Scott Burns leaving Dallas Morning News

[Nords]

The Dallas Morning News is apparently cutting way back and offering buyouts to their staff: http://frontburner.dmagazine.com/archives2/016541.html

Despite all his wise counsel on the subject, I don't think Scott Burns really knows how to retire. It'll be interesting to see where he starts up again.

 

[Cut-Throat]

The Dallas Morning News is apparently cutting way back and offering buyouts to their staff: http://frontburner.dmagazine.com/archives2/016541.html

Despite all his wise counsel on the subject, I don't think Scott Burns really knows how to retire. It'll be interesting to see where he starts up again.

Yeah, he just knows how to manage finances to retire.

 

[REWahoo]

Despite all his wise counsel on the subject, I don't think Scott Burns really knows how to retire.

Yeah, he'll probably call himself "retired" but keep on writing. Hmmmm, that seems oddly familiar for some reason...

 

[mickeyd]

I hope that his writing will continue. Here is a recent clip from a column entitled "5 steps to a pleasant retirement"




Eliminate debt: The greater your debt, the more income you'll need in retirement. Debt may be easy to handle when you are working, but it will be a lot more difficult in retirement.

While you are working, a $300 monthly car payment may represent 10 hours a month of your pretax earnings, assuming you earn $60,000 a year.

Once you are retired, however, it will take about $90,000 in investments to generate your monthly payment. (This assumes a safe withdrawal rate of about 4 percent.) Since a $300 monthly car payment would finance only about $15,000 of car, there's kind of an imbalance here.


Worse, having to take money from your nest egg to make loan payments may increase your income tax bill.

As I have pointed out many times, the formula for the taxation of Social Security benefits works to slowly increase the number of retirees who must pay taxes on their Social Security benefits. Why? Because the formula is one of the few pieces in the entire tax code that is not indexed for inflation.

According to a 2005 report by the Congressional Research Service, for instance, 15.5 million of the 40.4 million people who receive Social Security benefits paid income taxes on some portion of their benefits in 2003. This number is only going to rise.

Having no debt, on the other hand, means you get to enjoy your household assets without payment or tax burden.

Know what you're spending: Even at age 62 or 65, millions of people are clueless about how much they spend or where they spend it.

In the past, this could have been excused. Most of us don't want to be bookkeepers in our spare time. But today, with programs like Quicken and Money, none of us have any excuse for not knowing where our money is going.

We have a fundamental choice here. We can either discover where we spend our money – often the wrong place. Or we can decide where it will be spent.

Life will continue to be full of surprises, but if you start tracking your spending, you'll be amazed at how stable and predictable much of it is. Stability and predictability are precious.

Put your possessions in good condition: The best way to keep your expenses stable – at least for a few years – is to retire with everything in good condition. That means recent-model cars, recent home appliances, and a house that won't need a new roof next year. Then you won't have any major expenses – the kind that blow budgets – for several years.

Do the same with yourself: Our bodies are our most valuable possession. Without them, we aren't.

Taking walks, doing moderate exercise and losing weight can help stave off problems from circulatory disease.

It can reduce the need for knee replacements and other indignities.

I'm not saying that paying attention will ward off heart disease or cancer for everyone, but we can do a whole lot better.

Make sure your income exceeds your outgo: The best financial advice ever written did not come from an economist, an investment adviser, or a personal finance columnist. It came from a novelist.

In David Copperfield, a Charles Dickens character named Wilkins Micawber provides us with a fundamental equation for happiness:

"Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery

http://www.dallasnews.com/sharedcontent/dws/bus/scottburns/columns/2006/stories/0829dnbusBurns1.31ab24f.html

 

[azanon]

A recent "clip"? You mean almost the whole article. That seems like a bit much to post without permission.

Azanon

 

[Nords]

Yeah, he'll probably call himself "retired" but keep on writing.  Hmmmm, that seems oddly familiar for some reason...

Ouch!

We'll probably see a picture of him next to a highway overpass holding a sign saying "Will write for free!"

Hey, I wonder which of this board's 2759 registered members is Scott Burns?

 

[azanon]

Hey, I wonder which of this board's 2759 registered members is Scott Burns?

You have reason to believe he's registered?

......

I think he'd have to be pretty hypocritical to not be in a position to retire now should he choose to do so. If he took the buyout, I imagine that's a safe bet.

 

[Sarah in SC]

Mickey,
Thanks for posting that Burns article, it was quite interesting.
I always enjoy reading the stuff folks dredge up from the news and post here...I call it the ER board news aggregator...
Sarah

 

[saluki9]

Yeah, he just knows how to manage finances to retire.

I don't see why that is so odd. I've met some really savy financial advisors in my day who are both very wealthy and love their jobs so much they have no interest in retiring.

Of course I've also run into other people of different professions who are in the same position. Don't forget that there are people out there who really do enjoy their work.

Our company did work for a Pediatric oncologist who just retired in his late 70's. He was heartbroken to have to leave work because his career and patients meant everything to him.

 

[dlhanson]

Here is what Scott Burns wrote last fall in one of his columns (did he change his mind or is he going to another job?):


I am telling you this because I will be 65 this week, an event that gives me a brief license to offer the great lessons and discoveries that attend decrepitude.

Here are some:

Work, Part 1: I don't understand why most people are retired at this age. They can't all be golfers.

I can afford to retire, but I still think work is fun and full of challenges. I don't expect the challenges to go away. I don't expect the fun to go away, either.

 

[Nords]

I don't see why that is so odd.  I've met some really savy financial advisors in my day who are both very wealthy and love their jobs so much they have no interest in retiring.

Yes, but how do we know if those guys are any good?

When it comes to retirement credibility, I'm much more likely to believe Bud Hebeler than Scott Burns. At least the former has spent a lot of time doing retirement instead of just writing about it.

 

[heyyou]

Burns can retire from having to write bi-weekly columns to writing when he wants to, a part time job.
Joe

 

[astromeria]

Scott Burns could have a financial (or personal) blog beholden to no-one, or write books of his own choosing--he will have no trouble finding a publisher. And he's been writing very positively about RVing recently--I bet he'll get into that, at least part-time. He might even just kick back entirely. Like a lot of people who get laid off and soon realize it's the best thing that ever happened to them, he's gionna feel great when he gets over the shock. I'm happy for him! He'll even be able to write more credibly about coping with job loss, the importance of building up an emergency fund, taking withdrawals from a portfolio, and so forth.

 

[TromboneAl]

The best way to keep your expenses stable – at least for a few years – is to retire with everything in good condition. That means recent-model cars, recent home appliances, and a house that won't need a new roof next year. Then you won't have any major expenses – the kind that blow budgets – for several years.

This suggestion seems misguided to me.

You should always manage your car, appliance and housing purchases/maintenance to minimize expense. If the overall expense of a car is less with a cheaper car that occasionally needs a high-cost repair, then that's the way to go. If you don't have enough money to handle a transmission replacement, you're not ready to retire.

His implication is that you say "OK, I'm ready to retire, let's buy a new car, fridge, washer, dryer, and house so that I won't have any unexpected expenses."

Also, I'd say that avoiding debt is always important -- perhaps more so when young (compound your savings).

 

[Scrooge]

This suggestion seems misguided to me. 

You should always manage your car, appliance and housing purchases/maintenance to minimize expense.   If the overall expense of a car is less with a cheaper car that occasionally needs a high-cost repair, then that's the way to go.  If you don't have enough money to handle a transmission replacement, you're not ready to retire.

His implication is that you say "OK, I'm ready to retire, let's buy a new car, fridge, washer, dryer, and house so that I won't have any unexpected expenses."

I suppose it's another way of saying that you should try to minimize the chances of unexpected expenses in retirement when your financial situation is less flexible. Sounds like the old adage about becoming more conservative with your investments as you get older: you sacrifice potentially higher returns in exchange for less volatility.

 

[saluki9]

Yes, but how do we know if those guys are any good?

When it comes to retirement credibility, I'm much more likely to believe Bud Hebeler than Scott Burns. At least the former has spent a lot of time doing retirement instead of just writing about it.

I'm sure there are plenty of people here who would take retirement advice from John Bogle, William Bernstein, etc and they aren't retired.

It depends if you're talking about the process of getting there or the other personal issues of actually being retired.

 

[unclemick]

Hmmm

Maybe Jack's such a crusty old phart - he's 'encouraged' to leave the house everyday.

'Get out there and give'm Hell Jack!'

My kind of guy.

heh heh heh heh heh heh - I liked Bernstein's website better than his books. Only read Four Pillars and Birth of Plenty - not the first one yet.

 

[Nords]

It depends if you're talking about the process of getting there or the other personal issues of actually being retired. 

Good point.  I can't remember if Bernstein ever gives lifestyle advice.  I guess Bogle's heart transplant entitles him to give all the lifestyle advice he wants.

But if Burns' best concept of retirement is golf... hey, come to think of it, where's Jarhead been lately?

Three other questions:
1.) Without deadlines, will the quality of Burns' writing improve?
2.) Without deadlines, what'll happen to Burns' output-- will it drop or remain constant?
3.) Now that his income has taken a big hit, will he start his Social Security or will he hold off until age 70?

Maybe Jack's such a crusty old phart - he's 'encouraged' to leave the house everyday.
'Get out there and give'm Hell Jack!'

Yeah, by Mrs. Jack.

If you've read "Four Pillars" then there's no reason to read "The Intelligent Asset Allocator".  I still rue the time of my life that was wasted reading IAA before I found 4P.

 

[Billy]

Nords:

Despite all his wise counsel on the subject, I don't think Scott Burns really knows how to retire. It'll be interesting to see where he starts up again.

Astromeria:

Scott Burns could have a financial (or personal) blog beholden to no-one, or write books of his own choosing--he will have no trouble finding a publisher...

Nords:

But if Burns' best concept of retirement is golf...

We hear from Scott from time to time. This morning he sent us an email:

Dear Billy and Akaisha,

I am retiring from the Dallas Morning News but will continue with syndication on a two column per week schedule rather than three. This will give me time to pursue other projects while allowing me to continue doing what I do best. Remember, I never did learn to play golf...

Scott

Straight from the horse's mouth.  8)

Akaisha
Author, The Adventurer's Guide to Early Retirement

 

[unclemick]

Great - keep Scott away from the clubs(golf that is).

I'm old enough to remember when he did the motorcycle tour - well before the RV thing.

Keep up the writing - please don't go off and produce a long winded book. Just the short good stuff.

heh heh heh heh heh - my two cents.

 

[HFWR]

Related to the financial "advisors" who don' t suck thread, Scott Burns and Lou Rukeyser were the first two who got me thinking seriously about investing.

 

[BarbaraAnne]

Scott is one of my heroes.  I've enjoyed his column for at least 20 years.  I still have yellowed copies of columns I clipped many years ago.  His practical common sense advice on saving and investing helped inspire us to have financial independence as our goal when we were first starting our careers in the early 1980's.  

Living in Dallas, we were fortunate to be able to attend his yearly free seminars (with a small donation to his sponsoring charity) and enjoyed his presentations immensely.

I hope he continues his columns for a long time.  Our older son, who will be finished with college soon, could benefit from Scott's sage advice...

 

[Billy]

Scott Burns and Lou Rukeyser were the first two who got me thinking seriously about investing.

I think the gift both of these men had, was to be able to mix the complexities of finance with a sense of humor and down-to-earth application.

Learning isn't as difficult if it is made out to be fun     and if we can see the practical reasoning behind it, IMO...  They both have done a great service to the American public.

Akaisha
Author, The Adventurer's Guide to Early Retirement

 

[unclemick]

I think the gift both of these men had, was to be able to mix the complexities of finance with a sense of humor and down-to-earth applicat

Akaisha
Author, The Adventurer's Guide to Early Retirement
[/quote

Yes - I agree - enjoyed both over the years.

heh heh heh

 

[Nords]

FundAlarm's legendary "Ted" e-mailed Scott Burns for confirmation:

"Dear Ted,

Your sources are correct.  The buyout offer, which you can read about
by Googling Dallas Morning News and voluntary severance, was to the entire
newsroom.  Yesterday it was announced that 111 staffers had taken the offer,
myself included.

As of today I am no longer an employee of the Dallas Morning News
and I will be receiving a pension from same.  I will continue to write my
syndicated column and the Dallas Morning News will become a syndication
client, as it was from 1981 through 1984 before I joined the Dallas Morning
News.  I am also going from 3x weekly to 2x weekly on my column.

Part of this change is a new website business venture, which is very
exciting.

Scott

Scott Burns
Universal Press Syndicate"

Nope, no retirement after all.