You have been offered your first teaching position- well, three of them!
Go, YOU!
Now what?
This site will help you decide strictly from a financial perspective using three hypothetical offers- Newark, Wayne, & Tewksbury.
Decision One...
Which position will you take?
For comparison's sake, let's assume that you are offered a full time position, teaching at your preferred grade level and subject matter, at each of these three school districts.
Financial Considerations:
-
Salary
-
Benefits (Pension, 403(b) contribution, Tuition reimbursement)
Click each district on the whiteboard to see the results.
Exciting times ahead, new teachers! The starting salary is likely more than you've ever earned before!
It's totally natural to feel the urge to celebrate and treat yourself. But hold on tight, because the upcoming sections will show you how making thoughtful choices can lead to a brighter financial
future!
Decision two...
What kind of car will you drive?
Based on your starting salary, you will probably have options. Look at them carefully. It is tempting to treat yourself to the car of your dreams- you've worked very hard to get to this point. For this exercise, we will explore leasing a car, rather than buying one. Watch the video below to learn about leasing vs. buying. Click on the two cars below
to see the costs.
Lots of Small Decisions...
Now you have some decisions to make. Use these real-life scenarios to see how to manage your finances. We were all in this boat when we first started; it is important to see the impact on your future self. Your first decision is to choose the school district where you will teach.
Have you ever considered the impact of your food choices?
Small changes can have the potential to make a HUGE impact on your future financial situation. Let's explore two areas: coffee and lunch...
Let's look at the impact of these choices!
Click the spreadsheet to see how much money you could have if you invest the savings differential in a Roth IRA. Knowing that your short term decisions will most likely impact your long term goals is a very important way for you to see that you can remain committed to your decision to be an educator.
