Lauren, age 27
As a Speech Language Pathology Assistant, Lauren supports school-based speech-language pathologists by assisting with clerical work, planning, and providing direct speech therapy to students. She loves the variety of sites and students she gets to see and work with. She also loves that the field of speech-language pathology perfectly melds her interests in science, creative pursuits, language, and working with children. When asked what her biggest challenge is she said, "I currently primarily work with preschoolers, so it can be challenging to try and help a small group of 3-year-olds work on their speech goals in a limited amount of time - sometimes it's a little like herding cats! Thankfully they are all very cute. 😉"
We asked Lauren some questions about what she knows or wants to know about the 403(b) and saving for retirement, and this is what she said.
On a scale of 1 to 10, with 10 being total understanding, how well do you understand saving for retirement? Why did you pick this number?
I picked 5 because before finding 403bwise (and reading some works by some other financial gurus) I would say that my understanding would be a 1 or even a 0! I heard vague numbers in the millions being thrown around as retirement goals and I felt despair that my husband and I might never get there, because I had no understanding at all about compound interest and investing. Now I'm at a "5" because I feel that I'm progressing on my journey to financial literacy.
What is your biggest money worry?
Being able to afford a home, children of my own, and retirement.
Do you have a 403(b)? If yes, are you satisfied with your investment? If you do not have a 403(b), why not?
I have a 403(b) with Fidelity Investments (I chose a Roth option). On a scale of 1 to 10, my satisfaction with my 403(b) plan is 5.
Did you ever hear about the 403(b) in your teacher preparation program?
Haha, no! We never discussed retirement!
Do you know what a fiduciary financial advisor is? If yes, how would you describe a fiduciary to a colleague?
If you could ask a financial advisor one question what would it be?
What are the best investments I should place my money in, so that it will grow the most before retirement?
Anything else you would like to share with us?
I wish that we would more strongly educate young people about the importance of long-term investing. I remember taking economics in high school, but the curriculum was very broad and covered topics about business and finance in a more global sense. I wish we would push for mandatory personal finance classes so that young adults could start compounding their money as early as possible!