The Official Teacher Finance Thread

Discussion in 'Teacher Time Out' started by whizkid, Jul 10, 2019.

  1. futuremathsprof

    futuremathsprof Aficionado

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    I want to stay in my current area and to do extravagant things many times a month in retirement. My goal is to get a full-body massage every day, to go out to eat every day, and to vacation at least 3-5 times a month. I also want to have nice cars and so I can’t subsist on anything less than six figures.

    Right now, I make anywhere from $7,000-$9,000/month after taxes and I don’t want to sacrifice my current standard of living when I stop working and enter my glorious golden years, lol! I would like to place an emphasis on golden. :D
     
  2. whizkid

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    I keep all of my credit card due dates within a day or so of each other. Helps me keep up with payments better. Most are one day and maybe one or two are on the next.
     
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  3. Ima Teacher

    Ima Teacher Maven

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    Mortgage: $1030 (includes insurance and taxes)
    Natural Gas: $55
    Electric: $136
    Water: $35
    Sewer: $25
    Trash: $16
    Car Insurance: $220 (three cars)
    Phone: $280 (three phones)
    Netflix/Prime/Hulu: $27
    Internet: $80

    We don't have any car payments or student loans.
     
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  4. Ima Teacher

    Ima Teacher Maven

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    We have all of our utilities set to pay automatically, and our credit cards/other payments are all due at similar times. It's all paid within a few days, and it's very handy to have it all done.
     
  5. Ima Teacher

    Ima Teacher Maven

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    My massage therapist wouldn't give a massage every day. Twice a month is the most frequent she will give them. I get an hour massage once a month and then a back adjustment after with my chiropractor.

    We aren't extravagant people. I do enjoy my massages, and I get a manicure every three weeks and a pedicure every six weeks. I love clothes, shoes, purses, and jewelry. DH likes his games. We both like gadgets, and we like to travel. I buy new cars, but I keep them a long time. I have owned three cars. All were bought new. I don't drive far to work. My current vehicle is almost 11 years old, and it's still under 100,000 miles. DH's is 13 or 14 years old, and it's just over 100,000 miles. I like new cars, but I like not having a car payment better.
     
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  6. futuremathsprof

    futuremathsprof Aficionado

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    Wow! Thank you for replying back with this information.

    So it seems that you have $3,700/month for fun, give or take. Nice! Do you suspect that you’ll have about that in retirement or more, do you think?

    My expenses are ~$1,371/month and I invest/save/have fun with the remainder. I, too, have no car payments and student loans. Go us, lol! :)

    With that said, I envy you because you are close to paying off your house whereas I haven’t even started. In my case, I plan to buy a house (within the next couple of years) and pay it off within 5-10 years. That way, I will not have to worry about housing once I quit working. Plus, I hate having debt or being indebted to anyone, so the faster I pay it off, the better I’ll feel.

    And I plan on going all out on massages. I know some really great people who offer very unique massage experiences and so I’ll be frequenting them more and more. They welcome the business and I welcome their magic hands, lol!

    Concerning cars, I have owned three to date: a 2005 Ford Focus, a 2012 Ford Focus, and a 2017 Honda Civic (current). For the Civic, I recently purchase some sweet spoilers (wing spoiler and under-spoilers) for it and am having them installed on Monday (tomorrow). I’m super excited because it will look awesome! Though, I hope I don’t get profiled by the police because it will look like a race car now. The next thing on my list is to get some nice rims! That’ll be next month. :D

    The Civic will last me for a few more years until I get bored with it and then I’ll upgrade to a Honda Accord, which looks absolutely gorgeous. My dream cars (a work in progress) are:
    • Audi R8 (black)
    • BMW M Series (metallic gray)
    • Lamborghini Aventador SVJ Roadster (yellow)
    • Tesla Model S (metallic gray)
     
  7. ChildWhisperer

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    The R8 is my DH's dream car as well :p
    He currently has the A6 and I just got the Q7, so I guess we're officially an Audi family... And with that, I am now back in debt with car payments! :rolleyes:

    I pay all my credit cards in full on the same day at the end of the month (30-31) regardless of due date (which I think are like.. 4th, 9th, 11th or something, I don't even know)
     
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  8. whizkid

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    Yea I do too. But I keep my due dates that way so I don't have to remember all of them like in your last sentence. If I charge something after the due date, I'll know it's either the 1st or 2nd of the month no matter the card.
     
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  9. Ima Teacher

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    Well, it’s not all for fun. We have food, clothes, house repairs, gas for cars, whatever we put on credit cards, and general living expenses that come out of that.

    If we work until 55, we will be making about the same salary we do now, but we will be paying health insurance until Medicare starts. If we retire with 27 or 30 years, we would be making about $6000 less a year, plus having to pay health insurance even longer to get to Medicare age.
     
  10. ChildWhisperer

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    Right.. maybe I said it wrong, but I don't have to remember them either. I just pay them all in full at the end of the month regardless of actual due dates. I don't even look at the statements, but I do look at transactions for the month to make sure I didn't get charged for something I didn't buy/pay for
     
  11. futuremathsprof

    futuremathsprof Aficionado

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    Yay, a fellow car fanatic, haha! I know, I HATE having car payments, which is why once I have enough to retire I’m off to the dealership!!! I may even get one before then because YOLO.

    I’m curious, how much do you and your husband make collectively? Those are not cheap cars. I hope you are not offended by me asking this.
     
    Last edited: Jul 14, 2019
  12. futuremathsprof

    futuremathsprof Aficionado

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    I see. A pay cut is never fun, though it’s very important to have sufficient medical insurance when we are older. I’m sure you’ll both manage!
     
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  13. ChildWhisperer

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    We got them used, which helps :)
    I'm not offended; I don't know the exact number, but I know it's over 100k combined. I remember being surprised when we did our taxes:sweatsmile:
     
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  14. whizkid

    whizkid Cohort

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    Word around town is that FMP had a pretty stellar NBA career.

    https://www.businessinsider.com/gilbert-arenas-salary-2014-4
     
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  15. futuremathsprof

    futuremathsprof Aficionado

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    Hahaha! Oh, come on. I just work really hard and am investing the majority of what I earn. For example, this past year I made ~$4,800/month after taxes just from my teaching salary; though, that pales in comparison to what I make tutoring.

    https://m.imgur.com/a/NFRhZga

    Take notice of how in some months I’ll make a lot and then in some months not so much. Why? I take a break from tutoring and just tutor a couple of nights a week instead of my usual 5 or 6 days a week...

    Notice how much I made in May 2019. I worked myself to the bone, but it was so, so worth it. I made a ton of money and I immediately invested like 80% of it and will continue to do so. I’m sacrificing my 20’s for smooth-sailing 30’s and up. And I just figured out that I won’t even have to touch my Roth IRA until my mid sixties, and so I should have ~$1.5 million in that easily by then! Initially, I thought I would start withdrawing from it when I hit 50, but that turns out not to be the case.

    The best part is that my administrative salary kicks in when the 2019-2020 year starts and so I’ll be making around $6,077/month after taxes just from that and at least $5,000/month from tutoring (based on historical trends).

    I’m no NBA player, I’m a mathematician with dreams of being a part of the 1% and I will get there! :D
     
    Last edited: Jul 15, 2019
  16. Ima Teacher

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    No tutoring pay here. Parents expect it free. :rolleyes: For a little while we had funding for tutoring, but it was $22.50 an hour for a group session. Now we do it for free one afternoon a week.
     
  17. futuremathsprof

    futuremathsprof Aficionado

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    I tutor during my lunch hour and a little after school when I am still on the clock, but I charge outside of school after my contracted hours, as well. There is no way in the world that I would ever tutor for free. Not happening, lol!
     
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  18. whizkid

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    Here, administrators like to "find" a way to put tutoring into your day so that it doesn't have to be paid for.
     
  19. geoteacher

    geoteacher Habitué

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    Do any of you really work to make your credit cards work for you? Which ones have you found to be the most valuable? I have a Southwest card because we fly SW, a Chase Sapphire and a Citi card for general use. I also have an LL Bean Visa for when we shop there. We put everything on our cards, so I really search for ones that give me the best benefits. What do you use and why?
     
  20. geoteacher

    geoteacher Habitué

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    This is our situation also. We have a fair bit of disposable income thanks to the low cost of living in our area. You can buy a decent house on at least an acre of land for $150K or less.
     
  21. whizkid

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    http://forums.atozteacherstuff.com/...l-teacher-finance-thread.205351/#post-2093390

    I try to get the biggest cash back reward depending on what I'm using the card for.
     
  22. Ima Teacher

    Ima Teacher Maven

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    Same here. Mine is a 4 bedroom/2 bath brick ranch with an attached two-car garage and detached one-car garage on 1.5 acres. It appraised for $146,000 in 2016. I bought it in 2000 for $82,000. My neighborhood has a mix of houses from $50,000 up to $750,000, but most of us are hovering in the $150,000 range.
     
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  23. Ima Teacher

    Ima Teacher Maven

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    I have Chase Amazon and Chase Freedom cards plus a Discover card. I get reward points I can spend on Amazon or redeem for gift cards. DH has a Toyota card he uses for free oil changes.

    My mom uses her Discover card for everything, then she just has one bill to pay every month. She even bought her car with Discover to get the cash back bonus.
     
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  24. futuremathsprof

    futuremathsprof Aficionado

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    I’m so jealous! Houses for $150,000 in my area are basically condemned shacks. You have to have $400,000+ just to get something decent. California, get it together!
     
  25. whizkid

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  26. whizkid

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    When making a large purchase such as a home, try to ensure that all of your credit cards are zeroed out..............except for one. You want 1-10% of the total balance on that one card to report to the credit bureau (card statement) so that the scoring model will see you're not using much of your available revolving credit. This will boost your FICO score a few points which could mean saving thousands in interest on a mortgage. Also, make sure that your debt-to-income is under 40 percent as much as possible. This will give you more wiggle room as far as a mortgage payment as this payment will be added to your debt-to-income!
     
    Last edited: Jul 18, 2019
  27. whizkid

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    FICO doesn't want to see zero percent or 100 percent of your total available revolving credit being used as both will lower your FICO credit scores.

    Why do I work in education and not in the financial industry? *sigh*
     
  28. Lisabobisa

    Lisabobisa Companion

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    HA!!! South Florida here. 150k would get me a mobile home. A very nice mobile home, but still... A 4 bed/2 bath with garage would be 400k easily....

    Love living in Florida but it ain't cheap.
     
  29. TeacherNY

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    That sounds like my area in NY. The not so nice mobile homes are selling for the low price of $80k LOL If you want something special you better fork over $150k plus lot fees!
     
  30. TeacherNY

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    My husband and I were talking about retirement and finances, etc. He wants to pay off the house early. Then, we'd have many years before retirement without a mortgage payment. I was telling him after we retire (if the market is good) we should sell our house and move into something smaller. Face it, after a certain age he's not going to want to take care of a 1200ft. house plus 1/2 acre of property to mow and take care of. I guess we'll see how the housing market is by then. If we can sell our house for a high price then why not sell it and move somewhere cheaper? I don't know :openmouth:
     
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  31. futuremathsprof

    futuremathsprof Aficionado

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    All the time off?
     
  32. futuremathsprof

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    $150,000 is so cheap! I would buy a nice home for that in a heartbeat if a home were priced for that here! I have ~$95,000 saved for a house and that is *barely* 20% down here.
     
    Last edited: Jul 16, 2019
  33. TeacherNY

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    The nice homes here are over 250k. The only things I see under $150k are mobile homes. We bought our home for 265k but it went down a bit in value due to the housing market. Hopefully it will go back up.There's one neighborhood where homes start at 500k but honestly if I had one of those homes I would need domestic help LOL I do NOT want to clean 4 bathrooms!!!!
     
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  34. futuremathsprof

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    Yeah, I only need two bathrooms at most! I would abhor having to clean four bathrooms by myself. Yuck, haha!
     
    Last edited: Jul 16, 2019
  35. whizkid

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  36. futuremathsprof

    futuremathsprof Aficionado

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  37. TrademarkTer

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    Your lavish lifestyle doesn't include a housekeeper?
     
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  38. futuremathsprof

    futuremathsprof Aficionado

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    I don’t plan on ever getting married or having children and so I don’t need a lot of bathrooms. What would be the point?

    You can still live lavishly without having a housekeeper. Plus, I don’t feel comfortable with someone I don’t know coming into my home. I can take care of myself.

    Also, will my not having a housekeeper prevent me from eating at the best restaurants and going on multiple vacations a month or buying luxury cars? My guess would be a no.
     
  39. TeacherNY

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    With only you in the house (I'm assuming no pets) you probably can keep things relatively neat. In theory I would love a housekeeper but I also don't like the idea of people coming in and touching my stuff!
     
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  40. futuremathsprof

    futuremathsprof Aficionado

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    I have a dog, but that’s it. And when I go on vacation, I have her taken care of by my close friend or by a relative who she trusts (and I pay them, of course).
     

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