Show 14 - Educator Finance Essentials (and Micro Schools) with Benita Gordon

Benita and I discuss the basic concepts of a strong money foundation and get sidetracked on the exciting new concept of micro-schools!

10/26/20232 min read

people sitting on blue carpet
people sitting on blue carpet

Making smart financial moves now will improve your life dramatically. Benita and I discuss in depth a few smart financial moves you can make, including starting early, taking advantage of a credit union, and owning your own retirement. We also have a fun discussion on the new trend in education called PODS. Here are some key ideas from our conversation:

Key Ideas

  • We got sidetracked immediately on PODS and microschools. These are an innovative way that teachers are reaching more students.

    • How does a POD work? A group of parents hire a teacher to meet with their kids and the teacher acts more like a tutor helping each student one on one.

    • Micro-schools: this is a small non-traditional school, and Benita is about to open one!

  • Start early

    • Remember that there is never a better time to get started. Your raise will never feel like enough. Just start now.

  • Join a credit union

    • Credit unions are more local saving options, and they treat you more like a person and give you more benefits like classes and financial planning, etc. Reach out to your credit union to find out what benefits are available to you.

  • Investing is key to financial success.

    • Invest in the companies you love because you believe in it. Don't invest in companies you don't understand.

    • You can invest small amounts (even five dollars or less with some apps). This is called fractional shares.

    • You have a pension, but you're not guaranteed a pension, so you need to set aside your own money and invest it.

    • You can invest in Index Funds as a simple way to grow your income without picking individual stocks.

    • Investing is about keeping your money invested for the long term. Benita said it was like cooking. You put it in there and you let it cook. If you keep checking on it, it won't cook!

  • Own your own retirement.

    • You don't have control over your pension, but you do have control over your own retirement funds.

    • Having a pension on top of being ready to retire with your own accounts means you'll live an even better life in retirement.

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