I pay into both in my state- teachers pension and SS
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If you read Dave Ramsey then you’d understand that things change as you go through life. Not all debt is created equal. Keeping a roof over your head (shelter) is a priority as is food on the table. Paying the mortgage on your home (one within your budget) or paying rent is a priority.
Taking advantage of opportunities is dependent on your present financial status.
Car loans for Dave are easy–big NO. Drive a clunker until you need to. Then pay cash.
What I appreciate about his advice is that my D’s roommates literally couldn’t rub two nickels together at the end of the month to come up for rent. She literally read his book out loud to them–and as obvious as it was to you or I–cut out Starbucks in the morning, quit the “small” expenditures (that add up), make a budget to see where your money goes, quit whining and get off your butt–it was a revelation. They simply had never grown up with that mindset.
One did great–got a extra easy part time job and did really well–able to afford a used car within a few months which then extended job opportunities. The other was at least able to afford rent easily at the end of the month and relieve all the “angst”. It was a tangible transformation.
It IS simple straightforward advice (although he gives more detailed analysis for listeners of his show at times ) because a huge number of people don’t know where to begin. At all.
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This struck a chord with me today: Comics - Chicago Tribune.
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How many years did they go to school to get that PhD vs the entry level lawyer? I’m guessing that Phd teacher is not entry level - probably taught for many years before reaching PhD status - as opposed to a first couple year lawyer?
Also how many weeks of vacation does that lawyer get to take as is convenient to them? Because any teaching time off while nice is prescribed. My son gets exactly 2 personal days per school year to take as he likes.
To keep this post more related to the thread, a fair guess is that a majority of teachers with young families are NOT keeping up with the Joneses. But wouldn’t it be nice if after 20 years of teaching or whatever - and wherever they could earn as much as the lawyer or business person who may have 5-6 weeks of vacation and a very fine salary…
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The only teachers I know that do well have spouses who make healthy incomes, like my husband does. We get our healthcare and our kids’ private school tuition through my job, but my pay is extremely low for my level of education. My male teacher colleagues and teacher- teacher couple friends are moving out of state so they can actually support their families.
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I live in NJ. Teachers here do very well. They can have high salaries and solid benefits. Most that I know, have a side gig of tutoring (at very high rates) which is “off the books”.
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This backs up my earlier comment—sure, NJ teachers are well paid but NJ like many northeastern states is an expensive place to live. I was well paid teaching in MA, but housing costs are through the roof here.
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How are we defining “high salaries”?
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The average teacher salary in our local high school (a large, highly ranked public) is $129K vs average teacher in our state (IL) of $72K. That number does not include benefits. Very few of the teachers have PhDs, many have master’s degrees. Housing costs are relatively high in our area, but there are more affordable options within a 30 min drive or train ride.
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Sounds like a suburb of Chicago. Two HS teachers in the burbs of Chicago can make a comfortable living. Maybe not get super rich, but be comfortable. Also they are fairly paid for coaching a sport or being an activity sponsor. If they work extra hours at like a football where they are doing crowd control they make $25 per hour. Also tons of our teachers in our HS live in our burb.
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The teachers union here is powerful. Entry level teachers with PhDs start at 93k and max out at 135k. That starting salary is still higher than entry level public defenders and district attorneys. I’ve acknowledged that teaching is hard, but so is being a PD or a DA. Both perform a public service and both deserve competitive compensation. Yes, government lawyers earn a lot of PTO/vacation, but those I know are unable to take a lot of time off due to trial scheduling/prep.
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These salaries sound insane. Starting teacher salary in my local Southern California jr high/high school district is $46,000 a year. Average teacher salary in the same district is $56,000 a year.
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Good to hear the teacher’s union is powerful! They sure need to be advocated and represented well!
Cost of living and all that matter of course. This is not the most updated but as of 2021 here in my area an entry level Phd teacher would make $47K.
And it’s tough when your job doesn’t allow you the time off you have earned. I mean, in our public school system, there are not enough bodies to go around to cover classrooms so teachers also cannot take off as desired - or often when they do, the school has to scramble within the building to find a body to oversee the children.
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Regretting having brought up teacher salaries …
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After a few years and with a masters they are making over 6 digits. This does not include any extras (stipends for clubs, sports, etc.) and money they make tutoring. Elementary school tutoring in my town is $50 an hour moving up to AP Chem tutoring at $150 an hour. Even with the high cost of living in NJ these are very nice incomes (especially if there are two wage earners in the household). They have nice benefits as well - pension, health insurance, etc.
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Well teacher salaries vary from state to state and can by a lot. Right to work states and how strong a union is definitely plays a role. It is similar to the varying cost of homes by location.
I will also say there are many different ways to live your life and still end up where you might want to be toward the end. My folks struggled much of my life. Dad worked construction and mom eventually went to work as a elementary school secretary. She later moved to the board of education. We were mostly middle class when Dad was working and when there wasn’t a lot of work we dipped into lower middle class. We mainly had what we needed and every once in a while got something that we wanted. There were no vacations on airplanes to a resort. They stayed in their original home and paid it off in 1997. They both had pensions, but no money in the stock market. They started paying cash for cars and don’t put any miles on them. Dad passed before Covid, but they had for the first time really amassing some savings. Mom probably has between $300-350K in cash. She clears about $3500 a month from pension and SS. That is after taxes and health insurance they take out. Home is paid for. Car is paid for. Property taxes are about $1000 a year. She legit lives on about $1000-1500 a month. She will never have to worry about money again. It is possible she could end up in a nursing home, but she could easily last many years in one before she runs out of money.
I learned from them that if you live within your means you will be ok.
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Is that LA county? That is so low.
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… and enrichment classes at various summer “camps” (because in the U.S. kids are out of school so long, that working parents need to pay teachers a second time…)
I also know of guidance counselors / head of guidance who have a very profitable side-kick with college/application coaching/consulting/managing.
To be clear - I don’t begrudge teachers for good, professional incomes so that highly qualified people get to enjoy working with/teaching and looking after my kids, rather than being frustrated with their career choice.
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Yes, that is in Los Angeles county, but not city. It’s very low. The pay scale tables are all posted online.
I teach at a private school and make low 50s with a masters degree. My kids’ private school tuition is comped though and the benefits are good, so it makes it worthwhile for our family. My husband earns the bulk or our income.
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D1 is a teacher starting her 7th year. She got her masters last year so this is the first school year her pay is adjusted to her masters degree level. She makes $72k a year at a charter school in San Diego County. She will get an extra $5k this year since she is a reading specialist and will do many extra things for her school.
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