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URL:  https://boards.fool.com/in-the-spirit-of-beating-this-horse-into-glue-and-34114943.aspx

Subject:  Re: Millionaire professions Date:  1/21/2019  9:30 AM
Author:  iampops Number:  91644 of 92672

In the spirit of beating this horse into glue, and accepting that the questions about methodology are valid questions, there are reasons why teachers are incented to become savers. First, they have modest salaries given that most of them have college degrees at a minimum. They also have decent pensions (as compared to their modest salaries) if they last 30 years. They have the ability to qualify for those pensions in their early 50's if they started teaching right out of college. Modest salaries force people to live within their means. Teachers also are often incented to participate in their deferred income plans even if the options aren't all that great. Modest salaries plus decent pensions plus SS add up to a pretty good recipe for living within your means and saving for retirement.

iamspouse is not a teacher, but she gave up a well-paying job as a computer person (systems analyst or pmp or something or other) as an independent contractor about 20 years ago and accepted a lower paying job with the state because it provided us with health insurance at a time when my law firm was in the process of blowing up and I was faced with the prospect of starting again from scratch at the age of 44. At the same time I reduced my base salary drastically and dedicated my earnings to keeping my new firm afloat. Over time we learned to live on her reduced salary plus my reduced salary and got in the habit of saving my year end bonuses - which we used to spend when I had a bigger salary.

My Dad was a country lawyer and Mom was an English teacher. Dad used to complain that Mom's income did nothing more than bump him into a higher tax bracket. But her combined contributions to their retirement in the form of SS plus TIAA-Cref plus deferred income helped them out in retirement.

Modest salaries and decent pensions are a good recipe for forcing one to live modestly and save for retirement.
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