Setting the Stage: Pre-College
This post is part one of a New Teacher Series aimed at teachers, soon-to-be teachers and want-to-be teachers, to help guide them along their journey in respect to both career and money management. The tips and strategies included in this series can help others get started in this calling on a good financial foot.
Pre-College: New Teacher Planning
Teaching is an art, a production. It requires a certain skill set, attitude and outlook on the world to be a teacher. You have to be hopefully, optimistic and always willing to do what’s best for your students. It’s a beautiful career and one so often overlooked. And while it is a fantastic career, it is not a guaranteed pathway to riches (and definitely not international fame!).
However, it can be lucrative and provide stability, as well as daily enjoyment and laughter. Teaching pays in more ways than one! But, I am here to help you navigate your way to a good financial footing while you take the journey to becoming a memorable, impactful teacher.
Answer this question
Do you like kids?… Hope so! Because if not, we might be on the wrong trajectory here (but stick with me, I’ve still got tips/tricks for even the non-teacher!). If you answered yes or yes I think so, then good. You’ve passed phase one. You kind of need to like kids in order to succeed as a teacher. But, if this isn’t your preferred career, there is some good financial advice inside of this article.
It’s important to be realistic and understand what this career choice is about. You’ll be working with kids daily and most of the day. You don’t need to know which age group you prefer right now. It’s just important to know, you can definitely stand children and might actually enjoy them.
Get Experience
Now that we know you want to work with kids, we have to make some decisions that can help us down the road. And this takes the form of summer jobs or volunteering that we could include on a resume or could help us make connections or improve our skill set.
Some ideas you may consider: tutoring, summer camp counselor, babysitting, assist a classroom, volunteer in your school, help in the local library, volunteer with youth sports, etc.
By getting experience, you might connect with people who can help you on your pathway to greatness, either through word of mouth or letters of recommendation. However, it is important to realize that not everything needs to build to that. It is ok to take a summer job that won’t directly help you land a teaching job, just because you like it or because it pays well. Make your choices and do your best at whatever you do. Even the most out there jobs and experiences can be beneficial if you do your best and stand out.
My Story as a New Teacher
Personally, I knew that I wanted to be a teacher since eighth grade. So naturally, I wanted to find experiences that matched up with my goal. From 8th grade to graduation, I volunteered as a youth sports coach. It gave me experience working with young children and teaching them skills. It was a great experience and so much fun. When I turned 16, I took a summer camp counselor job at a nearby day camp. I taught sports and swim lessons to multiple age groups. It was a great four summers there and it had an added benefit! The summer camp was through the town, and so I had the ability to enroll in State Employees Retirement System. I entered as a tier 4 and was able to transfer that tier when I became a teacher.
That single benefit was huge. In tier 4, I only needed to pay 3% of my salary into the system or belong to the system for ten years. After that, I no longer needed to make contributions. If I had just signed up when I became a teacher, I would have to pay 3% to start and on a sliding scale could end up paying 4.5% or more each year until I retire. Additionally, for 30 years of teaching in tier 4 I would get 60% of my final average salary. Tier 6 would only give me 55%.
The crazy thing was that was probably the best thing I ever did for my financial life and I didn’t plan it at all. I never thought that decision would reap benefits so large! So don’t ever overlook those opportunities!
Research Colleges and Get Aid
Debt free college. That should always be your goal. We are too often programmed to think that financing our education is an investment worth taking and that paying more to go to a dream college is worth it. Honestly, you are sacrificing years of financial well being if you trade debt for “having a good time.”
Your goal should be to research and find a strong, accredited education programs in your State first. Then look outside of your State. By staying in-state, you can be eligible for in-state tuition rates which are often favorable. Next, you want to compare costs of attendance including fees, books, housing, food and tuition rates. This will help you compare colleges roughly. However, you cannot get a true comparison until you have found out what aid package you might receive from each school.
Make sure you file your FAFSA as soon as you can for Federal aid and file your State financial aid application early as well. This will give you a general idea of what you can expect to receive. Look for grants and other free money, that won’t make you indebted to anyone.
After you have your colleges picked, Federal/State aid packages, and know the costs of attendance, start applying for any and all scholarships and grants you can find. Some of these will be specific to certain colleges, but others won’t. Look at each scholarship you earn as a salary you are receiving and make it your job to churn those applications out early! Any dollar saved is a dollar earned! And to make things even better, for every dollar of debt you avoid, you’ll have that much more available to invest for your future! Compound interest will pay great dividends on these decisions!
Save Money as a New Teacher
I’ve seen some crazy thoughts on working during high school and how saving money can hurt your financial aid, etc. I call B.S on 90% of them. Unless you have a very specific, very well thought out plan to benefit more than you could by working, you should find summer employment. I know people sometimes say “but it’s the only time I won’t have to work in my life!” NOT TRUE! This is the best time to work! You are young and have (hopefully) many years ahead of you. Anything that you earn, save and invest will multiply over the years and can help you reach FIRE (financial independence, retire early).
Whether you are on track for FIRE or want to aim for FIRE, it doesn’t matter. Either way, working in high school is still incredibly beneficial. Aim to save upwards of 50% of whatever you make. Your expenses should be low and so, this shouldn’t be a problem for you. By saving as much as possible, you are accumulating a mass of cash that can either be invested for your future or used to avoid debt in college.
My personal journey led me to amass $10k+ from 14-18, after paying for a cheap car and investing a small amount in savings bonds. I definitely could have made a lot more if I had worked a different summer job. Being a camp counselor in 2008, only paid $7.15/hour and I only worked 180 hours in our six week program. I did supplement this by picking up side jobs as a handyman/laborer for various people. Prior to becoming a camp counselor, I worked with my grandfather as a carpenter’s assistant and made $10/hour cash. The two summers I did that paid off immensely when in 2011, I helped with a side job and made $30/hour roofing.
So my advice to you is to work and save as much as you can! Don’t sacrifice being a kid and still leave time to enjoy friends. I didn’t. I don’t regret it at all, but I don’t suggest it to others.
Final thoughts
The above advice comes from my own personal experiences, as well as the advice and guidance of other teachers I’ve had the pleasure of speaking with. Overall, your goal at this stage should be to get experience through some sort of work/volunteering and start moving yourself in the direction of a debt free education.
What suggestions or advice do you have for people wishing to become a teacher? What worked for you? If you are thinking of becoming a teacher, what questions do you have? Let us know in the comments below or on our social media accounts. Follow along for the rest of our New Teacher Series as it comes out!