Bigfoot Takes Over: Stop Believing Weird Money Stuff pt. 1

Bigfoot's Bustin' Money Myths (Yes, HR Approved This Somehow): University 403(b) Investing + Fidelity vs TIAA

Hi. It’s me. Bigfoot.

At our last Provizr brainstorming session, they said, “We should do a series on financial myths vs. facts”! Then everyone slowly turned and looked at me, like I was the office Myth Expert. I want to be offended, but between my experience as a blurry photograph model, and once convincing a park ranger I was a “large, misunderstood labradoodle,” I can see why I got the assignment.

So, ’ll be typing away from the Provizr office, where the lighting is flattering, the coffee is strong, but the conference room chairs are tragically not built for a legendary forest creature with excellent glutes. I’m ready to bust some financial myths here because University employees deserve retirement guidance that’s based on facts. If your 403(b) or 457(b) makes you feel like you need a compass (and someone who knows how to use a compass), you are not alone. We do this every day, and we do it without judging anyone for past choices, including the people who still have five target date funds and a random stable value option “just in case.” Also, because this is a university retirement plan reality show, we’re also going to talk Fidelity vs TIAA because many 403(b) and 457(b) plans give you both options, and the “best” choice depends on what you own, what you pay in fees, and how your investments are actually allocated. Quick Bigfoot Detour: Fidelity vs TIAA (Yes, it matters) If your 403(b) or 457(b) is through Fidelity or TIAA, the “set it and forget it” trap can show up differently. Fidelity lineups often have lots of mutual fund choices (including index funds). TIAA can include unique options like TIAA Traditional and the Real Estate Account, which can be helpful, confusing, or both, depending on your contract and time horizon. Either way, your plan needs occasional check-ins so your risk, fees, and mix of investments don’t drift into the wilderness.

Let’s stomp into Myth 1.

Myth: “I don’t need to worry about my 403(b) or 457(b). It’s set and forget.”

Fact: “Set and forget” works great for crockpots. Retirement accounts, not so much.

Here’s what happens in real life. You pick investments once, life gets busy, and then time quietly does its thing. Markets move, your funds move at different speeds, and your portfolio can drift. That means your risk level can change even if you did not change anything. So while your job title, stress level, and snack preferences stayed consistent, your retirement plan may have slowly wandered off like a raccoon with a mission.

Bigfoot example:

I once “set and forgot” a granola stash in the office ceiling tiles that had become a science experiment when I remembered it the next spring. That’s what neglect does.

What to do instead:

• Check your allocation (stocks vs. bonds) at least annually

• Confirm fees inside your funds (they can quietly nibble returns)

• If you’re deciding between Fidelity vs TIAA, compare fund expenses, annuity rules/liquidity, and how easy it is to rebalance inside your university plan

• Rebalance if things drifted far from your intended mix

• Update beneficiaries after life changes (marriage, divorce, loss, new tiny humans)

If you think you “messed up”:

• Don’t panic sell.

• Don’t shame spiral.

• Do a reset:

• Write down your goal plus time horizon (example: “Retire in 8 to 12 years”)

• Identify what you’re invested in now

• Compare it to your real risk tolerance (how you think you feel vs. how you really react when markets get spicy)

If you’d like some help taking things off autopilot, get an appointment with one of the peeps here at Provizr: https://calendly.com/provizr

We don’t like to brag, but we literally wrote the book on investing basics for University employees. Check it out here!

Humans want to find out the details (believe me, I KNOW about that!). Here are some FAQ’s to settle curiosity: FAQs