While teachers likely don’t read the Wall Street Journal, that newspaper does some very solid investigative reporting, and on October 2019 they reported on one such investigation around the high cost of many 403(b) retirement plans. Costs were sometimes much higher than justified in many of these plans because sales agents for insurance companies used deceptive sale techniques to gain support and enroll subscribers.
How to protect yourself? Ask the hard questions and don’t accept general answers. Read the fine print when the presenter stands to earn money from your purchase, because they have a strong interest in your buying their product, perhaps much stronger than their interest in protecting you from exorbitant fees. AND learn the basics of financial management for yourself, because you are your own best advocate. Grab a copy of my book “Financial Mastery for the Career Teacher”, Corwin Press 2014. You will learn how to manage your money more effectively with chapters covering such key areas as:
- Your personal business plan
- Managing debt, life insurance and savings
- Buying a home
- Investing in the stock market and/or real estate
- Retirement planning, wills and trusts
- How manageable technology can help you
Find it on Amazon or other online book sellers. All from Your CFO for Rent®
