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I have found that there is a lack of sound financial planning advice that is specific to higher ed faculty and staff.  I decided to change that.  Here you will find articles that will give you actionable advice and tips for managing your benefits, accumulating wealth, and planning for retirement.  As a higher education professional, you have many unique financial planning opportunities.  Let’s explore them together.

7 Mistakes Professors Make With Their Student Loans

By | April 26th, 2017|Categories: Higher Education|Tags: , , , |

I’m finding that there are mistakes professors make with their student loans, oftentimes with negative consequences. In this article I’ll outline the 7 mistakes that I keep seeing time and time again. Most professors end up graduating with sizeable student loan debt. In order to become a professor, normally an advanced degree (or two) is required. These [...]

How Do 403(b) Loans Work?

By | March 31st, 2017|Categories: Higher Education|Tags: , , |

For many in the higher ed community, 403(b) plans represent their biggest retirement asset. It really should come as no surprise, either. Employer retirement plan contributions are extremely generous from most colleges and universities. Many individuals will look at borrowing from their plan at some point. In this article, I will look at how 403(b) loans [...]

Can I Contribute to Both a 403(b) and a 457 Plan?

By | February 21st, 2017|Categories: Higher Education|Tags: , , , |

Many universities and colleges offer access to both a 403(b) plan and a 457 plan. A question I get often is, “Can I contribute to both a 403(b) and a 457 plan?” The answer is yes. If your employer offers both, you can contribute to (and max out) both. Let’s take a closer look at the [...]

How Planning Helped a Professor Destroy Debt and Build Wealth

By | January 18th, 2017|Categories: Higher Education|Tags: , , , , , |

Sometimes, life comes at us fast.  It's easy to become overwhelmed as our lives get more complex.  In this article, I'll explain how a professor’s family flipped the script.  They went from overwhelmed to crushing their debt and positioned for success.   Here's how they did it... Backstory Mr. Professor was just starting his 2nd year [...]

Everything You Need to Know About Your 403b Plan

By | November 25th, 2016|Categories: Higher Education|Tags: , , , , |

For those that work in higher ed, their 403b plan is often the largest pool of retirement assets they own.  It’s no surprise, either.  A huge perk to working in higher education are generous retirement plan contributions from the institutions.  It’s not uncommon for a college or university to contribute 10% or more of an employee’s salary into his/her 403b plan.  This [...]

Professors: How to Make Early Retirement a Reality

By | October 6th, 2016|Categories: Higher Education|Tags: , , , , , , , |

Professors often have access to outstanding retirement plan benefits.  During your career, you can accumulate substantial assets through disciplined saving.  You are in your 50's now and are considering retirement.  But there’s a problem.  Because you are in your 50’s, you are not old enough to retire, right?  Not always the case.  Many believe that you [...]

529 Plan Benefits That You Need to Know But Are Unaware Of

By | August 22nd, 2016|Categories: Financial Planning, Higher Education|Tags: , , , , |

College is very, very expensive. According to Student Loan Hero, the average class of 2016 graduate will have $37,172 in student loan debt.  With tuition costs rising around 5% a year, parents all over are looking for ways to participate in funding their children’s college expenses, lessening their need to rely on student loans.  529 plans [...]

“HELP! Should I Slash my Debts or Build a Nest Egg?” -Professors

By | June 8th, 2016|Categories: Higher Education|Tags: , , , , , , |

Professors, you have worked very hard on your own educational goals and have chosen to turn your passion for education into a career.  You likely have accumulated some debt thus far.  You may also have started saving some money toward your future goals.  These two items may seem to be at odds with each other.  So [...]