Current Events > Is it possible to ever be a millionaire as a teacher?

(+) Yeah! (+)

Out of pure salary alone?

I was told that the only way a teacher (in a rich school) would get the students there to buy into her is if that teacher is at the same level they are in terms of money

How is that even possible for a teacher to be rich?

---

Yes. Just dont have kids and save and invest

lurk posted...

Yes. Just dont have kids and save and invest

Investing is not pure salary alone though

I know for sure that they can be rich via investments but they also have to be lucky enough for that to work out well IIRC. There have been plenty of cases where people invested and it failed.

---

Unless you intend not to spend any salary on anything ever, its impossible. Teacher salaries, in most places, just cover the cost of living in the area with a little extra. Hence, why many opt to teach summer school for that extra check.

---

I figured. I knew I was right when I mentioned that its almost impossible for teachers to be as rich as the rich kids in a wealthy school.

---

Most people won't ever become millionaires "out of pure salary alone." It seems pointless to leave out investing of the equation.

---

My dad's mom and stepdad were teachers for disabled kids in new jersey. They had a few million dollars (2-4 i think?) thanks to smart investing over the years, but yeah not possible from salary alone.

---

AzNDarkSamurai posted...

Investing is not pure salary alone though

I know for sure that they can be rich via investments but they also have to be lucky enough for that to work out well IIRC. There have been plenty of cases where people invested and it failed.

They dont need luck in regards to investing, even though it certanly helps. Just patience, consistant investments over the long run and playing it safe.

In terms of doing archiving it through just their base salery I dont think it's possible in a lifetime and living very frugal. Although maybe elite private schools are a different story.

---

Prismsblade posted...

In terms of doing archiving it through just their base salery I dont think it's possible in a lifetime and living very frugal. Although maybe elite private schools are a different story.

I'd imagine that varies. I went to an expensive private school and i'm pretty sure most of the kids were significantly better off than the teachers.

---

Teachers are worse off in a private school compared to public schools in the same area. Private schools in my district pay less than $28k per year, as opposed to publics that pay $39k to first year teachers. Theres also no insurance or retirement through private schools.

---

there are university profs who make 6 figures. so it's definitely possible

---

Don't teachers get pensions? So there's less need to have a lot of money saved up.

---

EndOfDiscOne posted...

Don't teachers get pensions? So there's less need to have a lot of money saved up.

Only if they work for the government. Private schools dont give that.

---

averagejoel posted...

there are university profs who make 6 figures. so it's definitely possible

being fair, for university professors teaching is very secondary to running a lab

professorship is more akin to owning a franchised research lab than being a teacher

---

AzNDarkSamurai posted...

Investing is not pure salary alone though

I know for sure that they can be rich via investments but they also have to be lucky enough for that to work out well IIRC. There have been plenty of cases where people invested and it failed.

The vast majority of people will never be a millionaire from simply saving up a million dollars.

The average teacher makes like 35k. That means it'd take them like 28 and half years to just make a million. So even if they scrapped by on half of they're salary it'd take 57 years to save that much.

And that's not even taking taxes into account

---

Yeah, the average professor at my current university makes 120k, and it's not what I would call a competitive school. I had never even heard of it a year or two before I started attending.

I have a feeling TC meant grade school though.

---

Alteres posted...

Yeah, the average professor at my current university makes 120k, and it's not what I would call a competitive school. I had never even heard of it a year or two before I started attending.

I have a feeling TC meant grade school though.

Youre right. I definitely meant grade school

---

Sackgurl posted...

being fair, for university professors teaching is very secondary to running a lab

professorship is more akin to owning a franchised research lab than being a teacher

there are also professors who teach something other than science

---

Teach people how to be a billionaire

---

^the crazy part is university professors are more invested in their research than teaching

---

Depends where you teach.

Some states and some areas especially pay more than others.

---

higher level administrators can make some serious bank

and they're also the furthest removed from the actual, you know, teaching

---