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Started By
Message
re: Quit teaching, what to do with retirement?
Posted on 6/20/17 at 6:50 pm to Rossberg02
Posted on 6/20/17 at 6:50 pm to Rossberg02
quote:
B) Do something different (if so what?)
Cocaine and hookers
0
Posted on 6/20/17 at 7:02 pm to TigerintheNO
Ah, roughly 450 a month.
Y'all think this is a bad gig? Or is there room to earn more?
Y'all think this is a bad gig? Or is there room to earn more?
Posted on 6/20/17 at 7:32 pm to Rossberg02
I am in roughly the same boat as you, 6 years of service looking to get out of teaching altogether but having a difficult time finding something. I am considering leaving mine in the state retirement. You are vested once you have 5 years of service and with 5 years of service at age 60 you can start collecting. (I thought it was 2.5% per service year though) Right now I am leaning towards the route of just leaving it in the state retirement and collecting at retirement. A couple hundred bucks a month doesn't sound bad in retirement right now, at least can cover majority of health ins. IMO
Posted on 6/21/17 at 5:39 am to Rossberg02
quote:
Are there any other options to gain a good return?
In general, risk and return are related. If you cannot stomach a 30% loss of capital in any given year, the stock market is not a place for you. The problem is if you do not make equity investments, you will lose buying power to inflation.
There is no free lunch.
I think you should look at money in categories:
1. Money to meet day to day expenses and emergency funds. This should be in cash, CDs, money market, etc.
2. Money to meet intermediate goals. Things like a down payment on a house or money to purchase a vehicle. This money can take a little more risk and be invested in maybe a balanced mutual fund or a bond fund.
3. Money you are saving for retirement. If greater than 5 years out. Subtract your age from 100 and invest that portion in an equity ETF or mutual fund. Do not jump out of it at the first sign of trouble. Prices fluctuate. Underlying values of businesses will determine long term performance. Invest the remainder in a bond fund. For instance, if you are 30, invest 70% in equities and 30% in bonds. This can vary if you have a higher or lower risk tolerance.
Posted on 6/22/17 at 9:24 am to Rossberg02
I am going on my first full year (started in January) teaching/coaching here in Louisiana. I know people say it's not a "true job" because we have so much time off, etc., but it is very rewarding when you see kids you teach/coach improve in the classroom or on the field. For me, I always wanted to be a coach and wanted to try this out. Not saying I'll do this the rest of my life, but so far I love my job. I'm currently working on getting my Masters in Administration because I would like to be a principal and work my way to the school board one day. If something else comes along the way, I'll look into it. The goal is to teach and coach for a few years and move into Administration when I get to my 30s. Congrats and goodluck on your other job!
Posted on 6/23/17 at 2:11 am to vtowntigah
If you're coaching, there's rarely any time off. Football summer workouts, late evenings practicing, game nights, and Saturday morning film sessions, weekend basketball/baseball tournaments, working other sporting events, etc...
Not trying to discourage you but just giving some validity to it being more than a job. Good luck!
Not trying to discourage you but just giving some validity to it being more than a job. Good luck!
Posted on 6/23/17 at 1:27 pm to Rossberg02
I absolutely agree with you. I'm doing that right now coaching football and basketball. It is definitely a grind, but I'm enjoying every bit of it. I do not condemn anyone who cannot though, I've had a cousin/friends who could not take the long hours/little pay. We'll see how it goes from here though. Thank you!
Posted on 6/23/17 at 8:43 pm to Rossberg02
Quit stuffing money into a government sponsored plan (Roth IRA) start getting educated on how to build passive income outside of your job and into to eight years you should be financially independent.
Posted on 6/23/17 at 9:31 pm to player711
quote:
Quit stuffing money into a government sponsored plan (Roth IRA) start getting educated on how to build passive income outside of your job and into to eight years you should be financially independent.
U dumb
Posted on 6/24/17 at 6:29 pm to Rossberg02
Save every penny and get a financiciala or tax person to help you on where o put it.
Posted on 6/24/17 at 10:03 pm to deeprig9
quote:
U dumb
Please tell me a better way than investing for passive income and getting financially educated is a horrible idea.
A Roth IRA can is limited in nature. Why would the government allow you to put $18k a year into a tax- deferred account per year and only $5500 a year into a tax free account.
You will NEVER be financially free/independent/wealthy with a Roth IRA.
It's not mathematically possible with earned income, unless you know how to be creative with self- directed IRA investment options...
Go to fortune builders or learn to build wealth without the continuous risks Wall Street contains and save/invest into something you can control...
Posted on 6/25/17 at 10:38 am to player711
It really depends on your lifestyle. If you and your spouse max out 401K (with any kind of company match) and Roth IRA over 30 years I think many people would be financially independent.
Passive income isn't something that doesn't require some level of effort. Many people don't want exert that extra energy.
You can also do set-up a ROBS plan with 401K or IRA monies.
Passive income isn't something that doesn't require some level of effort. Many people don't want exert that extra energy.
You can also do set-up a ROBS plan with 401K or IRA monies.
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