Join Shaun Morgan in this enlightening episode of The Teacher Money Show as he explores the crucial transition from debt repayment to investing for the future. Shaun emphasizes the importance of starting investments early, even before becoming completely debt-free, and provides valuable insights into the key questions for effective financial planning.
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https://www.teachermoneyshow.com/show32
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There are three critical questions to your investing plan: What is the annual living amount I need? What is my desired retirement age? and what are the best investment vehicles to my achieve financial goals? There are various investment options available to teachers, such as 403b, 457b, IRAs, and HSAs, and each of these vehicles has unique benefits you can take advantage of.
Remember, an investment vehicle is not an investment. When you are choosing an investment, avoid high-fee funds. Instead look for low-fee broad market index funds as a simple and effective investment strategy. There are also alternative investments like real estate and startups, but take caution these often have higher risks and the need for more knowledge.
One way to measure your retirement readiness is the 4% withdrawal rule as a guideline to ensure funds last throughout retirement. Remember you must invest for financial independence and base your strategies on the essential financial questions.
Tune in to this episode for valuable insights into transitioning from debt repayment to investing and start planning for a secure financial future today! Subscribe to The Teacher Money Show for more expert advice on financial empowerment for educators!
