"Late Bloomer Millionaires" -- A Gem

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"Late Bloomer Millionaires" -- A Gem

Postby Taylor Larimore » Tue Dec 18, 2012 3:43 pm

Authors Stephen Schullo and Dan Robertson tell us how they made serious investing mistakes, endured large losses, and then achieved millionaire status after discovering the Boglehead's formula for investment success. Below are valuable excerpts from these two late bloomer millionaires:
“We want you to enjoy the journey as we have, unraveling the maze of confusing and intricate financial obstacles to fine a less competitive approach to personal finance that leads to a sleep-easy secure retirement.”

“Our search began with a guiding philosophy—John Bogle’s work with the Vanguard Group.”

“Media pundits will use any economic certainty or uncertainty to convince investors to buy, sell or trade something.”

“In the financial industry objective information is our one best friend.”

“Heightened sensitivity to Wall Street tomfoolery, particularly leading to the 2008 crisis, is countered by the positive influence of Bogle and his followers as evidenced by Vanguard’s $1.7 trillion in assets.”

“When Bogle was CEO of Vanguard he never owned or flew in a private jet or first class. He flew coach.”

“That new car smell is the most expensive fragrance in the world.” Quote by Andrew Tobias

“As adults many of us succumb to the popular cultural pressure of consumerism: Bigger and better.”

“The relationship of long-term thinking and investing success is as interdependent as orchestral instruments resonating toward a symphonic crescendo.”

“It’s a cinch to stay put when the market goes up, but difficult or impossible to sustain long-term thinking when the market goes down.”

“Without experiencing real losses and a recovery, long-term thinking cannot be easily taught.”

Vanguard’s employee bonuses are only approved for cost-saving ideas: those which benefit their clients.”

“Steve learned from reading the Bogleheads investment forum that earning the average return of the whole market provides a middle ground: less volatility, less risk, better sleep."

"The idea of average returns didn’t appeal to Dan until he learned market average gains are higher than managed funds 80% of the time.”

“Much of our investment nestegg was made possible by controlling three costs: autos, housing and investment expenses."

“If you (at age 50) invest the 2012 max $17,000 per year tax-deferred contributions, and make a conservative 3%, when age 65 rolls around you will have $325,667."

“To wish for certain and safe periods to invest is futile. Like expecting a broker to recommend Vanguard or TIAA CREF.”

“With the mutual funds’ built-in diversification of hundreds of stocks in a single investment we don’t need a professional selling us a mutual fund. Why give money to somebody who then puts it into a fund we could get ourselves.”

“We only trade to maintain balance in our portfolio, once or twice a year.”

“We discovered that most of the statistics available such as alpha, beta, correlation, r-squared and book-value were not useful for us.”

“We encouraged each other to make retirement saving a priority, cut investment costs and replace annuities with investments.”

“We never saw most of our investment dollars. They came from regular payroll deductions deposited in our mutual funds. Whenever we received a raise we would add half to the increase to our deductions for retirement.”

“The industry makes money whether the market goes up or down.”

“Crises and bubbles come and go but stock market uncertainty lives on.”

“We discovered that the broadest asset classes are de facto proper diversification and comprise an essential part of our new strategy. This was a huge development and turning point in our learning process."

“Enter the ticker symbol on a financial site and check out the charges: front-end loads, back-end loads, 12(b)1 fees, revenue sharing and broker fees which accrue with frequent turnover. Revenue sharing is hidden.”

“We have learned the higher the turnover rate the greater amount you are paying in trading costs.”

“Professional investors as a whole are responsible for about 90% of all stock market trading.”

“The financial industry loves volatility: making money when the market goes up or down. It doesn’t matter to them."

"Every time someone sells, another buys, both think they’re smart.”

“Media pundits will use any economic certainty or uncertainty to convince investors to buy, sell or trade something.”

“Underneath the doom and gloom, markets do what they have always done after a prolonged bear market. Suddenly, they become bull markets.”

“The advantage of a balance of equities and bonds which increase or decrease at different rates, is that over time there is steady growth.”

“Why are bonds essential to any portfolio? For these reasons: Diversification, safety from a crash, getting regular income in retirement, preservation of capital and to rebalance the portfolio.”

“A general rule is to allocate a percentage of bonds which match your age.”

“In March, 2008 Cramer defended Bear Stearns again, saying it would not go bankrupt: a bad call. The one thing we agreed on—never listen to Jim Cramer.”

“The 2008 meltdown was massive, affecting the entire stock market. All equity asset classes were ripped apart no matter how cleanly they were diversified. We protected ourselves by self-education and followed the wisdom, strategy and philosophy of John Bogle.”

“When it comes to the financial industry, trust is just a buzzworld. Wall Street reveals their morality in their actions that caused the crisis and their reaction to the bailouts.”

“To assure your portfolio lasts the rest of your life, the general rule of thumb limits annual distributions to 4% of principle or less.”

“If you already have a portfolio you can tidy it up. Streamline and refocus your clutter of individual stocks and sector funds.”

“Some investors jump around desperately trying to be right when it’s better to be still.”

“Investing should be dull. Investing should be more like watching paint dry or grass grow. If you want excitement, take $800 and go to Las Vegas.” – Quote by Nobel Economist Paul Samuelson

“Trust that the worldwide economies will grow over the long term.”

“Taylor Larimore’s Three-Fund Portfolio would have returned $48,776 more than we did.”

“Taylor Larimore, Mel Lindauer, Adrian Nenu and numerous other financially savvy Bogleheads and authors helped us change direction in our late 50s.”

“Still not sure you can start your own lazy portfolio? We know the feeling—it took us a while too.”

“Understanding your employer’s tax-deferred retirement plan can be one of life’s mysteries.”

“The first lesson we learned was to never pay commissions.”

The Employment Retirement Income Security Act (ERISA) protects the retirement assets of millions of Americans.”

“Brightscope.com rates 401(k) plans from poor to excellent on costs, matching, investments, participation and total assets.”

“One of the best creations for newbie investors who don’t want to touch their investments or hire a fee only adviser is to use Lifestyle or Target Date Funds.”

“You just retired. Congratulations! One of the first things on your new list is to liberate your money by getting it out of your former employer’s plan and roll it over into a rollover IRA.”

“In the surreal 403(b) world, adviser’s accountability is rare and their actions are not just dripping with conflicts of interest, but pouring like a thunderstorm.”

“Insurance products do not qualify as securities under the securities act; thus, a person who sells them is not required to be a fiduciary.”

[OT quote removed by admin LadyGeek]

“An investor with a 1.5 million dollar portfolio my easily pay $45,000 in costs to a brokerage firm and probably not know it.”

“Our adviser charges by the hour and assists us in setting up our plan with low-cost index funds.”

“Proper investment risk consists of finding a balanced middle ground between growth potential and protection from down markets.”

“Men are more likely to jump in and out of investments in the short-term whereas women think long-term and stick with the same investments. Guess what? Women’s investment returns are higher.”

Dalbar reports that from 1991 through 2010 the S&P 500 20-year average return was 9.14%, while the average mutual fund investor earned 3.83%.”

“Simplicity, simplicity, simplicity! -- Keep your accounts on your thumb-nail.” Quote by H.D. Thoreau

“We didn’t use a budget, it took too much time and was unnecessary. We paid ourselves first and spent the rest. That worked perfectly.”

"Still not sure you can start your own lazy portfolio? We know the feeling—it took us a while too."

"Bogleheads.org is the best and most active investing website for the do-it-yourself investor found on the internet."


Thank you Dan and Steve.

More Investment Gems

Best wishes
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
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Re: "Late Bloomer Millionaires" -- A Gem

Postby runner9 » Tue Dec 18, 2012 3:49 pm

Available free for Kindle this weekend:

viewtopic.php?f=10&t=107192&newpost=1557397
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Barry Barnitz » Tue Dec 18, 2012 4:22 pm

Hi Taylor & Steve:

Taylor, we have added your latest gem to our wiki page :Taylor Larimore's Investment Gems - Bogleheads

Steve: We have created a page for you in the wiki, along with other boglehead authors: Steve Schullo - Bogleheads

regards
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Re: "Late Bloomer Millionaires" -- A Gem

Postby abuss368 » Tue Dec 18, 2012 4:31 pm

Nice summary.

Thanks Taylor.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby chaz » Tue Dec 18, 2012 5:11 pm

A very nice gem.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby FinancialDave » Tue Dec 18, 2012 5:55 pm

Very nice, thanks!

Let me just say you don't need a Kindle or any tablet to download this, as you can put a "PC Kindle" from Amazon, right on your desktop for free.


Available free for Kindle this weekend:

viewtopic.php?f=10&t=107192&newpost=1557397



fd
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Wed Dec 19, 2012 1:14 pm

FinancialDave wrote:Very nice, thanks!

Let me just say you don't need a Kindle or any tablet to download this, as you can put a "PC Kindle" from Amazon, right on your desktop for free.


Available free for Kindle this weekend:

viewtopic.php?f=10&t=107192&newpost=1557397



fd


Link to all of the free reading apps that Amazon supports: http://www.amazon.com/gp/feature.html/r ... 1000493771
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Re: "Late Bloomer Millionaires" -- A Gem

Postby VictoriaF » Wed Dec 19, 2012 2:35 pm

Taylor Larimore wrote:Authors Stephen Schullo and Dan Robertson tell us how they made serious investing mistakes, endured large losses, and then achieved millionaire status after discovering the Boglehead's formula for investment success. Below are valuable excerpts from these two late bloomer millionaires:
[OT quote removed by admin LadyGeek]


Thank you Taylor.

[Response to OT quote removed by admin LadyGeek]

Victoria
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Re: "Late Bloomer Millionaires" -- A Gem

Postby exoilman » Wed Dec 19, 2012 2:42 pm

[Response to OT quote removed by admin LadyGeek]
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Re: "Late Bloomer Millionaires" -- A Gem

Postby VictoriaF » Wed Dec 19, 2012 2:47 pm

[Response to OT quote removed by admin LadyGeek]
Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
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Re: "Late Bloomer Millionaires" -- A Gem

Postby exoilman » Wed Dec 19, 2012 3:55 pm

[Response to OT quote removed by admin LadyGeek]
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Fallible » Wed Dec 19, 2012 7:24 pm

Looking forward to reading the book, [Response to OT quote removed by admin LadyGeek]
"Common sense and a sense of humor are the same thing, moving at different speeds. A sense of humor is just common sense, dancing." -William James
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Sat Dec 22, 2012 9:10 am

Get your free ebook on Kindle NOW!
The window closes Midnight Dec 23rd PST.
Happy holidays,
Steve and Dan
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Re: "Late Bloomer Millionaires" -- A Gem

Postby foxfirev5 » Sat Dec 22, 2012 9:32 am

It all looks good and has sure worked for me. However the quote about the new car smell does not ring true for me. I've had a lot of new, used, slightly used cars over the last 35 years. The best ones have always been brand new cars which provided many more years of service than even the best used cars. I have driven over 1.5 million miles and kept track of all expenses for all of these vehicles. It is surprising to find that when I bought the car I really wanted and kept it, the cost advantage of the used car disappeared. Not to mention the reliability factor ,which in my case directly would impact my income. :D
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Re: "Late Bloomer Millionaires" -- A Gem

Postby pennstater2005 » Sat Dec 22, 2012 9:42 am

sschullo wrote:Get your free ebook on Kindle NOW!
The window closes Midnight Dec 23rd PST.
Happy holidays,
Steve and Dan


Just got it and can't wait to read it! I got a late start to the game and am excited to see how someone else has done it. Thanks guys!
My children love my mother, and I tell my children “That is NOT the same woman I grew up with…that is an old woman trying to get into heaven now.” - Bill Cosby
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Sat Dec 22, 2012 10:43 am

This is the link for the free offer: http://www.amazon.com/Late-Bloomer-Mill ... llionaires

Click on "Buy now with 1 Click" and the balance should read $0.00.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Johm221122 » Sat Dec 22, 2012 10:51 am

sschullo wrote:This is the link for the free offer: http://www.amazon.com/Late-Bloomer-Mill ... llionaires

Click on "Buy now with 1 Click" and the balance should read $0.00.

Downloading mine now,thank you and happy holidays :sharebeer
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sscritic » Sat Dec 22, 2012 10:55 am

Thanks to Taylor, I don't need to download the book and read it. Instead of reading for three hours, I can watch four 3/4 hour episodes of my favorite Chinese soap and still get all the gems. Thank you Taylor.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Sat Dec 22, 2012 11:07 am

sscritic wrote:Thanks to Taylor, I don't need to download the book and read it. Instead of reading for three hours, I can watch four 3/4 hour episodes of my favorite Chinese soap and still get all the gems. Thank you Taylor.


We can all thank Taylor, Mel, Alex and all of the moderators for a lot of things for 15 long years now! I was 50 year old investment "kid" when I first heard of Mr. Bogle and the old Vanguard Diehards.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby VictoriaF » Sat Dec 22, 2012 11:09 am

sscritic wrote:Thanks to Taylor, I don't need to download the book and read it. Instead of reading for three hours, I can watch four 3/4 hour episodes of my favorite Chinese soap and still get all the gems. Thank you Taylor.


May be one day you will write your own book on investing? In the form of a Chinese soap opera, of course.

Victoria
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Re: "Late Bloomer Millionaires" -- A Gem

Postby baw703916 » Sat Dec 22, 2012 11:15 am

VictoriaF wrote:
Do most of us watch investment porn for the same sanity-destroying reasons a man watches porn? :wink:

Victoria


If it involved getting turned on by attractive index funds in skimpy expense ratios, that wouldn't be so bad. But some people seem to have a very different standard of what they find attractive. :wink:
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Re: "Late Bloomer Millionaires" -- A Gem

Postby baw703916 » Sat Dec 22, 2012 11:20 am

sschullo,

I haven't read your book yet, but I've really enjoyed your posts on this board. If those are any indication, I'm sure the book will benefit many people. Contratulations to you and your co-author on your financial success, and for sharing it with others via this board and now through your book.

Best wishes,
Brad
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Steve K » Sat Dec 22, 2012 11:29 am

Thank you Steve and Dan.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby 6miths » Sat Dec 22, 2012 12:03 pm

Steve K wrote:Thank you Steve and Dan.


+1

I have downloaded the free copy and now sit contentedly by the Christmas tree and fireplace with a nice cup of tea and something that promises right from the introduction to be a great read. Thanks again guys! Merry Christmas and thanks for the early gift, it will be much enjoyed! Cheers.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby nedsaid » Sat Dec 22, 2012 10:11 pm

Sounds like a great book.

The most successful investment strategies are boring. I am glad there is another book that points this out.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby darkhorse » Sat Dec 22, 2012 10:23 pm

Looks like a nice book, just got it through kindle app
Thanks for making it available Dan & Steve
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Re: "Late Bloomer Millionaires" -- A Gem

Postby justus » Sat Dec 22, 2012 10:43 pm

I just took advantage of the free offer. It's a good read.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Mel Lindauer » Sat Dec 22, 2012 11:11 pm

Excellent choice of Mark for the cover design, Steve; he did a real bang-up job. I visited his web site and looked at his work. He's really, really good, and that's coming from someone who spent 30+ years in the graphic arts business.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Christine_NM » Sat Dec 22, 2012 11:34 pm

Got it. Thanks Dan and Steve. Yes, the cover looks better than a "freebie" has any right to look. Haven't read it yet, but I think I've probably lived it.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Sat Dec 22, 2012 11:43 pm

Mel Lindauer wrote:Excellent choice of Mark for the cover design, Steve; he did a real bang-up job. I visited his web site and looked at his work. He's really, really good, and that's coming from someone who spent 30+ years in the graphic arts business.


Christine_NM wrote:Got it. Thanks Dan and Steve. Yes, the cover looks better than a "freebie" has any right to look. Haven't read it yet, but I think I've probably lived it.


Mel and Christine,
I just emailed Mark what you said about his work, Mel. Yep, he is talented, lucky to find him. He was the President of the prestigious Palm Springs writers guild. His work is no Freebie!
Have a good evening,
Steve
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Re: "Late Bloomer Millionaires" -- A Gem

Postby bogleblitz » Sun Dec 23, 2012 1:00 am

Positives
+ Since it is new, it has investment data up to 2011 compared to others that only goes up to 2002.
+ It doesn't try to sell Vanguard as much as other books I read
+ Easy to understand for a newbie
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Re: "Late Bloomer Millionaires" -- A Gem

Postby thebogledude » Sun Dec 23, 2012 1:42 am

pennstater2005 wrote:
Just got it and can't wait to read it! I got a late start to the game and am excited to see how someone else has done it. Thanks guys!


haven't read it yet, hopefully it's a how to book for what the title implies.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Mel Lindauer » Sun Dec 23, 2012 2:49 am

sschullo wrote:
Mel Lindauer wrote:Excellent choice of Mark for the cover design, Steve; he did a real bang-up job. I visited his web site and looked at his work. He's really, really good, and that's coming from someone who spent 30+ years in the graphic arts business.


Christine_NM wrote:Got it. Thanks Dan and Steve. Yes, the cover looks better than a "freebie" has any right to look. Haven't read it yet, but I think I've probably lived it.


Mel and Christine,
I just emailed Mark what you said about his work, Mel. Yep, he is talented, lucky to find him. He was the President of the prestigious Palm Springs writers guild. His work is no Freebie!
Have a good evening,
Steve


Based on his portfolio, I didn't think that he'd be free or even cheap unless he was a relative or a VERY close friend, Steve.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Sun Dec 23, 2012 9:49 am

Mel Lindauer wrote:
sschullo wrote:
Mel Lindauer wrote:Excellent choice of Mark for the cover design, Steve; he did a real bang-up job. I visited his web site and looked at his work. He's really, really good, and that's coming from someone who spent 30+ years in the graphic arts business.


Christine_NM wrote:Got it. Thanks Dan and Steve. Yes, the cover looks better than a "freebie" has any right to look. Haven't read it yet, but I think I've probably lived it.


Mel and Christine,
I just emailed Mark what you said about his work, Mel. Yep, he is talented, lucky to find him. He was the President of the prestigious Palm Springs writers guild. His work is no Freebie!
Have a good evening,
Steve


Based on his portfolio, I didn't think that he'd be free or even cheap unless he was a relative or a VERY close friend, Steve.


Exactly. Self publishing a book costs thousands but worth every cent!
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Re: "Late Bloomer Millionaires" -- A Gem

Postby bowes11217 » Sun Dec 23, 2012 10:10 am

Thanks so much for this. I'm really looking forward to reading.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby mickeyd » Sun Dec 23, 2012 5:01 pm

Looks like another book for me to recommend that my local library adds to their collection. Thanks for the heads up Taylor.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby thebogledude » Sun Dec 23, 2012 5:19 pm

“If you (at age 50) invest the 2012 max $17,000 per year tax-deferred contributions, and make a conservative 3%, when age 65 rolls around you will have $325,6767."

I think there's a typo.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby nvboglehead » Sun Dec 23, 2012 5:24 pm

I just finished reading this book. I really enjoyed it and am glad to add it to my ebook collection. Dan and Steve, thank you for the wonderful Xmas gift!

When are Dan and Steve going to be present at a BH reunion? I am sure that I am not the only Boglehead that would like to meet them in person.

Best wishes,

Dale
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Sun Dec 23, 2012 6:07 pm

thebogledude wrote:“If you (at age 50) invest the 2012 max $17,000 per year tax-deferred contributions, and make a conservative 3%, when age 65 rolls around you will have $325,6767."

I think there's a typo.


Yep, I changed table 15 to reflect the recent 2013 increases in the tax deferred plans, but I didn't change it in the paragraph above. :oops: Oh well, one more item to add to our errata sheet.

Thanks,
Steve
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Taylor Larimore » Sun Dec 23, 2012 6:13 pm

thebogledude wrote:“If you (at age 50) invest the 2012 max $17,000 per year tax-deferred contributions, and make a conservative 3%, when age 65 rolls around you will have $325,6767."

I think there's a typo.


Bogledude:

I have edited the quote with the correct figure: $325,667.

Thank you and Happy Holiday!
Taylor
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Re: "Late Bloomer Millionaires" -- A Gem

Postby thebogledude » Sun Dec 23, 2012 11:55 pm

Hi Steve,

Just curious why you have 3% Extended Market with the 10% Total Stock Market in your portfolio, is it to give a tilt to small and mid-cap?
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Mon Dec 24, 2012 12:07 am

thebogledude wrote:Hi Steve,

Just curious why you have 3% Extended Market with the 10% Total Stock Market in your portfolio, is it to give a tilt to small and mid-cap?


Yes, that's correct.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby runner9 » Sun Jun 09, 2013 10:28 am

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Re: "Late Bloomer Millionaires" -- A Gem

Postby Rick Ferri » Sun Jun 09, 2013 10:33 am

That's great!

:D

Congrats Steve and Dan!

Rick Ferri
Mutual fund investing is simple. There is risk, there is return, and there are costs. All else is marketing.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby sschullo » Sun Jun 09, 2013 12:04 pm

Thx runner and Rick.
Vanguard gave us the red carpet treatment!

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Re: "Late Bloomer Millionaires" -- A Gem

Postby Jack » Sun Jun 09, 2013 12:58 pm

I would suggest editing out the [OT quote --admin LadyGeek]. It is not clever. It is not funny. It is offensive. It is wrong about the issues surrounding [OT topic --admin LadyGeek]. It is a demeaning stereotype. It's just wrong all around.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Alistair » Sun Jun 09, 2013 4:57 pm

I agree. Perhaps the book provides more context but from reading this thread it seems stupid and offensive.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby LadyGeek » Sun Jun 09, 2013 9:18 pm

^^^ FYI - I removed the offensive quote and follow-up comments.
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
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Re: "Late Bloomer Millionaires" -- A Gem

Postby Beagler » Sun Jun 09, 2013 10:10 pm

Congratulations on the interview.
“The only place where success come before work is in the dictionary.” Abraham Lincoln. This post does not provide advice for specific individual situations and should not be construed as doing so.
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