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  2. Also, the legendary author of the FI and FIRE movement is CL Collins Simple Path to Wealth. He credits Bogle from the first to his last sentence. It's an easy ready Tricia. Here is my Amazon review of Simple Path to Wealth: https://www.amazon.com/gp/customer-reviews/R24LBG260PCZHL/ref=cm_cr_dp_d_rvw_btm?ie=UTF8&ASIN=1533667926#wasThisHelpful And my Amazon review of Your Money or Your Life by Vicki Robin: https://www.amazon.com/gp/customer-reviews/R34XCX7436D7ZK/ref=cm_cr_arp_d_rvw_ttl?ie=UTF8&ASIN=0143115766
  3. If all you knew was the following then you'd get 95% or more of the benefits that somebody who knew everything might get: Pick a stock/bond split such that you won't change your plan when stocks drop by 50%. Put as much money as possible in tax advantaged accounts (HSA, IRA, 401k, 403b, 457b, etc.). If you have money left over, put it in a taxable account. Once the money is in the account, purchase total market index funds with the lowest possible fee (expense ratio) and no sales charges (loads). Direct new purchases towards the asset class (stocks or bonds) that is below the percentage you picked earlier. Every time you have money left over after bills, use it to buy more shares of your preferred total market index funds (notice I didn't say anything about what the market is doing at the time you have money left over). Reject the notion that you or anybody else can predict the what the stock market will do over a period of days, weeks, months, or even a few years.
  4. tony

    403b Inquiry

    Krow Krow is good to remind you that Aspire is only a good enough choice if you self-direct your account into a low cost index fund vehicle. Otherwise its not all that great of a deal if you don't self direct and then also purchase funds that are expensive like managed funds.
  5. FIRE is pretty wild in parts and can be practiced to the extreme, but it's really a throwback to America's old fashioned values of thrift and frugality. A time before we were all labeled as "consumers." "Your Money or Your Life" by Vicki Robin is a great light introduction to FIRE, conscious spending and feelings surrounding money. I just posted a video in another thread with a good comment about there being a finite amount you really need to learn about "financial literacy." It's not a never ending insurmountable topic. You could pick up the bulk of the information in a couple weeks/months, then go about the business of living your life with that added knowledge that will keep you from being taken advantage of.
  6. Recorded May 8th: https://youtu.be/rpS10nuR-K0 Their deep dive into the statement: "the stock market is just a chart of rich people's feelings," was interesting to listen in on along with the rest of the conversation surrounding understanding markets/governments. It's lightly sponsored by Inuit and Amanda is trying to sell a workshop, but the ads are unobtrusive and you can skip past them all pretty easily.
  7. Your comment about starting next week made me wonder if you realized that setting up an Aspire account is an online exercise and does not involve a conversation with Aspire? Their FAQ will answer most questions you might have. You can find the Application form and Contract at https://www.aspireonline.com/docs/default-source/form-library/403(b)(7)-application-and-agreement.pdf?sfvrsn=44 Be sure to choose the “self-direct” option and avoid the 0.6% fee of an advisor. You can choose any of the mutual funds on Vanguard’s list, but all you need is a Target Retirement fund, or the 3 basic total market funds (Total Stock Mkt Index, Total Int’l Stock Mkt Index and Total Bond Mkt Index). https://www.aspireonline.com/plan-types/403(b)-plan/fund-search If you go with the 3 Fund Portfolio, ask here on the forum if you want to discuss the relative percentages.
  8. Thanks everyone! Will be getting started on all this next week. Will keep everyone posted with the play by play.
  9. Tony raises a good point about making connections with folks at the vendors you hope to add. If your district isn't particularly willing/helpful about adding the vendors, this will definitely come in handy.
  10. Please, ask as many questions as you can. I think everybody here is happy to share their knowledge/experience.
  11. Great responses. Find it very ironic to get help for this you have to go to anonymous strangers on the internet! Thanks Krow for helping many years ago save me thousands in fees!
  12. Can I just say that I am thoroughly enjoying the discussion and picking up a lot of things I'd want to read about later on...like FIRE (yup..I had to google that one up!). Summer's here and for me that usually means more time to flex my "financial literacy" muscles, of which this discussion has given me much fodder. I will definitely be referencing the different points raised here as I steer ahead in my own investment journey. I feel quite blessed and fortunate to be part of the 403bwise family. Thank you all for your valuable advice!
  13. tony

    403b Inquiry

    I successfully added a 457b plan to my district at time no-one even knew it existed for school systems in my particular state. You need to first contact your state 457b plan administrators and talk to a 457b retirement specialist. One you have them on the phone( don't e-mail) ask them how to proceed to get it established in your school system. They will give you the play by play and will often contact the school system in your behalf. After that you might be advised to get a list together of 20 fellow teachers who want to establish and contribute to it. That should seal the deal. However when I added it ,our 403b TPA did everything it could to not make it happen I guess because it was viewed as competition . They failed to stop its addition and those teacher signatures plus my school board presentation by powerpoint sealed the deal. I had a very supportive personnel director at the time whose clout (and finance degree) helped make it happen.He actually understood personal finance!! Once you can convince the powers that be, its just a matter of the district filling out simple paperwork. If you can't get it to happen, don't fret too much, Aspire is a good enough option if you self-direct the account. It's not a perfect choice but much better than anything else you have plus it can link you with Vanguard and Fidelity . I do think getting Vanguard added directly would be ideal. Same with Fidelity, but only with their index funds. Stay clear of their (Fidelity's) managed funds because they are much more expensive. Vanguard's funds overall are cheaper across the board than Fidelity 's except for Fidelity's index funds which are the cheaper exception. I hope my additions to this discussion is helpful. Everyone's comments have been right on.Please come back often to keep us abreast of how things are progressing. Your playbook may help others do the same.
  14. Thanks everyone! I am going to start reaching out first thing next week! Will reach out with questions I am sure. Appreciate you all taking the time out to help me, this is great!
  15. If your district doesn't offer any 457b plans then this is going to be more difficult than adding a specific 457b vendor to an existing line up. I'd start by contacting your Retirement Services department (or whatever the equivalent is for your district) and asking them if they'll add it. Ask them what the process is for adding a 457b and who the decision makers are. Then talk to those decision makers and if necessary talk to their bosses and if necessary talk to the school board. I want to encourage you to add the 457b because it is great to have that available. However, if can't max out a 403b then your time may be better spent getting them to add Vanguard and/or Fidelity to the existing 403b lineup. You'll have to talk to the same people and maybe you could push both agendas at the same time. ...I speak from the experience of getting OCPS (FL) to add Vanguard and Fidelity to their 403b/457b vendor list. You can do it too and I'll answer any questions along the way.
  16. I would start by simply emailing personnel. Might be easier than you think?
  17. Any suggestions to how to go about this?
  18. Your district should have a list of 457 vendors that you can use. Check and see if the NY state 457 plan is on the list. If it is, check the internet for the application form. If it is not on the district's list, it should be. Try calling the state plan and ask them to help getting the plan set up for your district. https://www.nysdcp.com/iApp/tcm/nysdcp/support/index.jsp I would establish the Aspire 403b plan and then transfer your Ameriprise balance to it. In the meantime, I would establish the NY state 457 plan, contribute, and max it if possible. Then if you can, go ahead and contribute to the 403b plan.
  19. Go to omni403b.com and put your district in. Check to see if they are the administrator of your 403b and 457. The NY 457 is the best plan yet it is like a little secret that I doubt any of your colleagues even know exist. Super easy to set up too.
  20. Your school district has essentially the same process in place for enrolling in a 457b as they do for a 403b. You'll have to setup an account with the vendor (403b and/or 457b) and you'll have to sign a salary reduction agreement so your employer can direct money from each paycheck to your account (403b and/or 457b). As a general rule of thumb you should prioritize maxing out the tax advantaged accounts (IRA, 403b, 457b, HSA, etc.) that have the lowest fees and then you should contribute any excess money to a taxable account. Based on what I know about your situation this should be your priority: Max out IRA. Max out NYS 457b. Max out Aspire 403b. Invest the left in a taxable account. Most people don't have enough invest-able income to do all 4, but those are the general priorities.
  21. Really appreciate the responses! Where would I reach out to in order to establish a 457 plan? Additionally, should I continue to contribute to both my 403b with Aspire (once I have it established) and the 457 plan or just the 457 plan? Thanks!
  22. Welcome to the forum, Billy! I agree with Ed and Tony! Aspire is an excellent vendor for you and a good place to move your Ameriprise 403b balance. The NY state 457 plan is very low-cost (lower than Aspire) and a good place to put your further contributions.
  23. tony

    403b Inquiry

    Oh what horrible memories I have with Ameriprise. They are horrible based on my experiences. Do yourself a favor and jump over to Aspire, self direct the account into Vanguard or Fidelity Index funds and don't look back. If you have an annuity than you probably have a surrender charge . Pay it and move on with your transfer. Call Aspire , they will help you self direct/transfer the account into the funds of your choice. Don't be roped in to using an advisor because it will cost you more than the advice is worth. A 3 fund index portfolio or Vanguard target fund would be a good option .
  24. Aspire is likely the best 403b you listed (unless your district somehow negotiated a special plan with the other vendors). I documented their plan here. It is one tier below the best plans out there (Vanguard, Fidelity, etc.), but still very much worth using. What are your 457b options? New York has a great state sponsored 457b that you can learn about by searching the form. It is better than Aspire. I also wrote an Investing 101 page here if you want to read up on the basics.
  25. Good Evening, I am a teacher in New York and my school district has 12 options for the 403b. I am currently working with AMERIPRISE but wondering if there might be a better option. Additionally, I am 30 years old, so just starting my investment career. Any information is greatly appreciated. Here are the 403b options available to me... Aspire, Ameriprise, AXA, Faculty, Foresters, MetLife, MetLife FC, Oppenheimer, RiverSource, The Legend, VALIC, Voya Thanks Billy
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