Teachers, Educators and Wealth

By FredrickHobbs

If you ask a teacher about their wealth they will probably inform you that they aren’t in teaching for the money. They are teaching to enlighten the young people of the day. They want to see society improve, and they truly care about people. However, teachers do not make much money in the grand scheme of life. Many times educators will give out of their own pockets to enhance the learning environment. The educators of today can and need to plan for abundance in their lives.

The statement “the best part of teaching is: June, July and August” actually no longer exists. So, teachers who would spend those three months obtaining other jobs to help make ends meet are not able. This is simply because our educators are busy fulfilling their obligations of increasing their knowledge to become better educators. Most of the time these summer staff development is to fill a mandate for staff development from the State or the Federal Government. However, sometimes the time is paid for and that helps on the budget, but it’s not like being able to work a full job during those few days off.

Most often educators think that since they are not earning wages comparable to the average cost of living rate, don’t believe they can ever get ahead, or have anything left for retirement. Abundance for teachers and educators can become a reality. A change of thinking needs to happen or in other words they need a shift of their own thoughts. They are like most every other person who has limited income. They buy on credit, and then they take credit to pay down the other credit with no thought of wealth and certainly no regards to the future.

I have found that most educators believe that their teacher’s retirement will cover all of their expenses when they retire. They have this notion or belief in which income will remain the same as their salary. This is so not true. Educators will receive a partial payment from their retirement, and their health insurance must be paid by the individual as well. The educators’ income has diminished, but their expenses didn’t go down; they went up as well. This is far from the thoughts of the new educators who begin their teaching experience. Someone needs to develop a day workshop before going in to teaching on how to become a wealthy abundant educator.

The Pathway for Educators to bring wealth:

1. Pay yourself first. Invest in a 403b investment plan from the beginning. This encourages tax relief, and the ability to begin saving more for that retirement.
2. Take 5-10% of your net pay (actual take home) in a CD, a money market, stocks or bonds. Do it the very first day of receiving your check. If you don’t do that first then it will not happen. Something will come up that you will want to squander your money.
3. Take charge of your paycheck. You control your spending, and don’t let your spending control your paycheck.
4. Be responsible by paying Rent/Mortgage, buy clothing and food first. What’s left is what you will want to spend on anything.
5. Keep your receipts that you spent on your classroom and for your students, this could help when filing your taxes.

For a minute here let’s go back up and revisit numbers 1 and 2. Why do you pay yourself first, and why is this so important. For number one the reason is very simple we are taking money out of your gross salary, and putting it away so that you will not touch that money, until it’s needed for your retirement. Remember upon retirement insurance must be paid, and you will not receive your full income. For number two you want to be able to have access at any given time six months’ or more salary: Yes, six months. This is your emergency money. This money saved will help out if that hot water tank gives up the ghost and spews hot water all over your carpeted or wood floors, or any other repair to your house.

Educators often here about the ways to obtain extra money is through saving their bonuses, working overtime, or asking for a promotion. That’s not possible for most of the educators, there are no raises, and they cannot work overtime, but they can become smarter. Educators in some districts can take on those little extra jobs for stipends, or they can coach something in which they have an interest or have a talent. Many find something in which they are truly passionate about like a hobby. Hobbies keep their minds fresh but will also add to their household income. For example, I am an educator, and I write, so, I’m expecting to earn a little extra money from my writing.

Educators can become wealthy, and have abundance in their lives. Your thoughts, your mindset, and your priorities are where your money lies. If you think that as an educator you can’t be wealthy, then you can’t. But, if you take control, and think about how, why, and where you spend your money you will be able to have a wealthier life. David Bach’s best strategy for becoming wealthy is to: “Find your Latte factor.” Your latte factors are those little things in which you believe you need to purchase in order to make you feel special. The choice is yours you could spend $2.75 for a latte instead of taking time to make coffee, or lattes at home, and save $2.00 or spend $2.75 plus the gasoline to take you out of the way to obtain your latte. Which will it be?

All things add to your wealth or lack of it. Go back up to steps 3, 4 and 5 take control of your life, and purchase what is needed first, and then you also save a little even if it is a dollar per day. All things add up, so a dollar a day becomes 30 dollars per month, which will add up to $360.00 per year. Think about this that $360 dollars per year if put into any type of savings account that earns interest will allow you to have more money. That scenario is only one dollar a day saved, that’s like not buying one bottle of coke per day. Abundance and wealth is yours to have, all that’s needed is a shift in your consciousness.

Carrie Fleharty is a mild-mannered school librarian, who loves moonlighting as a writer. She has written many articles, and is currently fine-tuning her craft. She has taken many workshops and classes on the art of writing, and has a modicum of success. She continues to work very hard in learning her craft. While not writing or playing with books, she’s home with two Boston “Terrors” and recently added two adopted kitties.

Carrie practices a deeply spiritual life, and attempts to incorporate her spirituality among the experiences of being human. She uses her spiritual teachings to impart her hard learned knowledge to others through her writing. Her articles will reflect her hobbies of bicycling, birding, hiking, nature, sports, her spirituality and her joy of living. She is currently working on a book that exposes the aspects of changing her focus from half-empty cup to a full cup.