Late Bloomer Wealth

Late Bloomer Wealth

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

Steve Schullo, PhD

Financial Shark Series: 67 Repellents to Protect Yourself

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The next 67 posts are human shark attacks euphemistically called sales pitches.
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, 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 needed to 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.
One Important Exception: Fee-only financial advisors who charge an out-of-pocket hourly fee and sign a fiduciary oath are NOT sharks.

Book Review: “A Simple Path to Wealth” by JL Collins

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3.5 years ago, I wrote and posted a review of this excellent book. This review is worth a repeat here.

This post is a repeat of my 5-star previous review that I published on Amazon in 2016. At the time, I did not know the author, but when any book has Mr. Money Mustache in the forward, that’s a must-read book.
Some of you might wonder why I would review and recommend another book when I wrote two books myself. Instead, wouldn’t I encourage people to read my books? Of course! But my only purpose for writing this blog and my two books is for readers to educate themselves on personal finance.

I pick out the most objective and unbiased personal financial books that reflect my values and thinking for my teacher colleagues, and others to know. When I read a great book that has the same philosophy of investing as I do, heck yes, I recommend that you buy and thoroughly read somebody else’s book and download my two books for FREE.

Since then 568 people liked my review. For Amazon, that’s many “likes” and I am enormously proud. It is one of my best reviews primarily because “The Simple Path to Wealth” is “simply” a great book, while the author’s philosophy, values and knowledge are similar to mine.

Ok folks are you ready to walk “The Simple Path?”

One year anniversary of Jack Bogle’s Death

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Jack Bogle died a year ago and I thought I would publish my journal entry about this great man, one of my personal heroes. Many people believe, as I do, that we should have personal and public heroes. People who made a difference not only in our lives but for the lives of our family and friends, and for humanity too. When one of our heroes passes, it’s important to morn, remember and help carry his or her message to the next generation.

Two questions to ask your financial adviser

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You may have read many blogs or heard the vital questions to ask your financial adviser. They range from 5 to 20, 30 questions or more. People mean well but it’s too many questions. I think asking that many questions are a waste of time because financial advisers are paid to keep you calm about your money. And they are incredibly good about answering every question!

Hence, there are two problems, a. you have nothing to in mind to compare, and b. the sheer number of questions is a gold mine for the adviser because they can talk excessively while not provide anything of value.
So I reduced the number of questions to just two. Because
a. I will give you the answers about my portfolio, so you have answers in mind when you talk with your adviser.
b. you can focus on two of the most key details of how your investments are performing compared to the broad stock and bond market returns, and you can begin to monitor your financial adviser to confirm that he or she is looking out for your best interests.

In the final analyses, when it comes to your financial portfolio and you hired a financial adviser, the following two questions could change your relationship for good with both your adviser and your precious savings and investments forever.

Steve’s Portfolio Y.T.D. Q3 Report 2019

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If this year-to-date performance holds up till the new year 2020, I will have the highest gross income in my life.
I have often said that my portfolio is boring. But I have one exception–10.5% return Year-to-Date–January 1st, 2019 to September 30, 2019. The only reason my portfolio is up is that I am broadly diversified in 33% stocks and 67% bonds. As you will see in the graphs and tables, my bonds went up almost 9% and my stock index funds went up almost 20%. Its been a good year for both stocks and bonds so far. It is not the end of the year yet.

403(b) Reform? Here are my dreams!

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Hi colleagues!

This blog post is an unfortunate repeat of what is wrong with the aggressive selling of abysmal annuities with self-conflicting advice from the insurance agents that are everywhere on school campuses. Despite 25 years of our small band of 403(b) advocates doing everything we can to get our nation’s 4 million educators attention, nothing has changed in the 60-year history. That’s right! Since 1961 the chronic selling of inappropriate, costly and pathetic returns commonly known as the TSA (tax-sheltered annuities) in public k12 403(b) plans continues without a hitch. To change a monumental fixture on school campuses, unions and districts require setting up goals of what needs to be changed. Right now the 403(b) is a lucrative money maker for the insurance agents and their insurance companies. We want educators to invest their money like our pension plans do, in the stock and bond market, safely and productively with your best interests in mind. Just take a peek at my most recent portfolio in my blog. I publish my portfolio performance every quarter for years.

What is a modern and up to date 403(b) plan that takes care of the educator’s best financial interest for a change?
Take a look at our dreams of 403(b) reform with public K-12 school districts and the positive developments that have been accomplished.

Steve

Rare 403(b) and 457(b) Issues and Education Meeting in Los Angeles!

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Los Angeles Teachers and all of southern California educators, MARK YOUR CALENDARS! The U. S. Securities and Exchange Commission California office officials read the 5-series New York Times articles three years ago. As a result of reading just how pathetic and expensive the 403(b) was with public K12 school districts, they reached out to us …

Rare 403(b) and 457(b) Issues and Education Meeting in Los Angeles! Read More »

Steve’s Portfolio Report Q2 2019

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Happy Summer. I think it is safe to say that most people would admit that summer is our favorite season. It’s my favorite for one good reason, my birthday is in July! There is nothing negative with plenty of sunshine, warm air and fluffy clouds to keep all of the lush greenery alive and growing. It is also the halfway point and a time to gauge our investments to see if our portfolios are behaving and growing like the summer flora all around us. Is my portfolio following a similar path of returns with the broad domestic and world stock and bond markets?
Hope you enjoy my presentation about how my portfolio of stocks and bonds performs with the overall stock and bond markets.

Dealing with Bureaucracies

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Four months before my birthday, I got my notice in the mail that my driver’s license will be expiring on my birthday. This blog post is a brief escape from the maddening world of personal finance and my quarterly portfolio reports. This is one of the necessary activities that all of us will have to undertake sometimes in our lives. However, I don’t remember the last time I took the written test to earn my driver’s license. Thus, I had to study.
No doubt the Department of Motor Vehicles and the Veterans Administration are two huge bureaucracies but, in my opinion, they receive over the top criticism. They are both underfunded, understaffed and unappreciated through no fault of their own, so what else is new. It is certainly not the fault of the people who looked at my documents, administered the test or provided me with Veteran Status Verification Form. On top of all the talk about inefficiencies, long lines and funding troubles that our governmental institutions are in these days, I experienced helpful V.A. volunteers and DMV’s good employees.

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