Author Topic: Living a perfect life but not saving enough  (Read 22411 times)

cynthia1848

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Re: Living a perfect life but not saving enough
« Reply #50 on: March 10, 2014, 09:05:02 AM »
I would also look into tutoring - either online or in person. 

If online, you would be able to have students from other areas of the country.  Tutors around here (Northeast) can get paid $150/hour or more, and you could do skype tutoring, undercut that and make $500/week with only one student per night.

CommonCents

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Re: Living a perfect life but not saving enough
« Reply #51 on: March 10, 2014, 10:45:51 AM »
If online, you would be able to have students from other areas of the country.  Tutors around here (Northeast) can get paid $150/hour or more, and you could do skype tutoring, undercut that and make $500/week with only one student per night.

Holy schnap, I need to get into the tutoring racket at $150/hr...  Now if only there were a bajillion people who could teach the same thing I could, albeit with a law degree.  Maybe I should teach LSAT prep...

Kaminoge

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Re: Living a perfect life but not saving enough
« Reply #52 on: March 10, 2014, 11:10:00 AM »
I would start out with a discussion with the principal or management. Explain to them that you love the school, but that you are not meeting your financial goals.  I would be shocked if they don't find an extra $5k for a great teacher. If they can't then I would consider looking at other opportunities. If you can find a school that has a pension that can be a significant asset as well.

Really? 15 years of working in private schools and I'd be shocked if they do find an extra $5k for a teacher, great or not.

What you've got to understand is that teachers are fairly replaceable and a school doesn't make any more from a great teacher than from a mediocre one. And as noted most schools are not making bucket loads of cash... there's a reason so many teachers end up spending out of their own pockets for school supplies.

I'd say tutoring is your best bet. It's good money and a pleasure to earn usually.

phred

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Re: Living a perfect life but not saving enough
« Reply #53 on: March 10, 2014, 12:29:49 PM »
teaching AP Chem may get you a financial boost

fallstoclimb

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Re: Living a perfect life but not saving enough
« Reply #54 on: March 10, 2014, 12:48:17 PM »
Didn't read the whole thread, but it looks like you enjoy your job, have no debt other than a low-interest mortgage and are saving enough for retirement?  If that's the case, dude, just enjoy your perfect life!  I'm going to go ahead and guess that most of the people on this board are either a) stressing out about hair-on-fire debt, or b) hate their jobs and want to retire early to escape. 

Just not sure I see the utility of taking on a job you hate so you can make more money, if you have enough now.  Too many of us are trying to escape from those golden handcuff jobs. 

Exflyboy

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Re: Living a perfect life but not saving enough
« Reply #55 on: March 10, 2014, 01:30:34 PM »
What is this "escrow" crap?

So your paying 3.875% and that comes to $500 or so.. But if you add in this Escrow the effective rate is much more.. I really have no idea what tis Escrow is for.

but anyway.. nearly 4% guaranteed return is a high enough rate that I'd be tempted to start throwing extra money at the principle of your house and get that paid off quickly.

Purely personally (I like owning the roof over my head) but I think I'd go all out, reduce my expenses to a minimum and send say $20k per year at the house or whatever I could afford.

Then when its paid off pay the saved monthly into Stock ETF's.

Well thats what I did anyway.

Frank

Grassisgreener

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Re: Living a perfect life but not saving enough
« Reply #56 on: March 10, 2014, 06:27:13 PM »

You need to man up and ask for a fair salary. They are taking advantage of you.  If this organization is a non profit and you need further proof that you are under compensated go to guidestar.org, look at the form 990's which shows the compensation of the top 5 employees, and report back. If they are making under $50k then maybe this is an organization where everyone is sacrificing to save the world. If they are making $150k, then you know you are a sucker.

Good luck. Control your destiny. Don't wait for others to control it for you.

Thank you for the advice and the facepunches.  I'm still thinking of how to have this conversation; maybe asking for additional responsibilities (college advisor?) for some extra money.  A mostly irrelevant paragraph about someone else's salary follows.

I felt a bit like I was snooping around, but did set up an account on guidestar.org to check out the 990.  They only have to list salaries of people who make more than $100,000 (and the board of trustees, which is $0), and only the head of school made this much.  She makes $125,000/year + $9,600 "other compensation" and has been in the education business for about 35 years.  For comparison, the head of school at my wife's school (bigger, fancier, but only 5 miles away) makes $255,900/year + $69,400 "other compensation" (maybe his kid's tuition?).  It's hard to call $125,000/year a sacrifice (particularly when it's close to 10% of our total budget), but she is making half of what "the other guys" make, and I don't think $125k for running a school after 35 years is unreasonable.

What is this "escrow" crap?


That's for taxes and insurance.


Really? 15 years of working in private schools and I'd be shocked if they do find an extra $5k for a teacher, great or not.

What you've got to understand is that teachers are fairly replaceable and a school doesn't make any more from a great teacher than from a mediocre one. And as noted most schools are not making bucket loads of cash... there's a reason so many teachers end up spending out of their own pockets for school supplies.

I'd say tutoring is your best bet. It's good money and a pleasure to earn usually.

This has been my experience as well.

I've dealt with private schools and many of them are operating on a knife-edge of being in the black.  In fact quite a number are operating in the red; one I know just closed down last year for this reason.  So I would not be hard put to believe that they simply don't have more money to put into salaries.

Our last school nearly shut down (while we were living on campus housing) but rebounded with a new head of school.  We were looking into the face of us both being jobless and homeless for a few months, which was scary.  My current school is in good shape this year, but it's not unusual for them to drop 20 kids (30% of enrollment) in a year, which would have a huge impact on the budget.

tomsang

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Re: Living a perfect life but not saving enough
« Reply #57 on: March 10, 2014, 06:54:59 PM »
I think I need Tom to give me a call every morning.  I'd have the whole world in my hands in no time!

I will be there for you.  I have no problem making money, I need the facepunches for my expenses.

ender

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Re: Living a perfect life but not saving enough
« Reply #58 on: March 11, 2014, 06:14:21 AM »
If you love your life and aren't screwing future Grassisgreener over, I would stay in your current job.

The grass is always greener somewhere else and one of the most important things in life can be simply realizing the joy and satisfaction you have currently. Always chasing something better can really cause discontentment. In some regards, this forum can really cause this, because there is always someone saving a higher percentage or making more money.

Grassisgreener

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Re: Living a perfect life but not saving enough
« Reply #59 on: March 12, 2014, 06:48:36 PM »
Fun Update: Out of the blue, the assistant head of school asked me today if I'd be willing to consider a transition into being an administrator, which would be more responsibility and more pay.  I was a bit blown away, particularly since I can think of at least two people with more seniority who would also be a better fit for the job.  I told her I'd recently been doing serious thinking about how great my current job was but how my current low salary was hard to accept.  We left the conversation at "I'll think about it and get back to you"... but this sure seems like a good thing!

Thanks to everyone who's helped me think this through.  I'll keep you updated as it develops.

tomsang

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Re: Living a perfect life but not saving enough
« Reply #60 on: March 12, 2014, 07:04:17 PM »
Congrats!!!  Sounds like good thing are on the way!

Grassisgreener

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Re: Living a perfect life but not saving enough
« Reply #61 on: May 05, 2014, 08:06:34 PM »
Another update on an old thread (tl;dr I have a great life but work at a school making $34,000/year, everyone told me to make or ask for more money): got a 5% raise for next year (instead of the expected 2% raise) and a promise to "adjust my pay accordingly" if they did start moving me into administration.  I've also picked up tutoring gigs through Wyzant (still horrified at the cut they take), with that money going directly into an online savings account we use for long term savings.  We've bumped up our 401(k) contributions and plan to bump them up more once our raises kick in next year.

MDM

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Re: Living a perfect life but not saving enough
« Reply #62 on: May 05, 2014, 09:20:49 PM »
Good for you!  Best wishes for continued improvements.

Rural

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Re: Living a perfect life but not saving enough
« Reply #63 on: May 06, 2014, 07:41:25 AM »
Another update on an old thread (tl;dr I have a great life but work at a school making $34,000/year, everyone told me to make or ask for more money): got a 5% raise for next year (instead of the expected 2% raise) and a promise to "adjust my pay accordingly" if they did start moving me into administration.  I've also picked up tutoring gigs through Wyzant (still horrified at the cut they take), with that money going directly into an online savings account we use for long term savings.  We've bumped up our 401(k) contributions and plan to bump them up more once our raises kick in next year.


Be careful with a move into admin. It may remove the fun parts of your job and would almost cat inlay remove the stress-free aspect. (Learned this in the trenches.) If you like it, it's great, but it's very different from teaching.

jrhampt

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Re: Living a perfect life but not saving enough
« Reply #64 on: May 06, 2014, 07:53:11 AM »
If you love your life, resist the urge to make radical changes.  If I were in your shoes, I'd find a side gig during the summers, save as much as possible and be thankful for your perfect life.

Seconded, absolutely.  I'd work on expenses before I'd give up a situation you were happy with.  ^^and I'd also avoid the admin track unless you were tired of teaching.

Otherwise, congrats on the raise!  How well does Wyzant pay tutors?  I've been thinking of picking up some tutoring, also.
« Last Edit: May 06, 2014, 08:04:16 AM by jrhampt »

PeachFuzzStacher

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Re: Living a perfect life but not saving enough
« Reply #65 on: May 06, 2014, 08:20:43 AM »
You do know that you won't have to pay the mortgage forever, right?  Eventually, you'll just be paying the taxes/insurance/etc.

That'll free up some cash.  Plus, I'm assuming as a teacher you'll be getting some sort of union imposed 3-4% annual raises, right?

totoro

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Re: Living a perfect life but not saving enough
« Reply #66 on: May 06, 2014, 05:22:45 PM »
Are you handy?  Could you save for a down payment on a rental and do they make sense in your area for ROI?  That is a summer project in itself that could work out very well for you long-term due to the use of leverage paid off with rental income.

Freckles

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Re: Living a perfect life but not saving enough
« Reply #67 on: May 09, 2014, 12:10:28 PM »
That'll free up some cash.  Plus, I'm assuming as a teacher you'll be getting some sort of union imposed 3-4% annual raises, right?

Hahahaha, I wish that were true!!! 

Sebastian

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Re: Living a perfect life but not saving enough
« Reply #68 on: May 09, 2014, 12:57:12 PM »
only read the tl;dr so sorry for not reading all the deets but here is my tl;dr response...

DON'T DO IT!!!!! I did this and I regret it every day of my fucking life. Now I'm stuck at a dumbass job. Bout ready to just quit and start all over again.

jubilantjill

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Re: Living a perfect life but not saving enough
« Reply #69 on: May 09, 2014, 03:14:01 PM »
Novel idea- (ie what I'd do if my whole family had there months of every summer)-  road trip! And rent your house as a vacation/short-term rental. Not sure if the math would work for your specific situation, but if so, your summers would be so adventurous. You could tent camp and stay with friends and family. You'd spend way more on gas, but should be able to save on food since camp food is so simple. You'd also learn to enjoy life's simpler pleasures and probably spend less when you returned to real life in the fall. Even if you didn't rent out your house you could save $200+ a month just turning the power off at the breaker. You said you're in the south east? Places to check out that aren't that hot in summer include the NC/TN mountains or Florida beaches. Or you could head to the boundary waters in Minnesota and canoe camp in relative luxury.