403bwise Teacher Lounge Makeover
September 14, 2021
Last week I wrote about how a Florida school district let high-cost 403(b) vendors AXA/Equitable and Horace Mann renovate Teachers' Lounges. It got us to thinking: What would a wise Teachers' Lounge look like? Immediately, my podcast partner — and struggling graphic artist — Scott Dauenhauer CFP® came up with the following...
Scott is very good with money. We'll just leave it at that. I think what Scot was saying is that he wants teachers to have access to a variety of financial education tools. We think the following should be in every Teachers' Lounge...
Books
- The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns by John C. Bogle (and Uncle Sam above)
- The Psychology of Money by Morgan Housel
- It's a tad self serving but I do think my book Teach and Retire Rich can help a lot of teachers
Posters
- No sales agents permitted on school grounds
- What is a 403(b)?
- What is a 457(b)?
- How your pension works
- How to start a 403(b)
- How to start a 457(b)
- Impact of investment costs
- Vendor list grade from 403(b)wise (Just an Easter egg now but we will be sharing more about this project soon).
Local 403(b)/457(b) Advocate
We are building a network of 403bwise Advocates. While not possible to have one in every district, we would love if every school in every school district had at least one knowledgeable colleague who could share best practices for saving for retirement. If you are interested in being a 403bwise advocate, email Jessica(at)403bwise.org
Food
- Daily, fresh healthy food provided, not by financial companies, but by schools or parents or some organization not selling financial products
- Coffee machine that works
- Fresh drinking water
- Refrigerator free of month-old lunches
I'm all for great furniture, lamps and plants, but we would rather Teachers' Lounges be places that offer real value to teachers.
Stay wise and well (and staff your lounge with items that can help your colleagues secure a sound financial future).
