It’s Up to Them by Edmund Marsh

I recently asked HumbleDollar Forum readers if they talk about money with friends and family members. Though the sample is small, the answer is clear. It seems nearly everyone except me keeps their nose where it belongs–out of other people’s business

Perhaps my work as a physical therapist has dulled my sense of relationship boundaries. I’ve asked thousands of patients personal questions such as “Do you need help bathing?” Apparently, it’s just a small step from there to quizzing a close friend about her retirement plans.

With my mind in that mode, at the end of last year I scheduled a short presentation on personal finance with my rehab clinic co-workers.

In a previous lecture, I stressed the importance of posture in the prevention and treatment of a host of problems from back pain to breathing and swallowing difficulties. I reminded my colleagues that practicing proper posture is a simple, yet vital health habit. This time, I hoped to show my workplace friends the simple steps to a financially healthy retirement.

My objective was twofold. First, stretch my colleagues’ minds forward in time to picture their future selves when their working days are past.. Then, point them toward our workplace retirement savings plan as a means of laying up money for that future.

The rehab department is young. At 62, I’m well above average age. Most of the staff are caught up in the struggle of balancing the time demands of work and family life as they figure out how to meet the monthly bills and pay off debt. For many, saving for retirement can get shifted down the priority ladder of financial concerns.

Of the fifteen or so people I expected to attend, I knew the group’s financial acumen ran the gamut. Some were savvy, like the young woman who shared with me she’d started investing with her first paycheck, on the insistence of her father. But I’d picked up enough clues to know that a few folks on the other end of the spectrum lacked even a rudimentary grasp of how to prepare for old age.

For my talk, I planned to stay within professional bounds. After all, I’m a physical therapist, not a financial planner. Yet, even a layperson can share tips on tamping down spending while ramping up saving. That’s the crucial first step in gathering money to stuff into retirement accounts.

Let’s face it, I don’t have a slam dunk pep talk for motivating a person to save money. That trait is probably wired in at birth. But I did dangle the carrot of compound interest for those who hadn’t yet considered its power. Along with fear of old-age poverty, the lure of multiplying my money in the stock market drew me toward investing.

After saving, the next step is actually socking away those funds. That’s easily done automatically each paycheck, with just a few clicks on our employer’s 403b plan website. But there’s the hitch: I think folks unfamiliar with financial jargon might find it daunting. Looking for some aid, I scheduled an online video chat with Miguel.

Miguel is a Certified Financial Planner who works for our 403b plan provider. I’d recently received an email from him offering retirement planning advice. I  was curious what he had to say. After checking his credentials through the Brokercheck feature on the Financial Industry Regulatory Authority (FINRA) website, I scheduled an appointment.

Miguel showed up for the virtual meeting full of knowledge and patience. Along with my wife, we navigated the 403b website together as he explained its features, while offering sound financial advice. I felt confident recommending his services.

Meanwhile, my audience at work got the skinny version of the website tour from me. I was hampered by the lack of a demo mode for the site, but still managed to zero-in on the steps needed to make a good start. For the full itinerary, I urged my friends to sign up for an appointment with Miguel.

Before their attention waned, I plugged the efficacy of index mutual funds, as I was keen on my friends avoiding the clutter of available active funds. My own preference is Vanguard’s Total World Stock Index Fund (symbol: VTWAX). But there are other good options, such as the Vanguard all-in-one fund choices.

I followed my lecture with an email containing links to a number of  financial tools and topics, including HumbleDollar’s Two-Minute Checkup and a few chapters from Jonathan Clements’ Guide.

Was our time together well-spent? I can’t speak for my colleagues, but for me the answer is yes. 

Thirty years ago, I didn’t know how clueless I was about managing my money to last a lifetime, until I chanced to pick up a book that sparked my interest to find out. Perhaps I’m deluding myself that I can spur another person to follow suit, but I’m unsatisfied until I know I gave it a shot. The rest is up to them.