Late Bloomer Wealth

Late Bloomer Wealth

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

Steve Schullo, PhD

RE-Introducing myself to what I do, and WHY?

Leave a Comment / Financial Education/Literacy, Late Starters, LAUSD Employees, PreK-12 Educators / By

Sorry if I am projecting an unabashed self-centered blog post, but it is important to review who I am and what I stand for in writing this personal finance blog from consumer POV (that is, I am not nor will I ever be a professional financial adviser). You deserve to know! Being a non-professional in the financial industry provides a unique point of view that is not accessible from profit-motive financial blogs or financial advisers (and there are thousands of blogs and books and many of them are good). As you can see, I have no ads on my blog and I give away my two books.* My books have received great reader reviews on Amazon. Check them out, but don’t buy them as you can get them free here on my blog. Just click on the books on the right.

Next Generation Personal Finance

Leave a Comment / Financial Education/Literacy, PreK-12 Educators / By

Who would not like tons and MORE TONS of FREE teaching resources all in one website? All these amazing materials are from Tim Rezentta, the founder of Next Generation Person Finance. Tim provides EVERYTHING free which you need to teach financial literacy to your students. Yes, everything is free because he knows how important it is for people to know personal finance. He provides FREE training and a gazillion bits and pieces of valuable resources that you can use with your students immediately.
I discovered Tim and his Next Generation Personal Finance website just a few months ago. This website has so much information, ready to use resources, videos, teacher training opportunities and interviews with classroom teachers and financial literacy experts that you will not have to look anywhere else. Survey after survey says the same thing repeatedly that teaching financial literacy is as important to young people as teaching the basics. Finances can be incorporated into math and science that all teachers must cover. Tim has the material already for you from individual lessons to a complete semester plan. He has hundreds of videos. For example, an animated presentation of the difference between simple and compound interest. Colleagues! you do not have to search the web for money related or economic resources again! Its all on Tim’s website.

Steve’s 2018 Mid-Year (Quarter 2) Portfolio Report and Ballroom Dancing Competition

Leave a Comment / Annual and per quarter returns, Passive Investment Strategy / By

If you are an investor who is worn-out looking for investing excitements, you have found the right place to start over because my website and my portfolio are extremely boring. If you are looking for sustainable growth without taking over the top risks, you are most welcome to check out this mid-year 2018 report on my 7-figure portfolio. And if you are looking for an exciting activity that is social, fun and healthy check out my latest gig.

Michelangelo’s Famous Quote

Leave a Comment / Beginning Investing, Do it yourself investors (DIY), LAUSD Employees, PreK-12 Educators / By

One of the most famous artists in the history of art Michelangelo Buonarroti’s offers a metaphor for discovering the basics of investing. Because we live in the 21st Century, Wall Street, Vanguard Group and TIAA (Teacher’s Insurance Annuity Association) have already created the pieces we need. All we have to do is “chip away” the material that doesn’t belong in our “David”–a very simple and easy to understand portfolio of stocks and bonds. I know this may seem like a stretch of my imagination, but please read on. This post is short and to the point!

4 Straightforward Ideas to Help Locate a Trustworthy Financial Adviser

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If you think learning to self-manage your 403(b) 401(k) or your 457(b) retirement plan investments is WAY over your head, you are kidding yourself. Locating a professional financial adviser with fiduciary standards, hourly fee-only with tiny management fee is not all that much different than finding a romantic relationship. Your relationship with a financial adviser is so much different than many other professionals which we hire. A financial adviser looks over your money for years involving trust. Trust makes this professional relationship MUCH MORE COMPLICATED!
In all areas of personal finance, investing and retirement planning, the most important professional person is a competent financial adviser. In this blog post, I will discuss what is already been written, spoken and discussed endlessly on the money related talk and radio shows, television, podcasts, websites, and financial blogs by smarter and more informed people than me. There is information EVERWHERE on the powerful decision of whether to hire a financial adviser. But all this information can be found on one of these four sources of information, one booklet, one blog post and one book, and 403bwise.com who already vetted financial advisers for you. ALL are FREE!
So, why am I contributing that has already been done by thousands of other folks smarter than me?
PLENTY! I AM A Role Model for Do It Yourselfers (DIYers). I have four ideas on how you can be so confident that you will want to be your own money manager.

The Taming of an Annuity Hater

Leave a Comment / Financial Education/Literacy, LAUSD Employees, PreK-12 Educators / By

At first glance, I may sound hypocritical because I tell everybody I know to avoid annuities at the same time I own one. If you have read my blog and my two books, you discovered there exists one great annuity, which I now own. TIAA Traditional Annuity has 11 distinctive features I demand. Unfortunately, most people outside of the educational establishment do not have access to this one honorable, low-cost and appropriate annuity.

For years, I had despised all annuities because my naivete was taken advantage of when I was a young teacher. While getting sold two annuities was bad enough, the sales force never stops. They have no ethical standards what so ever! I blew a head gasket when I found out that I had a surrender fee on the second annuity after I specifically directed my agent to put me in an annuity which did not have a surrender fee. Wow! She just ignored my request because to do so she would not get a commission. What horrible ethics these agents live with and can sleep at night. That cost me $2000 in surrender fees.

For years annuities have been controversial for a good reason. They get bad press because annuities are costly, complicated and offer deplorable low returns. I am not the only one saying bad things about annuities. Legendary money manager Ken Fisher says on his TV ads that he “would rather die and go to hell than to sell an annuity.” That’s strong language against annuities.
This low-cost (and simple) annuity is rare. You do not have to search long and hard because I will tell you the company and the specific annuity I own. It is available to both higher education and many PreK-12 employers 403(b) plans. Los Angeles Unified has this one appropriate annuity available in the 403(b). It’s the same one I own now. Check it out.
My message to annuity insurance agents, are you up for a challenge?

Outhouse to Frugality + Schizophrenia to College Graduate = Financial Independence

1 Comment / Financial Education/Literacy, Frugal Habits / By

The Latest Post from Late Bloomer Wealth!
Part 1/2
Every personal finance book discusses infinitely that if you want to achieve financial independence, you must discover how to live within your means, and then save a little each month during your working career. It doesn’t really matter if you are young or old, high earner or less than average wage earner, I am here to share my experience for your edification.
As a 70-year-old, I have years of life to draw stories and experiences, so you can find your strengths and develop them. Hopefully, you will discover a few nuggets of how you can evolve into this wonderful state pursued by just about everyone–financial independence.
In Part one, I discuss what I discovered growing up on a dairy farm in Northern Wisconsin. The influence of my parent’s frugal habits motived me to begin saving right out of the gate, and my older brother’s serious schizophrenia motivated me to finish college.

Addressing the Unthinkable Before It Suddenly Addresses You

Leave a Comment / Loss / By

The Benefits of Financial Literacy are Many and Positively Powerful!

During my married life with Dan, we planned relentlessly for retirement. It was long before marriage equality and domestic legal partnerships. We just thought it was a good idea to set aside money. It wasn’t until we got ripped off by annuity agents and I got a cancer scare that we learned to manage our money and prepared for life without the other (the unthinkable).
Preparing for retirement is a beautiful idea. But don’t forget to include the financial literacy of your surviving spouse so she (or he) can carry on financially without you, OR all of the family’s planning and lifelong savings might be at risk.

Unexpected Advantages from Financial Literacy

Leave a Comment / Financial Education/Literacy, Loss, Women Investors / By

Is managing your money well considered romantically hot in the dating world? Yes, it is, according to a recent survey and a subsequent article by Bloomberg. The article reveals that a high credit score shows financial responsibility stood out much higher than intelligence, job title, physical looks, trustworthiness, and owning a nice car. This blog post addresses those of us who are single no matter what age and how financial literacy can help you achieve romantic happiness whether you are looking for love at the beginning of adult life or in retirement. Financial literacy is a huge plus. Read how I reclaimed my romantic life after my loss two and half years ago and how financial knowledge helped big time.

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