Talk about concise. Danny Kofke’s How to Survive (and Perhaps Thrive) on a Teacher’s Salary
Kofke’s basic philosophy towards money – be sensible – is one I like. He spends a reasonable amount of time crunching the numbers so he can live comfortably within his means and reach his financial goals, thereby providing peace of mind and security. Here’s how he starts Chapter 3.
Upon arriving in Poland, Tracy and I decided how much money we wanted to have when we returned to the States. Now a lot of people do not plan ahead, and thus, wind up living paycheck to paycheck. We knew that we would be moving back home in two years and decided that $20,000 was a good amount to start with. We divided $20,000 by 24 months (the number of months we would earn a salary teaching in Poland) and came up with $834. We then set up a plan with the secretary at our school to deposit this amount into our savings account every time we got paid at the end of each month.
Kofke also writes about how he managed his finances so he and his family could travel, have a second child, buy a home, build a retirement fun, and get out of debt. How to Survive on a Teacher’s Salary is a welcome reminder that it is possible to live well on a relatively meager salary.
Leave a comment on this post for a chance to win my review copy! The winner will be announced Friday.
If you can’t wait, buy it now from Amazon for $10. Buying this book through Amazon supports BargainBabe.com.
December 1st, 2009 at 12:36 pm
Sounds like an awesome book! Thanks for all the great giveaways!
December 1st, 2009 at 1:12 pm
I am getting a job in teaching next year so this book seems like a good read on how to survive on a teaching salary. Looks good just by the little excerpt.
December 1st, 2009 at 1:45 pm
“Surviving” is a misnomer in a teacher’s world. They are quite overpaid for their “work” & continue to do so with their “union representation”. They are only there because no one else wants the jobs.
December 1st, 2009 at 1:52 pm
Only someone who has never experienced the frustrations (and the workload) of a public school teacher can say teachers are overpaid. For the number of hours they work, in and out of the class room, the amount of grief they get from many students, the poor support from too many parents, the often badly run down schools and lack of supplies, not to mention the poor pay, it’s a surprise anyone wants the job or stays in it. It continues to astonish me that this society is so unwilling to invest in education, which is the future of our children, our society, and ultimately the fate of our country.
December 1st, 2009 at 2:02 pm
My daughter is thinking about becoming a teacher and my husband keeps discouraging her! I am going to show this to both of them! Hopefully, everyone will wind up on the same page because we need more young people to become teachers.
December 1st, 2009 at 2:20 pm
I like how he gives actual specific things you can do i.e. the exact amount of $$ they wanted to live on, so they started an account.
Very inspirational. I would love, and use, this book. It’s all about choices….
December 1st, 2009 at 2:32 pm
My son’s girlfriend could only get a teaching job at a Catholic school, where the starting salary is about $20,000 below the average starting salary in the area. She has to start paying back her student loans this month. I would love to give her this book to give her (and my son) hope that they can and will be able to live a good life.
December 1st, 2009 at 2:40 pm
I’m starting a program in the fall to get my teaching credential, so I would love to check out this book! As for John’s view of teachers, he appears to have no concept of how valuable they are or just how much teachers do.
December 1st, 2009 at 2:46 pm
Wow; I’m a school counselor so I can’t wait to read this one! Thanks for the idea!
December 1st, 2009 at 2:56 pm
I enjoy reading books on budgeting/finances from all walks of life. Frugal people come in all wallet sizes. This is a person who wrote from their own experience as a teacher and how his family budgeted for what they want. Sounds like a great read to me and I’m always looking for new tips!
December 1st, 2009 at 3:03 pm
The young generation can learn how to save money and manage their limited resources in this world of instant gratification. Start good habits early so their children can learn from them as well. The Kolke family had to sacrifice and balance “wants” vs. “needs”.
December 1st, 2009 at 3:05 pm
I suppose it depends on what exactly constitutes a “teacher’s salary.” In our school district, where the average salary of citizens is $42,300, the average teacher salary is $64,000 and those with 10 years experience make a minimum of $74,000. Good work if you can get it.
December 1st, 2009 at 3:17 pm
Good point Lisa. Plus teachers often have fantastic benefits!
December 1st, 2009 at 3:22 pm
Both my husband and I are teachers in the public school system. They expect so much out of you and just keep taking things away. We have lived within our means for over 25 years, but I don’t know how much longer it will last. I can’t wait to read the book.
December 1st, 2009 at 3:32 pm
Intriguing idea for a book. At a time when we’re all trying to squeeze a little more out of every dollar, I’m sure this will be a success.
December 1st, 2009 at 3:49 pm
This is something I *need* my sister, and most of my close friends are teachers. I am not, but I do work for a non-profit, so my salary is even lower. I am looking for real tips on how to save, pay off my car, and still be able to do some things for fun. This sounds like it is right up my alley.
December 1st, 2009 at 3:52 pm
Anyone can live within their means, whether they are a teacher, a CEO, or working for minimum wage. The thing is, teachers are underpaid for the amount of education they need to maintain a teaching license. I know very few teachers at the public school where I work (not an affluent area by any means either) who do not have a Master’s degree. I am currently paying off about $70k in student loans that I racked up in the 7 years it took to get a bachelor’s degree, a teaching license, and a Master’s degree. That said, I don’t mind it at all! I love my job and I make personal sacrifices because I love kids, learning, and helping to make this world a better place!
December 1st, 2009 at 4:04 pm
This is something I need!!
December 1st, 2009 at 6:25 pm
As a 5th year middle school teacher, I would LOVE to read this book. I too am a big proponent for saving, but with budget cuts and cutting our health benefits here in Southern California public school districts, it is tough. Makes me wish I had taken salary into consideration when choosing a career!
December 1st, 2009 at 6:30 pm
I love to read financial stories, and I am eager to hear about this one.
December 1st, 2009 at 6:52 pm
Sounds like a great book for my son who is becoming a teacher.
December 1st, 2009 at 7:26 pm
Some teachers really know how to enjoy life. How lucky are his students.
December 1st, 2009 at 9:01 pm
I think one thing that may have helped this teacher is going to teach in another country where perhaps his money went further. I’m about to retire, thank goodness, but I will be substituting because I love teaching – but not all the state mandated testing with unrealistic expectations for students (like 100% of the student population expected to score at the 50 percentile or above- an impossibility since standardized tests are graded on what we used to call a curve).
Whatever you do in life, do what you love! That’s what will make you feel rich.
December 1st, 2009 at 9:29 pm
OK, I deleted the post from my soapbox; I can’t expect to change people’s opinion in one small post
Anyway, I may be out of a job by January and my husband’s teaching job is in jeopardy as well. Even if I can’t afford to take a vacation, at least I might learn something while sitting on the porcelain throne.
December 1st, 2009 at 9:59 pm
I am always intrigued by how people manage their money. It seems that no matter how much I make, I live week to week. I am a school librarian at a Christian school, I know my co-workers work because they love to teach. I would love to have this book in my library for them to read!
December 1st, 2009 at 10:21 pm
My daughter just got a job teaching at a Catholic High School. She is a newlywed and struggling to pay off student loans. This would be a great Christmas present for her!
December 1st, 2009 at 11:31 pm
I am in my seventh year teaching in the inner city, and just got home at 10:24PM. As this is not unusual, you can only imagine how underpaid I am. Also, I spend thousands out of pocket annually to supplement classroom supplies. Despite graduating from a top university with far better standing than my peers, I choose to make less. Choice being the operative word.
Ungrateful posts such as John’s above cannot dull the moment when a student tells me they got into the college of their dreams, or when a former student invites me to their college graduation.
December 2nd, 2009 at 6:01 pm
I heard about this book but couldn’t remember the name….I definitely want to read this!
P.S. You did great on GMA , loved it!!!!
December 2nd, 2009 at 9:51 pm
I am a high school counselor married to a private sector guy, however we have to make do on my salary because his work is not always reliable. It’s great to see people who can save money without sacrificing what is important to them as a family. We may not eat out much or see first run movies, but we’re well on our way to saving for retirement and college for the kids–and we still take vacations.
December 3rd, 2009 at 12:31 pm
This book sounds great!
So nice to see that someone is finding a solution to the crisis many of us are in through simple methods of money management that are easily within reach.
P.S. Good job on Good Morning America
December 3rd, 2009 at 7:35 pm
I’d love to win this for me or my sister. She was a school teacher but is now a stay at home mom & her husband is a teacher.
December 4th, 2009 at 11:03 am
My wife is a teacher so I definiltey want to look at this book.
December 4th, 2009 at 5:38 pm
I would love some of the pracitcal information he provides in the book. I’m have two kids and run my own business and would eagerly welcome tips on how to cut back even more than we already do.
December 29th, 2009 at 11:08 am
Teachers, in California at least, are well paid. According to the NEA, the average teacher salary is $58,850 and the starting salary for a 22 year-old right out of college is a little over $31,000. To the teacher who bemoans “what a teacher has to put up with… from the students” every job has its challenges and frustrations. Your challenges and frustrations are no more or less than mine were dealing with lawyers as a legal secretary or that my daughter has dealing with the people at her radio station. My college educated daughter works 21 hours a day for $1,200 a month – no benefits. Want to compare frustration? California teachers get 15 weeks paid vacation a year and good benefits in addition to a good salary. Additionally, they get paid whether the kids under their tutelage learn anything or not. Sounds pretty cushy to me.
January 13th, 2010 at 11:59 pm
This is some very information, I just wrapped up my paper for school and think I should go re-edit it lol. You may have just made me a regular