HOW A TEACHER BECOMES A MILLIONAIRE
millionaire teacher
now i havent read this book above or read or heard any interviews by the author. i dont know if i agree with what he says but i intend to read his book to find out what he says
here is what i know
i know more than one millionaire teacher actually i know several
if a 25 year old teacher just out of school and who has a 30 year teaching career were to invest about $850 a month in their 403 b plan and invested it at a 7% return for 30 years
then
they will be a millionaire at retirement
a 403b is what a teachers 401k is called
first the student should consider going to a community college for two yeas then transfer to a public university to get their degree thus lowering their cost of college
the goal is little college debt at graduation
remember what do you call someone who graduates from a public university and someone who graduates from an expensive university like say harvard
your kids call them both teachers
so they enter their career with little or no debt
then when they start teaching they start putting back $850 a month into their 403b investing it based on their age
dont buy a new car buy an old one
remember the purpose of a car is to get you from point a to point b
make sure they teach at a school that pays into social security
failing to do so can cost you around $1800+- a month in lost social security later in life
the government offsets your retirement from any social security leaving most teachers with zero social security
eg my wife she gets $500 a month instead of about $1800 she would get if she wasnt a teacher
when i die she will get around $1000 a month
dont ever tap into your teacher retirement
never ever
live within your means
dont get into credit card debt or other debt except maybe a home mortgage
dont overbuy on your home
doing this above will leave you a millionaire + when you retire
also
a $20,000 a year social security check is like having $500,000 in your 403b
a $30,000 a year teacher retirement is like having $750,000 in your 403b
thats like having a million in the bank
then
add that extra million they accumulate in their 403b over their teaching career
then
thats how a teacher becomes a millionaire
the organicgreen doctor
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