Why Teachers Consistently Become Millionaires

[@javaskull88]

As an accountant, I agree. Professions like accountancy and teaching and engineering don’t attract people who want excitement or a flashy lifestyle. We’re not impulsive. We value stability. We don’t feel the need to impress others. We’re a little boring and that’s ok. Like the turtle who beats the rabbit in a race, we make slow, steady progress toward our goals.

[@genxx2724]

🎯

[@Primitive_Code]

I'm in the process of becoming a teacher and it's intriguing how engineers have that frugal mindset and lifestyle even though they make 5x than us. I think it's because the education we get along the way teaches us discipline but mostly it's because of the math involved. Most people see math as a boring subject where you play around with a bunch of numbers and perform tricks (orders of operations), but math teaches you that methodology they were talking about. It's all algorithmic and procedural just like becoming wealthy and engineers are even better than math teachers at procedures and algorithms.

[@9libertybell]

​@front331 , the engineering field is about solving problems and maximizing the utilization of resources. Major design projects have limited budgets, materials, and construction support availability. Customers don't want to pay a fortune for a wind farm if it can be made for a fraction of the cost.

[@CP-qh7om]

The other two professions make way more than a teacher. Best practices can be applied to both but they are not equal in the struggle.

[@jimmyglea]

I’m the “whacky” guy in the Finance office because I wear Hawaiian shirts. Yes, we are a boring bunch, but nobody is broke.

[@bmoshareholderappleshareho855]

I’m a security guard and I’m a millionaire. I also drive a Mercedes Benz. It’s not how much money you make. It’s what you do with your money. All a job does is pay the bills. Wealth comes from successful investing.

[@janan3382]

I’m an accountant married to an engineer. We’re logical and methodical and follow rules easily. I was completely on track to be a millionaire when I was single. Once we got married, the size of our shovel is unbelievable because we still have the same mindset of when we were each doing this on one income. Looking forward to paying off the mortgage before the end of this year.

[@JT-ce4bl]

Well done 👏🏻

[@bigal5860]

I don’t know if this is something you might be interested in looking into I’m expanding my Health and Wellness Business The market is huge and our Company is doing very well. I’m looking for 1 or 2 people with a desire to earn additional income from home. Does this sound like something you might be interested in looking into? If so great if not no big deal or do you know anyone who might be interested?

[@micclay]

My ex was addicted to cocaine and gambling.

[@Dividendflywheel]

Stay the course. Don’t get distracted by “shiny objects”, or offers😂. Your 2nd million will come fast than the first. WOW!!! Compounding works. Congratulations Stay Hungry

[@mrphatmunkeyspew6969]

Wouldn't it be crazy if your children turned out to be teachers?

[@ji-inroh495]

As a teacher who is in that group, it's the realization that my income was not going to get me there. So, I needed to learn how to save and invest wisely which could get me there.

[@tonycrabtree3416]

no pension?

[@KatieBellino]

​@@tonycrabtree3416Yes, teachers have a decent pension, but it won't make you a millionaire without other investments.

[@Excalibur2]

@@tonycrabtree3416 often the pension supplied just replaces social security. Nobody is getting rich off of social security either.

[@TheRealEdStoner]

@@Excalibur2 Teaching pensions are a lot more than social Security. Not having to pay Social Security is one of the best benefit of being a teacher

[@Excalibur2]

@@TheRealEdStoner can't speak for all states, but mine they deduct around 10% to go towards the pension. So it costs around 50% more, it should pay 50% more.

[@workinonit9562]

I worked for a large package delivery company and my husband was a teacher, he is retired for many years. We never made over $80,000 per year. We helped pay for our kids college degrees, helped them out with down payments for their houses, kids had no college debt and kids have no debt other than their house payments. We were very frugal in our marriage and now we are everyday millionaires, totally debt free for 15 years now. I have been retired for 12 years. Live below your means.....

[@RJ12347]

Now say thank God for your husband

[@derekmortensen85]

Great work to the both of you.

[@multiskilledelectrician1]

Awesome. I love this. You two are amazing.

[@kgonzalez718]

That’s awesome! What were your investments?

[@pascoett]

As a teacher in Europe i can add the following: teachers live frugally. My colleagues and i all earn in the 130k’s but none has a fancy car or house. We are dedicated but we both love our jobs but hate the workload at times and certain difficulties. Yet, aside from hard peaks we have a lot of Holidays and free time when routine kicks in. Most of us do meaningful things as a sidekick and I myself earn additional money as a photographer. Us teachers are around smart people usually or that’s what we’re aiming for. I am also not indoctrinating my students, but I know many who do that. I am happy that my country acknowledges my work and my degrees with really good payment.

[@nickmaestro]

I’m 35 y.o. and a music teacher at a private Christian school. I started investing at 27 the very second I finished paying off my loans and car. Through max contributions for my Roth IRA and 403b for these past 7 years, the compounding interest will have me well over 1.2 million by age 60. Live below your means, pay off debts and wait until you are married to have children. Those three things will have you living comfortably on a modest salary. I’ve no desire for extravagance.

[@Dividendflywheel]

You just described the lesson of Thomas Stanley’s last book “act your wage”. You are exactly what the average millionaire looks like. I have a mental clock counting down when we will hit our 2nd million. -perspectives of a BlueCollar bigrig driver 😊

[@chocolateangel8743]

That's nice and all, but why would you want to have to wait until you're 60 before you can really start enjoying life -- especially given the potential for health complications at that age? Since I began watching clips on KZbin, there have been engineering couples that are multi-millionaires by the time they were younger than you are now.

[@darkshadow955]

@@chocolateangel8743then what’s stopping you from being a multimillionaire from tech? Why are you bringing people down

[@chocolateangel8743]

@@darkshadow955 Why are you being so emotional when I just asked a question. Oh, there's also the issue of teachers not being able to be life-long educators -- unless they have a spouse that makes significantly more money -- or they have a side hustle that does the same thing. My own mother had to quit being an educator when I was young (because she didn't make enough money). When I was in high school, I also had a business teacher that was a Certified Public Accountant. She quit after a years -- because of how little she made (and some bad-ass kids).

[@darkshadow955]

@@chocolateangel8743 hahaha cool story. You’re the one here typing your life story getting emotional like a child😂😂😂😂🤣

[@michaelcorbett4236]

"You can't earn your way out of stupidity" is probably the best thing I have ever heard about building wealth. It is just so matter of fact.

[@Malitubee]

Me too, that was deep!

[@TLmomofZAHS]

I am going into my first year of teaching. And in the midst of all the fear and chaos, I plan on being a darn good one. This is encouraging.

[@JoeBtfzplk]

Plan also on spending a lot less than you earn and conservatively investing your savings. Over the course of your life, the percentage of your income that you save is much, much more important than the percentage return on your investments. Don't borrow money to buy anything other than a modest house. Live simply. Be frugal. Don't dream of retiring early. Dream of retiring comfortably at 65 or 67. That is the time horizon for your investments - 30 or 40 years. Compound interest works wonders if you just let it work. Taking risks and losing money kills the magic of compound interest.

[@triciamool8157]

I LOVED teaching. you know what is stressful - waiting tables. not having a job. bad managers. Teaching can be very stressful, but that can be circumvented by good planning and good boundaries. Plus you have leverage now, with principals because there's a gap.

[@tomy.1846]

Open a 403b as soon as possible! Even if you can only spare $50 a paycheck. As you earn more, increase your contributions! Best of luck, this is my 29th year teaching, it goes by so fast! Hope you can get a good pension. I'm on a solid tier in New York, but the newset (tier 6) needs to be improved.

[@amwfpaulandjay]

@@JoeBtfzplk That's not true for a doctor though. My dad was a gynaecologist at Bamrungrad International Hospitals which is the best hospital in Bangkok, Thailand and the rest of the provinces. He earned 200,000 USD/ year. My mum worked as a vice president at CP which is the biggest company in Thailand and still earned less than my dad. My mum though has bought condominiums in cash and has rented them out. Both of them chose to stop working at 42. Now, they are in their 60s and just travel and chill with their lives. All of my dad's friends at Bamrungrad Hospital who are doctors can choose to retire at anytime. I am a landlord myself. I bought 5 properties in cash when the market crashed. I am 31. I am a sub-10 Ironman, sub-3 marathon runner, former Muay Thai champion. I don't work in 9-5. I am not an employee. I started reading Rich Dad, Poor Dad when I was 9. I travel to 3-4 countries and train everyday. I haven't drunk nor smoked. Ultimately, it comes down to the discipline and how you use money to generate more money for you.

[@VioletUcorner]

Wow, I just got the call, I’ll be starting my first year as well. Yes for both of us🩷

[@drew8979]

I'm not a teacher but a government employee. The pay is not the best but the benefits are where it's at. You are given multiple tools to be build your wealth and i'm currently buying years in my pension plan while paying off my mortgage and I plan to make my condo into a rental and retire early. Once I hit 20 years I will be locked in and can start collecting a pension at 47 and I will hopefully be doing something more lucrative but that's my plan currently.

[@savanah1407]

Yessss! 👏 👏 👏 👏

[@tonycrabtree3416]

exactly, it’s that pension.

[@jacobo9611]

What I would do if a govt employee.. many of them spend and just rely on the pension which is ok, your doin it right

[@wewhoareabouttodiesaluteyo9303]

State government employee, but there are restrictions on pension (depends on the state). I can only take it out if I am 65; however, the contribution is generous, almost like 77% of my income they match. The 401k is not matched and 457B is not either (I still have both). I lucked out because this year the state I am in is giving us a 6% raise that they have not given in like 15 years. I also received a probation period completion raise and the county is paying me 13% of my state salary. Bad thing is, if a group of lawmakers get put in and end the pension, you will get your money you contributed to it back and will forfeit the match.

[@jacobo9611]

@@wewhoareabouttodiesaluteyo9303 you said it 77% of my income they match. That’s not the same for the rest of us. So when the repubs come in to cut spending, they are viewed as villain, well you probably shouldn’t of got such a great deal to begin with.

[@deanmccormick8070]

I think a big part of teachers' success as a group is that they don't get the pressures to spend beyond their means. No having to impress the co-workers or neighbors.

[@sandgaijin]

And going through college to get their teaching degrees, the “poor college student” is not just a set of words. We (teachers) adapted to living within and below our means that now we make teaching salaries, we still spend like we’re poor college students.

[@karengoetchius794]

Very true! I don't have the expectation to dress/drive like the families in the wealthy school district I work in.

[@jakemorj5498]

@@sandgaijinWhat on earth are you talking about. Engineers, doctors, lawyers and so many other occupational groups went through college to get degrees too.

[@deh5tarr69]

If that's the case then that applies to all other professions too 🙄

[@frankrizzo9291]

My guess is that it is because they marry well. Successful men will specifically look for teachers when looking for a wife.

[@philiptaram]

It's not about how much money you make, it's about where the money goes

[@jasonleatherwood2172]

To an extent when me and the wife met we made 64000 a year working 60 hours a week driving a hour one way to work now we make 140k drive 15 min to work and work 50 hours or less we literally could barely pay our bills its super easy to drive cheap cars and invest now lol

[@sabrinnegibson1860]

I'm a teacher and I also earn from investing in the digital market with the guidance of Mrs Elizabeth Ann Larson Brokerage services...

[@sabrinnegibson1860]

Her trading income stream is mind blowing. l've made over $160,000 in 4 months so far trading with her guidance/advice.

[@sabrinnegibson1860]

There's is her line below

[@sabrinnegibson1860]

3862

[@Essentialoils4ujess-weagle]

My dad retired as a diesel mechanic in 2020. And he's currently living off the interest in his investments. He always told me, it's not how much you make it's how much you spend.

[@wewhoareabouttodiesaluteyo9303]

Live in a tent and you will surely be on your way to becoming a millionaire.

[@Dividendflywheel]

Your father is a wise man. The world needs more folks like him.

[@Dividendflywheel]

@@wewhoareabouttodiesaluteyo9303 Funny joke 😂. Actually for the average millionaire the equity in a mortgage free home is a significant portion of their net worth. Another consideration is the value of appreciation. Assuming (a modest) 5% per year appreciation in the value of a home from age 30 to 90. This will turn a $200,000 house into $3.7 million. Crunch the numbers yourself. Compounding is a powerful formula. Some use it to their advantage. Other are clueless to it’s wealth building effect

[@TaxinGigs]

Being a Diesel Mechanic is insanely hard work. Upmost respect for your father.

[@rbrucerye]

Because teaching at its core is about planning and self-control. You need to have strong skills in both to succeed in the field.

[@hdgarcia]

And being a doctor is not?

[@paint14872]

I’m a financial advisor and one big thing is that teachers all have a pension and they both simultaneously aren’t sure it will be enough to take care of them so they save well and then when the pension IS enough, they don’t spend any of their investments and they have large nest eggs that just keep growing

[@jennywebb4678]

This! My mom was a teacher for 30 years, but it was split between three states. Each of the pensions was less than $200! You can’t live off that! My sister is also a teacher, and she saves as if her pension won’t be there.

[@ronbrendag7131]

Most teachers have a short commute. They get to have discounted lunches. Many have a side job or several, ex.: School bus driving, tutoring, rental real estate, construction, shop owner, small scale farming, coaching supplement, writing, editing, etc.

[@stagecoachrobbery]

I know a number of teachers who are very financially stable. Here are the common themes with all of them that I see. 1. Consistent money is the best kind of money. 2. They work extra jobs in the summer. 3. They invest wisely. Most own rental properties or have other side hustles. One thing to understand about teachers is that where they teach has a huge effect on their income levels. Their salary scales some on cost of living, but not a lot. Teaching in a high cost of living area generally means you are drastically underpaid. However, if you are in a low cost of living area in the same state, it can be one of the more lucrative careers in relation to others around you.

[@InOrlando]

"1. Consistent money is the best kind of money. 3. They invest wisely." these are key, in my opinion. I am a designer, and my employment has always been shaky. I have been laid off four times in my career. I became hyper-aware of my employment reality and began to invest in what I could when I could, but for many years I could not. Like many teachers, I own rental properties and had to hyper-focus on the behaviors that could create the outcomes I wanted because that was all I had. It is less, "Oh, they have to follow the structure and thus are better at it," instead, my situation is highly limited; I better not get too excited and keep it tight.

[@fkillah]

They also have great benefits - health, PTO, 401k, holidays, etc. and don’t work year round.

[@stagecoachrobbery]

@@fkillah You are correct about the benefits, but most teachers don't have a lot of the summer off. Usually about 6 weeks. It takes them about 2-3 weeks to end the year and then they usually spend a month before the year prepping. But in those 6 weeks, they find something to do! They also work a lot of overtime during the year doing grading at home.

[@CAEO416]

This is soooo true! I became a service advisor in my mid 20’s when I was hired as a service receptionist in a car dealership. I absolutely loved it. Because I loved it and started therapy at the same time due to childhood trauma, I started saving and investing for the first time in my life. My whole world turned upside down, in a good way. My therapist would occasionally reminded me to protect myself financially, which I did. 27 years later I had to retire at the age of 51 due to an illness. I was only able to do this because of what I did in my 20’s, 30’s and 40’s. I now only have to worry about my health, not my finances.

[@sc7453]

I’m not a teacher but from age 18 I invested a minimum of 15 percent of my gross income, sometimes much more. I never had more than one loan out at a time (not counting house) and went to community college. By age 54, I was worth over 2 million and never had to work another day if I didn’t feel like it. I didn’t have expensive hobbies, never spent more than a thousand dollars on a vacation, and took less than ten of them over my life. It’s all about committing to a plan, sticking to it, and making sacrifices.

[@sc7453]

I have to add, I always worked at least 40 hours a week. Sometimes I had more than one job and worked 80 hours a week when I was younger and had the energy

[@ryebread447]

Good sacrificing. Did u get to enjoy any of the money to create experiences tho?

[@sc7453]

@@ryebread447 Sure, I just lived frugally within my means. I have toured the U.S. by motorcycle and have visited almost every state in the country, have done a lot of camping, learned to build engines and hot rods, and play guitar. I do almost all of my own work, so it’s not expensive and buy used vehicles that I wait until I can find a good deal on, etc. Now I am pretty much set for life. Stay away from credit cards whenever you can.

[@Djeurueiwi3j]

I spent almost all my money into my late 40's (except retirement plan) and enjoyed life. I did however heed 1 piece of your advice and that was invest 15% of your gross income. Married now, well ahead in life. Not as far as you, but not that far behind. 15% should be mandatory for everyone.

[@sc7453]

@patbehe4674 Good Job! Luckily I had parents that stressed the importance of saving early and on a plan. One of my early jobs was as a bank teller, which taught me a lot about the value of money. The most important thing I can tell young people is to discipline yourself to save starting with your first job, keep debts to a minimum and stay away from credit cards. They really should teach these things in schools. Sadly they don't

[@Bensalami69]

My dad was an elementary school art teacher with a slight visual impairment. He invested in stocks, bought real estate, & played his cards right & now has a great life as a retired man who stopped at age 66 at the height of COVID. There’s a lot of truth to this.

[@newbluerugby]

He also has a pension… for life

[@karengoetchius794]

As a teacher (and single Mom of two kids for 11 years) I can relate to this. Live well below your income, save aggressively, work a second job when you can, do not fall into the trap of dressing to impress, buy reliable used cars, etc. Plan for the long term future and watch it grow.

[@dianabenavides2913]

I am a teacher dont get confuse with my user name its my wifes name.... i as a teacher work and my wife has never had to work ever. But I do tutorials i have my own private music studio and so make extra everytime... we have zero debt and no credit catds and a paid for home as a teacher.

[@dianabenavides2913]

Praise Jesus

[@amwfpaulandjay]

That's not true for a doctor though. My dad was a gynaecologist at Bamrungrad International Hospitals which is the best hospital in Bangkok, Thailand and the rest of the provinces. He earned 200,000 USD/ year. My mum worked as a vice president at CP which is the biggest company in Thailand and still earned less than my dad. My mum though has bought condominiums in cash and has rented them out. Both of them chose to stop working at 42. Now, they are in their 60s and just travel and chill with their lives. All of my dad's friends at Bamrungrad Hospital who are doctors can choose to retire at anytime. I am a landlord myself. I bought 5 properties in cash when the market crashed. I am 31. I am a sub-10 Ironman, sub-3 marathon runner, former Muay Thai champion. I don't work in 9-5. I am not an employee. I started reading Rich Dad, Poor Dad when I was 9. I travel to 3-4 countries and train everyday. I haven't drunk nor smoked. Ultimately, it comes down to the discipline and how you use money to generate more money for you.

[@amwfpaulandjay]

That's not true for a doctor though. My dad was a gynaecologist at Bamrungrad International Hospitals which is the best hospital in Bangkok, Thailand and the rest of the provinces. He earned 200,000 USD/ year. My mum worked as a vice president at CP which is the biggest company in Thailand and still earned less than my dad. My mum though has bought condominiums in cash and has rented them out. Both of them chose to stop working at 42. Now, they are in their 60s and just travel and chill with their lives. All of my dad's friends at Bamrungrad Hospital who are doctors can choose to retire at anytime. I am a landlord myself. I bought 5 properties in cash when the market crashed. I am 31. I am a sub-10 Ironman, sub-3 marathon runner, former Muay Thai champion. I don't work in 9-5. I am not an employee. I started reading Rich Dad, Poor Dad when I was 9. I travel to 3-4 countries and train everyday. I haven't drunk nor smoked. Ultimately, it comes down to the discipline and how you use money to generate more money for you.

[@joefran619]

Pensions help, and excellent benefits

[@natalieeuley1734]

The world of being a teacher usually means that you know you will have a second job. It's pretty much inevitable especially for the summer. And you have to inherently be creative in order to get to the point of wanting to be a teacher in the first place. So, this adds up to always creatively finding ways to supplement your income and making it work. Things like tutoring or TPT. Helping out at summer camps. Making online courses. Being an instructor at a university. Every teacher I had in school was retired, had a spouse with a really insane job, or they had a while other life outside of school to make things work.

[@gerardmiller3362]

A MAJOR factor is that there are a lot more teachers than say lawyers, doctors, high level execs, etc. They looked at percentage of millionaires that are teachers, not what percent of teachers become millionaires. Additionally, teaching salaries/benefits have lagged the greater professional market…boomer and genx teachers had much better compensation than someone getting into the field today should expect.

[@ginowashington8389]

You're right I am curious as to the percentages even though lawyers were also in the top-5 list.

[@abarbar06]

Yeah, this is probably an excellent case study of how to lie or make misleading claims with statistics.

[@TheChromelover]

You made a good point

[@MrBasedBadass]

Where can you access the study. If they did make this error it is shameful. Ramsey can you respond?

[@cerebralcaustic]

BS, median teacher salary is higher than median HOUSEHOLD income. And teachers work only 190 days per year.

[@geofschwer1625]

Dave, my wife was a nurse and I was a teacher, and now we're retired with a considerable net worth. We never felt we were scrimping or going without; we simply lived a moderate life and saved around 15% of our yearly income from the day we were married 49 years ago. Today, our goal is to enjoy life, not to fund our children's retirement plan. Even though we didn't exactly follow your Seven Baby Steps, the net effect was the same, and now we're able to travel and support causes we believe in. In short, we have a more productive and enjoyable life now than we ever had while working! Maybe our story will help others to see that financial independence is within reach if they're really serious about it.

[@JCpNK]

My mom retired as a teacher and is doing very well. Her and my step dad travel all over the place now

[@musicman1eanda]

It's our pension that allows that, if you make it 30+ years. My state of Pennsylvania is cutting the pension benefits every few years. My colleagues retiring now are getting benefits that I won't have if I make it 24 more years.

[@Dividendflywheel]

@@musicman1eanda Convert as much of your income into your own retirement account • it’s called a Roth IRA do not trust ANY state to protect your retirement. • the legislatures in my state routinely use the public employee pension fund as a piggybank. Recently used the covid money from Washington to fill the hole they put in the pension • call ANY of the big 3 brokerage firms and set up YOUR OWN retirement account (managed by you). • Fidelity Charles Schwab or Vanguard doesn’t matter. You must act fast. Set up a tax deferred Roth IRA and a Taxable Brokerage account. You might also be able to add a HSA if you have funds left over • Just as Congress has spent social security funds, your state pension funds are under funded. It’s a Ponzi scheme • You must take personal responsibility for how you will provide for your own retirement. Those who depend on the generosity or sympathy of strangers very often found themselves lacking basic necessities in their old age. • to maintain your lifestyle in retirement you will need to save up 25x your annual expenses. This is an achievable goal for those that start early and stay focused. There’s tons of free information online about how to do this. Please be pro-active

[@Idontknowhoiamanymore]

I’m a teacher in a classroom and a private instructor. In order to be successful as a teacher you must be patient and see the big picture. You need to look ahead to the future and make a plan. I’m also forced to budget my money for the summer when I make less money. These skills I think will help aid me in my quest to becoming an ‘everyday’ millionaire. If you don’t have the every dollar app you’re doing yourself a big disservice!

[@numitumi8806]

Best thing about COVID for me was forced me to think about how I was wasting money on all kinds of lifestyle rubbish choices none of which were necessary. Love living on a restricted budget with discipline.

[@jimroscovius]

Absolutely!! I taught online anyway, and my wife worked from home for a year. It would have been shorter, but her boss kept pushing this stupid mask policy and she said she wasn't going back to the office until it was done away with. As soon as he took it away, she went back.

[@AnaViolinViola]

Ken’s comment about teachers living below their means and build their lives around their profession, because they live with a purpose…wow, that was deep and this is exactly how I feel!

[@hdgarcia]

And doctors dont do this?

[@AnaViolinViola]

@@hdgarcia I'm not a doctor, so I can't comment about how a doctor feels

[@hdgarcia]

@@AnaViolinViola well thats essentially what this video is about. Teachers spend with “purpose” and doctors spend like “rock-stars” his words not mine.

[@AnaViolinViola]

@hdgarcia teachers are usually underpaid and they don't have choice, I'm afraid:)

[@hdgarcia]

@@AnaViolinViola doctors are underpaid. Try a medical school debt on for size. And you do have a choice. You could not be a teacher. Or you could specialize as a teacher. College professor vs grade school teacher etc.....

[@Pihlalorjoone]

"they are missional" I love that! It explains in 3 words why they are successful in building wealth!

[@PowerfulMoneyHabits]

It's called compounding interest! Most teachers start investing young and it doesn't matter how much you put in, it's the magic of time that takes a little bit of money, and it multiplies it into millions! We can all learn from this!

[@markbajek2541]

I bet if you put more money in the first years it would have a chance to compound much faster over time. (it does matter how much you put in , the more the merrier and earlier the better)

[@hannamaryann0705]

@@markbajek2541 how do you start investing? I’m currently in college studying to become an elementary school teacher and I’d like to get a handle on this. Should I get an advisor to help me with it?

[@markbajek2541]

@@hannamaryann0705 you could do a fee type fiduciary advisor just to start you on a path for a set one time fee...(a couple hours of their time.) They'll advise you to rebalance the funds once in awhile,, maybe get a feel for your goals and risk aversions but otherwise you just could invest in some type of stock index fund for now and let it ride with the market unadvised and once you get a handle for what's happening with your investments then seek out an advisor to maybe give you advice on what you might be doing wrong or streamline some to the tax implications . Starting early is a great idea, as you're young and can recover from the down times in the market and ride the highs as they happen. If you're able to I guess I'd invest at least to the minimum match of your company's401K plan if they have one, and looking back I wish I would have put more in my roth IRA than my traditional to avoid the tax issues. And if you plan on living a long long while consider HSAs as they are triple tax advantaged (at least right now).

[@Ammo-Hoarder]

Retirement isn't the end, but a fresh start. Your dedication now will lead to a future of financial security and the freedom to pursue your passions. Kudos to everyone working hard to earn a living while building wealth. My wife and I, both retired at 66 and 64 respectively, have a net worth of over $3 million with no debts. We live frugally and smartly, thanks to our saving and investing lifestyle, which allows us to earn passive income.

[@IAMBETTERTHANYYOU]

Congratulations on your early retirement. Really interesting! I am currently in urgent need of investment advice or investment tips. Last year I hesitated and did nothing until the end of the year. However, this year I'm determined to try something new as I'm very open to different investment ideas.

[@sommersalt88]

@@IAMBETTERTHANYYOU Investing indeed requires a good understanding. It's important to have a reliable support system, like a financial consultant, to guide you, especially in asset selection. I work with "JILL MARIE CARROLL", an investment advisor who partners with a licensed wealth management firm. It has been an excellent experience for my finances. She is quite well-known for her services, so you might have heard of her.

[@MIchaelGuzman737]

This is exactly how I intend to organize my finances before retiring. Can you recommend the financial advisor who helped you get started?

[@sommersalt88]

Do your due diligence, and be on the lookout for one with strategies to help your portfolio maintain an unwavering and progressive growth. "Jill Marie Carroll" is responsible for my portfolio success, and I believe she has the qualifications & expertise to meet your goals.

[@MIchaelGuzman737]

I just googled her name and am really impressed with her credentials; I reached out to her through her website as I need all the help I can get.

[@tiffanyfabbian5951]

God Bless teachers!!!! They don't receive half the credit they deserve and I'm so dang proud to be the daughter of a dedicated teacher!

[@FirstHillSeattle]

One thing to consider: 90% of public school teachers receive a pension in retirement. Typically you can work for 40 years and retire with your full salary. The percent of the general population that receives a pension benefit now in their job is under 30%. This is just one aspect of overall wealth of course, but it’s a leg up that most don’t have. This means that they might feel more free to be creative with other investment income, because they already have their pension that is guaranteed.

[@SENSEF]

But do new teachers nowadays receive a pension? This probably WAS true, but the youngins are getting screwed every which way.

[@FirstHillSeattle]

@@SENSEF That’s a great point. Admittedly, I’m not an expert but I did find this in a google search: “Unlike teachers in private schools, the Bureau of Labor Statistics reports that 89 percent of “primary, secondary, and special education school teachers” employed by state or local governments participate in a defined benefit (DB) pension plan.”

[@FirstHillSeattle]

@@SENSEF That’s a really good point. I had searched online and found a site that said 89% of all public school teachers receive a pension. But to your point, that doesn’t account for the fact that some school districts may be getting rid of those so that percent may be going down.

[@christinelinden4075]

That pension you refer to has been seriously reduced in many states. Most teachers are making much less now than when they retired.

[@pa5203]

I respectfully disagree Ken. I was a teacher for several years in 3 different states over the years. I found that most teachers are very unhappy and only got into the career because they chose a path in college that would give them time off in the summer or they wanted to have their kids schedule when they had families. Once they got into teaching and into their 30’s with a family they felt like it was too late to switch careers. Teaching is stressful and comes with a whole host of problems. I was one of the fortunate ones who taught P.E. which was one of the few positions where the stress level was at a minimum. We were one of the few positions where I saw teachers happy with their job. I believe teachers are millionaires because #1 they stuck with it and got their pension and #2 teaching was the secondary income to a spouses high paying job.

[@reign0ffire88]

100% this statement. 20 years as a physician, 90% of my patients who were public teachers hate their job or kids. Private teachers seemed as a whole to care a lot more.

[@axelfoley1812]

I was in middle school 15 years ago I remember kids screaming profanities at teachers and with low pay I'm not surprised they dislike in some cases hate their job

[@cs1992]

Truth. It's a matter of knowing that the benefits are good despite the pay and behavior issues. After investing 5 years into the profession, most teachers realize that they can not transfer their talent to another sector of society without losing so much.

[@jjordan6066]

Yes I thought he was off base with his comments. I think teachers are one of the best careers to stick it out and receive a pension.

[@fber5591]

Teachers are overpaid. 4 months off every year and done by 3:30 every day. Most teachers who complain suck just suck at time management and would be miserable making 200K a year

[@unlisted333]

As an Accountant, one thing I’ve learned is the win comes when you create systems to protect you from your weaknesses

[@Malitubee]

Oh my god love this !!! Is there any books or any other info you have that can help me with this ?

[@SuperSupersoda]

As a software engineer by profession, this is basically my entire job: create software solutions that protect people from their own weaknesses. When your job teaches you how to do that at a very high level, it's easy to port that over into your finances. There are goal oriented people and systems oriented people, engineering attracts an obscenely high number of system oriented people. Most people are results/goal oriented; engineers understand that you can't often control the results, but you can always control the process.

[@InOrlando]

@@SuperSupersoda My good friend, a Software Engineer (back-end), is married to an Accountant. They match really well.

[@SuperSupersoda]

@@InOrlando Makes perfect sense to me, they both see the world fundamentally the same way if they are in those professions and good at what they do.

[@roseroland1998]

Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $1.7M. We have never sold so much as one share of stock.

[@glenbert1396]

Most people don't understand the power of compound interest or are just impatient. However, I think it's better for the average person to invest in the S&P 500 and wait, which is reliable, albeit extremely long: many years, or just hire an investment advisor and accelerate wealth accumulation. Most people underestimate the power of the latter.

[@anthonyrussell5718]

That's right, I've been backed by a financial advisor for almost three years now, I started with over a hundred thousand and I'm just $19,000 away from making half a million profits from compounding and dividends.

[@anthonyrussell5718]

There are a lot of independent advisors you might look into. But i work with "LISA ELLEN SHAW" and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.

[@frankrizzo9291]

It's not a great video, they completely side stepped the question. Answered it like a politician does. My guess is because they know by the survey the answer is Yes, teachers are over represented because they marry well.

[@johns1367]

I am a pastor and my average age income over the past 25 years has been $68,000/year. We will have about 1.2 million in about 9 years. We have been very intentional about telling our money where to go and not allowing our money to tell us where to go.

[@vikieierdam5516]

My husband and I never made more than $80k and he left paid work at 56 and I left freelance writing at 51 and we are millionaires. We may do something else - beyond volunteering with Young Life - but right now, we GET TO volunteer because we were intentional. Thank you, Ramsey!!!

[@alonabeck713]

From my experience many teachers are married to lawyers, doctors, upper level executives, entrepreneurs, etc. I feel like most couples search for balance and if you have really ambitious person, it makes sense they gravitate toward a caring and selfless partner at home. And vice versa. Then they financially win together. And that’s what Dave’s platform focuses on - winning as a couple. I don’t think it is appropriate to talk about just one partner as becoming a millionaire without the context of the other person. It’s misleading. Many single teachers I know actually struggle with pay.

[@wewhoareabouttodiesaluteyo9303]

Get off the dependency. If you, yourself were a teacher with ZERO relationship prospects, could you survive from graduating to death. Simplify it.

[@EMo-rx7pm]

100% agree. There are a lot more teachers than MDs and lawyers also. My wife is a teacher and she makes 20% of our total household salary. So we are a perfect example.

[@jimmyglea]

My wife is a teacher, I am an accountant and we’re nearly 50. Income for income, we would both be considered millionaires, barely. Combined, we’ll retire nicely…TOGETHER.

[@wewhoareabouttodiesaluteyo9303]

@@jimmyglea Haha..be careful. Divorce rates are high.

[@jimmyglea]

@@wewhoareabouttodiesaluteyo9303 Tell me about it…I’m still paying for my first one, hence the “barely” a millionaire.

[@jfnwjnowngowjrn]

FWIW, I've been a teacher in South Florida for more than 10 years and the only teachers I've ever met who were millionaires were millionaires because they were either married to a high-earning spouse, or they inherited money from a family member. Keep in mind that many teachers are pensioned employees, which means that their need for a large lump sum in other retirement accounts is lower than many other professions. Most teachers I've met understand the need to also invest in a separate 457/401k/IRA because the pension is quite meager, but the amount of income left over to invest in those accounts is usually very little. Again, I'm also in South Florida, which is probably among the most expensive places in the country to live.

[@kimberlyhuang5846]

I am a teacher in nyc. I am 30 years old and started teaching at 24. I will be a 7th year special education teacher in September. I will be making 95k this year, with pay bumps in January and September. We have a retirement system with a fixed return rate of 7%. We can also put it in diversity funds/stocks, which can net to more than a 7% return. I put in 12% of each check, so by the time I retire I will be projected to have at least a million dollars. Yes, nyc is extremely expensive, but if you invest - you can do it. I have my bachelors, masters, and 30 credits above my masters which is why I also make this amount currently.

[@cerebralcaustic]

That fixed 7% return fund is an annuity. Prolly getting screwed hard on fees. Look into it.

[@Learnersense]

What qualifications do i need to be employed as a teacher?

[@HeyaHoyah]

I’m with Dave. Being a data analyst is the least sexiest job I’ve ever had but because of how repetitive it is, it’s easy and I get about 30 an hour doing it while I watch a movie or listen to podcasts on the side. Plus it’s allowing me to get debt free and almost entirely fund our wedding with cash.

[@dolly4446]

30 or MORE working from home watching KZbin or movies and only using books and numbers every so often 😁

[@deecali]

Totally agree. My husband is a teacher and I work in healthcare. Debt free, live in high cost of living state. My husband drives an older car but doesn't care. We are debt free and on BS6. We live on a budget, don't do fancy and totally okay with it. We want to give back and it's not all about being selfish and being flashy.

[@greg_216]

One thing overlooked about teachers is their ability to leverage the stability of a defined-benefit retirement (a pension). Once that guaranteed retirement income is a sure thing, teachers can continue using personal retirement savings (IRAs, Roth IRAs) to build wealth at high risk/returns at ages when other people have to start dialing back risk/returns.

[@AJ-rr1js]

I really think this depends on the state you live in for starters. The pay drastically changes from state the state, and the teacher profession is drastically changing. I left teaching because I was having to work 2 jobs and was struggling to put money back for the summer, let alone save for retirement. The hours required to be put in was so crazy I barely had time to work a second job, but received zero compensation for it, not even comp time. I watched as teachers in my state went from loving their job and being frugal to being so over worked that they were spending more money trying to find some sense of happiness. The only teachers that could enjoy it were the teachers whose husband's made 6 figures and year and they essentially taught as a hobby (they literally told me this word for word). I left for double the money (kept my same benefits by staying with the state), rarely work over 40 hours, kept my part time job, and also picked up some tutoring clients. I am easily saving for retirement and enjoying life and still working less hours then I was as a teacher. I think it will be interesting to see how this study stacks up in a few years.

[@chazman4461]

This is a lot of schools from where I grew up at.

[@Standingupstrong993]

Please tell me what job you transitioned to that doubled your pay.

[@AJ-rr1js]

@@Standingupstrong993 I went into Data Analytics

[@dolly4446]

Now this makes more sense rather than the video 😂😂

[@jenniferrosenthal7731]

@aj- what do you do now? I want to get out of education for all of the reasons you stated.

[@willerwin3201]

1. It's a profession that pairs well with high-earning professions in marriage and parenting: teaching and tutoring jobs are *everywhere,* the hours align to when your kids are in school, and your skills as a teacher are helpful in raising kids effectively. 2. It's a profession that in which there is little to no incentive or peer pressure to flaunt one's wealth. 3. There are a *lot* of teachers, so even if a lower proportion of them become millionaires, that's still a lot of millionaires.

[@DetraDearmas]

I had a science teacher that worked in Michigan in the late 60’s early 70’s. He told us his high school students that he chose to get paid for the whole year not the school 9 months. He would live off his school pay and work as a dump truck drive in the summer so he could invest in little company called ibm. He brought to our school 2 prototypes of the 1st personal pcs ever to his knowledge. He was investing most of his money in this stock. That’s how my teacher got rich.

[@performingartseducator]

❤

[@DisgruntledUSA]

I’m a former teacher and the first school I worked at had a computer teacher who got in on the ground floor of Microsoft. He retired a multimillionaire. Not sure if it was luck or foresight, but he definitely played his cards right.

[@330_Crew]

In my state teachers retire at 55 with 80% of salary for life. Depending on district, it’s not uncommon for long tenured teachers to approach $100k salary. So at 55 they will collect $80K a year. If you assume they live for 20 years and you calculate the net present value of the series of cash flows, it’s valued well over $1M. So just on pension value alone, many teachers are already millionaires.

[@reniedavisson8532]

80%? What state is this?

[@FrankS111]

This is incorrect. My wife is a teacher and we’re both in our early 40s with 3 boys. Im an engineer and can tell you that the reason teachers would be millionaires is because of the union contracts. Teachers may not make much money in terms of salary but they pay next to nothing for health care and they have a full pension. If a teacher can make it to year 10 they will be making close to 100k and have benefits that are next to none.

[@simonpegg1196]

Correct! As I said in my comment, they have a lot of perks.

[@jenniferpenland8812]

That salary number is not true everywhere, unfortunately.

[@lesg5270]

Yep nothing like their pensions!!! Both of my parents were teachers and didn't need to touch their personal retirement plans

[@nicolcacola]

Yep. Unions picket teacher BASE pay but teachers have amazing benefit packages which reduce their cost of living significantly.

[@alinatamashevich3354]

@FrankS, their retirement is close to their salary as well.

[@nativeplantgardenclub3424]

This is exactly right. It was what worked for me. The systematic plan. It was discipline and we made it work.

[@sgil9645]

I retired as a career public school educator last year with a very very nice pension at age 59. I still work teaching college classes and enjoy it very much. As a new teacher, I learned so much from my more experienced colleagues about savings and investing. My wife stayed at home to raise the kids and we saved and stuck to our budget. Add up all the savings and other assets today and we are in the millionaire club.

[@Dividendflywheel]

Congratulations When I used the words “millionaire club” my friend millionaire mentor chided me he said it’s called “2 comma club”😂. I had to think about it for a minute. Enjoy your hard work and sacrifice. May I encourage you to mentor younger teachers. Iron sharpens iron, so one man sharpens another. Cheers

[@arvia1984]

As a teacher, I was just talking with a coworker the other day about this. The same principles we must follow as teachers serve us well financially. We must be conservative in our actions (not necessarily politically conservative) --- well-behaved, intentional, and forward-thinking. Apply this to finances and you will win every time.

[@ryankiel4895]

You can support a family and build wealth very slowly on 60k a year but it is TOUGH. Like the video reports, it can be done - I did it for years, and it was no fun. After a couple job changes I make double now. I would not recommend a low income life to anyone. Life is too short to struggle financially. Kudos to our wonderful teachers, nonetheless! You are very brave and deserve all of our respect.

[@cerebralcaustic]

Factor in how teachers work only about 190 days per year. They're not underpaid at all.

[@kevinolshefski8310]

6th year of teaching. I have two IRAs, one which I started on my own at 31 and One just recently started investing through my school. Along with my pension as well as 7,000 square feet of property that is completely paid for I am doing my best with what I got. average income of 104 to 140 with my two jobs.

[@kendrascorner]

Teachers knew from the beginning that they were not going to make exorbitant amounts of money. Are okay with a simple lifestyle. And usually have a strong value system which flows into the way they live.

[@turtleanton6539]

Yes😊

[@reign0ffire88]

Google your local school teacher salaries. You’ll be shocked. A lot around me are at $75k+

[@kendrascorner]

@@reign0ffire88 in TN, the school district I was offered my first teaching job paid $32,000 per year starting. I moved to Canada to be with my husband, and starting salary here was $42,000 (Canadian), which translates to roughly $32,000 U.S. If you get your Masters or Doctorate, salary can increase, and each year you get a pay increase, but in both of my school districts, with just my bachelor's, I would have only made $60,000 (U.S.$) by the time I retired at 65 years old. But I'm glad to hear there are places where teachers are paid fairly.

[@reign0ffire88]

@@kendrascorner my wife’s first job in 2007 as a private school teacher was $32k. Today, states such as California, New York, New Jersey public teachers get $100k yr + benefits. Are teachers underpaid? Maybe in a few areas of the country. I’d like to see the best teachers in every district get paid the most.

[@kendrascorner]

@@reign0ffire88 it's honestly shocking for me to hear that because that certainly hasn't been my experience, nor that of the teachers in my family. But then again, I guess it's due to the area of the country someone teaches in. I agree with you that the best teachers would get paid the most, and while some rough outline of a pay bracket is good, it would be great if excellent teachers could receive bonuses of some sort.

[@liberalsocialist9723]

For my teacher, he put 800 dollars every month into his 401k with the school matching his payment for 40 years. He also bought his house early flipping burgers for 3 years since houseing was that cheap back than. This is in southern California where the house he bought flipping burgers is now worth over a million dollars.

[@simonpegg1196]

It's quite common for people having a really good income to go broke because of their extravagance. Moderate income requires a person to live below their means. Teaching is a profession with a lot of perks - stability, a good amount of down time during vacations, moderate yet solid income, and repetition. It requires discipline in not getting bored and following the same routine over and over again, which also percolates to financial prudence. Goes on to show that income and net worth are not necessarily proportional.

[@ga6589]

I was an elementary school teacher for 36 years. One thing that I never struggled with was boredom, except maybe during staff meetings. BTW, teachers are leaving the profession in droves. Those "perks" you mention aren't keeping them in the classroom.

[@andrewcazarez1308]

I agree, teachers would rather have a 9-5 job that pays less than have to handle the stress of admin and kids today. You would have to pay teachers 100k to get them back in the classroom, which many states are working on in some way or another.

[@karenk2409]

Almost all the teachers I know had summer jobs to augment their income. Wore practical clothes. Worked too hard to have an expensive night life (ha!) They lived below their means, invested in a 401b, bought modest cars and raised their families in the school system they taught at. The year I paid off my mortgage, I retired.

[@andrewcazarez1308]

@@karenk2409 that sounds like a good plan lol

[@lindawalsh2732]

I've been home schooling my kids for 21+ years. Therefore I am a teacher that does not get paid. My husband supports the 6 of us with his technician job. I walk dogs during my free time and with the money we make has paid off all our debt in 2 1/2 years. Our mortgage will be paid off in 2 more months this September. We are also fast approaching a net worth of$2 million. Its definitely a mindset on managing money and not how much you make but what you do with it.

[@donswier]

Teachers observe early habits from families who delay gratification. Impulsive people never get ahead.

[@Erica-wz8yv]

So true

[@lovetobe6118]

Sadly my mother who is a teacher is not one of the wise ones when it comes to money. She can't delay gratification. I watch her spend her money when she has it then not have enough to buy food. Today she called me telling me she didn't have enough to buy food... Again. Wasn't it a month ago I told her to not spend any money on toys for my kids? She said it's only $17. But it could have been $17 going toward your emergency fund when you run low on food. She will also spend on dessert and I know that could also go to her food fund. I literally buy ice cream once a year for my husband's birthday because it isn't a necessity.

[@amwfpaulandjay]

@@lovetobe6118 That's not true for a doctor though. My dad was a gynaecologist at Bamrungrad International Hospitals which is the best hospital in Bangkok, Thailand and the rest of the provinces. He earned 200,000 USD/ year. My mum worked as a vice president at CP which is the biggest company in Thailand and still earned less than my dad. My mum though has bought condominiums in cash and has rented them out. Both of them chose to stop working at 42. Now, they are in their 60s and just travel and chill with their lives. All of my dad's friends at Bamrungrad Hospital who are doctors can choose to retire at anytime. I am a landlord myself. I bought 5 properties in cash when the market crashed. I am 31. I am a sub-10 Ironman, sub-3 marathon runner, former Muay Thai champion. I don't work in 9-5. I am not an employee. I started reading Rich Dad, Poor Dad when I was 9. I travel to 3-4 countries and train everyday. I haven't drunk nor smoked. Ultimately, it comes down to the discipline and how you use money to generate more money for you.

[@robertprice9052]

My a school administrator and in that category. I’m unique because I’m retired military, but I’ve invested since I was 17. My sister is a teacher and also in that category. I think part of it is realizing you’re not in a high paying career field you tend to save a little all along. Teachers also talk about money with one another. I have helped a bunch of new teachers set up investment accounts.

[@harrishistoria]

The job sucks everything out of us. We walk around like exhausted zombies. I don’t have the energy to go anywhere to spend money.

[@_JennaBee]

😂

[@Learnersense]

U are so clear on this.point. I will never forget this...😂😂

[@snwbm]

Most people feel that way about their jobs. You can always leave teaching and find a different career to lament.

[@harrishistoria]

@@snwbmmost of those people haven’t taught. I left last year. This is my fourth career. I haven’t experienced anything near the demands of teaching. I highly recommend any critic commit to a year. I promise your current job will feel like a breeze after.

[@snwbm]

@harrishistoria I live with a teacher, she is 22 years in and thinks it's a great job that is almost part time. But she was a structural engineer before teaching. 2 other teachers that she works with were scientists that got married while working at a pharmaceutical company. They now teach elementary science to grammar school students because it's less demanding.

[@shunpo9]

There are 1,579,800 teachers in America and their average wage is 52k per year. There are lot of them--that's the first reason they represent millionaires (1-5 M only not 10 M plus). The second reason is teachers are generally nurturing, highly social, kind, and patient. These qualities are sought out by men and women. So the answer isn't that teachers are purpose-driven, the answer is they generally have joint incomes and there at a 1.5 M teaches in America, and a handful made it to the 10k M Dave studied (btwdubs there at 33 M millionaires in America). The take-home message is to be a good person (like teachers) so you can reach the physical, mental, and financial benefits of having a spouse. Also, you just need to put up 15% in your 401k to become a millionaires and pay off a house by the time you are 50/60. You don't need a platinum selling album.

[@rossmcgreg6r642]

Ramsey study on millionaires proves Dave Ramsey is right!

[@bencentanni4394]

It's because we are life long learners. Being a good investor requires that you consistently explore and learn the best possible investment vehicles.

[@bencentanni4394]

By the way, if I was as angry and reactive as Dave Ramsey is, I would not be effective as a teacher. Openness and curiosity will open students in a way that shame and humiliation (because someone doesn't understand something) is the quickest way to lose a student. "you can't out earn your stupidity" Harsh language that doesn't help.

[@epickabelo]

Teachers go into teaching knowing that they aren't going to make a lot of money so they learn to be wise with their money. The problem with other professions is that there is an expectation that they can make more money in the future through promotions so they take on a lot of debt hoping that they will be able to afford to pay it back once they get the promotion and that's how the debt spiral begins.

[@madisonandthefarm]

My parents were both teachers and retired wealthy. They both worked many jobs on the side of teaching. My dad coached sports and was a master electrician on the side. Mom coached sports and tutored on the side. They invested heavily through the years. They travelled every year and vacationed on summers. 🤗

[@EverettBurger]

Teachers also: - tend to be introverts. We don't have any social pressure to impress others. Therefore, we keep purchases at a minimum. - are happy with routine. This keeps us from impulsive purchases or investments. - many continue working during summers. Therefore, we have a low key income stream on top of our regular salary

[@curtisbuettner1932]

This is fascinating. I was a teacher. I think more teachers need to hear this, they can use all the encouragement that they can get.

[@Happey67]

Thank you guys for this and other topics! I am not certified but I live on less than I make. I have a good credit score, I save consistently, I have an extra gig on Saturdays, Friday evenings and in the summer I work that gig which could be 12 14, 16 hours in a day especially on Saturdays. I know God is with me, I do care about those students, I encourage them, they come to me to sign their yearbook and I give to ministries and to my relatives overseas. It gets too much with those relatives but...

[@annai157]

Another important factor that this video entirely misses: Teachers are generally not part of the Social Security system. Social Security taxes aren't taken from their paychecks, so they have more to invest. And, they also know that they won't be able to depend on Social Security at retirement, so they have more motive to invest. They're also often allowed to participate in special teachers' investment programs called things like, "The State Teachers' Retirement Program."

[@bigcahuna42366]

I'm a teacher too, not by job title but what I do for the company I work for. I'm currently training a lot of new people how to do the job I do, and requires a lot of patience and special methods to help them to find personal and career success.

[@wewhoareabouttodiesaluteyo9303]

So more like a technical consultant?

[@denzelpeoples2223]

I’m a middle school teacher and this is almost unbelievable to me. I’m paycheck to paycheck, live off of one income and currently gross a little over $50,000. I rent a house, don’t have a car payment, and have 3 children, 5 and under. I don’t know how this is possible but I believe it must be. Gotta get on some practical principles in order to create a better present and future for myself and my children.

[@fsufan]

i was in sales for 25 years and was a millionaire by 47, retired at 48

[@ghost307]

The best way to motivate people is to put them in charge of their own paycheck.

[@Dividendflywheel]

@@ghost307Write a book😂 PLEASE!!! You said so much with so few words. Give me 9 more quotes like that. And I will give you 3 options 1. Write the book 2. We co-author the book or 3. I ghost write the book for you😂

[@SKG1941]

Broke at 42. A millionaire at 52. Retired at 55. Sales Agent,then I bought the company.

[@stellacarrier8341]

The Ramsey Show Highlights of Why Teachers Consistently Become Millionaires is a deep and persuasive feature. The references to process, instruction, the median salary, and the encouraging implication of how a teacher can have plenty of options regardless of their money income. I intend to look into and apply to some college programs related to teaching within the next couple of months for ideally next year enrollment and I am glad to have found this Why Teachers Consistently Become Millionaires feature.

[@suzboeh633]

I was a teacher for 14 years and took retirement at 60 with a small pension and paid for health insurance. I had other retirement investments and savings from the time I worked (before teaching) in another field. All of that allowed me to move to be closer to family. One thing that is not good was (in my state) 403b plans that only included annuity options. Also, my state did not allow much wage growth ( as in zero increases for a number of years). I now live in a state with a much higher wage scale and know lots of teachers who worked starting at age 22 and retired at 52. One thing I am not hearing in this discussion is that many teachers work summer and part time jobs (some in the schools like coaching, tutoring and many outside like music or art instruction, light construction, kids summer program manager). I would say I did not know any teacher who was the sole breadwinner in a household who did not work during the summer or had a second job year round.

[@abbyc.4215]

As a public school teacher who has just completed year seven, I can truly say that you guys have given far too much credit to teachers. In my district and many others, that 5% minimum is automatically going into my pension and a similar amount goes into my 401k whether I want it to or not. I never bothered even looking at my accounts until some point in year 5 and the money was just there (it was a sweet surprise). Teachers going beyond that and investing maximum amounts or even above the required amounts are the ones who should be given recognition and those are likely the ones to reach the millionaire category.

[@kolbruce441]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[@stanleyalfred871]

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge

[@susangrant2428]

Very true. Despite having no prior investing knowledge, I started investing before the pandemic and pulled in a profit of approximately $950k that same year. In reality, all I was doing was getting professional advice.

[@oliviagardener9587]

How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

[@susangrant2428]

There are a lot of independent advisors you might look into. But i work with Susan Kay Mack and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.

[@joeymichael5359]

Once investing becomes a habit that you can’t imagine stopping, you’re golden. The biggest hill to climb is just getting that habit formed.

[@matthewxcountry]

Doctors must become comfortable living with debt (over 10 years of education, making almost nothing; they have accumulated so much debt). They make enough to quickly pay it off in the first 5 years of their job - but they often don't because they've become used to having debt and are comfortable with it, and that's a bad thing for building wealth.

[@Jplavender]

As a teacher myself, it is true that teachers are values-driven, disciplined and humble. Trust me -- we are not in it for the paychecks! Teachers have a tendency to live below their means and invest wisely.

[@SelfMadeConservative]

I’m a fiduciary financial advisor for teachers and public employees. I have yet to meet a teacher who is a millionaire. Their finances are generally a mess and they don’t know anything about Roth IRA’s or other ways to supplement their pension.

[@lookingforwhiteprivilege9330]

As a teacher I’m glad to hear this and hope to join the number. Hope I make the right investing decisions. Finishing up my debts and saving up for the fully funded emergency fund this school year Lord willing.

[@Dividendflywheel]

Follow Dave Ramsey’s plan. Or find a plan that has been tested on millions of “Guinea pigs” (😂 forgive my sarcasm). The #1 strength of the baby steps is that at this point is it has been tested and refined over 30 years. The other alternative is to find mentors (average millionaire’s) and ask them to teach you what they did. You probably bump into these people and have no clue they are millionaire’s. That’s the truth about average millionaire’s. They don’t advertise the number of zeros in their retirement accounts. They don’t announce the number of rental properties they own. They definitely don’t act rich. Or drive $100k cars or trucks. • 25 years ago I made it my mission to surround myself with these people. • there’s a Chinese proverb that says “when the student is ready, the teacher will appear”. Prepare yourself and your teacher will appear. Warning: this teacher is already wealthy. They will not invite you to invest with them. They will not ask you for money. Their time is very valuable. Listen learn and apply what they tell you. In 99.99% of the time, their philosophy will be similar to what Dave Ramsey is teaching. The methodology might vary, but the underlying philosophy will be the same. After all no one has a monopoly on common sense. Read many investing books The book of Proverbs in the Bible is actually a life and wealth manual. • The richest man in Babylon is a 100 years old book. It’s a classic. • As a Man thinks by James Allen is another 100 year old book • wisdom is more precious than silver. Develop a voracious appetite to learn. • don’t look for short cuts • becoming an average millionaire is a 3 decade journey. • be careful who you listen to. Including this comment 😂

[@txspacemom765]

Howdy! Teacher here. My teacher income has nothing to do with why I am doing well. It's about money in and money out, invest wisely, and being methodical about every penny. When I was married, we were always broke, making close to $90K together. i thought it was me making us broke but I saw all the holes in the boat. After my divorce, I make around $60K in my teaching job. I also have 2 other sources of income and I do not touch those paychecks, no matter how small. They each go into a bucket and I don't think about it again. That $60K? I was just doing my budget and I live on about $34,000 of that per year. Yep- I am super frugal and live very simple but I love it! I live in what is considered a starter home, drive a 10 year old Jeep, I take care of what I have but I also do not upgrade just because. I am also not concerned with what people think of me. That is huge because I see other people who make 3 to 4x the amount I do and are just in debt up to the eyeballs.

[@hcrystalh]

I work with mostly teachers and their finances and they don’t make as little as everybody thinks. A lot of their “income” comes from benefits. And their pension is gold. In ca, they contribute about 10% of their salary but the state and employer contribute 27% so many of them end up receiving the same net amount in retirement as their working years. And this is every single year for their rest of their lives starting at age 61.5. They also have a very steady paycheck. They cannot get fired unless they do something heinous. The majority of the teachers I work with in Los Angeles make six figures. They often start low but their incomes increase over time, especially if they move up the pay scale due to higher education.

[@wewhoareabouttodiesaluteyo9303]

You are stating CA and comparing it to the rest of the nation. You do realize that the teachers in MS hate you right now right?

[@tristan2332]

Need 6 figures just to make ends meet in California

[@rogueinvestor2375]

Assuming their pension is still there for them when they retire.

[@Zeus0886]

Same in NYC. My mom just retired and she is making more than money retired than when she was working. 401k investments, pension and social security.

[@hastycontemplation]

I am wondering if the pension is calculated into the millionaire status?

[@dereknelson4860]

This point is fascinating. Systems people. Wow. Great point.

[@gregderamo5589]

According to Medscape survey data, over half of all doctors (56%) are net worth millionaires. However, about 1 in 250 or so people are physicians, 7% of adults are “teachers”. So there are way more teachers than doctors and I doubt over half of them are millionaires. It’s true that a lot of doctors are bad with money, but having an average income of 250k+ over a 30 year career bodes well for your net worth even with debt and financial mishaps along the way. Are there docs that retire with nothing? Sure, but most of them do OK.

[@Tank-vi2dv]

Nah

[@Dividendflywheel]

At retirement we should have 25 times our annual expenses. This ensures we can maintain the same standard of living in retirement • A teacher making $60k should have a retirement account worth $1.5 million ($60k multiplied by 25) when they retire. • Similarly a doctor making $250k should have a retirement account worth $6.25 million ($250k x 25) at retirement As an avid listener to the white coat investor podcast. Hosted by an E R doctor, the message I get from him is that a significant number of doctors (his colleagues) are under invested based on their age, income and number of years left to retire. I celebrate anyone regardless of profession who can reach the 25x milestone. Stay Hungry

[@Dividendflywheel]

@@BentleyPawsEtsyJennifer may I suggest you read Andrew Hallam’s book titled millionaire teacher. It will inspire you. He too is middle school teacher I have relatives in a similar boat. I stopped discussing anything thing remotely related to finance. This made celebrating wealth milestones a little lonely. But that’s the reality of frugal millionaire’s. • start building your own net work of “almost millionaire’s” a term I coined to screen out people who inevitably become jealous

[@markg999]

​​@@Dividendflywheelnteresting I'm in 40s no plan to retire and not far from 25 times expenses excluding our house. My personal goal is about 100 times expenses should hit around mid late 50s...might be overkill I guess.

[@Dividendflywheel]

@@markg999 congratulations. Stay Hungry. Every multiple of your income that’s in a nest egg gives you options. The bigger the nestegg the bigger the options

[@ArtgGar27]

I am a public education teacher building above average wealth, and it’s for three reasons: 1. Yes, I am frugal. 2. I have been more aggressive with my investments (in relatively safe ETFs). 3. I am protected by a union! I can take greater investment risks because my union protects the following: my job, my pension (which will pay 2/3 of my final income in retirement), & my health benefits. Of the top 5, teachers are the least paid, but are middle income earners. They tend to be less savvy with investments. But they are notoriously well-organized as a labor union at the district and state level.

[@reneeelias9514]

Teachers have great benefit packages too! My girlfriends husband, teacher just retired, age 59. Lived on strict budget during his whole life. I would have gone nuts. But he travels. He has a nice house. A new car he and his wife share. ( i can’t imagine not having my own car) They put 4 kids thru college. 2 of their kids drive the used cars that they used to drive.

[@heartspeaks]

We don’t look for get rich quick schemes… low student loans, we live within our means, we budget throughout our lives, we are intentional about what we do at young ages, we stay within career ranges that pay down our debt, I only buy 1 vehicle at a time, I had my first house in my 20s around 23 actually… the mortgage for a 3 bedroom, 2 bath, 2 car garage is less than $600 with taxes, insurances included. It was a foreclosure built less than 10 years prior to when I purchased it! I have a garden and grow my veggies… sounds stupid to many but I have a state retirement match, 401k, 403B, etc… compound all of that! Retirement is comfortable for many

[@marybaker8061]

❤❤ as a teacher's hearted, data analyst, I completely agree with this. I'm looking forward to my systems working to get where I want to be. I'm working full time and part time. I am taking college classes, and a community entrepreneur AI website building class. My heart, mind, and spirit are aligned. I'm in it to become one who pushes forth with wisdom of money matters, thanks to you all and my 1000s of hours of budget focusing. I'm grateful for all you all do!

[@mrsh2167]

In my area, 2 married ppl both teachers at good schools are in the top 10% of income

[@suen5006]

My parents and much of my family were teachers and all savers. They all lived frugally, never interested in designer things or the latest electronics, and paid cash for cars which they kept forever.

[@JoelSuggsPGA]

Teachers also get 3 months to be kinda' creative in making more money...a nice combination of system and improvisation. A Teacher once told me, "Summer, my part-time job with full-time income."

[@Sovnarkom]

1. They’re union labor with access to both 401k and pension plans for double rent savings. 2. They’re off for 3 months in the summer with pay - and can pick up additional work during that extended vacation.

[@user-lo4wl6wd7f]

They don't have access to 401k they have access to a 403b. They're off three months without pay and without access to unemployment checks

[@christinelinden4075]

In certain states, they forfeit their earned Social Security for that pension. The same pension that has been seriously reduced. Many are not able to collect any of their spouse's survivor benefits because they taught school. Sure wouldn't be a teacher again. That "loving what they do" bs is always useful when state's decide not to pay a decent salary.

[@consumerdebtchitchat]

I became a teacher at 38 because I saw the corporate world as very unstable. While I will not retire anywhere near a millionaire, at 56, starting this year....... I became debt-free a week ago. I am now able to put 35% of my take-home into retirement, allowing me to catch up very fast on much-needed cash savings . I'm in my 18th year of teaching. 60k. I will retire at 67 with 30 years service -full pension. My 110k student loan was forgiven in 2022. Combined with social security I will be fine. Teachers know how to buckle down financially and organizationally. So though we may not always come out on top we come out solid. I won't retire a millionaire but I will definitely be better off then if I had remained in the corporate world where I would have been laid off multiple times by now due to the economy.

[@desertfish6239]

I retired from teaching last month. I lived beneath my means, paid off debt, and drive a 12-year-old car that runs great. I don't need a lot in life. I would rather take a road trip than accumulate stuff.

[@MegaSnail1]

As a millionaire teacher I agree with most of the characteristics you have outlined. Among these, being purpose driven, frugality and loving what I do. Beyond this teachers are definitely not followers of convention and in order to survive in a classroom creativity and adaptability are requirements. In addition, I'll bet that two of the most critical characteristic of folks who become millionaires is their passion for life long learning and being goal oriented. Thanks for sharing and be well.

[@raymondbrowniii8466]

Agreed

[@idakristinedemesa5234]

I used to be a teacher. I loved doing my job, but the pay just wasn’t enough in my country. I’m now a real estate broker. While I love teaching more, my current job is more financially rewarding. You’re right. We can easily lose all the money. I think I’m doing well because I continue to live a modest life as if I was still a teacher. I seldom buy expensive stuff, and I invest and save most of my income. I also have ZERO debt.

[@bigbillmusic]

Its because they are frugal. Just completed The Millionaire Next Door.

[@chucksolutions4579]

Without even watching this: they have consistent income (huge!! Rarely have I ever had that in life, so budgeting gets very challenging when you have no idea how much you will make), they have good benefits, and they can follow instructions.

[@ghostbird92]

A lot of people become doctors because of the prestige and status associated with it. So it's really not too hard to see how they could also spend all their money on things that make them look good to other people. (big house, sports car, designer clothes, luxurious vacations, etc)

[@wendysherbert3257]

This is true…I am a teacher and I am doing GREAT! And yes, I love what I do. Public schools offer many more benefits and retirement plans than private schools. Also helps to work in a large metro area.

[@Darthzilla99]

Another benefit of Teachers is since it's a universal need, they can move to lower cost of living areas for their careers. Also, if they teach at a school near their house, they can ride bikes and save on car useage money as well.

[@simonpegg1196]

True! But, I remember my child's school teacher was really nervous when the pandemic hit. They were apprehensive that remote learning would become the norm.

[@KatieBellino]

​@simonpegg1196 I think remote has proven to not be great for most young students. Plus, some parents need there kid in school, so they can go to work. Even if school was remote, teachers would be needed to run those remote programs.

[@hornetguy9063]

@@KatieBellinoyeah, while remote life has tons of perks, ultimately i don’t think it’s a net positive. Except for a few narrow areas, like service sector jobs staffed primarily with white collar professionals (where you can save a ton of money in operational costs and expand your hiring pool nationally). But school, it’s too easy for a young kid to be distracted at home. Even if a teacher can see every student’s screen, they can’t stop a kid from hiding the iPad off camera, for example