Masters-Plus Pay

Discussion in 'General Education' started by otterpop, Jul 6, 2019.

?

Does your pay scale include a pay increase for a Masters-Plus extra credits?

  1. Yes, there is a Masters-plus column

    18 vote(s)
    78.3%
  2. No

    2 vote(s)
    8.7%
  3. My school doesn't have a published pay scale (charter, private, other)

    1 vote(s)
    4.3%
  4. My school's pay scale doesn't include pay increases aligned with degrees

    2 vote(s)
    8.7%
  1. whizkid

    whizkid Groupie

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    Ain't that the truth Ruth!
     
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  2. futuremathsprof

    futuremathsprof Phenom

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    Why don’t you apply for district office jobs after you are nested retirement-wise?

    And I, too, wouldn’t be willing to give up my breaks. It’s partly why I became a teacher because of all the time off — it really does improve your overall quality of life.

    I am sitting pretty because even though I live in a high COLA (California), I pay very low rent ($550/month) and my monthly bills are ~$1,500. That leaves me with a TON of disposal income, especially now that I pay all of my yearly bills at once (I have no more bills again until July 2020). I’m livin’ the life and look forward to each new day!
     
  3. whizkid

    whizkid Groupie

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    The issue with that is I'd be making about $600 more for another year because I wouldn't get a possible promotion until May 2021. I'll be vested in December but midyear promotions are few and far between. I'm not wasting another year on my salary because that's exactly what I'll be offered if I'm willing to settle for that and I'm not. I'd only need another semester after May to be vested so not I'm concerned about that at this point. I also have 38 SS credits and I only need 40 to qualify for SS retirement though I just plan on saving all of it.
     
  4. whizkid

    whizkid Groupie

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    I'd still get the other breaks, it's the summer break I'd be giving up, but hell, I'd give it up for your salary in a heartbeat.
     
  5. Tired Teacher

    Tired Teacher Groupie

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    That is funny! :) I hope you get pd what you are worth, but seriously keep cola in mind. How many limes do you use in a week? Joking!!!! The limes were an example from last x I went shopping and remembered how cheap they were in citrus country. You can't even get a sandwich where I live for under 15 bucks at a restaurant. Even then, the sandwich is nothing we couldn't make easily!
     
  6. futuremathsprof

    futuremathsprof Phenom

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    Why don’t you apply for district office jobs after you are nested retirement-wise?

    And I, too, wouldn’t be willing to give up my breaks. It’s partly why I became a teacher because of all the time off — it really does improve your overall quality of life.
     
  7. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    With all of that disposable income, you should purchase your 1st home.
     
  8. Tired Teacher

    Tired Teacher Groupie

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    I used to think that rent was throwing $ out the window, but have changed on that thought a bit. If I could find a decent place to rent for $550. , I think I'd pay rent and keep saving/ investing. Upkeep on houses (even new ones) can be expensive and time consuming. Who knows where you may want to be 10 years from now too?
    A lot changes and even though my place is pd for, I kind of feel tied to it. Like it kind of holds me in a place I may not want to be in a few yrs, IDK.....I think it all depends on where you live, but I'd be happy paying that much for rent on a decent place. I pay that much several months of the yr getting 2 of my places plowed. Plus, we pay garbage pick up too. I think that maybe included in rent. IDK....
     
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  9. futuremathsprof

    futuremathsprof Phenom

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    It is difficult for me because I crunched the numbers and determined that if I purchase my first home now, then I will dramatically decrease my retirement fund. That’s why I have decided to put it off.

    It just doesn’t make sense to pay more than $6,600/year for housing since my place is so dirt cheap and I get to live in a really nice house. For example, a 15-year $450,000 mortgage (a decent price in my area) with a fixed 4% interest rate would cost me $3,558.57/month and a 30-year mortgage (with all else being equal) would cost me $2,415.70/month.

    Over 15 years, I would pay back $640,542.84 in total ($190,542.84 in interest alone).

    Over 30 years, I would pay back $869,651.03 in total ($419,651.03 in interest alone).

    If I delay my home purchase and invest the difference (3,558.57 - 500 or $3,058.57/month) in mutual funds at 8% annual ROI or in the stock market, then the expected value is $2,412,389 if I retire at 50 (I’m turning 28 in a few months). If I delay retirement by 5 years and instead retire at 55, then the expected value is $3,818,821. That’s the opportunity cost of purchasing a home.

    And here’s the kicker: That’s if I start at $0 invested for retirement (I have well over a $100,000 invested already) and that’s if I only invest a meager $3,058.57/month. My goal is to eventually invest $5,000/month, minimally, because the expected value at age 55 would be $6,242,822.

    At a 4% annual withdraw rate, that is $249,172.88/year in retirement. Thus, I have decided to delay purchasing a home for some time and will rent until it’s less feasible for me to do so. Now, I will still contribute to my housing fund (which currently sits at $125,000 in my savings) in a Money Market account, but it has been put on the back burner for the time being.
     
    Last edited: Jan 1, 2020
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  10. whizkid

    whizkid Groupie

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    In that case, you may not want to ever buy. You won't have anyone to take care of but yourself. If you do decide to buy, you wouldn't need anything more than maybe two bedrooms and two bathrooms if that many, and you wouldn't need to spend more than $150,000.
     
  11. Tired Teacher

    Tired Teacher Groupie

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    Who knows what is coming in 10 yrs? Mr. Math Prof may meet the love of his life! ;)
    Then we may have some little math whizkids who need bedrooms too. ;) Ya never really know.
     
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  12. futuremathsprof

    futuremathsprof Phenom

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    I have been debating that, but I would like to eventually own a place to call my own and not have to pay rent indefinitely. Also, I should be able to save up to buy my dream home outright way down the road.

    The plan is buy a house and then upgrade it so that it is palatial. I plan to have a four-car garage (Lamborghini Huracan, Tesla Model S, McLaren GT, and an Audi R8), a two-bedroom home with an incredibly spacious and beautiful kitchen, redwood floors, granite countertops, stainless steel appliances, gorgeous fireplace, hand-crafted furniture, basically the best amenities money can buy, an ethereal garden outside, a swimming pool, a jacuzzi/hot tub, home theatre with a gigantic screen, a man cave with every video game console imaginable, I want practically everything to be flame retardant on the exterior, I want a nigh impenetrable security wall that completely encases my property and an advanced security system with an electric gate. I want my property to be an oasis, essentially, and look like the homes did in the movie Elysium.

    That’s my dream.
     
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  13. whizkid

    whizkid Groupie

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    Yea, anything is possible, but if he's like me, she's living in her home and I'm living in mine. We can always spend time in each other's home.
     
  14. futuremathsprof

    futuremathsprof Phenom

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    Actually, no, haha! I made the decision to never date or have children since before I was a teenager. I’m almost 28 and never once changed my mind. I’m focusing on me in my life.
     
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  15. whizkid

    whizkid Groupie

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    The bold is all I'd need from that list and the underlined is a must have.
     
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  16. futuremathsprof

    futuremathsprof Phenom

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    Haha, good choices!
     
  17. Tired Teacher

    Tired Teacher Groupie

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    You should never say, "Never!" Be careful because that is WHEN it happens! ;) Mrs. Beautiful, Intelligent, Sweet, Math prof is going to stroll by! Just my own life experience...different for others, I am sure!
    When I say, "Never!" I usually have to eat my words! :) I know a ton of young people here who seriously do not want kids and are not having them! It works for them. They like to travel and have pets.
     
  18. Tired Teacher

    Tired Teacher Groupie

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    You guys are too funny!!! But, the time may arrive when you least expect it! I can actually see where separate homes could be nice though at times! ;)
     
  19. whizkid

    whizkid Groupie

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    Well if there's ever a breakup, no court appearances or lawyers will have to come into the picture. :)
     
  20. Tired Teacher

    Tired Teacher Groupie

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    Yeah, that's a good talk to have ahead of time. Maybe you guys could use prenups if needed.
    I never really thought about prenups before my son got married for the 2nd time. ;)
     
  21. whizkid

    whizkid Groupie

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    Oh, there won't be any marriage. Now we'd live together if that were the case. And since I don't believing in that "shacking up" arrangement, we're definitely living apart.

    So if the breakup comes, no one has to kick anyone out. You just go your separate ways.
     
  22. Tired Teacher

    Tired Teacher Groupie

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    OK I can't help it. I still hope true love makes its way to both of you and you find the joys in it.
     
  23. whizkid

    whizkid Groupie

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    Thanks.

    It will be unconditional love...............with conditions. :tonguewink:
     
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  24. Tired Teacher

    Tired Teacher Groupie

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    OK You are bad boys!!!! ( Only joking!!!) I just realized Whiz Kid...You are the bad boy! Future Math Prof did not mention unconditional/conditional love! :) He just decided a long time ago!
     
    Last edited: Jan 2, 2020
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