098 Financial Excellence: Can you Survive on a Teacher’s Salary?

Living In Financial Excellence

21 Feb 098 Financial Excellence: Can you Survive on a Teacher’s Salary?


LiFE Podcast Cover Art 600x6001 300x300 Forum

Episode 98: Can you Survive on a Teacher’s Salary? Feb 21, 2012.

Today I interviewed Danny Kofke, author of How to Survive (and Perhaps Thrive) on a Teacher’s Salary (affiliate link). Danny is a wonderful voice of sanity in a world where we constantly clamor for higher income because we “just don’t make enough.” I really enjoyed the interview and I think Danny’s words of wisdom are so valuable for anyone living on any income (not just a teacher’s salary).

Don’t forget: Living In Financial Excellence airs LIVE every Tuesday at 10 a.m. CST. You can watch live and join the chat at financialexcellence.net/live-show

Show notes:

  • Danny has been teaching for only 12 years and only makes $43k per year. While that’s not a bad income, it’s certainly not a lot of money. Yet Danny and his wife are debt free except the mortgage!
  • Generally speaking, teachers don’t make a lot of money, but most make more than enough to survive and live within their means. Danny shares some tips from his own experience.
  • You don’t need a finance degree to be good with money. In fact, having a financial degree or background doesn’t necessarily mean you’re good with money either.
  • Financially mature people know that happiness isn’t found in the stuff you spend money on. It’s found in the things we do and how we spend our time.
  • Danny says having money doesn’t change you. It amplifies your personality traits. If you were a giver before you had lots of money, you’ll be a bigger giver when you have more money. If you’re a jerk when you have a low income, you’ll be a bigger jerk when you have a higher income.
  • Danny and his wife are successful financially because they have had goals and a plan to reach those goals. How many of us wander through life without knowing what we want to accomplish? And then we wonder why we don’t have enough money to retire…
  • AMP stands for All My Payments and gives you a score from A to F, which seems to be a lot easier to understand than some three digit number…
  • You can connect with Danny on Twitter or visit his website at dannykofke.blogspot.com. I think you should. ;o)
  • You can influence what we talk about in future shows. Simply fill out this three-minute survey.
If you get a chance, pick up one of Danny’s books:



Like what you hear? Visit the iTunes store and leave a review or leave a comment below. Or call our listener feedback line and leave a voice message that we can share on the air. As always, we appreciate your feedback!

call back logo Page 001 300x93 Forumitunes icon1 150x50 Forum

11 Comments
  • Jon White
    Posted at 15:11h, 21 February

    Thanks for having Danny on the show Matt. What I love most about his story (and there is a lot to love) is how he took responsibility for what he was buying and did not blame anybody else for not having enough money. What a novel concept!

    • Matt Wegner
      Posted at 06:43h, 22 February

      I really enjoyed interviewing him, Jon. He has a lot of good points and it’s cool to see other people living debt free on relatively low income.

  • » Carnival Of Financial Camaraderie #22 » My University Money
    Posted at 11:54h, 25 February

    […] concept for some – in many families and cultures it is taboo to talk about money.Matt presents Can You Survive on a Teacher’s Salary? posted at Living in Financial Excellence, saying, Danny has been teaching for only 12 years and […]

  • Yakezie Carnival – The Daytona 500 Edition
    Posted at 11:00h, 26 February

    […] in Financial Excellence: Can You Survive on a Teacher’s Salary? – Danny has been teaching for only 12 years and only makes $43k per year. While that’s not […]

  • Puppies! And Some Articles About Money ... | Afford Anything
    Posted at 09:01h, 27 February

    […] Excellence interviews the author of a book called Can You Survive on a Teacher’s Salary? The author (who is a teacher) makes $43,000 per year, which is considered a good salary in many […]

  • Puppies! And Some Articles About Money … | Blog Garasi Cafe
    Posted at 00:02h, 28 February

    […] Excellence interviews the author of a book called Can You Survive on a Teacher’s Salary? The author (who is a teacher) makes $43,000 per year, which is considered a good salary in many […]

  • Canadian Finance Carnival #77 – Canadian Finance Blog
    Posted at 11:19h, 02 March

    […] at Living in Financial Excellence presents Can You Survive on a Teacher’s Salary?, saying “Danny has been teaching for only 12 years and only makes $43k per year. While […]

  • Alex
    Posted at 12:12h, 02 March

    Come to Ontario, average teachers salary is $83,500, plus you get 20 sick days a year. Plus you can bank them until you retire (with one of the best managed pension plans around) Don’t forget to save some sick days for when you retire (up to 200 days) for a payout at retriement of an additional $43k.

    • Matt Wegner
      Posted at 21:39h, 05 March

      Some of the states here aren’t too far from the situation you just outlined Alex. It should be very doable to live on a teacher’s salary in the vast majority of states. It all comes down to what you do with your income though.

  • My Blog » » Canadian Finance Carnival #77
    Posted at 14:12h, 02 March

    […] during Living in Financial Excellence presents Can You Survive on a Teacher’s Salary?, observant “Danny has been training for customarily 12 years and customarily creates $43k per […]

  • Puppies! And Some Articles About Money … | Afford Anything
    Posted at 22:14h, 12 November

    […] Excellence interviews the author of a book called Can You Survive on a Teacher’s Salary? The author (who is a teacher) makes $43,000 per year, which is considered a good salary in many […]