MTA/NYCT Colleagues
Hi, good day to all my fellow colleagues at New York City Transit. I created this page just for you. Quite a few of you may recognize me as one of the instructors at "Zerega Maintenance Training Facility". For those of you that I have had the pleasure of training since 2016 you may have heard me speak about finances and investing from time to time. Over the years You have received this information as a side note to my regular technical lessons. I have been intrigued by your responses to these short memorable lessons.
A good number of you have suggested that I create a series of YouTube videos on finances. The truth of the matter is that good quality videos take too long to make. I am still working as a full-time instructor at Zerega. Because of my position at work, I don't have a lot of free time on my hands. To create good videos takes a lot of time. I have come to the realization that the majority of MTA employees and the general public at large lack "Financial Literacy", especially in the area of investing. The school system failed all of us in the teachings of any kind of finances. I ask 20- to 30-year-old if they know how to balance a check book. To my surprise, 9 out of 10 students don’t know how they rely on their banks phone app. They know much less about personal finances, including investments. I have been inspired by most of my students to create these financial coaching programs that you may have been reading about on this website. Also, read the posts that I have published, they are very insightful.
Moving along. The financial institution we use at the MTA is Empower. This is where most of us have our 401K, and 457 plans set up. Most people don’t know how to navigate this website because they are intimidated by the jargon they use, not easily understood. As a result, employees leave their investment choices to the people that represent Empower. Investments and banking institutions are most likely to advise about investments that make them more profitable. You see, these institutions are for profit organizations, like any other business, so they have to make as much money as they can, not in favor of their customer, you. The products they sell have fees, in the form of discount rates, plus they may be front end or back end loaded, which means more additional charges. However, you are not limited to using only this organization, there are other choices. You just need to ask the right questions.
I have set out to inform people the best way that I could. Through this website and emails, I am offering for free periodically actionable blogs/posts about personal finance. For the coaching programs I will be offering a 10% discount for all MTA/NYCT employees. Anyone can benefit from coaching regardless of how much money you earn. I would like to inform you all of the proper ways to set up your pretax and post-tax retirement accounts. With diligent and disciplined monthly investments, dollar cost averaging, an individual can have at retirement well over a million dollars through the magic of compounding interest. These accounts need to be set up and funded ASAP.
Your MTA retirement plan is not going to be sufficient to bridge your finances from the day you retire to the full retirement age of 65 and beyond. The sooner you start to invest the better off you will be. The best time to invest is starting today. It's never too late to start planning and investing. A little is better than nothing. Through my coaching I am looking forward in accomplishing the goals I have listed here below and much more:
Set up your retirement accounts for maximum profitability through proper funds allocation. No the target fund you chose is not going to earn you the best returns you need.
To manage effectively your limited income.
Explore the possibility of additional potential streams of income.
Create a spending plan.
To inform in the importance of managing debt. This alone will leave you with more money in your pocket.
Learn how credit really works.
Utilize good credit effectively to save money.
Improve your finances and your personal credit score.
Learn how detrimental it is to use credit cards ineffectively, to your financial health.
Set and apply S.M.A.R.T. goals to achieve your dreams.
Retire with more funds from your investments.
Slow down, you are working all those extra hours, for what? Enjoy your life and family by learning how to let money work for you, not the other way around. Let your investments grow and earn more profits. Learn the importance of "Financial Literacy".
" Today's financial literacy is tomorrows financial independence"
For all MTA/NYCT employees only, we are offering a 10% discount on any of our programs.
NOTE: The content of this page or the services offered by Shark House Financial Solutions are not affiliated in any way with MTA/NYCT.