How do you ensure financial security as a teacher?
Hi! I'm a high school student in New York. I have always felt passionate about going into teaching, but over the years, I have contemplated if that profession will support the lifestyle I want to live. A lot of my teachers work second and even third jobs for financial support. Should I follow my heart or listen to my mind?
hope this helps
1. live, and work, someplace that doesn't have a high cost of living. For example, in San Antonio you need half the money that you need in Brooklyn to maintain the same standard of living. https://www.nerdwallet.com/cost-of-living-calculator/compare/new-york-brooklyn-ny-vs-san-antonio-tx
2. Specialize. Rather than being a general teacher, specialize in something that is highly sought but in short supply. That could be music, sign language, coaching, etc. I don't know what it would be, this would require more research on your part.
3. Adjust "the lifestyle I want to live." I'm not sure what that lifestyle is. Rather than spending your summers travelling, become a park host at a campground. Learn to shop for bargains. Make your own decor rather than buying. An awful lot of financial independence has to do with adjusting wants and needs.
4. Money management. Don't run up credit cards, keep a good credit rating, if you have to use cards, find low interest ones. Take advantage of 0% interest payment plans (furniture, for example). Find ways to cut food expenses. Learn to save and invest. Have good insurance, including medical, car, disability, pet (if you have one). Establish an EMERGENCY FUND. In all caps because it's important. Unexpected expenses are the downfall of many people!
5. side-hustle. If you work a side job, do it for extra spending money - don't build your budget around it! And, let's say you are a music teacher. Tutoring in music is a good paying gig, much better than driving an Uber!
The sad reality of life is that normally you have either time or money, but not both. When you have lots of money, you are too busy working to have the time to spend it. And, when you have time on your hands, you don't have the money to do the things you want. So, we start out in life trying to make money. As we grow older, we understand that time is much more precious than money.
Bottom line, if you want to live a life of luxury, no, teaching is not for you. But, if you can have a reasonable standard of living that allows you to afford all of your needs and some of your wants, and you feel yourself being called to teach, then, go for it!
hope this has helped!