Don't buy into the gloom and doom mentality of the broke, underpaid teacher. Start thinking like the wealthy and become wealthy. If you have the characteristics of successful teachers, you have the ability to become wealthy.
Change Your Mindset
Flexibility is one of the hallmark characteristics of successful teachers. It's time we make our minds flexible.
When I tell acquaintances I’m a public school teacher and the sole provider for my family of five, they immediately reach in their pockets to donate money. "How much money does a teacher make?" they ask. When I explain that I live quite comfortably and don’t need their money, they insist there’s no shame in accepting charity. Then they plead with me to swallow my pride and take the money, if not for myself, for my kids.
Many teachers thrive economically. We are not doomed to welfare lines and bankruptcy. Our children do not have to do without. It is not our destiny to be the feature story in news magazines about the struggling middle class. Teachers possess the two most important wealth generating resources available: a mind capable of intelligent thought, and time—lots of time, time in the summer, time over the holidays, time in the afternoon.
Isn’t it time we use it more effectively?
Change Your Money Blueprint
Our outer circumstances are a byproduct of our inner beliefs. If you struggle financially because you’re a teacher, it’s because you believe teacher’s struggle financially. Teachers are constantly bombarded with negative financial messages, that we’re somehow better than other people because we sacrifice financial stability to help children. I switched school’s recently and in my new classroom was a computer mouse with one of those cheesy teacher expressions. It philosophized about how it didn’t matter what was in my bank account as long as I helped a child. I threw it away immediately. It does matter what’s in my bank account .
Why can’t I help children AND have a lot of money? As long as we believe the nonsense that teachers are somehow better because they’re poor, the longer we’ll be poor. One of the characteristics of successful teachers is their ability to instill belief in young people. Let's start by believing in ourselves and our ability to thrive financially. So the next time someone asks "How much money does a teacher make," tell them a lot.
Change How You View Yourself
The most important characteristic of a successful teacher is self confidence.
You’ll never become wealthy until you believe you’re worth it. Teaching is the world’s greatest profession. Teachers perform a valuable service. It’s time you recognize it. Tune out the negative media and talk show hosts who constantly deride the profession. Tune out Mr. Negativity down the hall and Mrs. Complainsalot in the teacher’s lounge.
When your self-image improves, your bank account will improve; your students will improve, and your life will improve..
Manage Money Like the Wealthy
One of the characteristics of successful teachers is their ability to relate new learning to the real world. It's time we learn real world money management while we're at it.
I often hear, “I’d start managing my money better if I had more of it.” I often reply, “If you started managing your money better, you’d have more to manage.” A simple money management system involves setting aside 10% of your pay for fun, 10% for long-term savings, 10% for charity, 10% for education, 10% for retirement, and 50% for necessities.
I didn’t invent the system, but I know it works. It has helped me keep a balance between saving and spending, having fun and being responsible, and living for the now and living for the future.The secret to changing your mindset rests in changing your behavior and changing what you know.
In part 2, we discuss basic financial education.
Guide to Financial Success for Teachers
We're smart. We work hard. Why not get rich?
