The Official Teacher Finance Thread

Discussion in 'Teacher Time Out' started by whizkid, Jul 10, 2019.

  1. TeacherNY

    TeacherNY Phenom

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    Nov 25, 2019

    This is where I got the form although you can make your own I'm sure. http://timeforallthings.com/52-weeks-money-saving-tips-yearly-savings-plan/
     
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  2. futuremathsprof

    futuremathsprof Phenom

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    Dec 23, 2019

    If you haven’t started a Roth IRA (make sure that you invest in mutual funds NOT annuities), then you should do so. I opened one this year back in January, maxed it out at $6000 and I’ve already made $500+ on it.

    If you have any side hustles and make enough, that can be considered a business and so you open up a SEP IRA. (I make fabulous income from my tutoring business and I funnel a certain amount into my SEP IRA, but I digress.) You can contribute the lesser of: $56,000, I think, or 25% of total business revenue.

    My recommendation: Get a Robinhood account and start buying “S&P index funds.” They are the best performing stocks by far. Robinhood is completely free (unless you want to upgrade your account and/or trade on margin) and it allows you to buy fractional shares. THIS is huge because if you couldn’t afford to buy shares before, you were out of luck. However, now you can buy parts of a stock even Amazon stock. This is a game-changer and can allow you to build substantial wealth.

    [Disclaimer: I am in no way financially benefitting from recommending Robinhood. It is just that I have many successes with that app and so I am passing on my advice to anyone who is willing to listen.]

    Speaking of which, I got a financial advisor this year back in January and she told me about all of the different investment vehicles out there. It is worthwhile to consult with someone because I was clueless before. Now, I am well versed in many areas that I wasn’t before as I had no idea where to begin.

    Don’t just rely on your teacher pensions to retire. The funds are insolvent in many states.
     
    Last edited: Dec 25, 2019
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  3. whizkid

    whizkid Habitué

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