With a global pandemic throwing everyone’s lives for a loop, many people have understandably found it difficult to be productive.
Not Bill Schultheis. Instead, the co-founder of Kirkland-based Soundmark Wealth Management and a frequent contributor to 425 Business spent some time writing a book.
The result, The Coffeehouse Investor’s Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness, curates 20 years of stories from investors nationwide who have, according to a press release from publisher John Wiley & Sons, embraced Schultheis’ Coffeehouse Investor ground rules and weaned off a dependence on Wall Street to live their best lives.
“I think it will inspire you to consider the same approach, and it will hopefully inspire and share with others who are looking to ignore Wall Street and get on with their lives,” Schultheis said in a recent video.
With the book, released in November, Schultheis hopes to help investors of all ages accrue financial and emotional wealth in equal measure.
The 143-page Ground Rules also discusses Schultheis’ financial career, the history and evolution of retirement savings and 401(k)s, and how financial planning and portfolio management as tools to help investors reach long-term goals have changed over time.
Back-jacket praise for the book comes from several noteworthy individuals in the financial sector, including Christine Benz, Morningstar’s director of personal finance, who said: “Bill Schultheis approaches financial matters with so much wisdom and heart. His valuable message? Save, plan, and keep it simple, then get on with what really matters to you. This small-but-mighty volume is the perfect gift for loved ones looking to find their financial footing — and enrich their lives over their next coffee break.”
This is Schultheis’ second release. His first, The Coffeehouse Investor: How t0 Build Wealth, Ignore Wall Street, and Get on with Your Life, was written in 1998, and was acclaimed as a helpful guide for new investors. In that book, Schultheis recommended that investors, if they wanted to be successful, need only master three principles: Don’t put all your eggs in one basket, don’t become greedy, and watch closely what comes in and what goes out.
The name “coffeehouse investor” goes back to these rules’ genesis — Schultheis started developing them with friends at local coffee shops. In essence, the new book focuses on those who have stayed true to Schultheis’ original vision, and how it has impacted their lives.
Schultheis spent the earlier portion of his career at a Seattle-based Wall Street brokerage firm. When he penned his first book, he wanted to introduce an easier approach to portfolio building through low-cost index funds, with a reinvigorated focus on planning and saving. He looked to the work of John Bogle and Burton Malkiel for inspiration. Schultheis has even been adopted by the Bogleheads — the name used by investing enthusiasts of Vanguard founder Bogle.
Schultheis also has worked as an investment columnist and launched Soundmark Wealth Management, which today oversees about $800 million in assets. He also has been a regular on NPR and lectures and leads seminars. His first book was a top seller on Amazon, where it has more than 200 positive reviews.
“Twenty years later, working with coffeehouse investors from all walks of life, I found that the real benefit to this investment philosophy is that it allows us to focus on what we can control, not the markets,” Schultheis wrote on his website. “My mission is to share these three timeless principles with everyone who accepts financial responsibility for their retirement. I can’t accomplish this mission alone, but, working together, we can. One investor at a time.”
The Coffeehouse Investor’s Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness by Bill Schultheis; 143-page hardback; John Wiley & Sons; $24.99 and available at Amazon and Barnes & Noble.