Most people don’t know Jack about their finances – especially teachers.
- Only 29% of Americans know about 529 college savings plans.
- About 60% of Americans have life insurance, but nearly half of them have insufficient coverage.
- 32% of Americans maintain a budget.
- 30% possess a long-term financial plan.
- 24% of millennials demonstrate basic financial literacy.
- 35% of adults with a credit history have debt collections reported in their files.
- 66% of Americans would struggle to scrounge up $1,00 in an emergency.
There are many reasons for this, but that is a debate for academics. We’re striving to provide an immediate solution.
We built a FB group, looking to reach teachers during the pandemic. School visits are out, Playing offense instead of defense has always been our strategy.
We thought we would gradually build a community, and then this happened.
In our first week, over 600 teachers joined! Eight hundred forty-one more are in the queue.
Sometimes you just hit a nerve. Teachers, like many of us, are scared about their finances. They don’t know where to turn and, more importantly, who to trust.
Having established a reputation as a trusted advocate for teachers, they turned to a familiar place – us.
Whining about the wretched state of their 403(b) plans doesn’t address the elephant in the room.
It’s pretty tough to save money without a budget.
Here are the types of questions that matter to regular people. All of these and more were part of discussion groups this week.
What’s the best way to choose a realtor?
How much is life insurance needed to protect my family?
Is a new expensive SUV necessary?
Does it make sense to refinance my mortgage?
How does applying for a loan affect my credit score?
Is it a good idea to start a side hustle?
What qualities make up a super saver?
What’s the best way to budget serving wants and needs?
How can I cut back on spending due to a reduced paycheck?
How much of my budget should be devoted to my needs compared to wants?
In other words, real people’s problems. Our community is a 100% jargon-free zone.
We’ll get to the investing stuff eventually. Teachers need to understand the blocking and tackling of personal finance. Nothing else matters if the foundation is rocking.
This post by one of our members struck me like a lightning bolt.
Not going to lie- I feel I am a bright person, love numbers, and quite adept at learning new things, but the stock market… scares me.
There are tens of millions of other voices like these crying out for help but with nowhere to turn.
We’re here to make scary stuff manageable and understandable.
Imagine if everybody had this kind of resource?
I disagree with Steve Jobs; people know what they want -they just don’t know how to get it.
We’re working on that as we speak.
If you know a teacher, please send them to our community.
They can join up right here.
There’s nothing like being a part of something bigger than your self.
Its a privilege to help so many deserving people with something so important.
We’re fortunate indeed.