeles Times, NY Times, and U.S. News and World Report. He co-founded an investor self-help group 403bAware for teacher colleagues and wrote 7,500 posts in three investment forums since 1997. He testified at California State legislative hearings and honored with the “Unsung Hero” award by his teacher’s union for his retirement planning advocacy.

For the last 14 years, he serves as a volunteer on LAUSD’s Investment Advisory Committee as a “Member-at-Large” and former co-chair. The committee contains collective bargaining reps from the unions and monitors the district’s tax-deferred retirement plans, 457b/403b, of 55,000 former and current LAUSD employees, worth $2.8 billion in total assets.

He started this blog in 2012 to help all PreK-12 public school educators nationwide, especially his Los Angeles Unified School District colleagues. He belongs to a small national group of 403(b) advocates (mostly teachers) who want to bring closer attention to the 403(b). During the last 25 years, 38 newspaper articles have been published and each one says the same thing, TSAs (Tax Sheltered Annuities) are terrible 403(b) plans and the salesperson gets the benefit from lucrative commissions and high costs. Nobody in educational leadership reads these articles NOR talk about the proper place for annuity products publically. We come together at 403bwise.com and 403bwise Facebook page https://www.facebook.com/groups/349968819000560/ Come on over if you want to join us so we can help our colleagues avoid these self-conflicted and high-cost Tax-sheltered Annuities (TSAs).

Steve is the author of two books, Late Bloomer Millionaires and Fighting Powerful Interests: Educators Challenge Tax-sheltered Annuities and WIN!, a story of how a handful of LAUSD educators struggled for years to improve the 403(b) to no avail. But we never quit! We were instrumental in LAUSD’s implementation of the new 457(b) plan and earned a very rare, but very precious “Plan Design” award. 

For a copy of both books, email Steve at steve.schullo@latebloomerwealth.com and he will happily email you both books, FREE with no obligation except to read them and get informed, in a pdf file format.

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