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Traditional, Pre-Tax, Roth, Post-Tax, Brokerage Accounts...these investment accounts can be so confusing, especially to newbies. Do you want to pay taxes now or later? Is there a better time to convert funds during a particular time of life?

I've talked to many teachers who don't know the difference between Roth and Traditional accounts. Some have tens of thousands of dollars in a traditional 403(b) or 401(k) accounts, but didn't find out about a Roth (tax free growth) until it is "too late". Good news...former HS math teacher (turned Financial planner), David Gourley is back on the FIT podcast to share how you can move funds from one investment account.

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Rachel has had a lot of financial ups and downs, but finally got serious about her money three years ago. A speech therapist, Rachel didn't get started in her career until 31, so she felt like she felt like she had a late to start making "adult money". Rachel lives in a very high cost of living area and she works full time in the local public schools, while also work a side job doing telehealth to support her financial goals. Life changed when her son was diagnosed with leukemia in 2024 and Rachel has learned the true meaning of an emergency fund and preparing for a rainy day. Currently raising her 3 kids solo, she continues to learn and grow in her financial education. Learning more about her finances makes her feel hopeful for the future!

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NJ high school teacher is married to NJ high school EC teacher. Before having their first child, they caught the FIRE bug in their early to mid twenties. They didn't do it forever, but they lived on a very modest 40k per year in annual spending for a handful of years while investing around 80K each year (combined). This early maximization caused them to become teacher millionaires before the age of 35. After having a daughter and moving from being renters to homeowners, they no longer invest at such a high rate, but they don't have to. They are now COAST FI.

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There is a big difference between being high net worth and income producing assets. Sure, a paid for house is GREAT...BUT, it is not going to make you any money (unless you house hack). Good intentions can lead to a BAD retirement. The Millionaire Math Teacher is here to discuss all the things you might not think of when it comes to planning for the future...whether retirement is 20 years away or a few years away.

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Louis is a soon to be retired California middle school math teacher, and he is thankful to have started investing as a young teacher, however, he was setup by the classic "sharp dressed man" in the teachers lounge...high fees, subpar investment options. In addition, Louis didn't fully understand investing, so he went the ultra conservative route..2%-3% growth. Through trial and error, he went from conservative investor to single stocks...now, he has settled on target date funds and low cost index funds.

How much does he make in CA? When did he hit millionaire status? How does he view cars? Will he be able to flip the switch from frugal saver to a more loose spending style in retirement? All of these questions and more are answered on this episode!

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Brandon is a 27-year old teacher from KY...although current pension rules are different, he falls under their old pension rule, which will enable Brandon will to able to retire with a full pension after 27 years of Kentucky service. Because he started teaching at the ripe age of 21, he will start collecting a $60,000 per year pension at 47...with non contributory healthcare until 65

In addition to his pension, he has rental property and anticipates 10k per month from his rental portfolio. He is projecting a retirement of 15k a month at 47.

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Jessica has been teaching in Florida since 2003, although she did some investing while in HS, the personal finance bug caught her in her 40's. We discuss the power of teachers understanding all of the investing buckets available to them, the messy middle of life, raising 3 kids, and how personal finance education can transform our students and our teachers. Like most people, she wishes she understood the power of the 457(b) as a young teacher, and she doesn't want any other teacher to feel the way she once did. Knowledge is power, and Jess is empowering her family, students, and colleagues!

Be a guest on the show:
https://www.financiallyindependentteachers.com/contact-8

Check out our website:
https://www.financiallyindependentteachers.com/

Sign up for FIT coaching:
https://www.financiallyindependentteachers.com/services-4

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Married (PA) teacher's Dale and Kendra love taking advantage of their summer time teacher schedule. Each year, they load up and hit the road with their twins and make memories together that wouldn't be possible without the schedule of a teacher. In PA, they have the option to take a lump sum instead of their pension. Instead of having "golden handcuffs", they will take the lump sum and both retire before 50.

Be a guest on the show:
https://www.financiallyindependentteachers.com/contact-8

Check out our website:
https://www.financiallyindependentteachers.com/

Sign up for FIT coaching:
https://www.financiallyindependentteachers.com/services-4