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Today I’ve begun my journey to wealth by joining up as a member of Loomis Wealth Solutions. I’ve decided to create this blog to document the experience.Why “Poor Dad” as a handle? It’s obscene really. I make a good income as a software developer for a major corporation. In no part of the world would I be considered poor, not even in the US. I’m also richly blessed with a loving wife and three beautiful and healthy daughters. It’s silly to consider myself poor. But I am. |
I’m poor when I consider the future. I have three daughters to educate. The oldest is 12 and will go to college in a mere 7 more years. How much do I have in her education fund? $0. I used to have $300 in an education IRA I set up years ago for her and my other two daughters (10 and 8). But as I added no more money to them, the yearly fee’s ate up the $900 I had put in.
I photograph weddings on the weekends. Thought that with a bit of investment, I could pay for my photography hobby and make money towards my daughters’ educations. Four years into being a pro photographer and I’ve become pretty skilled and have pleased many a bride…and just barely made it into the black last year. So not only have I failed to make money (yet) for my daughter’s educations — I’m being reminded wedding after wedding that I have three daughters to marry off. Three weddings to pay for. How much to I have in their wedding accounts? $0. I want my daughter’s to marry well (who doesn’t?) but I can just see these well do to in-laws eating the Cheez Wiz and crackers that I’ll be buying for my daughter’s reception. I feel poor.
Let’s not get started on retirement. My retirement plan is “work till I die”. At least my retirement plan has money in it. $11,000. I started last year. I can retire for about 3 months. Ok, so if I keep investing as I have been into my 401k — when I turn 65 — I should be able to retire for a few years — if social security is still there. I guess it’s a good thing I don’t exercise….don’t want to live too long. Hopefully my sons-in-law won’t remember the Cheez Wiz when they help my uneducated daughters pick out my retirement home.
So yes, I’m a poor dad on a journey to wealth. While I feel poor now, I am excited about the prospects of working with the Loomis people to change that. Feel free to come here and listen in on my journey. Lets see if I can find a way to educate my daughters, marry them well, and retire in security. I write this as the journey begins.
Poor Dad
April 27, 2007 at 11:43 am
I have to give it up to you, it really is strong. I don’t see many blogs I truly consider personal.
A lot of folks tend to want to write about the things that shake their world on a national scale. or they want to play “citizen journalist.”
Keep it up and send me an email as it is updated.
April 27, 2007 at 12:23 pm
Hi Lee!
Best of luck with this! I think it sounds great and I actually signed up for a Loomis Seminar. I’ll let you know how it goes.
Also, your photography looks great!
Cheers, Pam
April 27, 2007 at 5:40 pm
Hey Lee,
I’m so surprised! I haven’t seen you in 2 years and I thought for sure you would be driving a new Lexus by now. Keep up the good work on that budget; or you’ll be like me, 58 years old and scrambling to save some money. Every few years my retirement moves up a few years. So far it’s at 70 and growing rapidly.
Keep the Faith
Your real reward comes much later! Rad
April 28, 2007 at 1:43 am
Either you have to much faith in those Lumis people, or you are a Lumis guy yourself.
When it comes to your money, don’t trust anybody and don’t be enthusiastic about anything. Be worried when somebody tells you it is “easier than you think”.
Pay attention to Real Estate… Prices are falling all over US. Pay attention not to get stuck with properties somebody overpaid 10 months ago before prices fell.
** Note from Poor Dad
Don’t know how to “reply” to a comment yet, so I’m including my reply inside your comment.
I hear what you are saying — trust is a big issue. More difficult than coming to an understanding of the Loomis Wealth plan and coming to agree with the plan — was developing a level of trust with the Loomis people. I will address this very important issue in future blog posts.
I am not a “Loomis person” in the sense that you mean. I’m not a construct of their marketing department. They did not ask me to create this blog, and I am solely responsible for it’s content. I receive no compensation if someone joins Loomis. This blog springs from the capture/bank/share philosophy of the Quadrant Living system that this blog is also about. Look for future articles on this topic.
As to real estate risk — there is risk in investing in real estate. I had to come to terms with that and with all the other risks involved. I’ll write about this in future blog posts.
Thanks for your comment. I’m sure you are the only one with those thoughts — as I had them myself.
Poor Dad **
April 30, 2007 at 8:14 am
Hi Poor Dad – Does the Loomis program advocate equity and fixed income investing as well as real estate or is it all real estate?
** From Poor Dad – The retirement/long term investment is in a vehicle tied to the S&P 500 that’s protected against downward forces in the market and has tax advantages. The income portion is from investing in real estate. There’s a lot to the plan, it’s kind of like how the Native Americans made use of the entire buffalo or the eskimo’s using all of the whale. This blog will be talking about the experience of living with the plan — but the exact details are best left to the Loomis folks at http://www.loomiswealth.com
Poor Dad **
May 2, 2007 at 8:53 am
G’day from downunder, and congratulations, I believe that it’s not so much what the plan is but the fact you now have an investment plan that puts you ahead of the pack.
Keep it up
Ric an older not so poor dad
May 4, 2007 at 3:34 am
Poor Dad,
A great start. You’ve always had a talent for communication. The challenges you’ve mentioned are the same challenges we all face. Any journey might encounter a few potholes, but keep up the chronicles.
To me, sometimes “investing” feels like a low wage, part-time job considering the amount of research and time that is required. So, even though I’m suspicious of marketed wealth solutions, I have a nagging feeling that my time might be better spent if I just invested across several index funds.
** Elroy — one my oldest and dearest friends…glad you came by!
BTW, I take credit for your handle
I am suspicious of wealth programs as well….even this one!
Poor Dad
**
May 14, 2007 at 8:29 am
Poor Dad,
Elroy pointed me here, knowing my fondness for money management and my cynical nature when it comes to money schemes (if indeed this is one, no offense).
I had a couple of questions:
1) Does Loomis give you free counseling to get to the 680 credit score and
** from Poor Dad,
Your second question got cut off. As to your first, I wrote a blog post article: http://poordad.wordpress.com/2007/05/14/wealth-whats-the-catch/
Thanks for the question,
Poor Dad
**
May 28, 2007 at 10:39 pm
You have a talent for writing and I’ll be following your Loomis journey in the upcoming weeks. We have friends who have invested with them and we’re learning what it’s about.
June 7, 2007 at 9:58 pm
One thing I constantly see with people is the waste a ton of money. They have good incomes but no savings. They eat out lunch daily, buy expensive clothing, go to movies every weekend, buy LCD TVs, expensive vacations and birthday parties for kids, expensive sports for kids, etc. They just waste boatloads of cash and then complain they have no retirement? Just one word, FRUGAL! Shop at yard sales, Goodwill, make lunch, drive secondhand good mileage cars and find cheap/free things to do for entertainment.
July 2, 2008 at 8:43 am
I noticed my reply was deleted! Not really surprised. I used to work for the company, and was initially enthralled to be there. After a few months I had seen enough that I could no longer continue in good conscience-my job was to reassure members that everything was going fine-and it wasn’t! I felt so conflicted, I quit. What goes on there is truly scary. The idea behind the system is a great one, but the trail of disaster behind tells the true story. I hope for your sake you get through this ok.