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Is it Possible to Live on a Teacher's Salary?
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Madison Paine
Madison Paine has been a classroom teacher for more than a decade. She has had an opportunity to observe schools all over the world including South America and Africa. Recently her passion for teaching has spread into the realm of teacher advocacy. After witnessing a sharp increase in unfair working conditions and declining respect for teachers overall, Madison Paine has decided to devote the remaining years of her career to bringing about positive change in U.S. schools.
Devoted to her family and loyal friends, Madison balances her busy schedule with travel, entertaining her loved ones in her home, and reading unique books that keep her guessing. Her greatest mentors are her parents and she believes her greatest accomplishment has been helping her students exceed even her greatest expectations. Madison Paine chooses to teach while pursuing a writing career.
Madison is the author of The Poisoned Apple
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Dear Madison,
I just finished my first year of college. I’m an undecided major, but I’ve always thought about teaching. I love kids and think I’d be really good at it. With the economy the way it is though I’m not sure I should be a teacher. I won’t make enough money to make a good living. I’m thinking about becoming a pharmaceutical rep. It makes a lot more money, but obviously is a totally different career. Do you have any advice for me? How could I become a teacher and get past the money issue? Did you consider this before teaching? Any advice you could offer would be awesome.
Thanks,
Jenny
Dear Jenny,
Before I launch into my reply, let me make sure I take the time to answer your last three questions directly. Yes. I would be honored to you offer you advice. Second, you do not have to overlook anything regarding a teacher’s salary. In fact, stare long and hard at it. When you answer the call to become an educator, continue to expect pay that is worthy of our noble profession. Teachers are worth more and we need to continue to ask for it. Third, I absolutely wrestled with how in the world I was going to make it on a teacher’s salary before I signed my first contract. You are a wise young lady to do so and I am impressed with your forethought.
Jenny, your dilemma is powerful and forces me to do some deep soul searching before I just state my gut feeling. Everything in me wants to tell you to just throw caution to the wind and pick up the chalk! I am not going to do that though. You deserve better than that, so I am going to walk you through this as if you were a member of my own family. We are just going to talk money; not all the philosophical and emotionally rewarding aspects of teaching.Therefore, I want you to ponder these two questions.
Question #1: How have you grown accustomed to living?
Questions #2: How well do you manage money?
As human beings it is normal for us to become creatures of habit. If we are use to traveling by plane, putting water in the milk jug to make it last longer, visiting the hair salon weekly, or lining windows with foil to improve insulation, then it becomes a part of our social norm. It signals the type of social class we identify with the most. We tend to want to maintain our current lifestyle or improve upon it. Few will steer away from that plan unless they feel a calling or strong desire to serve. For example military service, the Peace Corp, fire fighter, police officers…teachers.
Only you truly know your financial comfort zone. Just make sure the material desires fulfill the deep sense of purpose you seem to be drawn to having in your life.
The second question is critical because it cuts to the heart of the matter. Can you hold on to money when you earn it? Are you wise with your resources or wasteful? I have known people making six figures that have filed for bankruptcy and lost their home. I have known people living on one income of less than $30,000 become home owners.
When it comes to salaries, it is often more about the financial choices made than starting figures. Teachers can afford to buy cars, homes, travel the world, and buy Christmas presents. The fiscal quality of life in today’s economy is greatly affected by credit card debt so be careful with those offers flying your way. Keep your credit clean.
When you come out of college, avoid the temptation to have it all now. Buy what you can afford and accumulate over time. Live within your means and you will find you stress over money less. The less we stress over money, the more realistic our personal ambitions become.
My final words of encouragement to you and every student in your situation are to “know thyself and to thyself be true”. If indeed you find yourself thinking about teaching more than pharmaceuticals, then I truly believe my dear, you are one of us.
Your Future Colleague,
Madison
teachforever
3 months ago
4 comments
As the old saying goes, you don't get into teaching for the money. What you get is a rewarding career that is relatively stable (which is a good reason to consider teaching, in light of the economy), and there are many opportunities to make extra money on the side. It's certainly possible to live on a teacher's salary, but even with a modest lifestyle, it's still a struggle to pay the bills. I wrote about these same issues recently in an article called Are You a Teacherpreneur?. The bottom line is that I'm bothered by the fact that we as a profession do one of the most important, challenging, and stressful jobs on the planet, and we're still killing ourselves outside of regular school hours to make ends meet. If that sounds like too much for you, then you're better off looking elsewhere. Remember, there are many ways to help without necessarily being in the classroom, whether you are a tutor, mentor, volunteer or advocate on the political front. Perhaps one of those paths might allow you to work with kids while pursuing your pharmaceutical job.
TomAnselm
3 months ago
44 comments
In our region, starting salaries are more than competitive with private sector jobs for those just out of college. It tails off after that, however, since we do not generate profits in our business, and money is tighter in the middle ranks of the scale. If you are wanting to be the main provider or the sole income provider for a family, it is almost a given that getting an advanced degree and college hours after that are in the picture. Try to move as far along the top of a salary scale as possible as early in your career as possible to generate the maximum in income potential. Even with that, however, a person can over 20 years move to the last line of the salary schedule and all the way to the right along the top, and possibly stall out in salary growth, save for new agreements that include cost of living increases. This is the reality of the job.
In Missouri, our current retirement program is rated as one of the best around, better than trade unions, and far better than companies that only have contributory programs and no formal pensions. A person starting a career at age 22 or 23 could work for 30 years and retire in their early 50's with a nice plan. That is, if we can project that far ahead. These days, one can never tell.
Economically, you will likely not get rich, but you can live comfortably, and expect a decent retirement plan.
I would recommend speaking with a financial planner as soon as you start any job, teaching or other. The miracle of compounding interest is in your favor the younger you start.
Good luck, and if you decide to go into teaching, keep in touch.
mwright
3 months ago
20 comments
Dear Jenny
I will not tell you not to go into teaching. What I will tell you is this: Do what your heart desires. if you feel you are compelled to teach, then go into that field. If you feel you are to be a pharmacologist, go into that field. Always keep in mind that education is something no one can take away from you and it is always available. If you decide to go into pharmacology and you do not like the field, or you really want to be a teacher, Go back to college. It is not difficult to go back to school. Many think they cannot do this and must keep in the field they first chose. However, there are several people who have went back to school to find a different career. It is simple, and you would be able to maintain your license for pharmacology if you wanted to work weekends as a pharmacist. Both professions are in demand throughout the country.
nitt121
3 months ago
4 comments
I am going to suggest you look at where you wish to live and examine their teacher salaries. If they pay more for advanced degree by all means get one. While I love teaching and the children, the money is not much. So you have to decide if you can make it with what is being offered. I will tell you when I lived in a union state I made much more than living in a non union state, so that is another thing you may want to look into. Some teachers tutor on the side to make extra money.
history67
3 months ago
30 comments
IF you really want to teach, then teach. If you need to increase your pay ( waiting for your step-raises isn't the only way to increase your pay!) then ask prospective employers if they offer tuition remission or subsidies. Most districts offer raises at Bachelors +15, Masters and Masters+15, so stay in school! Also, stipends are a great way to get some extra cash for doing school related work, Coaching, Moderating, or proctoring after-school activities. Some districts also offer incentives for certain subjects , especially math and science. You can make a living on a teachers salary, but you have to work for it, no harder really than having to travel all over for that sale job, and you get summers off! ( Unless you want to make some extra cash teaching summer school!)