Anonymous
Post 09/27/2023 07:15     Subject: More Teachers become millionaires than doctors?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:In millionaire next door book it mentions teachers are mainly female and female teachers are the number one occupation of millionaires wives.

Add in all married female teachers are usually dual income.

Of course they are millionaires



I think this is probably right. Sorting for single status would likely result in a different financial outcome.

I am single and much lower income than teachers. I'm a millionaire. My partners were much flashier with money because they made much more. I didn't even dare to combine finances because how bad they were with finances because of higher income. They didn't have to budget.
Teacher salary is this sweet spot were they can become millionaire because of the retirement contributions and living on less.


You must be 95. Everyone gets rich with age.
Anonymous
Post 09/26/2023 19:12     Subject: More Teachers become millionaires than doctors?
How many doctors vs teachers have to work second or third jobs?

How many doctors vs teachers end up in poverty?

Anonymous
Post 09/26/2023 19:09     Subject: More Teachers become millionaires than doctors?
I just have 1 child but get no support. Zero. However, starting young in investing really paid off for me. Plus, I really know how to stretch a dollar. I was cable free and on a low cost cell phone plan long before it became popular. I feel like I will figure out college as I go. I will be retired by the time my DC goes to college and will start collecting my pension. I may do part time work if needed, but with my pension - 70k (I also get a smaller one that covers health care) and then I can start withdrawing if I need from savings) I am not too worried.

I was able to find several scholarships for me and I hope to do the same for him. Regardless, unless he is Harvard material, he will be going to a state school (and if he goes out of state, I will follow him to get in state tuition, haha).


How many kids? Did your ex pay child support? What about sending the kids to college? I’m a single mom who is also a teacher. My ex doesn’t pay anything since both kids are over 18. They cost more now in college than they ever had so it’s ironic that I’m having to pay it all. I stopped my 403b contributions and took up a 2nd job.
Anonymous
Post 09/26/2023 17:06     Subject: More Teachers become millionaires than doctors?
Anonymous wrote:Teacher here. My wife $6k/yr and I will have a million saved up in a few years. About half home equity, half retirement accounts. That plus my pension is pretty good.

Newer teachers though have a much harder time once you account for student loans and the cost of purchasing a home. Pensions are not quite as generous as well.


Correction, my wife makes $60k a year.
Anonymous
Post 09/26/2023 17:05     Subject: More Teachers become millionaires than doctors?
Teacher here. My wife $6k/yr and I will have a million saved up in a few years. About half home equity, half retirement accounts. That plus my pension is pretty good.

Newer teachers though have a much harder time once you account for student loans and the cost of purchasing a home. Pensions are not quite as generous as well.
Anonymous
Post 09/26/2023 15:52     Subject: More Teachers become millionaires than doctors?
Anonymous wrote:https://www.thescopeofpractice.com/why-are-teachers-more-likely-than-physicians-to-become-millionaires/

Is this study legit? It seems so very counter dcum legend of buying million dollar houses and working in tech sales and keeping up with the joneses. Also why aren’t lawyers in this list?


The lawyers here all claim “big law” careers. Most lawyers don’t make nearly as much as finance people or tech sales. Many lawyers struggle to make a living because there are too many.
Anonymous
Post 09/26/2023 15:47     Subject: More Teachers become millionaires than doctors?
Anonymous wrote:This "article" is just an ad. The author sells financial advice to doctors.


+1. Let's be a little smarter people.
Anonymous
Post 09/26/2023 15:44     Subject: More Teachers become millionaires than doctors?
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.


Yeah but some of us want a nice retirement.
Anonymous
Post 09/26/2023 15:33     Subject: More Teachers become millionaires than doctors?
Anonymous wrote:https://www.thescopeofpractice.com/why-are-teachers-more-likely-than-physicians-to-become-millionaires/

Is this study legit? It seems so very counter dcum legend of buying million dollar houses and working in tech sales and keeping up with the joneses. Also why aren’t lawyers in this list?


Health insurance companies have all the power. More doctors are employees working for insurance/hospitals groups vs in private practice. Even the ones in private practice experience down ward pressure on what they can charge because the insurance companies set the pricing models. So the money in healthcare is being gobbled up by the insurance/healthcare groups and not the doctors.

Remember healthcare in the US is 18.3% of GDP. Other “first world” countries are about 10-12% and some of them have a larger percentage of elderly. That 6-8% of the GDP is taken by healthcare insurance companies.
Anonymous
Post 09/26/2023 15:22     Subject: More Teachers become millionaires than doctors?
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.
Anonymous
Post 09/26/2023 15:00     Subject: Re:More Teachers become millionaires than doctors?
Anonymous wrote:Doctors are notoriously bad with money. The few who do well, do very well.


This. They are the reason for the saying "one house, one spouse" as a financial strategy.
Anonymous
Post 09/26/2023 14:47     Subject: More Teachers become millionaires than doctors?
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.


Showing your privilege, you are.
Anonymous
Post 09/26/2023 13:21     Subject: More Teachers become millionaires than doctors?

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.
Anonymous
Post 09/26/2023 13:19     Subject: More Teachers become millionaires than doctors?
There are about 4 million teachers and 1 million physicians in the United States.

Teachers start earning young and physicians start earning late.

So teachers win out because it is a numbers game in part and also because they start young.

What is more striking about that article is that accountants are the most likely to become millionaires. Makes sense - that career has a lower barrier to entry than physicians do, plus their job is to keep track of money.
Anonymous
Post 09/26/2023 12:51     Subject: More Teachers become millionaires than doctors?
Teacher here and almost a millionaire. In my case, it’s being married and having IRAs and other accounts grow that have gotten us close to a million. Having a million these days isn’t what it used to be.