Anonymous
07/13/2022 06:22
Subject: Can a teacher give up her lucrative side hustle?
Are you a masters plus 30? It's easy to achieve if you aren't and it adds 3,000 on a year - in the long run in makes a big difference. And is the phd level also considered a masters plus 60? (In MCPS it is).
I am a single mom by choice and I was like you, working nights and weekends. It is a grind and I was relieved to cut down my hours. I did so when I was at your salary level.
Money wise it seems like you are in a position where you can cut back.
I am a single mom by choice and I was like you, working nights and weekends. It is a grind and I was relieved to cut down my hours. I did so when I was at your salary level.
Money wise it seems like you are in a position where you can cut back.
Anonymous
07/13/2022 01:34
Subject: Can a teacher give up her lucrative side hustle?
Serious question...my mother was a teacher, and she spent nights grading papers or doing lesson plans. How do you do the side tutoring during weeknights? Do you not need to do prep for the school day?
Anonymous
07/12/2022 22:27
Subject: Re:Can a teacher give up her lucrative side hustle?
Anonymous wrote:Anonymous wrote:also, OP .. can you share what your tutoring business is? How are you bringing in so much money?
as a teacher myself I do not believe that number. Something is off here in many ways. Not going to bother to poke holes in this, but anyone who is teacher in moco can figure it out.
either a Troll or got the money from someone.
Anonymous
07/12/2022 20:51
Subject: Re:Can a teacher give up her lucrative side hustle?
The answer depends on your anticipated expenses upon retirement, and the extent to which the combination of your expected pension and income from your taxable and tax-sheltered investments will meet or exceed those expenses. Your expense calculation probably should include some consideration for long-term care, should it become necessary at some point, and should take taxes into account, to the extent those can be predicted with any confidence this far in advance.
You can use one of the many available on-line retirement planning calculators to predict the likely size of your future investment portfolio with and without your part-time income, or with some alternate possible income if you choose to cut back but not eliminate your part-time work.
You can use one of the many available on-line retirement planning calculators to predict the likely size of your future investment portfolio with and without your part-time income, or with some alternate possible income if you choose to cut back but not eliminate your part-time work.
Anonymous
07/12/2022 20:49
Subject: Re:Can a teacher give up her lucrative side hustle?
I'd say keep it up if you plan on being a single mom. I'm one and a teacher too. Kids are $$$$$$$$$$$.
Anonymous
07/12/2022 20:18
Subject: Re:Can a teacher give up her lucrative side hustle?
Anonymous wrote:Why not cut tutoring hours?
Don't do that. Raise your rates. Your hours might go down. Your pay may not.
Anonymous
07/12/2022 19:51
Subject: Can a teacher give up her lucrative side hustle?
Troll
Anonymous
07/12/2022 19:50
Subject: Re:Can a teacher give up her lucrative side hustle?
Here's the link for Fairfax's supplemental pension plan, Tier 1
https://www.fcps.edu/node/43958
https://www.fcps.edu/node/43958
What is the formula for ERFC? Years in service and age?
ERFC 2001 Tier 1 Plan averages your highest 3 consecutive years of salary. Then we multiply that by your years of service with ERFC and then multiply that by a multiplier of 0.8%. This gives you the annual amount you would receive from ERFC. Divide this amount by 12 to know your monthly payment.
Anonymous
07/12/2022 19:50
Subject: Can a teacher give up her lucrative side hustle?
Why would OP lie about her income on a thread where she asks whether she can afford to reduce that same income?
That poster must be very jealous...
That poster must be very jealous...
Anonymous
07/12/2022 19:48
Subject: Can a teacher give up her lucrative side hustle?
Anonymous wrote:
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.
It's a matter of public record.
VA teachers participate in VRS: the VA state retirement system
If they were hired in 2010, their pension after 30 years service would would be 1.7 x 30 = 51%
https://www.varetire.org/pdf/publications/vrs-plan1-overview.pdf
In the MD state Retirement system, someone hired in 2010 with 30 years service would get 1.8 x 30 = 54%
https://sra.maryland.gov/sites/main/files/file-attachments/benefithandbook_teachers_acps.pdf?1621263748
OP must work for a school district that has a supplemental retirement plan, such as Fairfax County. They have an additional mandatory contribution plan which will provide another 0.8% per year to the pension after 30 years. Which brings the pension to 2.5 x 30 = 70% for Fairfax County
MoCo also has such an additional pension supplement. It is an additional .2 for every year of service if you have worked 30 years, bringing the total pension to 2.0 x 30 = 60% for MOCO
https://www2.montgomeryschoolsmd.org/siteassets/district/departments/ersc/employees/retirement-planning/understanding_your_retirement.pdf
Anonymous
07/12/2022 18:22
Subject: Can a teacher give up her lucrative side hustle?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Some background:
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 SO 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?
Finances:
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.
Future Plans
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?
Is this for real? Those pension numbers are SIGNIFICANTLY more generous than MoCo counterparts.
NP. Start your own thread and don't hijack OP's. Sheesh.
It's not a hijack. It's questioning the authenticity of the post when the numbers are nonsensical
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.
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.
OP here. I’m not comfortable sharing the exact district. I work in NOVA. I do not know anything about Maryland pensions.
Anonymous
07/12/2022 18:16
Subject: Can a teacher give up her lucrative side hustle?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Some background:
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 SO 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?
Finances:
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.
Future Plans
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?
Is this for real? Those pension numbers are SIGNIFICANTLY more generous than MoCo counterparts.
NP. Start your own thread and don't hijack OP's. Sheesh.
It's not a hijack. It's questioning the authenticity of the post when the numbers are nonsensical
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.
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.
Anonymous
07/12/2022 18:07
Subject: Can a teacher give up her lucrative side hustle?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Some background:
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 SO 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?
Finances:
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.
Future Plans
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?
Is this for real? Those pension numbers are SIGNIFICANTLY more generous than MoCo counterparts.
NP. Start your own thread and don't hijack OP's. Sheesh.
It's not a hijack. It's questioning the authenticity of the post when the numbers are nonsensical
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.
Anonymous
07/12/2022 18:06
Subject: Can a teacher give up her lucrative side hustle?
Anonymous wrote:I would definitely cut back on the tutoring, but also look into whether you can raise your rates or specialize in a particular type of tutoring for which you can charge more.
OP here. Terrific ideas. Thank you.
Anonymous
07/12/2022 18:05
Subject: Re:Can a teacher give up her lucrative side hustle?
Anonymous wrote:also, OP .. can you share what your tutoring business is? How are you bringing in so much money?
OP here. I created an LLC for tutoring. It is all word of mouth. I work nights when I get home from school and on weekends. I work 20-25 hours a week.