Reply to Can a teacher give up her lucrative side hustle?

Forum Index » Money and Finances

Reply to "Can a teacher give up her lucrative side hustle? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b]Some background: 
[/b]
I'm a 33 year old single teacher in NOVA. I am trying to see if I can stop working at my fairly lucrative hide hustle and just rely on my school salary.

I currently make around $83,000 from my NOVA school district and after taxes take home another $50,000 from my side hustle of tutoring. I really like the side hustle's money, but am [b]SO [/b]tired from the nights and weekends. Does DCUM fam think I have enough saved up so I don't have to keep my side hustle or can slow down?

[b]Finances: 
[/b]

Cash: $30,000

Taxable Brokerage: $185,000

403b: $126,000

457:  $63,000

Roth IRA: $90,000

My home is worth about $615,000 and I owe about $450,000 on it.

I currently max out my 403b, Roth IRA, and contribute $2,000 a month to my taxable brokerage account.

[b]Future Plans
[/b]

Not really into getting married but may become a Single Mom by Choice one day.

I plan on staying with my district and will get a pension paying about 70% of my salary when I retire in my mid 50s.

Does DCUM think I can pull the trigger and stop tutoring? [/quote]

Is this for real?  Those pension numbers are SIGNIFICANTLY more generous than MoCo counterparts. [/quote]

NP.  Start your own thread and don't hijack OP's.  Sheesh.[/quote]

It's not a hijack. It's questioning the authenticity of the post when the numbers are nonsensical [/quote]

OP here. All of the personal financial numbers are accurate. I am pretty sure that the pension is accurate but it may be closer to 65 percent instead of 70 percent.  [/quote]

I'll take you at your word. Can you share what jurisdiction?  The best a MoCo teacher hired in the last 15 years or so will do is about 45% with 30 years of service. [/quote]

Dude, start your own thread about MoCo vs Fairfax retirement plans.  You clearly made a different decision in life about where to teach and you are questioning the veracity of something that does not impact you at all.  Comparison is the thief of joy.

For the OP, along with raising your rates, which should naturally diminish the number of students (thereby reducing your hours), you should be taking the free cash flow and plowing it into the market now.  This is the best time to buy since the market is low.  What you want to start thinking about is having your nest egg produce passive returns for you so when you exit teaching, you still have income coming in.  You can do that with the stock market or buying into real estate.   Not sure what your living situation is and if you are comfortable with it but maybe airbnb a spare bedroom to generate some extra income as well.  The way I see it, in your job and side hustle, you are trading time for money.  You should start thinking about making money where it doesn't involve an investment of time.

You are clearly savvy and hard working.  I salute you and wish you good luck in your endeavors![/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics