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).

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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)
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