What kinds of things are deducted out of your paychecks as a public schoolteacher (CA)?

Discussion in 'Teacher Time Out' started by futuremathsprof, Jun 14, 2019.

  1. TrademarkTer

    TrademarkTer Groupie

    Joined:
    Jul 28, 2017
    Messages:
    1,471
    Likes Received:
    1,009

    Jun 15, 2019

    Thanks. I do 80% of my banking through Ally so I do get the nice savings rate. That's where I deposit all my tutoring checks to save for a house I tried to speak to two finanacial advisors, but both just tried selling me useless life insurance policies. I'm only 30 [28/29 at the time] with no dependents. That's not what I wanted to talk about, but they just kept pushing it and pushing it, so I didn't give them any of my money.

    I've also thought about bit coin, but I'm always scared to take the plunge because it sounds risky.
     
  2. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,639
    Likes Received:
    983

    Jun 15, 2019

    Yeah, there is no need to get a life insurance plan. What I like about my financial advisor is that she tells me EVERY single fee up front. For example, “If you want me to do this, then I’ll charge you X.” I never receive a bill for more than exactly what she says and she doesn’t believe in fine print. She says it like it is and gives me recommendations for what she feels is a smart investment. And she isn’t afraid to say, “That’s a bad idea. I don’t suggest you do that.”

    And I have no problem losing $7,000 at this point in my life. After speaking with many rich people, the one thing I noticed is that they ALL take risk and I am going to listen to them, but not be too reckless. Here is how I look at it: As long as I break even, I don’t care if I lose money.

    Last time, I made over $30,000 from Bitcoin when it hit a high of $19,000+, but that was through sheer dumb luck. Now, I’m much more business savvy and have significantly more purchasing power and I’m going all in. Just like banks do, they have to spend money to make money and I shall do the same (within reason, of course).

    Good luck, my friend! I hope we both strike it rich, haha! :D
     
    Last edited: Jun 15, 2019
    TrademarkTer likes this.
  3. whizkid

    whizkid Cohort

    Joined:
    Aug 13, 2016
    Messages:
    671
    Likes Received:
    280

    Jun 15, 2019

    If it's for retirement, just open a Roth IRA with Vanguard of Fidelity, select a target date retirement plan close to the year you expect to retire, and voila. You get an appropriate mix of stock funds (domestic, global), bond funds (domestic, global) and money market. I used to be obsessed with stock picking until other things started occupying my time. You can retire comfortably with individual stocks, index or mutual funds.
     
    futuremathsprof likes this.
  4. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,639
    Likes Received:
    983

    Jun 15, 2019

    I do this and buy stocks on my own. You’ll have a lot more money that way in the end because you can only contribute $6,000/year to a Roth IRA.
     
  5. TrademarkTer

    TrademarkTer Groupie

    Joined:
    Jul 28, 2017
    Messages:
    1,471
    Likes Received:
    1,009

    Jun 16, 2019

    Ok so you've inspired me to take a first step. I've transferred 10k from my savings account into a managed investment account through Ally. Maybe once I get a better grasp on it, I'll start picking my own stocks and things
     
    futuremathsprof likes this.
  6. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,639
    Likes Received:
    983

    Jun 16, 2019

    Yay, better late than never. Good luck!
     
  7. Ms.Holyoke

    Ms.Holyoke Connoisseur

    Joined:
    May 14, 2012
    Messages:
    1,730
    Likes Received:
    504

    Jun 16, 2019

    Pension, union dues, health/dental insurance

    I choose to pay into a 403b.
     
    futuremathsprof likes this.
  8. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,639
    Likes Received:
    983

    Jun 16, 2019

    A cautionary tale for teachers who rely solely on their teacher pensions:

     
  9. Ima Teacher

    Ima Teacher Maven

    Joined:
    Oct 25, 2005
    Messages:
    5,347
    Likes Received:
    846

    Jun 16, 2019

    I say that it’s never a good idea to put all your funds into one place, no matter what it is.
     
    futuremathsprof likes this.
  10. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,639
    Likes Received:
    983

    Jun 16, 2019

    [​IMG]
     

Share This Page

Members Online Now

  1. sevenplus,
  2. Marriedin1979,
  3. kellzy,
  4. miss-m,
  5. Ima Teacher,
  6. blazer
Total: 439 (members: 9, guests: 349, robots: 81)
test