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Speaker 1: Welcome to had a money. I'm Joel, and today we're

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Speaker 1: discussing why teachers aren't doomed to a broke retirement with

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Speaker 1: Sean Morgan. Okay, so I'm married into a family of teachers.

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Speaker 1: My father in law he's been in the classroom for

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Speaker 1: nearly forty years. His wife has taught like thirty years.

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Speaker 1: My brother in law is an outstanding Spanish teacher, and

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Speaker 1: every one of them truly loves their work. But loving

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Speaker 1: your job, it doesn't always pay the bills, or it

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Speaker 1: doesn't pay as much as you hope it would. Sometimes

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Speaker 1: teaching it requires real sacrifice, especially in today's economy. And

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Speaker 1: sure no one becomes a teacher expecting to get rich,

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Speaker 1: but that doesn't mean teacher should feel financially stressed forever

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Speaker 1: or assume a mediocre retirement is inevitable. Guest Today says

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Speaker 1: that the assumption that teachers have to retire poor is

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Speaker 1: flat out wrong. Teachers, Yeah, they face some unique financial hurdles,

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Speaker 1: but they also have real under used advantages, and when

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Speaker 1: you understand them, retiring well is absolutely on the table.

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Speaker 1: Sean Morgan, he is a full time teacher who's just

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Speaker 1: as passionate about teaching personal finance to fellow educators. So

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Speaker 1: that so I wanted to bring him on the show today. Sean,

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Speaker 1: thanks for joining me.

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Speaker 2: Happy to be here, all right.

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Speaker 1: First question I ask everybody who comes on the show, Sean,

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Speaker 1: is what do you like to splurge on? I call

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Speaker 1: it the craft beer equivalent because some people would say, oh,

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Speaker 1: you spend way too much money on craft beer, and

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Speaker 1: it's like, no, no, I'm doing it intentionally while I'm saving

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Speaker 1: and investing for my future in a smart savvy way.

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Speaker 1: What would that splurge be for you?

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Speaker 2: Oh? Man, I have way too many things that I

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Speaker 2: really like to splurge on. That's part of the problem.

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Speaker 2: But you know, I think that just getting like a nice,

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Speaker 2: you know, travel experience is really what I like to

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Speaker 2: spend my money on. I just got to do a nice,

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Speaker 2: you know, get away trip for my tenth anniversary with

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Speaker 2: my life and it. First of all, it is great

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Speaker 2: to be able to say, yes, I'm spending a ton

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Speaker 2: of money right now, but it's in the budget. So

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Speaker 2: just like, you know, not skimping on that and really

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Speaker 2: enjoying that experience, I think is what I like to

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Speaker 2: spend money on the most.

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Speaker 1: So okay, gotcha, gotcha? What was this last trip? And

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Speaker 1: are you is this like an intentional splurge where you're

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Speaker 1: saying no to other things and you're like, we're just

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Speaker 1: funneling a lot of money in this direction because this

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Speaker 1: matters a lot to us.

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Speaker 2: Yeah, So what we've recently done is we cut our

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Speaker 2: food bill in half by cutting meat out of our

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Speaker 2: diet and not like entirely, but almost entirely, and just.

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Speaker 1: By actually giving prices right now. It's a smart move.

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Speaker 2: So by just like cutting that down, we're like, we

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Speaker 2: don't really need to just like shove meat into our

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Speaker 2: face constantly, and we cut that down. It reduced our

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Speaker 2: our spending on food drastically, and then we were able

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Speaker 2: to say, hey, now we have money, we don't have

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Speaker 2: to stress about going on this anniversary trip that I

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Speaker 2: promised my wife years ago we were going to go on.

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Speaker 2: So that was great. And then we didn't go do

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Speaker 2: anything crazy, but we just got to ditch the kids

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Speaker 2: for a weekend and go to San Antonio and just

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Speaker 2: enjoy the river walk. And there's some caves in San Antonio.

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Speaker 2: If anyone likes going down underground like we do, that's

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Speaker 2: a really nice area to do that.

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Speaker 1: So I love that travel beat steak for you. That's great,

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Speaker 1: that's great, And that's just what it takes. I mean,

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Speaker 1: like truly what it takes to make things work so

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Speaker 1: often is like you can't have it all. You have

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Speaker 1: to pick something. And I love that you've made an

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Speaker 1: intentional choice. And obviously, Sean, you're you're quite interested in

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Speaker 1: personal finance and building wealth. I'm sure you knew that

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Speaker 1: teaching wasn't going to be this quick path to riches.

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Speaker 1: What made you pursue that path anyway? As someone who's

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Speaker 1: interested in personal finance.

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Speaker 2: Yeah, So my love of personal finance was always there,

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Speaker 2: but it's kind of like a latent thing, like just

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Speaker 2: like I was more frully minded. But when I was young,

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Speaker 2: I just I loved to learn. Like I was a

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Speaker 2: little weird, but like someone would come to like work

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Speaker 2: on like our piano, they tuned the piano, or someone

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Speaker 2: was like putting in a new internet, you know, lying

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Speaker 2: at our house, and I just sit there and watch

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Speaker 2: them work and ask them questions. They probably hated it,

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Speaker 2: but I was just constantly asking questions. So I just

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Speaker 2: I love learning. And I realized at a young age

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Speaker 2: I loved learning so much, I wanted to help others

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Speaker 2: to love learning too, So that's what drew me into education.

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Speaker 2: And as soon as I got into education, I just

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Speaker 2: stumbled into personal finance and found out I had a

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Speaker 2: passion and a love for personal finance, for the independence

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Speaker 2: that comes from it. And I told myself, well, I

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Speaker 2: love teaching, I love personal finance. I'm going to find

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Speaker 2: a way to make this work. You know, even though

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Speaker 2: there are so many other paths I could take that

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Speaker 2: would pay considerably better. I wanted to almost prove myself

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Speaker 2: that it's possible as a teacher to find your way,

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Speaker 2: and also because I don't want to give up something

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Speaker 2: that I enjoy and love.

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Speaker 1: Yeah, you started off your career you're teaching, but like

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Speaker 1: you found yourself, you weren't making much money. You're kind

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Speaker 1: of sliding into debt. And is that like a place

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Speaker 1: where most teachers find themselves early on, that the salary

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Speaker 1: is meager and that they're trying to make ends meet

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Speaker 1: and it's incredibly hard, Like, how did you get past

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Speaker 1: those early years?

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Speaker 2: Yeah? So my first year teaching was called teaching intern

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Speaker 2: which is not something most people do. But instead of

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Speaker 2: student teaching, I was a full time teacher for a

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Speaker 2: whole year and got paid half first year salary teacher salary,

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Speaker 2: which is like laughably below minimum wage for how much

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Speaker 2: or I was putting in. But you know, that's kind

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Speaker 2: of where I got started. And I was fortunate that

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Speaker 2: I was able to graduate debt free from school and

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Speaker 2: have some money saved up during that time, so I

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Speaker 2: was able to buy a home and all that stuff,

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Speaker 2: and it is great, and I was like, yes, I've

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Speaker 2: made it, and I'm going to double my salary next year.

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Speaker 2: Well I moved and my salary instead of doubling, only

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Speaker 2: went up like four hundred bucks a month, So I

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Speaker 2: was just making much less than i'd anticipated compared to

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Speaker 2: what I was. Like, I bought a home that I

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Speaker 2: could qualify for, so I just was un prepared for

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Speaker 2: what I was doing. And this home that I, you know,

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Speaker 2: qualified for was taking half of my take home pay

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Speaker 2: away every single month, So that alone just made it

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Speaker 2: not possible. I learned about personal finance like two weeks

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Speaker 2: into owning this home, and it's like, if I had

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Speaker 2: learned about this two months ago, I would have made

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Speaker 2: a better financial decision buying this home. So I think

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Speaker 2: it's very likely because of the lack of financial education

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Speaker 2: for starting out teachers that were going to make mistakes

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Speaker 2: and we're going to end up, you know, going into

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Speaker 2: to dead or really struggling those first few years. And

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Speaker 2: I'm not saying that I could have like lived high

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Speaker 2: on the hog those first few years because it was

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Speaker 2: tight and and uh, you know, we had a young child,

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Speaker 2: so my wife wasn't working at the time, which made

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Speaker 2: it really really difficult. But if I I just made

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Speaker 2: a better, you know decision in those areas of those

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Speaker 2: big three you know, you're housing, your transportation, your food.

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Speaker 2: You know, those are the things that you can really

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Speaker 2: make smart decisions on at the beginning that can make

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Speaker 2: it so you're not going to have that struggle. But

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Speaker 2: because I didn't know about those decisions, I did struggle,

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Speaker 2: if that makes sense. So yeah, I feel like it's

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Speaker 2: just you have to have a very intentional plan when

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Speaker 2: you have such a limited budget, otherwise you're going to struggle.

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Speaker 2: For sure.

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Speaker 1: I feel like we're seeing I've seen more headlines about

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Speaker 1: teachers leaving the profession, right, and that is that because

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Speaker 1: teaching is harder than ever these days in twenty twenty six.

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Speaker 1: Is that because the salary is smaller than it should

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Speaker 1: be for a lot of teachers. Like what do you

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Speaker 1: attribute kind of teachers just kind of choosing to do

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Speaker 1: something else and leave the professional together. What do you

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Speaker 1: chalk that up to?

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Speaker 2: Yeah, I think all those are great points. So what

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Speaker 2: teachers crave most is to feel like they're supported by

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Speaker 2: their administration, by their parents, by students, right like that

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Speaker 2: that what they're doing matters to people, and that feeling

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Speaker 2: has eroded. And there's a few different things that go

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Speaker 2: to that one. There's just been a general swing towards like, uh,

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Speaker 2: you know, anything a child says in like an accusation

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Speaker 2: sense can get pinned on a teacher and the teacher, Like,

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Speaker 2: I've just heard some really weird situations where the teacher

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Speaker 2: is the one that gets thrown under the bus when

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Speaker 2: something goes wrong. Like I had a friend who made

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Speaker 2: a joke with a student that he was really comfortable

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Speaker 2: with and that joke got twisted into something that might

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Speaker 2: have been racist, and he says, what and then the

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Speaker 2: next thing you knew he was he lost his job.

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Speaker 2: He's like that, like, I have no idea what just happened.

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Speaker 2: He was able to get another job because they're desperate

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Speaker 2: for teachers all over the place. But it is just

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Speaker 2: like it's just such a weird situation of no support

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Speaker 2: from administration, Like there was an accusation and we just

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Speaker 2: decided to hire you instead of like doing our due

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Speaker 2: diligence and finding out what really happened.

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Speaker 1: It does seemed like back when we were kids, or

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Speaker 1: when I was a kid, like the assumption was the

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Speaker 1: teacher was in the right and the kid was in

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Speaker 1: the wrong, And it feels like the shoes on the

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Speaker 1: other foot right now.

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Speaker 2: Yeah, So I think that's one of the big ones.

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Speaker 2: But then the other thing is that we were just

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Speaker 2: noticing and I personally my personal belief, there's no scientific

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Speaker 2: data that I've really gone into to back it up,

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Speaker 2: but just like the prevalence of screens and screen time

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Speaker 2: and the anxiety that's been demonstrated to come from that,

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Speaker 2: things like that are causing a lot of issues with

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Speaker 2: students as they're going through these very formative years that

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Speaker 2: are making the lives of the teachers more difficult. So

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Speaker 2: when you don't have administration backing you up, you have

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Speaker 2: students who are going through just like increased anxiety and

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Speaker 2: other problems that are prevalent everywhere. And then on top

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Speaker 2: of that, our wages aren't going up at the same

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Speaker 2: pace as inflation. It's just coming down. I'm not paid

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Speaker 2: enough for this crap, right, That's really what it is.

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Speaker 1: What about student loans, Like when a teacher graduates, or

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Speaker 1: somebody who wants to be a teacher, they graduate and

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Speaker 1: they're like, wait a second, I want to choose this profession,

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Speaker 1: but the starting salary look that great, and on top

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Speaker 1: of that, I've got like this massive backlog of student

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Speaker 1: loans that I gotta start paying off. Do you have

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Speaker 1: any advice or teachers on that front, as they're like

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Speaker 1: starting out a job that might be might not pay

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Speaker 1: a ton, and at the same time they've got a

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Speaker 1: big albatross around their neck that is their student loan debt.

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Speaker 2: Yeah. You know, actually I would say that unless you're

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Speaker 2: going to get like a significantly higher paying job, if

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Speaker 2: you have student loans, teaching is probably a much better

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Speaker 2: choice for you than saying, oh, I can make you know,

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Speaker 2: twenty thousand dollars more per year, maybe even thirty. Because

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Speaker 2: we have this thing called public servant loan forgiveness that

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Speaker 2: pretty much every teacher qualifies for and what that is

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Speaker 2: is instead of the regular like twenty year payoff that

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Speaker 2: a lot of loan forgiveness programs have, you are in

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Speaker 2: a ten year track, and on that tenure track, you

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Speaker 2: must be in an income driven repayment plan, and especially

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Speaker 2: in those first ten years of teaching, your income driven

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Speaker 2: repayment plan is probably gonna be zero or very close

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Speaker 2: to zero. And then after ten years it's forgiven. And

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Speaker 2: that forgiveness is tax free, while other forgiveness programs you

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Speaker 2: get taxed on the forgiven balance.

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Speaker 1: So the.

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Speaker 2: Illusion that if I get a higher paying job, it'll

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Speaker 2: be better for me is something that draws people away

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Speaker 2: from from teaching. With the student loans, But if you can,

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Speaker 2: you know, push through ten years, it's actually you're gonna

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Speaker 2: end up paying less out of pocket for that student

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Speaker 2: loan forgiveness. Usually now, if you have like, you know,

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Speaker 2: fifteen thousand dollars of student loans, you'll probably be better

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Speaker 2: off just you know, paying those off. But like the

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Speaker 2: average balance is like in your thirty forty thousand dollars

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Speaker 2: for student loan balance you when you come out, and

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Speaker 2: that range is when it starts to be like, yeah,

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Speaker 2: that that ten year track is probably better for you,

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Speaker 2: especially when you have that lower payment, the non taxable

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Speaker 2: forgiveness and the just that tenure track instead of the

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Speaker 2: longer track for forgiveness.

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Speaker 1: Almost like the more student loans you have, the more

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Speaker 1: you should consider being a teacher, because PSLF is such

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Speaker 1: like a strong incentive. Right, Yeah, it is.

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Speaker 2: The hands down best financial forgiveness program for student loans

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Speaker 2: as far as I'm aware, I haven't found anything that's better. So,

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Speaker 2: I mean, it doesn't include graduate debts, so just keep

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Speaker 2: that in mind. That's we're just talking about like bachelor's debts,

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Speaker 2: but most teachers get in with just that bachelor debt anyway.

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Speaker 1: So I'm curious. You have a show podcast called the

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Speaker 1: Teacher Money Show. Why is money advice for teachers and

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Speaker 1: necessity in the first place? Like, where does general personal

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Speaker 1: finance advice fall short when we're when we're talking about teachers,

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Speaker 1: Why do they need something targeted or towards them directly?

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Speaker 2: And you know, that's a great question, and first only

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Speaker 2: they say most general financial advice does apply very very

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Speaker 2: well teachers, because you know, general financial advice is just

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Speaker 2: good in general, right, but there are a few different

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Speaker 2: moments that it just doesn't work. The first is the pension.

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Speaker 2: Most everyone doesn't have a pension anymore, and teachers have pensions,

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Speaker 2: and a pension just changes your retirement plans offhand. There's

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Speaker 2: just like so many differences between I'm going to have

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Speaker 2: a steady paycheck, how much I need because I've got

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Speaker 2: this coming in every single month is different. I've got

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Speaker 2: that plus Social Security, so that's different. How do I

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Speaker 2: calculate that based on my pension? All the different things

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Speaker 2: I need to do to get my pension higher, Like you,

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Speaker 2: just no one talks about those things because those things

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Speaker 2: are so specific to teachers and public servants generally.

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Speaker 1: We're going to talk about those things today, yes.

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Speaker 2: And so that's that's the first one. The second one

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Speaker 2: is this hustle mentality that a lot of general podcasts have, like, oh,

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Speaker 2: you just put in more work, you ask for a raise,

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Speaker 2: you job hop to get a higher bonus on your salary,

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Speaker 2: things like that. That just doesn't work as a teacher.

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Speaker 2: Like I've heard of teachers negotiating a higher pay rate,

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Speaker 2: but because we're so locked into unionized rates and yearly

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Speaker 2: service step ups and education based step ups, it just

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Speaker 2: doesn't make sense to like do that and we don't

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Speaker 2: get over time. You can't be like, oh, just work

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Speaker 2: hardering it more overtime and save and things like that.

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Speaker 2: So those things fall flat and teachers are listening to

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Speaker 2: those and they're like, oh, what about me? That doesn't

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Speaker 2: really work. And then the final thing is a lot

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Speaker 2: of general podcast advice is about like you're ramping up

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Speaker 2: that income, and it's just that the trajectory is not

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Speaker 2: there for teachers. So the focus needs to be much

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Speaker 2: more on controlling what you have.

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Speaker 1: And I do want to talk about how teachers can

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Speaker 1: increase their pay because there are ways, right, and yes,

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Speaker 1: there are suggestions that you have, so we'll get to

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Speaker 1: that in a second. I guess too, there's something else

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Speaker 1: that you've mentioned that teachers have to overcome. You've called

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Speaker 1: it the teacher vow of poverty, and there's just almost

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Speaker 1: like this inherent assumption that teachers have that because it

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Speaker 1: is this job that's public service oriented, it's for the community,

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Speaker 1: it's for the kids, that they assume that they shouldn't

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Speaker 1: have money, that they shouldn't build wealth. Almost there's almost

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Speaker 1: like this self defeatism towards finances that comes along, not always,

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Speaker 1: but for a decent chunk of teachers. What do you

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Speaker 1: think that's about.

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Speaker 2: Yeah, so that's you know, the other piece. There's just

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Speaker 2: so many different things I could I could ramble probably

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Speaker 2: all day about the different things that teachers have to

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Speaker 2: overcome that are different. But yeah, this is this mindset piece.

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Speaker 2: I spend a lot of time talking about the mindset

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Speaker 2: for educators because people in education are told, like the

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Speaker 2: first thing you say, I'm going to be a teacher,

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Speaker 2: that say, well, bless your heart, you're just not going

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Speaker 2: to be paid enough. Right. It's just a really sad.

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Speaker 1: At least in the South, that's what they say, right.

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Speaker 2: In the South. I'm in the South right now, So yeah,

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Speaker 2: just people assume that teachers are never going to make it,

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Speaker 2: that you're doing it for They say for the outcome,

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Speaker 2: not the income, which is just blowney because if any

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Speaker 2: teacher was told we're not going to pay you anymore,

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Speaker 2: but do it for the kids, they'd say no, see, yeah,

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Speaker 2: I'm leaving right.

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Speaker 1: That's just abuse right there.

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Speaker 2: That is so we are in it for our income.

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Speaker 2: We have to be in it for our income so

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Speaker 2: we can survive, so we can thrive, because thriving teachers

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Speaker 2: make thriving students. So it's just a really hard mindset

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Speaker 2: shift out of this. You're being told by administration, by

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Speaker 2: your friends, by your family, by the people that you

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Speaker 2: were learning from to become a teacher, you are not

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Speaker 2: going to be making very much money in your life.

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Speaker 2: You're going to be poor. But you know that's that's

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Speaker 2: not why you're here.

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Speaker 1: But you get summers off, right.

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Speaker 2: But hey, you get summers off. That's the constellation price. No,

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Speaker 2: it's just it's really sad, just like prevalent sidal level

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Speaker 2: view of teachers that we have to overcome.

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Speaker 1: Talk to me about teacher pay, not how much, but

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Speaker 1: the cycle of teacher pay, right they isn't it? Teachers

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Speaker 1: can usually get paid in over a ten month period,

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Speaker 1: or they can stretch those payments out to a twelve

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Speaker 1: month period. Do teachers usually get to pick how they

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Speaker 1: want to get paid? And how does budgeting look different

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Speaker 1: for teachers based on the fact that they're not that

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Speaker 1: they do have summers off.

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Speaker 2: Some districts allow you to choose one or the other.

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Speaker 2: For example, where I work, they say you can either

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Speaker 2: get paid ten months or we can take some money

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Speaker 2: from your paycheck and put it over twelve. Some say, well,

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Speaker 2: you're getting ten months, so figure it out. Others say

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Speaker 2: you're getting twelve months, that's it. So it depends on

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Speaker 2: where you're working. But you are like when when teachers

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Speaker 2: say I'm not paid enough compared to other professionals of

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Speaker 2: like education. I think the first thing we need to

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Speaker 2: figure out is, well, if we add it in those

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Speaker 2: two more months that you're not getting paid for, how

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Speaker 2: big is the gap Because we are not getting paid

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Speaker 2: for those two months. Even if we're getting a paycheck

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Speaker 2: over those two months, it's just stretching the ten month

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Speaker 2: work of work over that time period. So I think

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Speaker 2: a lot of the gap, not all of it, but

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Speaker 2: a lot of the gap is because of those two

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Speaker 2: months that we are just straight up not getting paid

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Speaker 2: for even though we're stretching it. And if you to

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Speaker 2: go back to your question about budgeting, if you're being

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Speaker 2: paid over those ten months, it can be really really

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Speaker 2: stressful if you don't budget for that, because you get

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Speaker 2: to the summer and now you have to work people

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Speaker 2: and you know, being a waiter or finding some other

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Speaker 2: summer job that they have to do to try and

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Speaker 2: make the bills to meet those bills over the summer.

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Speaker 2: If they don't budget for that, and since no one's

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Speaker 2: teaching teachers how to budget for that, like when they're starting,

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Speaker 2: they're just saying, you get paid over ten months, good luck.

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Speaker 2: It's a real big issue. But I think most districts

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Speaker 2: are moving more towards the twelve month just because they

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Speaker 2: don't want to have teachers feel that stress over the summer.

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Speaker 1: Yeah, I feel like there's these other little things that

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Speaker 1: are maybe like teachers decorating their classrooms. Man, I love

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Speaker 1: walking in and seeing my kids class and like especially

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Speaker 1: like kindergarten, right, it's adorable, like the way the classrooms

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Speaker 1: decorated and stuff like that. But I know oftentimes or

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Speaker 1: I hear stories about teachers putting their own money into

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Speaker 1: that because they want the classroom to look awesome for

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Speaker 1: the kids and they don't have I guess, enough of

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Speaker 1: a budget to make it look the way they want.

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Speaker 1: And is I think I read somewhere the average teacher

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Speaker 1: spends like close to a one thousand dollars right on

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Speaker 1: classroom spending that comes out of their pocket. So not

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Speaker 1: only is it just inferior pay, but then it's also

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Speaker 1: these other places where they're if not expected at least

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Speaker 1: they want to right the for the experience of the kids,

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Speaker 1: spend a little extra money. How nefarious is that? And

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Speaker 1: how often do you see teachers finding themselves spending money

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Speaker 1: in ways that they didn't expect.

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Speaker 2: All the time. It's terrible. My philosophy is, if you

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Speaker 2: are spending money on your classroom, stop it. Don't do it,

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Speaker 2: because it's never going to change as long as we

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Speaker 2: continue to spend money on our classroom. So that's the

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Speaker 2: first thing. The second thing is why are you doing it.

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Speaker 2: Most teachers are doing it because the way to not

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Speaker 2: spend money in your classroom is extra work, Like, well,

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Speaker 2: I want this, so I'm just going to spend money

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Speaker 2: on it. And it's easy, you know. You see it

399
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Speaker 2: on Amazon, you see it on se and you just

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Speaker 2: pull out the credit card. But I have never spent

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Speaker 2: a cent that was mine on my classroom because I

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Speaker 2: have always asked, how can I get this without paying

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Speaker 2: for it. Most schools have a small budget for teachers

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Speaker 2: to spend on their classroom, a couple hundred bucks. It's

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Speaker 2: not a lot, but the amount of times that doesn't

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Speaker 2: get used is just insane because you have to go

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Speaker 2: without some paperwork and say I used it for this

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Speaker 2: and then you get the money for or you get

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Speaker 2: reimbursed for it, something like that. So that's one thing.

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Speaker 2: Another thing is most departments have funds, Like your social

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Speaker 2: studies department has money they can spend on social studies stuff,

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Speaker 2: and people just don't ask the department head, hey, can

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Speaker 2: I use some of this funds for this? Right? That's

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Speaker 2: that simple. Or I had a principal who called us

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Speaker 2: in and said, we have a discretionary principle fund that

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Speaker 2: if we don't use it by the end of the year,

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Speaker 2: we're gonna lose it. How are we going to spend this?

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Speaker 2: Your principle probably has some money that they need to

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Speaker 2: spend on things that if you ask, you can get it.

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Speaker 2: There's so many steps you can take in the school

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Speaker 2: to get things paid for. Now, are they going to

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Speaker 2: pay for your cute border around your boltin board? Maybe not,

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Speaker 2: but for a lot of those things, Like they bought

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Speaker 2: me like six monopoly boards to teach an economics unit with,

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Speaker 2: Like that's not like a need, but it's something that

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Speaker 2: I could justify. And then another thing I did is

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Speaker 2: I applied for a grant. Right, there are grants out

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Speaker 2: there for teachers for classrooms a lot of local credit

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Speaker 2: unions have programs to sponsor teachers, and then beyond that,

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Speaker 2: there are organizations that have like websites that you can

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Speaker 2: set up like hey, I need this for my classroom,

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Speaker 2: and people can donate to that where you can go

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Speaker 2: to your parents and say, hey, parents, we need this

434
00:21:48,200 --> 00:21:50,880
Speaker 2: for the classroom. Like there are so many ways, and

435
00:21:51,320 --> 00:21:54,600
Speaker 2: if not get creative instead of like buying the poster,

436
00:21:54,720 --> 00:21:56,960
Speaker 2: I would like handwrite it on these giant sticky notes

437
00:21:57,000 --> 00:22:00,680
Speaker 2: they had in our lounge, and they're like, look, it's

438
00:22:00,680 --> 00:22:03,480
Speaker 2: not pretty, but it gets the information across. And I

439
00:22:03,680 --> 00:22:07,160
Speaker 2: refuse to spend my own money, of my underpaid salary

440
00:22:07,680 --> 00:22:10,600
Speaker 2: on this classroom. And just having that mindset of how

441
00:22:10,600 --> 00:22:13,240
Speaker 2: can I get it without paying for it is going

442
00:22:13,440 --> 00:22:15,880
Speaker 2: to just allow us to keep more of our paycheck.

443
00:22:16,200 --> 00:22:18,959
Speaker 2: And then as people see, hey, these classrooms don't like

444
00:22:19,040 --> 00:22:22,320
Speaker 2: look like you know, Disneyland, what's wrong? Is like, oh,

445
00:22:22,320 --> 00:22:24,600
Speaker 2: we just don't have the budget for it, And that's

446
00:22:24,640 --> 00:22:27,200
Speaker 2: going to motivate people to want to step in and help.

447
00:22:27,720 --> 00:22:31,080
Speaker 1: What about PTA, ever, I feel like our PTA is

448
00:22:31,119 --> 00:22:34,600
Speaker 1: like super active and oftentimes they're kind of going for

449
00:22:35,240 --> 00:22:38,520
Speaker 1: the big bang right kind of stuff where it's like, oh,

450
00:22:38,520 --> 00:22:40,640
Speaker 1: we're the STEM teacher, We're gonna make sure they get

451
00:22:40,840 --> 00:22:43,199
Speaker 1: thousands of dollars worth of stuff this year, and they

452
00:22:43,280 --> 00:22:45,480
Speaker 1: kind of highly target that stuff. But there's also I

453
00:22:45,520 --> 00:22:49,160
Speaker 1: think teachers can apply right for money from the PTA

454
00:22:49,320 --> 00:22:51,080
Speaker 1: as well if they've got an idea or a big

455
00:22:51,119 --> 00:22:53,440
Speaker 1: spend they want to make. That's another good place to turn.

456
00:22:54,040 --> 00:22:56,920
Speaker 2: Absolutely, and my last little piece of advice is stop

457
00:22:56,960 --> 00:23:00,639
Speaker 2: giving kids candy out of your own pocket. I know

458
00:23:00,680 --> 00:23:03,760
Speaker 2: you say bribery works, it only works in the short term.

459
00:23:03,800 --> 00:23:07,679
Speaker 1: People also, yes, stop giving my kids candy at school please.

460
00:23:07,720 --> 00:23:10,560
Speaker 2: I'm with you, Sean, So you know I have some

461
00:23:10,560 --> 00:23:14,000
Speaker 2: pretty strong opinions about this, but it's just it's the

462
00:23:14,040 --> 00:23:18,280
Speaker 2: only way to really have a change is if we

463
00:23:18,359 --> 00:23:19,879
Speaker 2: stop spending our own money.

464
00:23:19,920 --> 00:23:21,080
Speaker 1: All Right, I got more. I want to get to

465
00:23:21,200 --> 00:23:23,000
Speaker 1: with you, Seawan, and specifically I want to talk about

466
00:23:23,000 --> 00:23:25,280
Speaker 1: how teachers can get paid more. There are ways to

467
00:23:25,280 --> 00:23:26,720
Speaker 1: go about doing that, and I want to talk about

468
00:23:27,000 --> 00:23:30,600
Speaker 1: teacher retirement plans, the pitfalls and the potential. We'll get

469
00:23:30,600 --> 00:23:33,280
Speaker 1: to those that and more with Sean Morgan. Right after this.

470
00:23:41,119 --> 00:23:43,919
Speaker 1: We're back still talking with Sean Morgan talking about teachers

471
00:23:44,000 --> 00:23:46,040
Speaker 1: and how men. It sure seems like on its face,

472
00:23:46,119 --> 00:23:50,480
Speaker 1: teachers have this uphill battle not walking to school both ways,

473
00:23:51,200 --> 00:23:53,120
Speaker 1: up uphill in the snow. Maybe a little bit, maybe

474
00:23:53,160 --> 00:23:54,800
Speaker 1: that's what it feels like, I guess for a teacher

475
00:23:55,119 --> 00:23:58,000
Speaker 1: to dominate retirement, but it's very much possible, and Sean

476
00:23:58,320 --> 00:24:02,800
Speaker 1: helps people inspire teachers to do that very thing. And Sehn,

477
00:24:02,920 --> 00:24:04,560
Speaker 1: I'm curious you talked about how the fact that like

478
00:24:04,600 --> 00:24:06,679
Speaker 1: teachers have less ability to negotiating that is like a

479
00:24:06,680 --> 00:24:09,000
Speaker 1: classic personal finance tip is like, go in there and

480
00:24:09,040 --> 00:24:10,879
Speaker 1: ask your boss or raise and come prepared in this

481
00:24:11,359 --> 00:24:13,880
Speaker 1: way so that you're able to at least like work

482
00:24:13,920 --> 00:24:16,879
Speaker 1: towards getting a bigger paycheck, and maybe a ten percent

483
00:24:16,960 --> 00:24:18,520
Speaker 1: raise in the course of a year is not off

484
00:24:18,560 --> 00:24:20,840
Speaker 1: the table. But for a teacher, much of the time,

485
00:24:20,880 --> 00:24:25,959
Speaker 1: it is like pay increases are very prescribed. They're like

486
00:24:26,520 --> 00:24:27,760
Speaker 1: you can't just be like, hen, I want that ten

487
00:24:27,800 --> 00:24:29,920
Speaker 1: percent raise, what I have to do to get it?

488
00:24:30,200 --> 00:24:33,879
Speaker 1: How do you think teachers should think about negotiating or

489
00:24:33,920 --> 00:24:36,840
Speaker 1: advocating for a raise when that sort of individual negotiation

490
00:24:36,920 --> 00:24:37,840
Speaker 1: is often off the table.

491
00:24:38,400 --> 00:24:40,080
Speaker 2: Yeah, So, first of all, I think the first thing

492
00:24:40,160 --> 00:24:43,080
Speaker 2: to ask yourself is what is in my control. What's

493
00:24:43,119 --> 00:24:46,120
Speaker 2: in my control is I'm getting this pay raise every

494
00:24:46,119 --> 00:24:48,600
Speaker 2: single year. I can see it. I know what pay

495
00:24:48,640 --> 00:24:50,640
Speaker 2: I'm going to have five years from now. It's there,

496
00:24:50,760 --> 00:24:54,000
Speaker 2: it's published for everyone to see, which is great. You

497
00:24:54,000 --> 00:24:55,560
Speaker 2: don't have that in a lot of places, like if

498
00:24:55,600 --> 00:24:58,800
Speaker 2: you don't negotiate for a pay raise in many companies,

499
00:24:59,119 --> 00:25:02,000
Speaker 2: you just don't get one. But by law, teachers are

500
00:25:02,000 --> 00:25:04,800
Speaker 2: getting to pay raise every single year, And as long

501
00:25:04,840 --> 00:25:07,080
Speaker 2: as you're aware of that and you're proactive with it,

502
00:25:07,119 --> 00:25:09,520
Speaker 2: you can start putting you know, say half of that

503
00:25:09,560 --> 00:25:13,200
Speaker 2: pay raise every single year towards your financial goals. And

504
00:25:13,280 --> 00:25:15,440
Speaker 2: over the course of you know, ten twenty years, the

505
00:25:15,520 --> 00:25:17,959
Speaker 2: amount of money that starts going towards your financial goals

506
00:25:18,359 --> 00:25:21,320
Speaker 2: because you were intentional about taking a part of that

507
00:25:21,400 --> 00:25:24,359
Speaker 2: pay raise and putting it towards those goals that you

508
00:25:24,440 --> 00:25:26,480
Speaker 2: know is coming like it's going to come every single year,

509
00:25:26,840 --> 00:25:29,280
Speaker 2: is a huge step. Now. The other thing that you

510
00:25:29,320 --> 00:25:32,000
Speaker 2: can say is, Okay, they're going to pay me for

511
00:25:32,119 --> 00:25:34,280
Speaker 2: more time. I can't make time go faster. They're going

512
00:25:34,320 --> 00:25:37,000
Speaker 2: to pay me for more education. I have control of that,

513
00:25:37,640 --> 00:25:41,000
Speaker 2: and teachers tend to jump in and get education at

514
00:25:41,200 --> 00:25:43,040
Speaker 2: the schools they want to go to and they get

515
00:25:43,040 --> 00:25:46,280
Speaker 2: like a master's degree at a beautiful place, and that's

516
00:25:46,520 --> 00:25:48,720
Speaker 2: so nice, and then it puts you in more debt.

517
00:25:48,800 --> 00:25:51,760
Speaker 2: And was that four thousand dollars a year raise worth it?

518
00:25:52,880 --> 00:25:57,639
Speaker 1: Probably not because the cost of the education was too

519
00:25:57,760 --> 00:25:59,280
Speaker 1: much for the raise they were getting.

520
00:25:59,320 --> 00:26:01,800
Speaker 2: Is that yeah, Yeah, it's just like, if you're going

521
00:26:01,840 --> 00:26:04,399
Speaker 2: to get, you know, twenty thousand dollars in debt for

522
00:26:04,440 --> 00:26:07,200
Speaker 2: four thousand dollars a year raise, Over time, it'll make sense,

523
00:26:07,320 --> 00:26:11,840
Speaker 2: but initially that's just not really worth that return on investment.

524
00:26:12,160 --> 00:26:13,520
Speaker 1: How do you make it pay off more quickly?

525
00:26:13,560 --> 00:26:17,080
Speaker 2: Then, well, you find a cheaper option. There are so

526
00:26:17,240 --> 00:26:20,680
Speaker 2: many schools that will give you a master's degree for way,

527
00:26:21,200 --> 00:26:24,840
Speaker 2: way less than you know, the state school or the

528
00:26:24,840 --> 00:26:28,199
Speaker 2: private university. There's a lot of online options. We can

529
00:26:28,240 --> 00:26:32,480
Speaker 2: get a master's degree for a much smaller amount. You

530
00:26:32,520 --> 00:26:35,680
Speaker 2: can get scholarships out there. They are not as many,

531
00:26:35,720 --> 00:26:38,040
Speaker 2: but there are out there for graduate studies. There are

532
00:26:38,040 --> 00:26:40,440
Speaker 2: so many other options. And then if you are able

533
00:26:40,440 --> 00:26:43,880
Speaker 2: to do like a side hustle and work to earn

534
00:26:43,880 --> 00:26:45,720
Speaker 2: the money to be able to pay for it out

535
00:26:45,720 --> 00:26:47,520
Speaker 2: of pockets, that where you're not paying interest on the

536
00:26:47,520 --> 00:26:50,240
Speaker 2: back end. That makes the return on investment much much higher.

537
00:26:50,280 --> 00:26:51,960
Speaker 2: So there's just different ways that you can go about

538
00:26:51,960 --> 00:26:55,320
Speaker 2: getting a master's degree debt free, which is going to

539
00:26:55,359 --> 00:26:59,440
Speaker 2: make that return greater. And you do want that master's degree,

540
00:26:59,440 --> 00:27:02,240
Speaker 2: You want that higher pay scale because the difference is

541
00:27:02,240 --> 00:27:04,520
Speaker 2: going to make you know for retirement down the line,

542
00:27:04,600 --> 00:27:06,520
Speaker 2: which is based on your highest average salary at the

543
00:27:06,600 --> 00:27:10,720
Speaker 2: end of your career, is absolutely worth it. But you

544
00:27:10,760 --> 00:27:12,840
Speaker 2: don't want to get into a bunch of debt to

545
00:27:12,840 --> 00:27:14,440
Speaker 2: do that. That's the second piece.

546
00:27:14,800 --> 00:27:17,480
Speaker 1: So it's gonna like it's gonna help with pay now,

547
00:27:17,600 --> 00:27:19,320
Speaker 1: right if you get your master's degree, but then it's

548
00:27:19,359 --> 00:27:23,520
Speaker 1: also going to help with your bigger paychecks in retirement

549
00:27:23,520 --> 00:27:26,280
Speaker 1: as well. Yeah, what about what about certifications? Like are

550
00:27:26,320 --> 00:27:28,760
Speaker 1: there are their different certifications that are worth pursuing that

551
00:27:28,840 --> 00:27:31,800
Speaker 1: maybe aren't terribly expensive or that you can even can

552
00:27:31,840 --> 00:27:34,080
Speaker 1: you get those paid for by the school district? And

553
00:27:34,320 --> 00:27:38,440
Speaker 1: will those often lead to I don't know, better pay too.

554
00:27:38,800 --> 00:27:41,080
Speaker 2: Yeah, So that's a good question. So first of all,

555
00:27:41,160 --> 00:27:44,719
Speaker 2: your school might have a tuition reimbursement program for that

556
00:27:44,720 --> 00:27:47,240
Speaker 2: master's degree that you're going to go for, So ask

557
00:27:47,840 --> 00:27:49,800
Speaker 2: a lot of these things are just asking, but you're

558
00:27:49,800 --> 00:27:52,879
Speaker 2: talking about certifications. There is like a National Board certification.

559
00:27:53,040 --> 00:27:55,040
Speaker 2: Some states recognize that, some don't, and they have to

560
00:27:55,040 --> 00:27:57,480
Speaker 2: give you a pay race for that. There's also high

561
00:27:57,560 --> 00:28:01,160
Speaker 2: needs areas like special education, math and scien often have

562
00:28:01,200 --> 00:28:03,880
Speaker 2: a stipend with it. It's not high but if you're

563
00:28:03,920 --> 00:28:07,080
Speaker 2: interested in math and science like it's it's a no

564
00:28:07,200 --> 00:28:10,520
Speaker 2: brainer to do that, and then you know there are

565
00:28:10,600 --> 00:28:12,400
Speaker 2: there are other there's a lot of different things people

566
00:28:12,400 --> 00:28:15,439
Speaker 2: can do. I did say, don't go job hopping, but

567
00:28:15,720 --> 00:28:18,480
Speaker 2: there's also a difference in pay from district to district.

568
00:28:18,920 --> 00:28:22,240
Speaker 2: If you can find that sweet spot of this district

569
00:28:22,320 --> 00:28:24,600
Speaker 2: pays well, but it's not terribly expensive to live there,

570
00:28:24,680 --> 00:28:28,080
Speaker 2: or I can commute really easily, that is something else

571
00:28:28,119 --> 00:28:30,359
Speaker 2: you can do there. There's some geo arbitrage that can

572
00:28:30,440 --> 00:28:35,920
Speaker 2: happen as a teacher, so there's a lot less personal negotiation,

573
00:28:36,520 --> 00:28:39,520
Speaker 2: but a lot more like long term planning that goes

574
00:28:39,600 --> 00:28:43,160
Speaker 2: into getting the best salary as a teacher.

575
00:28:43,480 --> 00:28:46,560
Speaker 1: If you're thinking about moving districts, can't that be can't

576
00:28:46,560 --> 00:28:50,160
Speaker 1: that penalize you from a retirement standpoint, like not having

577
00:28:50,200 --> 00:28:53,320
Speaker 1: as many years served in a particular district like does

578
00:28:53,480 --> 00:28:56,760
Speaker 1: does like the higher paid bump maybe make less sense

579
00:28:56,800 --> 00:28:59,000
Speaker 1: at times if you've been in a particular district for

580
00:28:59,040 --> 00:28:59,920
Speaker 1: a longer period of time.

581
00:29:00,600 --> 00:29:03,560
Speaker 2: Yeah, So there's a few different pieces of that. One.

582
00:29:03,960 --> 00:29:05,880
Speaker 2: If you're in the same state, it's not going to

583
00:29:05,880 --> 00:29:09,360
Speaker 2: affect your retirement because it's all state based. Also, if

584
00:29:09,440 --> 00:29:12,480
Speaker 2: you you're vested in one state you move to another state,

585
00:29:12,560 --> 00:29:15,760
Speaker 2: sometimes you can roll over into that. It's not always

586
00:29:15,800 --> 00:29:18,320
Speaker 2: possible that there there are ways to do that. And

587
00:29:18,360 --> 00:29:22,040
Speaker 2: then the other piece to consider is if you've been

588
00:29:22,080 --> 00:29:25,280
Speaker 2: in one district for a long time, moving can generally

589
00:29:25,560 --> 00:29:29,160
Speaker 2: be problematic because sometimes they don't accept past a certain

590
00:29:29,200 --> 00:29:31,560
Speaker 2: number of years of experience of putting you on the

591
00:29:31,560 --> 00:29:34,320
Speaker 2: pay scale. But if you're early on in your career,

592
00:29:34,400 --> 00:29:37,160
Speaker 2: especially finding that district that you want to stay at

593
00:29:37,200 --> 00:29:41,880
Speaker 2: because it's got the right pay to cost ratio is

594
00:29:42,120 --> 00:29:45,240
Speaker 2: just a powerful early on strategy. So I moved from

595
00:29:45,240 --> 00:29:49,520
Speaker 2: Colorado to Texas because Colorado isn't just not paying teachers

596
00:29:49,560 --> 00:29:52,600
Speaker 2: well at all, and it was really expensive. Texas had

597
00:29:52,640 --> 00:29:55,560
Speaker 2: a higher pay, lower cost of living, so I chose

598
00:29:55,640 --> 00:29:58,800
Speaker 2: that to be able to support my family on a

599
00:29:58,840 --> 00:29:59,640
Speaker 2: teacher's salary.

600
00:30:00,000 --> 00:30:02,680
Speaker 1: It's the double whammy. Yeah, the lower cost of living

601
00:30:02,760 --> 00:30:06,320
Speaker 1: and higher pay. So yeah, that makes sense. In yeah,

602
00:30:06,320 --> 00:30:09,160
Speaker 1: I can't imagine teaching in a really high cost of

603
00:30:09,200 --> 00:30:12,840
Speaker 1: living area. It just makes you think of like San

604
00:30:12,840 --> 00:30:15,120
Speaker 1: Francisco or New York City, right, there are places that

605
00:30:15,160 --> 00:30:17,920
Speaker 1: make it really it's really expensive to live if you

606
00:30:18,800 --> 00:30:21,160
Speaker 1: were a teacher, if you work in a service industry

607
00:30:21,680 --> 00:30:25,760
Speaker 1: and the pay is not bumped up enough to make

608
00:30:25,840 --> 00:30:28,880
Speaker 1: up for the ridiculously high cost of living. How how

609
00:30:28,960 --> 00:30:31,960
Speaker 1: do you think? I know you're keen, I think on

610
00:30:32,160 --> 00:30:36,000
Speaker 1: side hustles, But what do you think what would you

611
00:30:36,040 --> 00:30:38,200
Speaker 1: say to a teacher who says, man, the summer's off,

612
00:30:38,200 --> 00:30:39,960
Speaker 1: that's one of the biggest perks. Like I realized, I'm

613
00:30:39,960 --> 00:30:42,600
Speaker 1: not gonna get paid as much, but I don't necessarily

614
00:30:42,600 --> 00:30:45,520
Speaker 1: want to have to like bust it in you know,

615
00:30:45,640 --> 00:30:49,160
Speaker 1: June and July when those are supposed to especially like

616
00:30:49,200 --> 00:30:51,520
Speaker 1: a lot of teachers have kids, and so it makes

617
00:30:51,560 --> 00:30:54,360
Speaker 1: sense for their schedule because their kids are out of school,

618
00:30:54,400 --> 00:30:57,480
Speaker 1: they're they're not working. But what would you say to teachers,

619
00:30:57,520 --> 00:31:00,520
Speaker 1: how would you maybe talk about side hustles in the

620
00:31:00,520 --> 00:31:02,440
Speaker 1: importance or worth how worthwhile they are?

621
00:31:02,760 --> 00:31:05,040
Speaker 2: Well, if you don't want a side hustle. You just

622
00:31:05,040 --> 00:31:07,320
Speaker 2: got to deal with your pay, right. There's just no

623
00:31:07,440 --> 00:31:09,520
Speaker 2: other way really around that. The pay you have is

624
00:31:09,520 --> 00:31:11,360
Speaker 2: what it's going to be unless you're willing to side hustle.

625
00:31:12,320 --> 00:31:15,080
Speaker 2: I think that the summers are an ideal time for

626
00:31:15,200 --> 00:31:19,080
Speaker 2: teachers to hustle because it doesn't have to be the

627
00:31:19,160 --> 00:31:22,000
Speaker 2: traditional teacher side hustle. It doesn't have to be waiting tables,

628
00:31:22,280 --> 00:31:24,600
Speaker 2: it doesn't have to be tutoring, which, by the way,

629
00:31:24,720 --> 00:31:26,560
Speaker 2: like you know, if you really love tutoring, great, But

630
00:31:26,840 --> 00:31:29,920
Speaker 2: if you're tutoring and you hate it, that's probably because

631
00:31:29,960 --> 00:31:32,240
Speaker 2: you're burnt out from teaching for the whole year and

632
00:31:32,240 --> 00:31:34,400
Speaker 2: now you're tutoring more. It's like, it's just you don't

633
00:31:34,440 --> 00:31:35,840
Speaker 2: want to do that. You don't want your brain to

634
00:31:35,880 --> 00:31:38,600
Speaker 2: continue to be fatigued by the same thing. The rest

635
00:31:38,640 --> 00:31:40,520
Speaker 2: you're getting over the summer is just the rest from

636
00:31:40,560 --> 00:31:45,120
Speaker 2: doing the same intense work all year. So if you

637
00:31:45,200 --> 00:31:49,040
Speaker 2: flip it and you do something else, you're still resting

638
00:31:49,080 --> 00:31:52,440
Speaker 2: because your brain just likes novelty more than it likes

639
00:31:52,480 --> 00:31:55,640
Speaker 2: to vegetate. And we don't really see that. I mean,

640
00:31:55,720 --> 00:31:58,200
Speaker 2: people don't switch to some other kind of work they

641
00:31:58,240 --> 00:32:00,960
Speaker 2: switch to, you know, TV now, But if you just

642
00:32:00,960 --> 00:32:03,040
Speaker 2: switch to a different kind of work, your brain will

643
00:32:03,160 --> 00:32:06,880
Speaker 2: like it. Your brain will enjoy something new even if

644
00:32:06,880 --> 00:32:08,880
Speaker 2: you felt tired before. So that's my first piece of

645
00:32:08,920 --> 00:32:11,360
Speaker 2: advice is don't discount side hustles just because you feel

646
00:32:11,440 --> 00:32:16,480
Speaker 2: so exhausted from teaching, because something new will probably invigorate

647
00:32:16,520 --> 00:32:18,440
Speaker 2: you and not just make you more tired.

648
00:32:18,840 --> 00:32:21,520
Speaker 1: And then are there any like super creative ones you've

649
00:32:21,520 --> 00:32:22,800
Speaker 1: done or you've seen other teachers do.

650
00:32:23,280 --> 00:32:25,680
Speaker 2: Yeah, And what I love about it is you get

651
00:32:25,720 --> 00:32:28,200
Speaker 2: to really just personalize this to what you want to do.

652
00:32:28,280 --> 00:32:31,040
Speaker 2: So I sell fireworks every year, which I know it's

653
00:32:31,080 --> 00:32:32,680
Speaker 2: not possible in a lot of places, but I just

654
00:32:32,760 --> 00:32:35,600
Speaker 2: really like the get to talk to people, and then

655
00:32:35,680 --> 00:32:37,560
Speaker 2: the sales aspect of it is kind of fun. And

656
00:32:37,600 --> 00:32:40,480
Speaker 2: it's just like a nice little short window around fourth

657
00:32:40,480 --> 00:32:42,440
Speaker 2: of July I get to do. I know of another

658
00:32:42,520 --> 00:32:46,600
Speaker 2: teacher who operates the local swimming pool that's open from

659
00:32:46,800 --> 00:32:50,200
Speaker 2: Memorial Day to Labor Day. Great teacher side hustle, because

660
00:32:50,240 --> 00:32:55,400
Speaker 2: that's when we're off generally. There's also basically anything that's

661
00:32:55,440 --> 00:32:59,200
Speaker 2: kind of seasonal can really be a powerful thing that

662
00:32:59,240 --> 00:33:02,720
Speaker 2: you can do, like there's like the farm things that

663
00:33:02,760 --> 00:33:04,680
Speaker 2: are open during during the summer, So if you like

664
00:33:04,720 --> 00:33:07,240
Speaker 2: working with animals, you can do stuff with like a farm,

665
00:33:07,320 --> 00:33:11,360
Speaker 2: that kind of thing. And then I just generally say,

666
00:33:11,400 --> 00:33:15,200
Speaker 2: like if something that's online that you can ramp up

667
00:33:15,200 --> 00:33:17,680
Speaker 2: over the summer, like a side business, something that you own,

668
00:33:17,840 --> 00:33:20,280
Speaker 2: not a job, but a business that you own that

669
00:33:20,320 --> 00:33:22,360
Speaker 2: you can like, Okay, I'm gonna take the summer to

670
00:33:22,560 --> 00:33:26,640
Speaker 2: ramp this up and then scale it back in the

671
00:33:26,640 --> 00:33:29,240
Speaker 2: school year when I'm busy. That's what I really like

672
00:33:29,320 --> 00:33:33,240
Speaker 2: about our flexibility. So finding those flexible things, like even

673
00:33:33,280 --> 00:33:36,480
Speaker 2: if you know I'm gonna be working on lesson plans anyway,

674
00:33:36,920 --> 00:33:38,680
Speaker 2: why not get those ready for teachers?

675
00:33:38,720 --> 00:33:42,000
Speaker 1: Pay teachers while you're at it, gonna as you can

676
00:33:42,040 --> 00:33:44,520
Speaker 1: sell that on there, right, Is that like a viable

677
00:33:44,560 --> 00:33:45,760
Speaker 1: way to make make money?

678
00:33:46,000 --> 00:33:48,520
Speaker 2: Yes, it is. I know a teacher. I know a

679
00:33:48,560 --> 00:33:52,000
Speaker 2: teacher who quit because their teacher paid teacher store is

680
00:33:52,040 --> 00:33:56,680
Speaker 2: paying them enough to survive. So wow, there's a viable

681
00:33:56,720 --> 00:33:59,239
Speaker 2: way to make money. I don't really advocate teachers pay

682
00:33:59,320 --> 00:34:02,000
Speaker 2: teachers because I don't like the fact that teachers are

683
00:34:02,200 --> 00:34:05,320
Speaker 2: paying to, you know, bring stuff into their classroom that

684
00:34:05,480 --> 00:34:07,920
Speaker 2: once again that same problem. But you can often get

685
00:34:07,920 --> 00:34:09,520
Speaker 2: your school to pay for a teachers to pay teachers

686
00:34:09,560 --> 00:34:12,160
Speaker 2: thing if you can prove that it is worthwhile. Right.

687
00:34:12,840 --> 00:34:15,920
Speaker 2: So there's just like a lot of different things depending

688
00:34:15,920 --> 00:34:17,680
Speaker 2: on what you're doing. If you're already putting the time

689
00:34:17,719 --> 00:34:20,399
Speaker 2: and effort into it anyway, why not take that extra

690
00:34:20,440 --> 00:34:24,200
Speaker 2: effort to make it nice and available out there so

691
00:34:24,239 --> 00:34:26,120
Speaker 2: that way you can get some income back from it.

692
00:34:26,880 --> 00:34:30,040
Speaker 2: There's just so many different like I struggle to find

693
00:34:30,040 --> 00:34:31,799
Speaker 2: all of them because there's so many different things that

694
00:34:31,840 --> 00:34:35,279
Speaker 2: teachers can do over the summer. It just depends on

695
00:34:35,320 --> 00:34:37,440
Speaker 2: your interests or passion and what you want to pursue.

696
00:34:37,719 --> 00:34:42,520
Speaker 1: Let's talk about teacher retirement and there's some good, some bad,

697
00:34:42,560 --> 00:34:46,520
Speaker 1: and some ugly in that space. Most teachers that you

698
00:34:46,560 --> 00:34:48,720
Speaker 1: mentioned still have access to a pension, which is seen

699
00:34:49,120 --> 00:34:52,600
Speaker 1: as a major perk and it really can be. But

700
00:34:52,680 --> 00:34:54,440
Speaker 1: do you think pensions are all they're cracked up to be?

701
00:34:54,760 --> 00:34:58,520
Speaker 1: And what role should a pension play in retirement planning

702
00:34:58,520 --> 00:34:59,960
Speaker 1: for teachers?

703
00:35:00,200 --> 00:35:06,000
Speaker 2: I would much rather have a like a defined contribution

704
00:35:06,160 --> 00:35:08,719
Speaker 2: plan instead of a defined benefit plan, which is what

705
00:35:08,760 --> 00:35:12,560
Speaker 2: a pension is. Myself, which is actually my school doesn't

706
00:35:12,560 --> 00:35:15,160
Speaker 2: have a pension, and I like that because I'm in

707
00:35:15,200 --> 00:35:19,000
Speaker 2: control of the investment. However, to be in control of

708
00:35:19,040 --> 00:35:21,560
Speaker 2: the investment means that you have control of the money,

709
00:35:21,960 --> 00:35:24,480
Speaker 2: and most people don't make the right choices when they're

710
00:35:24,520 --> 00:35:27,640
Speaker 2: in control of the money. The benefit of the pension,

711
00:35:28,000 --> 00:35:30,640
Speaker 2: even though the return on investment is generally lower than

712
00:35:30,960 --> 00:35:33,279
Speaker 2: a you know, like if you're going to put it

713
00:35:33,280 --> 00:35:36,040
Speaker 2: into an index for the long term, is that you

714
00:35:36,239 --> 00:35:38,360
Speaker 2: have no say in the matter. You are going to

715
00:35:38,440 --> 00:35:40,520
Speaker 2: invest for a retirement whether you like it or not.

716
00:35:40,760 --> 00:35:42,080
Speaker 1: There's a lot of certainty there.

717
00:35:42,440 --> 00:35:44,239
Speaker 2: Yeah, there's a lot of certainty and the fact that

718
00:35:44,560 --> 00:35:47,920
Speaker 2: teachers don't really have the choice to say with I'm

719
00:35:47,960 --> 00:35:50,000
Speaker 2: struggling right now, I need this money now, I'm going

720
00:35:50,040 --> 00:35:54,439
Speaker 2: to spend it now, save so many teachers because when

721
00:35:54,480 --> 00:35:57,600
Speaker 2: we get to retirement, that benefit is there, and I

722
00:35:57,600 --> 00:36:00,080
Speaker 2: think that that safety net for teachers has been and

723
00:36:00,560 --> 00:36:03,799
Speaker 2: the only thing that's that's keeping us afloat right now

724
00:36:03,840 --> 00:36:06,480
Speaker 2: because we don't have the choice to take that money.

725
00:36:06,520 --> 00:36:10,920
Speaker 2: So if we could force teachers to just invest it

726
00:36:11,400 --> 00:36:14,120
Speaker 2: and not just take it to pay for their needs

727
00:36:14,200 --> 00:36:17,360
Speaker 2: right now, then I think that the long term growth

728
00:36:17,480 --> 00:36:20,240
Speaker 2: of the defined contribution plan is better. But just because

729
00:36:20,280 --> 00:36:23,279
Speaker 2: of that that de pendable certainty of the pension, and

730
00:36:23,520 --> 00:36:25,520
Speaker 2: just because of where we're at right now with financial

731
00:36:25,560 --> 00:36:28,480
Speaker 2: literacy for teachers and for Americans in general. It's not

732
00:36:28,520 --> 00:36:32,640
Speaker 2: just teachers having that that dependable safety net is so worthwhile.

733
00:36:33,120 --> 00:36:35,719
Speaker 1: Let's talk about the four or three B plans too.

734
00:36:35,880 --> 00:36:38,319
Speaker 1: So pension is one of those things where, yeah, it's

735
00:36:38,360 --> 00:36:41,520
Speaker 1: going to provide a base level what percentage of pay

736
00:36:41,600 --> 00:36:43,960
Speaker 1: typically if the teacher serves thirty years, thirty years is

737
00:36:44,040 --> 00:36:48,280
Speaker 1: usually the number right to get the max pension amount?

738
00:36:48,400 --> 00:36:52,799
Speaker 1: Is that like fifty percent of your a certain amount

739
00:36:52,840 --> 00:36:54,719
Speaker 1: of your highest year salary. Like, how does that usually

740
00:36:54,760 --> 00:36:55,520
Speaker 1: work on the pension?

741
00:36:56,200 --> 00:36:58,279
Speaker 2: Yeah, so it changes from state to state, but it's

742
00:36:58,360 --> 00:37:01,200
Speaker 2: usually in that sixty to sixty five percent range of

743
00:37:01,239 --> 00:37:05,000
Speaker 2: the last three to five years average highest salary. Okay,

744
00:37:05,320 --> 00:37:08,200
Speaker 2: so if your averatire salary was one hundred thousand dollars,

745
00:37:08,239 --> 00:37:10,480
Speaker 2: you'd you know, take the sixty sixty.

746
00:37:10,320 --> 00:37:12,839
Speaker 1: Five thousand dollars, which, like, to be honest, I mean,

747
00:37:12,960 --> 00:37:17,239
Speaker 1: is pretty spectacular, especially if you started teaching twenty five,

748
00:37:17,320 --> 00:37:21,440
Speaker 1: you retire at fifty five, and you're talking about potentially

749
00:37:21,840 --> 00:37:26,440
Speaker 1: many many decades of having that kind of payout, but

750
00:37:26,760 --> 00:37:29,439
Speaker 1: four three B plans. In addition, can you talk about

751
00:37:29,440 --> 00:37:31,200
Speaker 1: maybe some of the differences between four three b's and

752
00:37:31,239 --> 00:37:33,720
Speaker 1: four to one ks and how teachers should think about

753
00:37:34,000 --> 00:37:35,960
Speaker 1: participating in a four or three B because they might

754
00:37:36,000 --> 00:37:39,680
Speaker 1: be like, uh, why would I like contribute more to

755
00:37:39,760 --> 00:37:42,200
Speaker 1: my future retirement? I got the pension.

756
00:37:42,360 --> 00:37:46,839
Speaker 2: Yeah, So a couple of things. One, people say, well,

757
00:37:46,880 --> 00:37:49,160
Speaker 2: the pension is not gonna be enough because you know,

758
00:37:49,360 --> 00:37:52,000
Speaker 2: I'm making say one hundred thousand dollars, I can't live

759
00:37:52,000 --> 00:37:55,680
Speaker 2: on sixty five. If you track your spending and you

760
00:37:55,719 --> 00:37:58,520
Speaker 2: compare like your gross salary to your net, you're actually

761
00:37:58,520 --> 00:38:01,719
Speaker 2: probably closer to that sixty five percent range as it is,

762
00:38:01,800 --> 00:38:04,000
Speaker 2: just because of all the stuff that's taken out that

763
00:38:04,040 --> 00:38:06,160
Speaker 2: won't be taken out of your pension. It might be

764
00:38:06,160 --> 00:38:07,839
Speaker 2: a little bit of a pay cut, but not really

765
00:38:07,920 --> 00:38:10,800
Speaker 2: as much as you think it's going to be, especially

766
00:38:10,800 --> 00:38:13,600
Speaker 2: if you're contributing to like a defined contribution plan like

767
00:38:13,640 --> 00:38:16,560
Speaker 2: a four H three B. Now onto the four or

768
00:38:16,560 --> 00:38:20,719
Speaker 2: three B. The difference is simply that it's not protected

769
00:38:20,760 --> 00:38:24,600
Speaker 2: by arist the laws. What that means is the person

770
00:38:24,680 --> 00:38:27,319
Speaker 2: who is trying to sell you a four H three

771
00:38:27,360 --> 00:38:31,640
Speaker 2: B has no obligation to be acting as a full

772
00:38:31,719 --> 00:38:35,799
Speaker 2: time fiduciary in your best interests at all time. What

773
00:38:35,840 --> 00:38:39,400
Speaker 2: this leads to is multiple vendors, So you have to

774
00:38:39,520 --> 00:38:41,759
Speaker 2: choose who is going to offer your four to three B.

775
00:38:42,400 --> 00:38:44,359
Speaker 2: Some of them are good, most of them are bad.

776
00:38:45,200 --> 00:38:48,040
Speaker 2: High fees, and we're talking two to three percent. Now,

777
00:38:48,640 --> 00:38:50,799
Speaker 2: if you're like, why is that such a big deal

778
00:38:51,640 --> 00:38:55,319
Speaker 2: on just you know, thirty years one hundred dollars a

779
00:38:55,400 --> 00:38:58,799
Speaker 2: month investment with no fees, that's gonna be like one

780
00:38:58,840 --> 00:39:00,680
Speaker 2: hundred fifty thousand dollars out of ten percent re term

781
00:39:00,680 --> 00:39:04,520
Speaker 2: on investment, right, those three percent fees one hundred thousand dollars.

782
00:39:04,560 --> 00:39:07,479
Speaker 2: So we're talking about like a third of your pay

783
00:39:08,080 --> 00:39:12,360
Speaker 2: or a third of your your growth potential gone in feed.

784
00:39:12,200 --> 00:39:14,520
Speaker 1: Just get getting eaten away by high fees that teachers

785
00:39:14,560 --> 00:39:16,400
Speaker 1: are particularly susceptible to you.

786
00:39:16,480 --> 00:39:19,600
Speaker 2: Yeah, so because of just the lack of protections like

787
00:39:19,600 --> 00:39:22,279
Speaker 2: a regular four ROH one K, they are required to

788
00:39:22,360 --> 00:39:25,319
Speaker 2: have low fee options for three be's are not, so

789
00:39:25,640 --> 00:39:27,680
Speaker 2: you're you're just more likely to get those huge fees

790
00:39:27,680 --> 00:39:31,120
Speaker 2: that're just eating things up. And then the people that

791
00:39:31,200 --> 00:39:33,520
Speaker 2: are signing us up for these things are being sent

792
00:39:33,600 --> 00:39:36,200
Speaker 2: by these bad vendors who have high fees, because only

793
00:39:36,320 --> 00:39:38,560
Speaker 2: the bad vendors with high fees have the money to

794
00:39:38,600 --> 00:39:41,640
Speaker 2: send people into your school to try and sign you up,

795
00:39:41,760 --> 00:39:44,680
Speaker 2: not the good ones. So we're getting you know, free

796
00:39:44,719 --> 00:39:47,160
Speaker 2: donuts and like, and I'll give you free financial advice.

797
00:39:47,560 --> 00:39:51,399
Speaker 2: Put all your money into this you know, indextinuity or

798
00:39:51,440 --> 00:39:53,759
Speaker 2: into this you know, whole life insurance plan. It's going

799
00:39:53,800 --> 00:39:57,200
Speaker 2: to be a great investment for you. And then we

800
00:39:57,320 --> 00:40:00,319
Speaker 2: just get eaten live on those fees. So so it's

801
00:40:00,400 --> 00:40:03,839
Speaker 2: just it's very predatory. It's taking a lot of money

802
00:40:03,880 --> 00:40:06,839
Speaker 2: from teachers. They pretend there aren't fees because they're able

803
00:40:06,880 --> 00:40:08,799
Speaker 2: to couch it in different language, and it just kind

804
00:40:08,800 --> 00:40:12,080
Speaker 2: of hides the overall cost. And it's just it's all

805
00:40:12,120 --> 00:40:16,880
Speaker 2: around just an icky experience. So I always advocate for

806
00:40:16,920 --> 00:40:20,480
Speaker 2: this group four oh three bys dot org. Their whole

807
00:40:20,480 --> 00:40:23,080
Speaker 2: mission is to, you know, help people have a four

808
00:40:23,080 --> 00:40:24,680
Speaker 2: to three B figure out if they have a good

809
00:40:24,719 --> 00:40:27,120
Speaker 2: one or not, get out of bad four three b's,

810
00:40:27,680 --> 00:40:30,640
Speaker 2: and then find the right investment options for you. And

811
00:40:30,680 --> 00:40:33,279
Speaker 2: I think that that is the thing to do. You

812
00:40:33,320 --> 00:40:35,239
Speaker 2: just have to educate yourself because no one else is

813
00:40:35,280 --> 00:40:36,319
Speaker 2: going to do it for you.

814
00:40:36,760 --> 00:40:38,640
Speaker 1: Yeah, that's the site to turn to. Right, And I

815
00:40:38,680 --> 00:40:41,160
Speaker 1: was going to ask you about that, because how is

816
00:40:41,200 --> 00:40:45,320
Speaker 1: a teacher supposed to know what whether their four or

817
00:40:45,360 --> 00:40:47,520
Speaker 1: three BE is a good one or not, what fund

818
00:40:47,520 --> 00:40:49,880
Speaker 1: to be fund or funds to be investing in inside

819
00:40:49,880 --> 00:40:52,400
Speaker 1: of their four or three B And oftentimes it's the

820
00:40:52,760 --> 00:40:57,440
Speaker 1: noisiest person closest to them that wins out. But the

821
00:40:57,440 --> 00:41:01,680
Speaker 1: four three B wise is a nonprofit, right, it's started

822
00:41:01,719 --> 00:41:06,399
Speaker 1: by by a former teacher, and it's it's who Dan

823
00:41:06,480 --> 00:41:10,560
Speaker 1: Otter who realized that that four or three b's are

824
00:41:11,320 --> 00:41:14,400
Speaker 1: crummy for so many, so many teachers out there, and

825
00:41:14,440 --> 00:41:16,960
Speaker 1: it's such a great such a great resource. Some some

826
00:41:17,000 --> 00:41:19,479
Speaker 1: teachers also have access to a four to fifty seven

827
00:41:19,520 --> 00:41:21,480
Speaker 1: B plan as well. Right, And then how do you

828
00:41:21,560 --> 00:41:25,360
Speaker 1: think should should teachers be We're talking about again, not

829
00:41:25,560 --> 00:41:29,120
Speaker 1: like astronomical salaries, being able to maxim max out multiple

830
00:41:29,160 --> 00:41:32,360
Speaker 1: retirement accounts is a rarity I think for teachers, except

831
00:41:32,360 --> 00:41:35,520
Speaker 1: for maybe the incredibly hyper frugal ones. But how do

832
00:41:35,560 --> 00:41:38,399
Speaker 1: you think about what teacher should do if they're offered

833
00:41:38,480 --> 00:41:39,680
Speaker 1: multiple retirement accounts?

834
00:41:39,920 --> 00:41:41,200
Speaker 2: Yeah? So I love you that you brought up the

835
00:41:41,200 --> 00:41:43,440
Speaker 2: four fifty seven B And as a side note, I

836
00:41:43,480 --> 00:41:45,960
Speaker 2: have a friend Stacey, who maxed out the four or

837
00:41:46,000 --> 00:41:49,600
Speaker 2: three B four fifty seven b IRA and HSA as

838
00:41:49,640 --> 00:41:52,840
Speaker 2: a teacher. Wow, she's impressed off of her side hustle salary.

839
00:41:52,920 --> 00:41:55,520
Speaker 2: So oh my goodness, it is possible if you decide

840
00:41:55,520 --> 00:41:56,879
Speaker 2: that that's what you want to do.

841
00:41:57,239 --> 00:41:58,840
Speaker 1: Stacy's going to have more money than both of us

842
00:41:58,920 --> 00:41:59,600
Speaker 1: put together. Sean.

843
00:41:59,640 --> 00:42:02,520
Speaker 2: Oh, yeah, for sure. But she actually got to step

844
00:42:02,520 --> 00:42:04,480
Speaker 2: away after she had a baby and is no longer

845
00:42:04,520 --> 00:42:07,880
Speaker 2: working and she can just live off of that, and

846
00:42:07,920 --> 00:42:11,200
Speaker 2: then she occasionally like works with the little pre k

847
00:42:11,320 --> 00:42:13,480
Speaker 2: kids because she still likes kids. So there's just like

848
00:42:13,520 --> 00:42:15,520
Speaker 2: so many great things that come from the flexibility of

849
00:42:15,560 --> 00:42:18,080
Speaker 2: doing that. But that's of course the side note. The

850
00:42:19,080 --> 00:42:21,840
Speaker 2: four to fifty seven is a really awesome account because

851
00:42:22,040 --> 00:42:26,040
Speaker 2: of the flexibility. If you leave a district, you can

852
00:42:26,080 --> 00:42:30,400
Speaker 2: now access that money penalty free if you are investing

853
00:42:30,400 --> 00:42:33,799
Speaker 2: in a regular four fifty seven. The reason I like

854
00:42:33,840 --> 00:42:37,160
Speaker 2: four fifty sevens for teachers is because even though they're

855
00:42:37,160 --> 00:42:40,080
Speaker 2: not offered in all states, there's usually only one vendor

856
00:42:40,120 --> 00:42:43,359
Speaker 2: because it's like a state or a district run thing

857
00:42:43,400 --> 00:42:46,040
Speaker 2: that they can't offer multiple vendors of it, and they

858
00:42:46,120 --> 00:42:49,719
Speaker 2: usually have low fees, not always so sometimes they have

859
00:42:49,760 --> 00:42:51,279
Speaker 2: like you know, one and a half percent, which is

860
00:42:51,320 --> 00:42:54,839
Speaker 2: not terrible, but it's not great, right, No, I don't

861
00:42:54,920 --> 00:42:58,560
Speaker 2: like it, but compared to the two to three it's better,

862
00:42:58,640 --> 00:43:00,959
Speaker 2: but it's not great. But they can have I fees.

863
00:43:01,000 --> 00:43:03,000
Speaker 2: Some of them have really low fees though, So if

864
00:43:03,040 --> 00:43:04,719
Speaker 2: you're in a state as a really low fee for

865
00:43:04,840 --> 00:43:09,640
Speaker 2: fifty seven, that's fantastic generally for three B wise is

866
00:43:09,640 --> 00:43:11,480
Speaker 2: why don't you just invest in an IRA. It's not

867
00:43:11,560 --> 00:43:14,040
Speaker 2: like you're gonna have like, you know, tons of money

868
00:43:14,080 --> 00:43:17,319
Speaker 2: to invest anyway. So the IRA just allows you to

869
00:43:17,360 --> 00:43:20,040
Speaker 2: choose your vendor, choose your fund, and you're gonna be

870
00:43:20,040 --> 00:43:21,920
Speaker 2: able to have you know, lower fees just in general

871
00:43:22,480 --> 00:43:25,400
Speaker 2: doing that. But if my order of operations is generally

872
00:43:25,440 --> 00:43:27,759
Speaker 2: if you have access to an HSA just because of

873
00:43:27,800 --> 00:43:30,680
Speaker 2: that triple tax advantage that we don't need to get into,

874
00:43:30,719 --> 00:43:32,160
Speaker 2: but like, there's just a lot of benefits if you

875
00:43:32,239 --> 00:43:35,320
Speaker 2: have access to invest in that with a good provider,

876
00:43:35,560 --> 00:43:39,640
Speaker 2: that's a fantastic option IRA just because you have control

877
00:43:39,680 --> 00:43:42,080
Speaker 2: over it and then you can look at your four

878
00:43:42,200 --> 00:43:43,840
Speaker 2: fifty seven or four or three B options.

879
00:43:43,840 --> 00:43:45,680
Speaker 1: I would think for a lot of teachers the roth

880
00:43:45,719 --> 00:43:46,640
Speaker 1: Ira as well.

881
00:43:46,719 --> 00:43:50,240
Speaker 2: Yeah, specifically roth Ira specifically because your your lower salary.

882
00:43:50,280 --> 00:43:50,719
Speaker 2: It makes sense.

883
00:43:50,840 --> 00:43:55,120
Speaker 1: Yeah, pay the tax now at hopefully a ridiculously low rate,

884
00:43:55,200 --> 00:43:57,239
Speaker 1: and then never be taxed on that money again. Let

885
00:43:57,320 --> 00:43:59,560
Speaker 1: it grow. All right, I got more questions. I want

886
00:43:59,600 --> 00:44:00,839
Speaker 1: to get to you with Sean, A few more questions

887
00:44:00,840 --> 00:44:03,840
Speaker 1: specifically to about young teachers how they should think about

888
00:44:03,840 --> 00:44:05,840
Speaker 1: their their future. And I want to talk about personal

889
00:44:05,840 --> 00:44:09,240
Speaker 1: finance classes in high school as they're becoming more common.

890
00:44:09,320 --> 00:44:10,799
Speaker 1: I want to get your thoughts on that. We'll get

891
00:44:10,800 --> 00:44:12,920
Speaker 1: to a few more questions with Sean Morgan right after this.

892
00:44:20,600 --> 00:44:23,360
Speaker 1: All right, back still, We're back still talking with Sean Morgan.

893
00:44:23,800 --> 00:44:26,320
Speaker 1: Sean wants a lot of teachers to get super wealthy,

894
00:44:26,440 --> 00:44:29,120
Speaker 1: and I'm down with that mission. So and and it's

895
00:44:29,160 --> 00:44:31,560
Speaker 1: possible too, which I love too. I love the way

896
00:44:31,600 --> 00:44:36,400
Speaker 1: Sean helps teachers think through the realities, the hurdles, but

897
00:44:36,480 --> 00:44:42,000
Speaker 1: also like the potential. So Sean, I'm curious to We

898
00:44:42,040 --> 00:44:43,719
Speaker 1: talked about the pension for a second, but what about

899
00:44:43,760 --> 00:44:46,560
Speaker 1: young teachers who are like, I don't know how long

900
00:44:46,560 --> 00:44:51,879
Speaker 1: I'm gonna do this the how like, let's say I'm

901
00:44:52,160 --> 00:44:57,440
Speaker 1: I'm in teaching for three, five, seven years. How much

902
00:44:57,480 --> 00:45:00,279
Speaker 1: of a benefit is the pension going to be? And

903
00:45:00,280 --> 00:45:02,480
Speaker 1: how should I think about saving for retirement if I'm like,

904
00:45:02,560 --> 00:45:04,480
Speaker 1: I'm gonna teach but not for forever.

905
00:45:05,000 --> 00:45:09,040
Speaker 2: Yeah. So I'm always an advocate of control what you

906
00:45:09,080 --> 00:45:12,440
Speaker 2: can control, right, So if you're not sure where you're

907
00:45:12,440 --> 00:45:14,279
Speaker 2: gonna be, which no one's really sure where they're going

908
00:45:14,360 --> 00:45:17,080
Speaker 2: to be, then putting as much as you can into

909
00:45:17,440 --> 00:45:20,279
Speaker 2: a defined contribution plan so that way you are in

910
00:45:20,320 --> 00:45:24,160
Speaker 2: control of those funds absolutely essential. And that's for your

911
00:45:24,200 --> 00:45:26,439
Speaker 2: future because even if you decide to stay in teaching

912
00:45:26,440 --> 00:45:29,439
Speaker 2: forever and you have an awesome pension, then you also

913
00:45:29,480 --> 00:45:31,480
Speaker 2: have a to find contribution plan with a ton of money.

914
00:45:31,520 --> 00:45:35,120
Speaker 2: It sounds great, right, a great retirement, solid financial footing

915
00:45:35,160 --> 00:45:38,360
Speaker 2: there how to think about a pension. The pension is

916
00:45:38,360 --> 00:45:39,640
Speaker 2: going to be there, whether you like it or not.

917
00:45:40,040 --> 00:45:42,520
Speaker 2: So the fact that you can't opt out of a

918
00:45:42,520 --> 00:45:45,440
Speaker 2: pension in most cases, some states actually are starting to

919
00:45:45,480 --> 00:45:48,359
Speaker 2: allow an opt out option, which I think is really cool.

920
00:45:48,400 --> 00:45:52,680
Speaker 2: But if you can't, then oh well. But the thing

921
00:45:52,800 --> 00:45:55,960
Speaker 2: is that the pension money is your money, even if

922
00:45:56,000 --> 00:45:58,680
Speaker 2: you don't vest the money you put in still belongs

923
00:45:58,719 --> 00:46:02,879
Speaker 2: to you. I found this out after I had left.

924
00:46:03,640 --> 00:46:06,319
Speaker 2: I've actually left two different pension systems because I moved

925
00:46:06,320 --> 00:46:08,680
Speaker 2: around a lot early in my career, and one of

926
00:46:08,680 --> 00:46:11,480
Speaker 2: them wasn't vested. Like the money is sitting here, but

927
00:46:11,600 --> 00:46:14,520
Speaker 2: you're not going to get like a pension benefit from it,

928
00:46:14,960 --> 00:46:17,640
Speaker 2: but you can have it. So I rolled it into

929
00:46:17,800 --> 00:46:21,200
Speaker 2: my IRA, which is great. So if you're going to leave,

930
00:46:21,320 --> 00:46:24,399
Speaker 2: just remember to ask can I have this money back?

931
00:46:24,840 --> 00:46:26,759
Speaker 2: And put it into an IRA. And then the other

932
00:46:26,800 --> 00:46:28,560
Speaker 2: one like, well, you're only here for a couple of years,

933
00:46:28,560 --> 00:46:30,359
Speaker 2: but you've vested and it'll be worth like two hundred

934
00:46:30,360 --> 00:46:32,840
Speaker 2: and fifty bucks a month when you retire. I'm like, well,

935
00:46:33,360 --> 00:46:35,000
Speaker 2: with the way inflation's going, maybe I'll be able to

936
00:46:35,000 --> 00:46:37,080
Speaker 2: buy a cheeseburger every month with that money. I don't know,

937
00:46:37,160 --> 00:46:39,880
Speaker 2: but you know it's money, right, And I compared it

938
00:46:39,920 --> 00:46:41,120
Speaker 2: to like how much it would be worth if I

939
00:46:41,160 --> 00:46:43,600
Speaker 2: pulled it out and invested in, Like, E, it seems

940
00:46:44,040 --> 00:46:46,960
Speaker 2: good how it is right there, so I left it there.

941
00:46:47,600 --> 00:46:49,600
Speaker 2: So it just depends on each state that you're in,

942
00:46:49,680 --> 00:46:51,680
Speaker 2: so I can't really give like general advice, but just

943
00:46:52,200 --> 00:46:54,120
Speaker 2: ask your state what the benefit is going to be.

944
00:46:54,520 --> 00:46:57,600
Speaker 2: Can I pull it out if you move somewhere else

945
00:46:57,719 --> 00:47:00,080
Speaker 2: and roll it into an IRA, which you should be

946
00:47:00,120 --> 00:47:03,120
Speaker 2: able to not necessarily the money that your school put in,

947
00:47:03,520 --> 00:47:05,920
Speaker 2: but the money you put in if you're not invested,

948
00:47:06,600 --> 00:47:07,839
Speaker 2: can go with you to an IRA.

949
00:47:08,360 --> 00:47:11,520
Speaker 1: Can you explain how social security works for teachers and

950
00:47:11,560 --> 00:47:14,480
Speaker 1: how teachers can know whether or not they qualify for

951
00:47:14,520 --> 00:47:15,200
Speaker 1: social security.

952
00:47:15,320 --> 00:47:21,000
Speaker 2: Yes, every teacher that is contributing to social security qualifies

953
00:47:21,040 --> 00:47:23,880
Speaker 2: for social Security. Now, the way that this works is

954
00:47:23,880 --> 00:47:26,520
Speaker 2: there used to be an exclusion where you can't get

955
00:47:26,560 --> 00:47:29,000
Speaker 2: too much of social security if you have a pension.

956
00:47:29,560 --> 00:47:32,360
Speaker 2: That has been repealed. So if you are contributing to

957
00:47:32,400 --> 00:47:34,960
Speaker 2: social security, you will get it period.

958
00:47:35,040 --> 00:47:37,160
Speaker 1: And that was the Social Security Fairness Act, I think

959
00:47:37,239 --> 00:47:37,640
Speaker 1: is what was called.

960
00:47:37,800 --> 00:47:40,480
Speaker 2: Yes. Yeah, that recently passed just in the past year

961
00:47:40,560 --> 00:47:44,279
Speaker 2: or so. And the great thing about that is not

962
00:47:44,360 --> 00:47:47,560
Speaker 2: every state where you're like, you don't teach and contribute

963
00:47:47,640 --> 00:47:49,719
Speaker 2: to social security. In every state. Some states you have

964
00:47:49,760 --> 00:47:52,680
Speaker 2: pension and self security, which kind of really sucks on

965
00:47:52,719 --> 00:47:55,279
Speaker 2: the front end because you're having putting money in both.

966
00:47:55,800 --> 00:47:57,480
Speaker 2: But in some states you don't, and actually kind of

967
00:47:57,560 --> 00:48:01,120
Speaker 2: like the ones where you are only contributing to a pension,

968
00:48:01,600 --> 00:48:04,840
Speaker 2: because then when you side hustle and you're paying your

969
00:48:04,880 --> 00:48:07,640
Speaker 2: five A taxes on your side hustle, you're building social

970
00:48:07,680 --> 00:48:10,160
Speaker 2: Security credits over there, so you get to kind of

971
00:48:10,480 --> 00:48:12,880
Speaker 2: have a pension through your main job, and then you

972
00:48:12,920 --> 00:48:15,239
Speaker 2: get to build up that social security through that side

973
00:48:15,320 --> 00:48:18,319
Speaker 2: hustle because it only takes so long to get those

974
00:48:18,320 --> 00:48:21,480
Speaker 2: credits necessary to pull in. As long as you're dependably

975
00:48:21,520 --> 00:48:23,319
Speaker 2: putting money in through that side hustle, you'll be able

976
00:48:23,360 --> 00:48:26,720
Speaker 2: to get that credit limit necessary to start pulling social security.

977
00:48:26,719 --> 00:48:28,840
Speaker 2: And then as you just keep putting money into that

978
00:48:29,120 --> 00:48:32,080
Speaker 2: growing that income, your social Security benefit will also be there.

979
00:48:32,120 --> 00:48:34,840
Speaker 2: So you have both as a safety net when you retire,

980
00:48:34,840 --> 00:48:36,239
Speaker 2: which means you can play with that like I'm going

981
00:48:36,280 --> 00:48:39,640
Speaker 2: to retire, now, pull so security and let my pension grow,

982
00:48:39,960 --> 00:48:42,080
Speaker 2: or pull pension let my SOI security grow, and then

983
00:48:42,320 --> 00:48:44,959
Speaker 2: kind of play those two things against each other as

984
00:48:45,040 --> 00:48:48,160
Speaker 2: you consider the right choice for you in retirement.

985
00:48:48,200 --> 00:48:52,759
Speaker 1: YEA hearing that baby by the way, sean seven month old,

986
00:48:52,760 --> 00:48:55,080
Speaker 1: I love it. I love it. No, you're fine, it's great,

987
00:48:55,280 --> 00:48:57,879
Speaker 1: and so I'm curious to hear you know your take

988
00:48:57,920 --> 00:49:03,080
Speaker 1: as someone who loves personal finance and wants to help

989
00:49:03,080 --> 00:49:05,840
Speaker 1: teachers with their personal finances. Talk to me about the

990
00:49:05,920 --> 00:49:08,920
Speaker 1: revolution and the law in laws being passed in states

991
00:49:08,920 --> 00:49:12,359
Speaker 1: around the country making personal finance a requirement for high

992
00:49:12,360 --> 00:49:16,799
Speaker 1: schoolers in roughly like half the states. Now, is that

993
00:49:16,880 --> 00:49:19,080
Speaker 1: something you think is going to make a big difference.

994
00:49:19,440 --> 00:49:22,040
Speaker 2: Yeah, So, last time I checked, thirty one states had

995
00:49:22,120 --> 00:49:25,160
Speaker 2: something on the books, not necessarily like in place, but

996
00:49:25,920 --> 00:49:28,960
Speaker 2: it required in the coming years. And I get to

997
00:49:28,960 --> 00:49:32,759
Speaker 2: teach personal finance now at my school because of these laws,

998
00:49:32,800 --> 00:49:36,759
Speaker 2: which is fantastic. I love it, and I think that's

999
00:49:36,760 --> 00:49:38,919
Speaker 2: going to make a huge difference for a few reasons. One,

1000
00:49:39,880 --> 00:49:42,880
Speaker 2: it's going to help the students themselves start off on

1001
00:49:42,920 --> 00:49:47,239
Speaker 2: a good financial foot. And two, teachers are going to

1002
00:49:47,280 --> 00:49:50,919
Speaker 2: get asked kind of at random, like you're the social

1003
00:49:50,960 --> 00:49:53,799
Speaker 2: studies teacher, you need to teach personal finance now. And

1004
00:49:53,840 --> 00:49:55,520
Speaker 2: as teachers get into it, they're going to be like,

1005
00:49:55,640 --> 00:49:57,239
Speaker 2: I don't know anything about this. I'm gonna have to

1006
00:49:57,280 --> 00:49:59,840
Speaker 2: learn about it. And it's going to hopefully start to

1007
00:49:59,880 --> 00:50:03,320
Speaker 2: go row the number of teachers who are financially aware.

1008
00:50:03,880 --> 00:50:07,719
Speaker 2: And that's going to not only help the teachers it's

1009
00:50:07,719 --> 00:50:09,440
Speaker 2: also going to help the students because their teacher is

1010
00:50:09,440 --> 00:50:12,200
Speaker 2: going to be more and more knowledgeable. My only concern

1011
00:50:12,719 --> 00:50:15,920
Speaker 2: is that it's going to become just a check a box.

1012
00:50:16,600 --> 00:50:19,920
Speaker 2: You know, we're going to get a bunch of institutional level,

1013
00:50:20,080 --> 00:50:25,200
Speaker 2: like you know, textbooky, really boring personal finance curriculum that's

1014
00:50:25,239 --> 00:50:28,400
Speaker 2: going to just suck the joy out of personal finance

1015
00:50:28,440 --> 00:50:31,719
Speaker 2: because it is, in my opinion, the most relatable, the

1016
00:50:31,760 --> 00:50:34,880
Speaker 2: most flexible. Like it's got you know math that you

1017
00:50:34,960 --> 00:50:36,600
Speaker 2: can use in there. It's got English because you have

1018
00:50:36,640 --> 00:50:38,560
Speaker 2: to be able to explain why you chose to make

1019
00:50:38,560 --> 00:50:41,759
Speaker 2: a certain choice over another choice. It's got you know,

1020
00:50:41,840 --> 00:50:44,840
Speaker 2: critical thinking, It's got that real, real, real world application.

1021
00:50:45,000 --> 00:50:48,799
Speaker 2: There's just so many benefits to teaching personal finance that

1022
00:50:48,920 --> 00:50:51,520
Speaker 2: I really hope we don't lose psychology.

1023
00:50:51,640 --> 00:50:54,080
Speaker 1: There's emotion, I mean, yeah, there's all that stuff that

1024
00:50:54,480 --> 00:50:55,520
Speaker 1: goes into personology.

1025
00:50:55,760 --> 00:50:57,719
Speaker 2: Yeah. I'm trying to connect with schools to be like,

1026
00:50:57,800 --> 00:50:59,520
Speaker 2: let me help you. I want to teach you how

1027
00:50:59,600 --> 00:51:01,040
Speaker 2: to how to do this, And I'm hoping that we

1028
00:51:01,080 --> 00:51:03,400
Speaker 2: can spread the message and get you know, if you're

1029
00:51:03,400 --> 00:51:06,040
Speaker 2: in this podcast and you're a teacher, you know, try

1030
00:51:06,040 --> 00:51:08,640
Speaker 2: and teach personal finance, try and teach people around you

1031
00:51:08,680 --> 00:51:10,439
Speaker 2: how to teach it, so that way we can get

1032
00:51:10,520 --> 00:51:13,479
Speaker 2: like a really awesome movement to not a a dud

1033
00:51:13,600 --> 00:51:14,720
Speaker 2: personal finance movement.

1034
00:51:14,800 --> 00:51:16,320
Speaker 1: Oh yeah. At the last question, at the end of

1035
00:51:16,360 --> 00:51:19,200
Speaker 1: the day, do you think teaching is it a smart

1036
00:51:19,200 --> 00:51:22,120
Speaker 1: path to pursue financial independence? If someone's on the fence

1037
00:51:22,160 --> 00:51:26,200
Speaker 1: and they're like, I don't like teaching sounds like something

1038
00:51:26,239 --> 00:51:29,680
Speaker 1: I would enjoy doing, but I also like, don't want

1039
00:51:29,719 --> 00:51:33,239
Speaker 1: to struggle, like, how would you what would you say

1040
00:51:33,239 --> 00:51:33,520
Speaker 1: to them?

1041
00:51:33,560 --> 00:51:37,279
Speaker 2: Teaching is a calling, which is what I guess. It's

1042
00:51:37,280 --> 00:51:39,759
Speaker 2: in trouble with the mindset piece. Could people think, oh, well,

1043
00:51:39,800 --> 00:51:41,479
Speaker 2: if I'm going to be a teacher, it's just about

1044
00:51:41,520 --> 00:51:42,960
Speaker 2: you know, because I want to be a teacher. But

1045
00:51:44,000 --> 00:51:47,040
Speaker 2: I've met multiple teachers who are just they're not really teachers.

1046
00:51:47,040 --> 00:51:48,719
Speaker 2: Their their heart's not in it. They're there but just

1047
00:51:48,719 --> 00:51:51,400
Speaker 2: because they didn't know what else to do, or I

1048
00:51:51,440 --> 00:51:53,759
Speaker 2: don't know if there's there's reasons people come teachers that

1049
00:51:53,800 --> 00:51:57,760
Speaker 2: are just not because they feel the need to teach.

1050
00:51:58,440 --> 00:52:02,760
Speaker 2: And if you don't have that poll, you're not gonna last.

1051
00:52:03,000 --> 00:52:04,640
Speaker 2: I'm just going to tell you right now. It is,

1052
00:52:04,960 --> 00:52:09,359
Speaker 2: in my opinion, the hardest job there is if you're

1053
00:52:09,440 --> 00:52:12,040
Speaker 2: up for the challenge, if you want to feel like

1054
00:52:12,120 --> 00:52:16,359
Speaker 2: you've accomplished something worthwhile and not just you know, data

1055
00:52:16,480 --> 00:52:18,359
Speaker 2: entry for some business it's making a ton of money

1056
00:52:18,400 --> 00:52:21,319
Speaker 2: or whatever. I'm not the be liittle someone else's job,

1057
00:52:21,320 --> 00:52:22,719
Speaker 2: but a lot of I've heard a lot of people

1058
00:52:22,760 --> 00:52:24,680
Speaker 2: that are in these big tech companies that just feel

1059
00:52:25,239 --> 00:52:27,319
Speaker 2: like their souls crush because they're not doing something that

1060
00:52:27,320 --> 00:52:31,080
Speaker 2: they find meaningful. Teachers find something meaningful. I always tell

1061
00:52:31,120 --> 00:52:34,400
Speaker 2: teachers in my podcast, you are already rich. Your wallet

1062
00:52:34,440 --> 00:52:37,719
Speaker 2: just needs to catch up because we have this just

1063
00:52:37,880 --> 00:52:41,000
Speaker 2: beautiful job that we're doing. So if that's something that

1064
00:52:41,000 --> 00:52:45,160
Speaker 2: appeals to you, know that you can become financially independent

1065
00:52:45,800 --> 00:52:48,960
Speaker 2: as a teacher. That doesn't mean it's going to be

1066
00:52:49,080 --> 00:52:52,440
Speaker 2: as easy as the two hundred and fifty thousand dollars

1067
00:52:52,480 --> 00:52:55,200
Speaker 2: salary where you know, you work for remote from home

1068
00:52:55,239 --> 00:52:57,240
Speaker 2: and you only like kind of work part ish time,

1069
00:52:57,280 --> 00:52:59,520
Speaker 2: and then you get a you know, the frugal and

1070
00:52:59,680 --> 00:53:01,480
Speaker 2: do whatever you want and you save a bunch of

1071
00:53:01,480 --> 00:53:04,320
Speaker 2: money really fast. Like there's other paths that are gonna

1072
00:53:04,320 --> 00:53:07,000
Speaker 2: get you there faster. I'm not gonna say that teachers

1073
00:53:07,000 --> 00:53:09,880
Speaker 2: are gonna get there as fast as one of those things.

1074
00:53:09,880 --> 00:53:16,760
Speaker 2: But I know multiple teachers who are multi millionaires because

1075
00:53:17,080 --> 00:53:21,560
Speaker 2: they've just done what they loved, refrugal, set money aside

1076
00:53:22,120 --> 00:53:24,799
Speaker 2: and let it grow. And if all you want to

1077
00:53:24,840 --> 00:53:27,520
Speaker 2: do is do something you love, set money aside, let

1078
00:53:27,560 --> 00:53:30,279
Speaker 2: it grow, and then get that flexibility and independence, you

1079
00:53:30,560 --> 00:53:32,480
Speaker 2: get to kind of have a mini retirement every summer

1080
00:53:32,520 --> 00:53:33,960
Speaker 2: as well, where you get to go out and then

1081
00:53:34,080 --> 00:53:36,680
Speaker 2: do like fun and exciting things like there's just so

1082
00:53:36,719 --> 00:53:39,640
Speaker 2: many great things about being a teacher on this financial

1083
00:53:39,640 --> 00:53:44,920
Speaker 2: independence movement if you are willing to go with the downs.

1084
00:53:44,600 --> 00:53:48,200
Speaker 1: As well, All right, man, you sold me. Yeah, maybe

1085
00:53:48,239 --> 00:53:50,759
Speaker 1: I'm gonna have to ditch the podcasting job and go

1086
00:53:50,840 --> 00:53:53,399
Speaker 1: be a teacher. That's great, Sean, thank you so much

1087
00:53:53,400 --> 00:53:55,480
Speaker 1: for taking the time today. Man, where can have the

1088
00:53:55,480 --> 00:53:57,880
Speaker 1: money listeners find out more about you and what you're

1089
00:53:57,960 --> 00:53:58,160
Speaker 1: up to.

1090
00:53:58,400 --> 00:54:01,440
Speaker 2: Yeah, so you can find me Teacher Money Show on

1091
00:54:01,840 --> 00:54:03,800
Speaker 2: any social I don't really post a lot on social,

1092
00:54:03,840 --> 00:54:07,279
Speaker 2: but you can email me at Sean saha Un at

1093
00:54:07,360 --> 00:54:10,640
Speaker 2: Teachermoneyshow dot com and you can find me on any

1094
00:54:10,680 --> 00:54:12,359
Speaker 2: podcast platform at Teach Your Money Show.

1095
00:54:12,680 --> 00:54:14,719
Speaker 1: Love it Sean, thanks for taking the time today, man,

1096
00:54:14,760 --> 00:54:15,480
Speaker 1: I really appreciate it.

1097
00:54:15,520 --> 00:54:16,319
Speaker 2: Thanks for having me on.

1098
00:54:17,200 --> 00:54:20,839
Speaker 1: That's good stuff with Sean Morgan, and I love his love,

1099
00:54:20,880 --> 00:54:26,640
Speaker 1: his passion for wanting teachers to succeed and thrive and

1100
00:54:28,120 --> 00:54:30,640
Speaker 1: a man even just that subtle mindhut shift. I think

1101
00:54:30,680 --> 00:54:33,319
Speaker 1: that's one of my big takeaways from this episode was

1102
00:54:33,800 --> 00:54:37,759
Speaker 1: when it's a calling, it can feel like you're making

1103
00:54:37,800 --> 00:54:40,320
Speaker 1: a sacrifice. And lots of teachers, if they're being honest

1104
00:54:40,360 --> 00:54:42,720
Speaker 1: with themselves, they are, even if they love the profession,

1105
00:54:42,920 --> 00:54:46,279
Speaker 1: is a calling, they are sacrificing right in order to

1106
00:54:46,400 --> 00:54:49,520
Speaker 1: whether it's greater pay they could get elsewhere, whether it's

1107
00:54:49,600 --> 00:54:52,719
Speaker 1: you know, the time, the time commitment, whether it's just

1108
00:54:52,800 --> 00:54:57,080
Speaker 1: the emotional burden that teaching can be, they're making a

1109
00:54:57,080 --> 00:55:01,080
Speaker 1: sacrifice in order to do this job that they feel

1110
00:55:01,080 --> 00:55:04,160
Speaker 1: passionate about. But I think what Sewan's getting at, and

1111
00:55:04,200 --> 00:55:06,640
Speaker 1: I think it's so true, is you don't have to

1112
00:55:06,680 --> 00:55:10,840
Speaker 1: sacrifice your finances completely. You don't have to sacrifice your

1113
00:55:10,960 --> 00:55:15,080
Speaker 1: ability to retire comfortably or your ability to reach financial independence.

1114
00:55:15,440 --> 00:55:18,640
Speaker 1: It's possible to do all those things. And I don't

1115
00:55:18,680 --> 00:55:20,800
Speaker 1: think Sean what I appreciate him too, is he's not

1116
00:55:20,840 --> 00:55:24,240
Speaker 1: making it sound easy, right, And he's like, yeah, there

1117
00:55:24,280 --> 00:55:25,879
Speaker 1: are other ways you can go where you could reach

1118
00:55:26,080 --> 00:55:28,200
Speaker 1: financial independence more quickly. But if this is a calling,

1119
00:55:28,200 --> 00:55:29,960
Speaker 1: and if this something is something you want to stick to,

1120
00:55:30,280 --> 00:55:32,799
Speaker 1: and by the way, that's the only way it's going

1121
00:55:32,880 --> 00:55:35,959
Speaker 1: to last is if it feels if it is more

1122
00:55:36,239 --> 00:55:38,120
Speaker 1: than just a job, that's the only way you're going

1123
00:55:38,160 --> 00:55:41,240
Speaker 1: to stick to it, stick with it. If that's the case,

1124
00:55:41,800 --> 00:55:44,759
Speaker 1: then you can, as a teacher, find a lot of

1125
00:55:44,800 --> 00:55:47,600
Speaker 1: satisfaction and fulfillment in this calling at the same time

1126
00:55:47,960 --> 00:55:52,040
Speaker 1: reach financial independence in a reasonable timeframe. So I love

1127
00:55:52,080 --> 00:55:54,799
Speaker 1: the message that Seawn is spreading. I think you know

1128
00:55:54,840 --> 00:55:57,880
Speaker 1: that other part of what he said right there at

1129
00:55:57,920 --> 00:56:00,319
Speaker 1: the end really resonated with me. He said, you're already rich.

1130
00:56:00,760 --> 00:56:02,480
Speaker 1: So if you want to do what you'd love and

1131
00:56:02,560 --> 00:56:04,759
Speaker 1: you want to set some money aside, be frugal and

1132
00:56:04,760 --> 00:56:08,880
Speaker 1: then let it grow, then yes, you can kind of

1133
00:56:08,920 --> 00:56:11,120
Speaker 1: have it all. And he said, do you even get

1134
00:56:11,120 --> 00:56:12,680
Speaker 1: many retirements every year? And I feel like we've been

1135
00:56:12,680 --> 00:56:15,960
Speaker 1: talking about many retirements more and more on the show,

1136
00:56:16,200 --> 00:56:18,840
Speaker 1: and you know, try it our own out for the

1137
00:56:18,840 --> 00:56:22,640
Speaker 1: first time last summer, And I love that idea right,

1138
00:56:22,680 --> 00:56:26,480
Speaker 1: where as a teacher, you if you want to right,

1139
00:56:26,520 --> 00:56:29,800
Speaker 1: if you can kind of hit all those buckets, like

1140
00:56:29,840 --> 00:56:32,000
Speaker 1: you don't necessarily have to work your tail off during

1141
00:56:32,000 --> 00:56:34,640
Speaker 1: the summer, you might be able to be frugal, let

1142
00:56:34,640 --> 00:56:38,080
Speaker 1: the money grow and take many retirements every year and

1143
00:56:38,640 --> 00:56:42,719
Speaker 1: kind of get some best of both worlds ways of

1144
00:56:42,800 --> 00:56:46,200
Speaker 1: living in there. As you're making a sacrifice to do

1145
00:56:46,239 --> 00:56:48,719
Speaker 1: this job, it doesn't mean that you can't experience a

1146
00:56:48,719 --> 00:56:52,520
Speaker 1: bunch of benefits financial benefits as well from doing it.

1147
00:56:52,680 --> 00:56:55,399
Speaker 1: So that's going to do it. You can. We'll put

1148
00:56:55,400 --> 00:56:59,560
Speaker 1: links to Sean's podcasts and some other resources like four

1149
00:56:59,640 --> 00:57:02,319
Speaker 1: or three wise up in the show notes on our

1150
00:57:02,360 --> 00:57:06,160
Speaker 1: website at howtomoney dot com. Until next time, best Friend Out.