Personal Finance for Educators

September marks the start of a new semester, making it a fitting time to reflect on a benefit of our profession that might be overlooked at first glance: the predictable academic calendar. After 20 years in the classroom, I see the academic calendar as akin to a fringe benefit of the job. Before diving too deeply into this, I want to outline some assumptions for this discussion. For most teachers in the United States: The school year begins in mid-August and ends in early June. There is an unpaid summer break lasting seven to nine weeks. The contract day typically starts around 7 AM and ends around 4 PM, Monday through Friday. Classes are not held on most holidays or weekends. The calendar includes a winter break in late December/early January, a spring break in March/April, and a few other breaks based on context. The academic calendar for the following year can be reliably predicted based on previous years. Of course, there is variation in these statements since schedules are shaped ...

Valuing your time or the dime. As we  navigate our personal finance journey  by setting out goals, managing behavior, and determining mathematical paths, we will inevitably start to think about how these components interact. Ideally, the three will work together and we can maintain behavior that keeps us on the path and leads us to our goal. But in reality there are bound to be tension points where we need to decide which idea takes precedence over the others. For example, are we set on the destination (goals) or will similar destinations suffice? Is a particular path (math) the only one that we will consider or might we take detours if they present themselves? How flexible are we willing to be with our mode of transportation (behavior) given the different options available?  To continue on the journey metaphor, let's say we are say we are planning a trip from Wisconsin to New England (my wife and I were fortunate to do this in 2023). There are a lot of places we could vi...

Where are you headed? One of my favorite quotes as of late is “All models are wrong, some are useful,” which is generally attributed to a British statistician named Dr. George Box. I take it to mean that in our desire to understand things, humans inevitably try to create a model of the phenomenon under study. Although models are useful, they are simplified approximations of a thing. At best, they describe or predict facets of the phenomenon. But I think e very model will eventually have a point where is ceases to be useful.  Please keep that in mind as you read the rest of this post. In order to focus my discussion of personal finance, I'm going to consider a model  that focuses on the interplay of three things: behavior, goals, and mathematics. Together, these three are components of one's personal finance journey. Goals set the destination. They are where you think you want to go right now. Goals might change along the way as you experience the journey. Mathematics outl...

You are not a number My daughter Caroline's popsicle stick me and her. As a mathematics educator, I think a lot (probably too much) about how numbers influence the way we see the world. I see the influence of numbers all over in my professional and personal life. Folks take a complex and nuanced phenomena and try to simplify or reduce the thing by assigning a number. Assigning the number isn’t really the problem though. It’s how quickly folks can lose sight of what the numbers represent. They then operate on the numbers as if they were context free and not connected to complex people, ideas, beliefs, etc. It’s easy to get fixated on making big numbers bigger or making small numbers smaller. When bigness or smallness becomes the focus, we can lose sight of ourselves and values in pursuit of efficiency. I also see folks reason passionately about quantities that are familiar (e.g., ones, tens, hundreds, thousands, quarters, halves, tenths, hundredths) and get hand wavy about numbers w...

Say hello to our little dog Murphy :D  Testing 1, 2, 3... yep, it's on. Hello friends,  This is the first entry in what I hope will be an interesting project focused on helping educators on their path to financial stability. I've put together a bare bones website, purchased a domain name, and I'm in the processing of getting a podcast together. So I guess that's something? My journey to help others with personal finance has seemed to suddenly increase the last few months. It might seem like it came out of nowhere, but I think it is just an example of compounding in real life. Things start slowly, you learn about topics, you connect with resources, start to make connections, and it all builds on itself. Unlike compounding in finance, I'm not planning to allow this project to grow exponentially as I still have a job to do during the academic year, a young family, and a variety of other commitments. However, I think linear growth might be something I can manage (shout-...