Janine Bolon reviews Passion Saving

Rob Bennett is paying for vanity-published books and articles in various newspapers and magazines. Here we will discuss these attempts to gain glory in the public eye.

Janine Bolon reviews Passion Saving

Postby Schroeder » 06/12/07 at 10:59:43

In hocus' June12 blog (**LINK**), he quotes an excerpt from Janine Bolon's review of Passion Saving. Ms. Bolon writes a blog and invites reader comments. Though, she does have the moderation feature enabled.

http://themoneymuse.blogspot.com/2007/0 ... nnett.html

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Re: Janine Bolon reviews Passion Saving

Postby intercst » 06/12/07 at 11:45:31

Schroeder wrote:In hocus' June12 blog (**LINK**), he quotes an excerpt from Janine Bolon's review of Passion Saving. Ms. Bolon writes a blog and invites reader comments. Though, she does have the moderation feature enabled.

http://themoneymuse.blogspot.com/2007/0 ... nnett.html

Schroeder


Ms. Bolon says that she's on the faculty of "George Whyte College". Does this place sound legit, or is it one of those diploma mills where you can buy a degree?

http://www.gwc.edu/about_gwc.asp

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Re: Janine Bolon reviews Passion Saving

Postby gw » 06/12/07 at 12:33:22

Highly suspicious "college".   It's website shows a total of 12 faculty. including the administrators.   Many of them - including the president - don't have earned degrees from accredited institutions.     Remarkably, it claims to have Bachelor's, Master's, and Doctoral programs.   It's tiny: 65 students on campus.    It also houses a Mormon Institute of  Religion.

The "college" is in Cedar City (southern Utah) and has absolutely no accreditation, as far as I can tell.   That means that its degrees are considered worthless by legitimate educational institutions.   Indeed, someone advertising themselves as having a degree from GWC is likely to be considered a fraud by most people in higher education.

The reviewer, Janine Bolon, is listed as an "adjunct faculty" at GWC.   Her M.A. in Education is from unaccredited GWC, and wouldn't count for anything to a real college.

My conclusion:  a highly dubious "college" producing deceptive degrees.   Perfectly suitable for Mr. Bennett.
Bennett's May '02 post: "I am deeply sorry for falsely criticizing the study"
http://boards.fool.com/the-differences-between-how-dory36s-online-17225279.aspx
Read about Rob; google "Narcisstic Personality Disorder".
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Re: Janine Bolon reviews Passion Saving

Postby Orion. » 06/12/07 at 12:41:37

It appears that Rob can only afford to buy about one review every 6 months.  His budget must be really tight!
Seriously, hocus, I don't know if you're really insane or you just believe that acting that way is a good way to get attention.

My closest friends say that it appears to them that's a little bit of both.. -- hocus 2007.
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Re: Janine Bolon reviews Passion Saving

Postby nfs » 06/12/07 at 12:58:10

I wouldn't be too hard on Ms. Bolon.  She may be a little sketchy at the moment but, if she was an analytical chemist for years, she can't be all bad.  She's written books - all self-published, mind you - and they're for sale at amazon.

There are some interesting things that you can glean from that blog.  For example, there's a pointer to another site called payscale.com, where Rob got a mention in http://blogs.payscale.com/content/2007/ ... ig_fr.html from March this year.

Today Bennett's total net worth, including the value of his house, which is paid off, is about $850,000.

Loudoun County says his residence is worth about $400k this year (uh huh, sure it is), so he's still claiming a $450k portfolio.  He's getting money from somewhere.  Midnight shift security guard at the public library perhaps, where he'd have the run of the public access webinals?
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Re: Janine Bolon reviews Passion Saving

Postby Orion. » 06/12/07 at 13:09:45

In 2005, he said that his cash/bond portfolio was down (below 400K), but appreciation of his home had made up for it. But what good that really does him when his wife wants a bigger house anyway is unclear.

...

If you believe anything he says. Remember, he's not a numbers guy ;)
Seriously, hocus, I don't know if you're really insane or you just believe that acting that way is a good way to get attention.

My closest friends say that it appears to them that's a little bit of both.. -- hocus 2007.
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Re: Janine Bolon reviews Passion Saving

Postby hocus » 06/12/07 at 13:21:30

Though, she does have the moderation feature enabled.

A plain and simple case of Goon discrimination!

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Lying and sliming since May 12, 2002 --  Don't understand why intercst allows me to post here. Learn more about Rob Bennett, see link: http://retireearlyhomepage.com/bennett.html
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Re: Janine Bolon reviews Passion Saving

Postby syke-- » 06/12/07 at 13:50:36

Janine advocates the 60/40 principle, for savings and investments.  From her blog:

1. 60% you live on. This goes into your main checking account.

2. 10% goes into a long-term savings vehicle (IRA, 401k, Keogh account, solo 401k) for retirement. If you don't currently have a retirement account of any kind open two savings accounts at your bank. (One for long term and one for short term savings)

3. 10% goes into a short-term savings account (local bank or a money market account) for use in those occasional large-scale expenses (new tires) and emergencies (the water heater explodes).

4. 10% is tithed to a church or secular charity that is in line with your purpose. This is your ''rent'' for occupying space on the planet.

5. 10% is pure philanthropy. That's right, you just give it away for the benefit of the community at large. This primes the pump so that the Universe starts sending wealth your way.

---

But if you analyze it, it is really a 90/10 rule.  70% goes to expenses, 20% goes to charity, and you save 10%.  While saving 10% of your income is a good thing, I think most people who are FIRE'd or on the track to FIRE in practice are saving a much higher percentage than that.  

She says she used this method to become a millionaire in seven years.   If that is the case, she and her husband must have had an amazing income.  
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Re: Janine Bolon reviews Passion Saving

Postby gw » 06/12/07 at 15:14:48

While saving 10% of your income is a good thing, I think most people who are FIRE'd or on the track to FIRE in practice are saving a much higher percentage than that.  

She says she used this method to become a millionaire in seven years.   If that is the case, she and her husband must have had an amazing income.

Let's see.   If they save only 10% of their income and manage to get 12% APR on their investments, their income would have to be $1,000,000/year.

I'd say that was incredible, not simply amazing.
Bennett's May '02 post: "I am deeply sorry for falsely criticizing the study"
http://boards.fool.com/the-differences-between-how-dory36s-online-17225279.aspx
Read about Rob; google "Narcisstic Personality Disorder".
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Re: Janine Bolon reviews Passion Saving

Postby ataloss » 06/12/07 at 15:32:25

If they earn save only 10% of their income and manage to get 12% APR on their investments, their income would have to be $1,000,000/year.


being adjunct faculty at an unaccredited college might be a lucrative deal. Or maybe she means she is a millionaire in terms of fun units.
Rob, please get help: Loudoun County Mental Health 703-771-5100  I am not a mental health professional. I am not qualified to diagnose or treat. Get help. What do you have to lose? Your current course is catastrophically unproductive.
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Re: Janine Bolon reviews Passion Saving

Postby gw » 06/12/07 at 15:35:04

Of course, the big challenge would be spending 70% of a $1,000,000 income in Cedar City!
Bennett's May '02 post: "I am deeply sorry for falsely criticizing the study"
http://boards.fool.com/the-differences-between-how-dory36s-online-17225279.aspx
Read about Rob; google "Narcisstic Personality Disorder".
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Re: Janine Bolon reviews Passion Saving

Postby ataloss » 06/12/07 at 16:01:43

You could always hold a wedding (anybody remember the Tom Green bigamy case from a few years ago?- Cedar City, UT)
Rob, please get help: Loudoun County Mental Health 703-771-5100  I am not a mental health professional. I am not qualified to diagnose or treat. Get help. What do you have to lose? Your current course is catastrophically unproductive.
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Re: Janine Bolon reviews Passion Saving

Postby nfs » 06/12/07 at 16:04:58

syke-- wrote:She says she used this method to become a millionaire in seven years.   If that is the case, she and her husband must have had an amazing income.

The article says she never made more than $45k in a year and her husband earned less.  Even assuming none of life's little emergencies never arose, so they could save 20% of gross, the trusty HP12C says you need a 69% compounded rate of return on investment to get to the million in seven years.

I sent a note to the payscale reporter telling her that, while lofty goals and optimism are fine things, placing such delusions in front of Joe and Jane Average was a recipe for frustration and disappointment.

Maybe she's just not a Numbers Girl.  Maybe she thinks everyone should have a Rosy Scenario in their life.  Or maybe she just didn't ask a single hard question, like maybe, "Where exactly did that money come from?"

I'll report back if I ever hear from her.
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Re: Janine Bolon reviews Passion Saving

Postby ataloss » 06/12/07 at 16:14:56

22 wives making 45,000/ year would about do it
fwiw I hear that St. George just a few miles down the freeway is a nice place
My Mormon friends tell me that much of the state isn't as cosmopolitan as SLC
Rob, please get help: Loudoun County Mental Health 703-771-5100  I am not a mental health professional. I am not qualified to diagnose or treat. Get help. What do you have to lose? Your current course is catastrophically unproductive.
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Re: Janine Bolon reviews Passion Saving

Postby Orion. » 06/12/07 at 16:18:56

ned f seagoon wrote:Even assuming none of life's little emergencies never arose, so they could save 20% of gross, the trusty HP12C says you need a 69% compounded rate of return on investment to get to the million in seven years.


Well let's see if this is possible.

Hocus, what level of P/E10 is required to get a 67% rate of return for seven years? And when was the last time we experienced that level?
Seriously, hocus, I don't know if you're really insane or you just believe that acting that way is a good way to get attention.

My closest friends say that it appears to them that's a little bit of both.. -- hocus 2007.
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