#EduSky #educators #teachers #principals #superintendents #principal #superintendent #teacher #educator

Year-End Financial Strategies for Educators in 2024: Maximize Savings and Minimize Taxes End 2024 on a high note! Max out HSAs, fund Roth IRAs, and reduce taxes with these top year-end financial strategies for success.

www.k-12planning.com/post/year-en...

I have been having great conversations with clients as we close out 2024.

I want to share them with you.

As educators, many of us will have higher incomes in retirement than we do during our careers (crazy right!).

While not all of these will apply to you, it's good to know what is available:

Ahh December...

The wonderful time of the year when all of the mutual funds Dave Ramsey has peddled are spitting out unreal dividends within taxable brokerage accounts.

Very true.

It's all psychological.

"Oh, I can submit this PSLF application and have all of my loans forgiven?"

Me: "yes"

"That's easy, I can do that myself"

Me: "Then why didn't you prior to this meeting?"

Very cool. Congrats!!!!

It's crazy how a change in W-4 tax withholdings can completely change someone's tax outlook:

Owe on taxes = "I hate paying tax so much!"
Get a refund = "Oh wow, free money!"

Another planner or staff to assist?

Balancing 529 Plans and Taxable Brokerage Accounts: Which Is Right for Your Child's Education? Weighing 529 plans vs taxable accounts for education? Learn about tax advantages, investment flexibility, and strategies.

www.k-12planning.com/post/balanci...

#EduSky #teacher #Teacher #principal #principals

When I get a question from one of my clients...

I know that MANY others are thinking the same thing.

Today's blog post is for families with young (or youngish) children who are trying to figure out how to pay for college/life for their children and which account to utilize

Link to blog:

This is why proper financial planning (with tax planning) is so darn important!

#teacher #principal #educator #teachers #EduSky #educhat

We sold long-term positions in their taxable brokerage account at $10,000 in gains.

Long-term capital gains sold in the 12% tax bracket are taxed at 0%!

In the future this family will likely be in a higher tax bracket and would have had to pay 15% on all gains in the taxable brokerage account.

I saved my clients ~$1500 in taxes today...

And I want to share so that you can take advantage if it applies to you.

This family is going to finish the year in the 12% tax bracket (yay for doing tax planning/projections) and has room to spare.

Top 5 Financial Planning Questions for Teachers 5 Financial Planning questions that every Teacher needs to consider.

www.k-12planning.com/post/5-finan...

I talk to teachers (almost) every day about their finances.

While they can't always articulate it, there are a few financial planning topics that ALWAYS end up coming up.

Here are my thoughts!

Link to blog in the comments:

Resources | K-12 Planning Read expert advice from David Gourley on student loan forgiveness and financial planning for teachers and public servants.

www.k-12planning.com/blog

80/20 rule at play.

80% of my website traffic has come from 20% of my blog posts.

Here are the top 4 blog posts:

link to the blog in the comments

#EduSky #educators #teacher #teachers #PSLF #studentloans

Republican Student Loan Forgiveness? New GOP Bill Would Reduce Interest Rather than provide immediate relief via student loan forgiveness, a new Republican bill would significantly reduce federal student loan interest rates.

What do we think:

1% interest rate on all federal student loans moving forward?

www.forbes.com/sites/adammi...

#studentloans #studentloan #EduSky #teachers

Except for the people who moved to SAVE for the MFS benefits!

But yes, in theory it would be the best play for the masses.

In my Masters of Education program...

EVERYTHING was about differentiated instruction.

Finally, I can apply this!

I now prep 3-5 hours per client meeting to differentiate their financial plan.

Imagine trying to do this for 100+ students EVERY DAY!

Stop and thank a teacher.

#EduSky #teacher

4. I don't want to have to wait 30-40 years to collect a pension problem!

3. I don't want to have to come to school sick because it's easier than creating sub plans problem!

2. I don't want to have a master's degree and earn $50,000 per year problem!

1. I don't want to use my own sick days for maternity/paternity leave problem!

We don't have a teacher shortage, we have a:

(add your own!!!)

This is the truth!

So many decisions that could potentially have life-long impacts on our children that we make day-to-day.

Trying to do our best but you never know how it will be received by our children.

Might want to look into that.

The only exception is if Equitable is the single vendor of the district (but then you wouldn't be in the 201 product).

The "trick" is that you pay commissions, not fees. Just a funny way for the salesperson to slide by on that conversation.

Teacher: "I have an Equitable 403(b)"

Me: "Is it an Equivest Series 201?"

Teacher: "Yes"

Me: "Have you ever been told how much you are paying?"

Teacher: "My salesperson told me I don't pay any fees!"

Me: "You're likely paying 2.0% -2.2% annually"

#Teacher: 🤯🤯

#EduSky #educator

I love finding these opportunities for the people that I work with.

The crazy part is that most of these will be recurring year after year, so the savings will compound!

We want YOU to keep more of YOUR hard-earned money!