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TEACHERS CAN BE FINANCIALLY FIT, ECONOMISTS INSIST
You wouldn't expect to find prosperous investors at the teacher's lounge of your local school, but a team of four authors is looking to change that.
Teachers Can Be Financially Fit: Economists' Advice for Educators, just published by Springer Nature, shows how educators can use the distinctive characteristics of their jobs to build wealth.
"Teachers do have modest pay, but their relative job security and benefits can go along with smart saving and investing strategies," said the book's senior author, Mark C. Schug, who is professor emeritus at the University of Wisconsin-Milwaukee.
Schug explained that, with careful budgeting, teachers can use long-term investing strategies that multiply wealth over time.
Schug and his co-authors are economic educators, frequently leading workshops for teachers on how to instruct students in economics and personal finance.
"We found that teachers would come up to us afterwards asking their own financial questions -- and, as economists, we had some good answers," Schug said.
Joining Schug as coauthors are Tawni Hunt Ferrarini of Lindenwood University in St. Charles, Missouri, M. Scott Niederjohn of Lakeland University in Plymouth, Wisconsin, and William C. Wood of James Madison University in Harrisonburg, Virginia.
The 14-chapter book covers topics ranging from teachers' distinctive transportation needs to housing and retirement plans.
"We found that teachers had access to a lot of advice, but not much that was specific to them," said Ferrarini, who conducted a national survey of teachers as part of the book's three-year development process.
Every chapter of the book starts with a teacher case study and ends with a "Financial 911," a feature on how teachers can respond to financial emergencies that they or others at their schools might face. The Financial 911's include such topics as losing health insurance and facing layoffs.
The authors will be offering training, workshops, and virtual reading groups in the use of the book to interested audiences nationwide.
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Hear co-author Mark Schug on Seven Figures - Smart Money Strategies for Women with Sandy Waters of WPXY 98.9 The Buzz out of Rochester, NY. Sandy's weekly podcast is nationally distributed and acknowledged as the leading financial podcast in Western, NY.
Catch the insightful conversation with Mark at the eight-minute point in the recording.
Listen as Tim Ranzetta of NextGen Personal Finance speaks with TCBFF author Mark Schug and Dan Otto of 403bwise about the importance of teachers getting on the right financial track.
Co-author Mark Schug discusses investment and earning strategies to help teachers get ahead financially with Farnoosh Torabi on her podcast, So Money.
Milwaukee's TMJ4 weekend anchor and reporter, Julia Fello, interviews Mark Schug about tips for teachers to stay financially fit during the COVID-19 pandemic.
Co-author Mark Schug provides advice to parents about how to start teaching children about personal finance in this interview on CreditDonkey.
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