279 | Be Wise, Your Financial Future is at Stake | Dan Otter

<ul> <li>Teachers have been getting taken advantage of when it comes to their investment options. Thankfully, the internet and technology have made it easier to get the word out and help teachers wanting to do better.</li> <li>During his first year of teaching, <strong>Dan</strong> Otter was asked if he cared about his financial future. He politely listened to a hardball sales pitch about an investment scheme he didn't fully understand.</li> <li>Rather than blindly following other teachers at his school who had invested in it, <strong>Dan</strong> began to educate himself by learning about John Bogle, Vanguard, and low-cost investing.</li> <li>He learned the salesperson who had approached him was trying to sell him a high-cost annuity inside a 403b and that it was a terrible product.</li> <li>Unfortunately, most of his colleagues had signed up for these poor investment products despite having more than 100 options available to them, including Vanguard.</li> <li><strong>Dan</strong> began to speak up and asked pointed questions when other teachers began to talk about their sales agent in the teacher's lounge. Though he had never done it before, he started looking at their statements and showing them how much the fees were.</li> <li>Appreciating <strong>Dan</strong>‘s insight and help, it was suggested that he put on workshops. After thinking about it, he bought the domain 403bWise, and with help from a friend, they built and launched the website in March 2000.</li> <li>The mission of the website was education and advocacy, where teachers and school employees could come and learn about the 403b in a non-sales environment and also advocate for low-cost options like Vanguard.</li> <li>Although this was 20 years ago, <strong>Dan</strong> says the problem with 403b persists today. Teachers usually find 403bWise after they have been sold one of these expensive products.</li> <li><strong>Dan</strong> says that not all 403b's are created equal. After working in different environments where 403b's are available. They were