More Teachers become millionaires than doctors?

[Anonymous]

Anonymous wrote:My parents are both teachers, and are definitely not millionaires. But, in retirement, they have pensions that, using a 4% withdrawal, are the equivalent of around $3m in assets.

They are 3 millionaires.

[Anonymous]

Educator millionaire here who expects to have around 4 mil and retire at 55 with a pension-- you have to play your cards/and also be very lucky to get here--- not having student loans, having knowledge of and participating in early investing, living in a state that pays well for educators, not having the double windfall provision take away social security, marrying a like minded spouse, not having significant medical issues or kids with major disabilities. So, yes, I agree with the pp that the million mark is doable for some teachers, but the 5 million plus mark is unlikely for most unless married to a higher earning spouse. Whereas doctors can much more easily obtain the 5 million plus mark if they don't blow their money or aren't in a low paid specialty

[Anonymous]

This seems really disingenuous. DH and I are doctors. We are 10 years out of residency and have close to $2 million in savings. Student loans are paid off. We have six kids in Catholic school, go on nice vacations, donate to charity, and I work part time.

This whole trope that doctors are terrible with money or that they don’t get paid enough is ridiculous.

[Anonymous]

Anonymous wrote:Educator millionaire here who expects to have around 4 mil and retire at 55 with a pension-- you have to play your cards/and also be very lucky to get here--- not having student loans, having knowledge of and participating in early investing, living in a state that pays well for educators, not having the double windfall provision take away social security, marrying a like minded spouse, not having significant medical issues or kids with major disabilities. So, yes, I agree with the pp that the million mark is doable for some teachers, but the 5 million plus mark is unlikely for most unless married to a higher earning spouse. Whereas doctors can much more easily obtain the 5 million plus mark if they don't blow their money or aren't in a low paid specialty

If you started teaching at 25, with the typical teachers salaries even in high paying states (with high COL), pray tell how did you rack up 4 mill in 30 years?

[Anonymous]

Is there a study that show, teachers are more likely marring a doctor hmmm?

[Anonymous]

Anonymous wrote:Is there a study that show, teachers are more likely marring a doctor hmmm?

It was a thing in the 70s-90s. My parents fell in this category as did so many of their friends. Doctor dad, mom was a teacher to put dad through med school. Usually became homemaker when kids came along. Sometimes returned to teaching, sometimes not. But these days almost all doctors I know are married to other doctors. The doctor dad with a teacher/homemaker/nurse/real estate agent mother is a thing of the past. Except maybe in the South.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Aren't all 40-something with a college degree, millionaires these days?

I certainly hope so. Because 1M won't get you very far anyway.

Sigh, this old trope again. If people take the time to learn investing and understand how to get a 6%+ withdrawal rate using high-dividend stocks - instead of the ridiculously low 3% that is conventionally used - then $1M gets you $60K+ of income for the rest of your life. Barring major health issues, that's enough for a couple with no kids to live off forever.

Stupid question but my parents never invested and I don’t know anyone who does. How does someone go about learning how to do this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Aren't all 40-something with a college degree, millionaires these days?

I certainly hope so. Because 1M won't get you very far anyway.

Sigh, this old trope again. If people take the time to learn investing and understand how to get a 6%+ withdrawal rate using high-dividend stocks - instead of the ridiculously low 3% that is conventionally used - then $1M gets you $60K+ of income for the rest of your life. Barring major health issues, that's enough for a couple with no kids to live off forever.

Stupid question but my parents never invested and I don’t know anyone who does. How does someone go about learning how to do this?

NP here. It's not a stupid question. There are lots of great resources online but for beginning investors the big rules are 1) max out your 401K. Don't get too bogged down in which plan to choose, just pick one. 2) Put away a good amount of money into an emergency fund in a savings account (preferably one that gives you interest) 3) when you have a good emergency fund squared away, invest in index funds. Vanguard is good.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is there a study that show, teachers are more likely marring a doctor hmmm?

It was a thing in the 70s-90s. My parents fell in this category as did so many of their friends. Doctor dad, mom was a teacher to put dad through med school. Usually became homemaker when kids came along. Sometimes returned to teaching, sometimes not. But these days almost all doctors I know are married to other doctors. The doctor dad with a teacher/homemaker/nurse/real estate agent mother is a thing of the past. Except maybe in the South.

I think that was a thing when people used to get married younger and met their spouse in college rather than in their mid to late twenties.
Maybe it will swing back to this now that everyone is using dating apps and more likely to meet someone outside of their chosen profession.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Aren't all 40-something with a college degree, millionaires these days?

I certainly hope so. Because 1M won't get you very far anyway.

Sigh, this old trope again. If people take the time to learn investing and understand how to get a 6%+ withdrawal rate using high-dividend stocks - instead of the ridiculously low 3% that is conventionally used - then $1M gets you $60K+ of income for the rest of your life. Barring major health issues, that's enough for a couple with no kids to live off forever.

Stupid question but my parents never invested and I don’t know anyone who does. How does someone go about learning how to do this?

I read Suze Orman “Young, Fabulous, & Broke” in college. I don’t know if there is a new big personal finance book.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Aren't all 40-something with a college degree, millionaires these days?

I certainly hope so. Because 1M won't get you very far anyway.

Sigh, this old trope again. If people take the time to learn investing and understand how to get a 6%+ withdrawal rate using high-dividend stocks - instead of the ridiculously low 3% that is conventionally used - then $1M gets you $60K+ of income for the rest of your life. Barring major health issues, that's enough for a couple with no kids to live off forever.

Stupid question but my parents never invested and I don’t know anyone who does. How does someone go about learning how to do this?

NP here. It's not a stupid question. There are lots of great resources online but for beginning investors the big rules are 1) max out your 401K. Don't get too bogged down in which plan to choose, just pick one. 2) Put away a good amount of money into an emergency fund in a savings account (preferably one that gives you interest) 3) when you have a good emergency fund squared away, invest in index funds. Vanguard is good.

Thanks!

[Anonymous]

I know a few doctors who let their egos get in the way and have been engaged in expensive legal tangles. One broke up a practice with several other doctors and they all ended up suing eachother. Another got ego bruised and finally found a lawyer to launch a frivolous suit against employer. Another broke the rules and got caught and malpractice insurance didn't cover the massive costs. I don't know any teachers with massive egos embroiled in lawsuits. Now I have met professors who are egomaniacs, but not teachers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Educator millionaire here who expects to have around 4 mil and retire at 55 with a pension-- you have to play your cards/and also be very lucky to get here--- not having student loans, having knowledge of and participating in early investing, living in a state that pays well for educators, not having the double windfall provision take away social security, marrying a like minded spouse, not having significant medical issues or kids with major disabilities. So, yes, I agree with the pp that the million mark is doable for some teachers, but the 5 million plus mark is unlikely for most unless married to a higher earning spouse. Whereas doctors can much more easily obtain the 5 million plus mark if they don't blow their money or aren't in a low paid specialty

If you started teaching at 25, with the typical teachers salaries even in high paying states (with high COL), pray tell how did you rack up 4 mill in 30 years?

I'm including our family savings. My husband earns a similar salary to me

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Educator millionaire here who expects to have around 4 mil and retire at 55 with a pension-- you have to play your cards/and also be very lucky to get here--- not having student loans, having knowledge of and participating in early investing, living in a state that pays well for educators, not having the double windfall provision take away social security, marrying a like minded spouse, not having significant medical issues or kids with major disabilities. So, yes, I agree with the pp that the million mark is doable for some teachers, but the 5 million plus mark is unlikely for most unless married to a higher earning spouse. Whereas doctors can much more easily obtain the 5 million plus mark if they don't blow their money or aren't in a low paid specialty

If you started teaching at 25, with the typical teachers salaries even in high paying states (with high COL), pray tell how did you rack up 4 mill in 30 years?

I'm including our family savings. My husband earns a similar salary to me

Ah. Of course. In reality maybe 1M is from teachers pensions and the rest inherited. Somewhat disingenuous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is there a study that show, teachers are more likely marring a doctor hmmm?

It was a thing in the 70s-90s. My parents fell in this category as did so many of their friends. Doctor dad, mom was a teacher to put dad through med school. Usually became homemaker when kids came along. Sometimes returned to teaching, sometimes not. But these days almost all doctors I know are married to other doctors. The doctor dad with a teacher/homemaker/nurse/real estate agent mother is a thing of the past. Except maybe in the South.

I think that was a thing when people used to get married younger and met their spouse in college rather than in their mid to late twenties.
Maybe it will swing back to this now that everyone is using dating apps and more likely to meet someone outside of their chosen profession.

That was back in the day when women tended to have just a handful of jobs: teacher, nurse, bookkeeper, secretary.