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Late Bloomer Millionaires: A Financial Story and Investment Guide for Late Starters Kindle Edition

4.4 out of 5 stars 87 customer reviews

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Length: 358 pages Enhanced Typesetting: Enabled

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Product Details

  • File Size: 4153 KB
  • Print Length: 358 pages
  • Publisher: Late Bloomer Wealth; 2 edition (December 9, 2012)
  • Publication Date: December 9, 2012
  • Sold by: Amazon Digital Services LLC
  • Language: English
  • ASIN: B00AM34M6I
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Lending: Enabled
  • Enhanced Typesetting: Enabled
  • Amazon Best Sellers Rank: #803,229 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Top Customer Reviews

Format: Kindle Edition Verified Purchase
I was going to give this 3 stars but the further I read the closer it got to 4. This is a description of the path to a secure and comfortable retirement taken by one couple who started later in life. With a little luck and a lot of motivation, they created, lost and recreated a nest egg comfortable enough to serve them their entire retirement.

Most of this book is a story of their journey. Although it focuses on the financial aspects of this journey, much of it is written as a story. That means you have to read a lot of interesting, nice, but ultimately irrelevant stuff to get to the financial lessons (unless you're one of those people who needs context for a lesson to make sense). Most of these lessons could be summarised in a chapter. Throughout my reading, I couldn't help but remember Scott Adams' (the creator of Dilbert) rules of getting rich:

- pay off your credit cards and loans
- cut up your credit cards
- save up 6 months of expenses
- pay up your superannuation (that's Australian, I think in the USA the book seems to indicate it's called a 401(k)? ) to the maximum amount allowed
- invest any excess money you have in index funds (70%) and bonds (30%)

Index funds - not actively managed by a financial manager - regularly outperform every other kind of fund. There is simply no reason to play the market - you'll always lose, as even the best investment managers lose. Index funds are the best. Use them, stick with them, that is all. (They also stress that even funds need to be diversified. Invest in more than one and make sure they cover a large mix of local and international stocks.)

Where the book adds value is to advise that stocks may be volatile and prone to rare crashes.
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Format: Kindle Edition Verified Purchase
This book chronicles the authors' experiences with the financial industry and financial professionals, those individuals who we turn to for advice on saving, investing and retirement. I went through a very similar and very expensive financial education, from an entire cast of characters in this industry, including a stockbroker that managed an account during the tech bubble, a CFP who recommended whole life policies, a CPA who recommended limited partnerships in gas wells, and an accountant/real estate developer (recommended by a JD/CPA friend) who sold me limited partnerships in commercial real estate ventures. I was very trusting, because as a physician, I naively assumed that trained and certified financial professionals had the same degree of integrity that I have when dealing with patients. I lost a lot of money, and was very humbled by the experience (hence my pen name). I was able to recover financially, thanks to Boglehead philosophy espoused in this book. I suspect that there are many others with similar experiences, but few individuals have the ability to insightfully pass on their knowledge in such a cogent and well-written manner as Robertson and Schullo. The authors do not condemn the entire financial industry, but maintain a healthy balanced perspective in their book. The book covers good investment basics, including information on lazy portfolios; it details how the authors lost $1 million in the tech bubble and then show how their basic portfolio recovered and grew gradually, despite the more recent crash of 2008-2009. The authors correctly point out that many of us spend too much on houses, cars, and investment expenses. This book is a must for anyone interested in personal finance.
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Format: Paperback
I enjoyed this book for so many different reasons. First, it shows that no matter what kind of insanity happens in the financial markets, those who save and stick with a realistic investment plan do get a ahead. Second, it proves that even savers who get a late start can succeed - but they must start ASAP. (Steve & Dan are retired educators who didn't get serious until their 40s) I especially liked how they shared the performance of their investment portfolio over the years and how they were still able to wind up with well over $1 million. Finally, I enjoyed the reference to Richard Ney - who's become somewhat of a forgotten Wall Street character. In his day, Ney was a true contrarian and in many ways, so are the authors. We should all be that smart to not take Wall Street's lousy investment advice. NOTE: 1) The authors are not investment professionals, nor do they claim to be. 2) While this book is good for the general public, it should especially be read by teachers with a 403(b) retirement savings plan.
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Format: Kindle Edition Verified Purchase
I read this book in almost one sitting. I am Italian and especially appreciated reading about Steve's heritage. I've read many of the principles but especially appreciated seeing how they were applied in your lives, including mistakes, fears, lessons learned and the transition from accumulation to disbursement, all in a very easy to read, laid back format. Great read. Very encouraging. Thanks so very much.
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Format: Kindle Edition Verified Purchase
This has been an interesting read but more for the personal story of the writer than for the financial aspects. I think that if the reader is completely new to the field of investing, this could be an good starting book; having read several other and more focused investment books, this one did not add anything. On the other hand I enjoyed it as a memoir.
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