I am not a financial advisor, just a veteran teacher
Financial Ideas (NOT advice!)
Benefits
In November, you will choose a health care plan that includes doctor, dental, and vision. Read everything carefully. Additionally, there are FSA (flexible spending account) plan options for dependent care and health. This means that the district will take money out of your paycheck each month and then pay you back as you submit receipts. This can lower your taxes, which is a good thing, but beware that if you do not submit receipts you will lose that money. If you are confused and have questions, find a colleague to ask or you can email or call the district benefits office.
Salary Table
It Is recommended that you get to Payscale 27 (BA + 98 units) prior to your tenth year of teaching. Look at the difference in salary between year 9 and year 10. Get those classes out of the way! Master's Degree? Another credential?
Retirement
Our retirement depends on STRS--I recommend logging in and looking at your information regularly and taking various workshops with them. Monies are taken from your paycheck monthly and put in an account for you, which is great but it will not be enough to get you through retirement, so it is recommended that you also invest in a 403b and ROTH IRA plan, as you are not eligible for Social Security/401K. Ask colleagues for recommendations regarding the people they use and then interview a minimum of three financial managers before making a choice. (I can recommend a couple for you to interview! Just ask.)
Credit Union
As a public school employee you are eligible to join a credit union, which may have a higher interest rate than regular banks. Credit unions can help with home loans, car loans, and other useful things. I prefer Schools First Federal Credit Union, but I know many people who love California Credit Union.
Other Ideas
Acorns* - an easy way to invest money and also save for retirement at the same time. You download the app, connect it to your bank accounts, select how you want money to transfer, and you're done. It's totally self-explanatory and I love their round up options. I don't even miss the round up money.
Fundrise * - a simple way for anyone to access real estate's historically consistent, exceptional returns without having to have a 20% downpayment.
* I may get a "finders fee" or other goodies if you join these.
In November, you will choose a health care plan that includes doctor, dental, and vision. Read everything carefully. Additionally, there are FSA (flexible spending account) plan options for dependent care and health. This means that the district will take money out of your paycheck each month and then pay you back as you submit receipts. This can lower your taxes, which is a good thing, but beware that if you do not submit receipts you will lose that money. If you are confused and have questions, find a colleague to ask or you can email or call the district benefits office.
Salary Table
It Is recommended that you get to Payscale 27 (BA + 98 units) prior to your tenth year of teaching. Look at the difference in salary between year 9 and year 10. Get those classes out of the way! Master's Degree? Another credential?
Retirement
Our retirement depends on STRS--I recommend logging in and looking at your information regularly and taking various workshops with them. Monies are taken from your paycheck monthly and put in an account for you, which is great but it will not be enough to get you through retirement, so it is recommended that you also invest in a 403b and ROTH IRA plan, as you are not eligible for Social Security/401K. Ask colleagues for recommendations regarding the people they use and then interview a minimum of three financial managers before making a choice. (I can recommend a couple for you to interview! Just ask.)
Credit Union
As a public school employee you are eligible to join a credit union, which may have a higher interest rate than regular banks. Credit unions can help with home loans, car loans, and other useful things. I prefer Schools First Federal Credit Union, but I know many people who love California Credit Union.
Other Ideas
Acorns* - an easy way to invest money and also save for retirement at the same time. You download the app, connect it to your bank accounts, select how you want money to transfer, and you're done. It's totally self-explanatory and I love their round up options. I don't even miss the round up money.
Fundrise * - a simple way for anyone to access real estate's historically consistent, exceptional returns without having to have a 20% downpayment.
* I may get a "finders fee" or other goodies if you join these.