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URL:  https://boards.fool.com/fuskie-writes-quotwho-doesn39t-think-any-34114927.aspx

Subject:  Re: Millionaire professions Date:  1/21/2019  9:01 AM
Author:  dols22 Number:  91643 of 92547

Fuskie writes: "Who doesn't think any teachers will become a millionaire off their summer jobs but it's not like they sit around all summer catching up on their Netflix binging...

Well some of us do--binge Netflix, that is, not get rich off a summer job. :) Some of us need a true summer break to recharge after the school year! I've worked some summers (teaching summer school) and taken others off, but there are definitely times when I need the full break so I don't enter September still exhausted.

Years ago, my school used to pay employees across the 10-month school year...and then discovered that some teachers were bad at managing their money and wouldn't save up for the income-less summer months. So now we are paid our salaries across the 12-month calendar.

Like any profession, I'm sure there are huge differences across type of school (public/private), district/state, and individual situation (spouse salary, family assistance, etc.) that play a role in whether a teacher reaches the "millionaire" status as defined in the article. That said, my school has a fantastic 403(b) "match," in which we are actually forced to contribute 5% of our paychecks, but the school chips in an additional 10%. So every employee here (not just teachers) is automatically putting away 15% of their salary per year, even before they decide if they want to contribute more. If you start young with that plan, you can sock away quite a bit and achieve millionaire status at some point.

Best,
dols22
long education/teaching/summer vacations
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