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Everything posted by tony

  1. Thanks Ed I knew I had read it. And it looks like it was not fake news after all. Perhaps just a poor choice of words which has now been corrected.
  2. Gosh it's my day for corrections. I also overestimated the starting teacher salary for my old school system. It's actually $44,500.
  3. LOL Could not find any comments about the origin of security for/unwillingness to work wording of the green deal instead I found this on snopes.com Congresswoman Alexandria Ocasio-Cortez has experienced two "sheriff evictions," two closed checking accounts, and a credit score of 430. Snopes says it's false. Goes to show how much fake news is floating around out there.
  4. Just looked over the link. Yea I must have read someone's interpretation of the Green Deal because if that's the real document it doesn't sound as bad as it was made out to be from what I read. I wasn't interested in reading the whole document because i assumed it would be treacherously long as is often the case with government documents. This wasn't as bad. I still think its a good vision but highly unrealistic considering human nature and politics.
  5. Thanks Ed Its sounds too utopian, idealistic, and unrealistic if not impossible to achieve. I realize it's not law . I better read the facts before I comment further. Or maybe we better just stick to 403b issues:)
  6. Thanks Whyme Gosh I hate to spread falsehoods. I wonder if it was in the original draft and subsequently removed or fake news? Or Politics? What are we becoming????I didn't actually read the whole thing I read excerpts from it and it was disturbing. Naive Idealism to use your own words is a good way to define it.If it was represented falsely than I apologize and will review your document link. I did not get it from Fox news however but it was an online source on Apple news but I can't remember where exactly . I'm going to go to snopes.com to get the truth. I have no interest in reading the whole thing actually. Fake news is everywhere these days and I may have fallen for it. I will check it out. Thanks again.
  7. Also I think the current crop of democrats are going to turn me into a republican if they keep it up. I’ve read the Green Deal, and I am concerned. Specifically, I was struck by the passage that promised “economic security for anyone UNWILLING to work.” That sentiment is the antithesis of the American dream
  8. Salaries were frozen during that recession time and pension plans were changed with teachers have to pay more into it. I escaped that. No question things have changed. In Virginia it all depends on the governor and general assembly budget. I believe our current government has a 4% raise for teachers this year. Over my experience we've had bad years and good years when it comes to raises but during those rough years our local school district gave teachers some backdoor raises through bonuses and other benefits like picking up a larger share of medical insurance. I guess it all depends on the support a district gives to education and the overall budget scenario. Still blue collar workers have little sympathy for teachers complaining about their situation when many workers in our society have it worse than teachers. Dave Ramsey was on the radio and he made a statement to a caller that regardless of profession and monetary circumstance a strong passion towards getting ahead makes it happen every time.
  9. ED, My math sucks but I was making $16,000 a year 30 years ago in my first year of teaching. I believe new teachers in my district are starting out now at about $48,000 $44,500 but with coaching or taking on additional duties the pay can hit almost $50,000. Perhaps they have lost some ground but you will have to do the math. I'm aware pay varies by state and city . I am also aware some teachers are woefully underpaid . But teachers always get summers off and can logically work then too. It's not a bad gig.
  10. When I taught personal finance I told the students that the little stuff adds up and it does. I think it is much more than 2k a year if you add dinner. I get a much higher yearly figure. Folks can cook and pack lunches but they don't want to.They can walk or bike or carpool or take public transport but instead I saw many BMW's in the teacher parking lot and many late model cars. Its a choice and I don't criticize that decision but it does make a difference on finances. My immigrant parents taught me in the ways of making a penny go twice as far. When teacher are demanding a few hundred extra in pay per months, that's not too much to ask but if they don't use that raise correctly they won't be moving forward. BTW I did not mean to pick on millennials as plenty of older generations (and younger ones)suffer from this blindspot. I get it that kids are strapped with College debt and that's awful but many young people don't have that debt. I find many folks today don't believe in sacrifice and in delaying gratification and this is hurting them moving up in the world financially. From my experiences with teaching young people, all I have just said is a real problem . Just my two cents.
  11. Steve mentioned in a post recently that most teachers can't save much these days in 403b's or choose not to. This article spells out the plight teachers are facing across the country. It's very real . However, while I don't mean to appear unsympathetic some of these teachers are making more than I ever did at their age. I get it that perhaps this is a different time but I wonder how much of this stems from millennials not having learned to live within their means and a general lack of financial finesse and literacy. It's not how much you make necessarily it's how much you keep and that may mean making more of a sacrifice than many today (I have noticed)are willing to make.. I had friend teachers who complained daily about not making enough money and who were unable to save a penny but were spending up to 15$- $20.00 dollars a day on breakfast and lunch treats and coffee drinks. On top of that they talked about all the dinners out they were eating. Those are the kind of things I gave up plus I worked two jobs for a while.The fact millennials are returning to night class to learn basic skills indicates to me that our school system is failing our students in essential learning like personal finance. So while teachers are underpaid certainly, personal habits matter. Most folks in 9-5 non state jobs are envious of the pensions and days off teachers have. The grass sometimes does seem greener on the other side. https://www.cnn.com/2019/02/10/us/denver-teacher-strike-multiple-jobs/index.html
  12. If you feel your growth is low in a time of decent market returns its no question partly due to being invested with an Insurance annuity product. For years i wondered why my taxable accounts were outpacing my 403b plan by several percentages points so the fees do have something to do with it. What you are invested in also matters. If you in your 20's or 30's you should invest more aggressively and not get too conservative because you have time on your side.
  13. These guys are shrewd operators. The investment side of their business is a scam. It's all about selling people a false bill of goods. But as they say a sucker is born every minute and they know that. I was one of those suckers. But always remember fool me once shame on you fool me twice shame on me. Actually I was fooled twice . I'm just glad I figured it all out at a time when these bad investments were an accepted norm and we had no internet to check the facts. 403bwise was the first site that I ran into that confirm my suspicions that I was being ripped off. I am grateful for this site. Younger folks here should appreciate the wealth of info Dan has put together here. The folks on this discussion board are amazing too. Each of us adds and brings our unique personalities and knowledge to this discussion board in different ways which is a good thing.
  14. It really doesn't come down to male, female , black white etc. It's all about ethics and usually the ones in power eventually think the rules don't apply to them. I think Diversity of power is key.Thinking that the world might be a better place if run by let say females is an entertaining thought but chances are it would be just as bad with them eventually. The oppressed sometimes become the oppressors and once in power the abuse of power and trust would be the same. It's called human nature. In some ways our forefathers tried to prevent this abuse through government balance of power. But as we now see all this "balance of power" causes gridlock.
  15. I second everything Ed has said. He has got you on the right path
  16. TonyZ Please carefully read the posts. You are missing key details. As Krow is saying and I have said previously You cannot use direct invest if you don't have Security Benefit available in your district plan. Please respond if you understand this.
  17. Thanks Dan for answering my question.
  18. Ed, Next time i need to write a strong hit the nail on the head response i'm coming to you!! Great job!!
  19. I was raised a Catholic, went to Catholic School as a kid and am still a Catholic.But I'm kind of amazed at all that has gone on with this institution in the past and present. Actually I'm greatly disappointed. I would not panic about Vanguard but we must keep our antennas up for sure.
  20. I agree Ed and Moe, the recovery is quick once you get in the right super low fee investment. I wouldn't give it a second thought and when I had to dump my annuities I did just that. I have found that some newbies however who are just learning are a little hesitant to do that and that's when I tell them it can be done periodically to avoid that fee. I have also known a few agents who were able to persuade folks to stay with them "or you will loss a bunch of money and you don't want that" It's a learning process. I learned the hard way. I wasn't warned about surrender fees and was never even told what expense ratios and other fees I would be paying. Its such a slick dishonest business for sure.
  21. Index funds are well known and increasingly popular, deservedly so in my opinion.But despite their popularity, index funds have some attributes that are not as widely known as they should be. Here are six. https://www.marketwatch.com/story/6-things-you-probably-didnt-know-about-mutual-funds-2019-02-06
  22. This is true. This self direct option was not disclosed to our school system when Aspire was added. I can't remember how I found out but I was the first to use the self direct option by simply writing" no advisor needed. Please self direct this account" It was easy as pie to do. I would also definetly check out that Lincoln option Krow mentioned. When you said ' Lincoln the bad one" I just assumed you meant Lincoln Financial which sells annuities. '
  23. Slightly dated article (2018) . I just ran into this . Has this been posted before? Mentions Dan. Presents the problem well. https://www.cnbc.com/2018/09/28/why-these-teachers-retirement-plans-arent-making-the-grade.html
  24. TonyZ You indicated in your post that you only have two options available. Is that Correct? Have you checked your provider list? If those are the only two available you can't just transfer out of those choices and into something else unless those other choices are on your provider list. That means if that is what you wish to do than you will have to get Aspire or Security benefit/Nea invest added to your choices before you can transfer your money over. Employment plans are rather restrictive. If you are unhappy with your 403b and can't get any added then maybe you should invest in an IRA directly. That way you can invest with anyone you want including Vanguard and at less cost. Or as mentioned earlier check out your 457b state plans. That plan may have much better options but again it has to be added to your provider list before you can do anything and has to be available to teachers. Also are you aware that your probably have surrender charges if you do leave AXA? You are pretty much trapped in your plan unless you leave your job or retire or turn 59.5. I suggest you push for better choices and then we can have a better discussion. Keep in touch and keep asking questions .We all are here to guide you in the right direct.
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