Why Teachers Consistently Become Millionaires

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[javaskull]

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.

[janan]

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.

[ji-inroh]

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.

[philiptaram]

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

[workinonit]

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

[michaelcorbett]

"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.

[deanmccormick]

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.

[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.

[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.

[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.

[Essentialoilsujess-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.

[paint]

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

[gerardmiller]

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.

[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.

[numitumi]

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.

[roseroland]

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.

[Bensalami]

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.

[CAEO]

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.

[karengoetchius]

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.

[geofschwer]

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.