Talk about concise. Danny Kofke’s How to Survive (and Perhaps Thrive) on a Teacher’s Salary explains how his family visited 10 foreign countries, paid off a new car in two years, and had one parent stay at home with a child for a year – all on a teacher’s salary – in just 87 pages.
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.
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