Patti Pilat Buono

What You're About To Read

Did You Know?

I was on Wheel of Fortune (4/10/2023). I landed on the million dollar wedge four times, but was unable to get to the bonus round to try for it. The next day at school, tons of people said “Patti/Mrs. Buono! You were almost a millionaire!” Which confused the heck out of me.

I’ve been a millionaire for a long time, thanks, but I would have loved to increase my wealth.

Are you a millionaire yet, my dear educator? I certainly hope so!

If not, let’s talk about why you should—and can—be wealthy relatively quickly.

Welcome to my favorite topic on earth: Wealth acquisition and management.

Teachers are the #3 number of millionaires of any profession—not doctors or lawyers, my friend. Let’s look at how you can become one of our number.

Teacher National Statistics

The practice of teaching America’s youth is a quite solitary endeavor. We are alone in our classrooms with our students, we grade alone, we lesson plan alone, and we tend to eat alone—since we’re eating fast to get back to work. Generally quite social creatures, our natural inclinations are severely curtailed by the isolating and overwhelming work that we do.

I’m not painting a very pretty picture, am I. Sorry, Boo Boo, but we have to get through the numbers before we can talk about the good stuff…

Average age – The average age of teachers in America is something just about 42 years old. When you consider an education major will graduate at approximately age 22, that means that most teachers have been in the business about 20 years. This does not include second-career professionals, who may enter the profession much later than the early-20’s.
Average education – Non-bachelor degree teachers in America are rare, with over 95% having a four-year degree. Approximately 50% have earned a Master’s Degree, as well, with only 1% having a Doctorate degree. From my experience, many teachers continue their studies more for the compensation benefits than to increase their knowledge or pursue additional responsibilities.
Average savings – Without a specific designation for teachers, research shows that the higher the education level indicates an increased savings and investing rate. According to one common financial suggestion, everyone should save a minimum of 20% of their income for the future. With a median salary of approximately $50,000, that indicates that teachers should be saving approximately $10,000 per year. While I don’t consider that enough, it would be greater than over 90% of Americans right now.
Average pensions – While a young college student isn’t usually thinking this far out (Yeah—of course I was!!!), having a state-sponsored pension is one of the greatest benefits to making teaching a lifelong career. According to recent research, the average pension for new retirees in America ranges from over $20-$46,000. When this pension is factored into your retirement, it makes quite a big difference in what you need to budget out of pocket to be comfortable.

Let’s Talk Professional Compensation

“But, Pat, I’m barely making my bills!”. Okay, okay, I hear you Boo Boo. But I don’t necessarily sympathize, I have to tell you. My question to you is always going to be “Are you doing everything you can do to increase your compensation?”

The following suggestions will be offered with compensation mirroring Clark County (Las Vegas), Nevada. Your state and district may be significantly different—it’s up to you to figure out the details.

Steps won’t do it – In most districts, you will receive a small, Cost of Living Adjustment every year. We don’t get this in Las Vegas, but even if you do—it’s much too small to make you a millionaire. Not even worth considering, my friend.
Get more education – The scale goes across, with each “column” netting you an additional $5,500 per year here in Las Vegas. The cleanest and simplest way to move “over” is to get more education. This is true across the country, so the first question I have for you is why aren’t you doing that? LeeLee, for example, found a totally FREE program to get their Master’s degree in one year. Are you looking under every rock for opportunities?
Become NBCT – Here in Nevada, becoming a National Board Certified Teacher includes a 5% raise every year that is applicable to my pension. NBCT cost me about $2k and one year of my time, and I immediately moved over a column in addition to this 5%. North Carolina, for example, gives a 10% raise for NBCT. Look into it, teach, it’s worth it!
Find out how to move over on the scale – I would bet there are other programs specific to your district that will help you jump columns. Here in Las Vegas we have a number of ways to accrue the continuing education credits to increase our salary. Have you looked into these different programs? Make a phone call!

Let’s Talk Passive Income…

Nobody said I became a millionaire strictly from my teaching gig! There are tons of other ways for you to increase your wealth, some with very little work on your part…

Education – For years I created resumes for people as a sideline. One year I did medical transcription and made a fortune! These are all things that stem from my skills and knowledge as an educator. What else can you do with those skills? Tutor? Teach night school?
Previous experiences – During periods I wasn’t teaching I worked in the mall. No, I didn’t get rich, but that extra money funded all of our vacations during the years that my kids were young. Maybe you were a bartender in college, or have the equipment to do a few lawns every weekend.
Time off – Being “off” for the summer doesn’t necessarily mean that you don’t work. For many years, Sweet Husband worked in Engineering at a Strip casino during his summers and weeks off. That money was instrumental in making other purchases and investments that continue to support us today, decades later.

How Did You Do It?

I didn’t start at 35, that’s how. If you start at the beginning of your career, your success is all but assured. My wealth comes from investing. It’s that simple.

Slow and steady – From your first paycheck, put money aside. At least 10%. It will get to the point you don’t even notice it. That’s when you up it to 15%. Rinse and repeat. At this point, we invest my entire income.
Diversified portfolio – You’re going to need to shoulder some risk. How much risk depends entirely on your comfort level, but you will need to absorb some. Make sure you are investing in a diversified portfolio that includes things that are both safe and risky, foreign and domestic, stocks and bonds. Dip your toe into various markets until you find where you are comfortable…and successful.
Never stop – My kids all graduated college, and we contributed financially to that. I still invested every paycheck. We bought new cars, took vacations, paid exorbitant medical bills, fixed the car and replaced the air conditioners. It was very tight some months—barely putting meat on the table—but we never, ever stopped our investments. Scaled down for a short period, yup, but never stopped. Not once.

How can you get started?

Are you “all in” now, Boo Boo? Have I got your attention? Let’s talk about your next steps to becoming wealthy

Talk to teachers in your hall – I tell my students that in every hall of our ten-building school, at least one of the eight teachers is a millionaire. They laugh and ask me questions, but it is absolutely true. Find out who it is in your hallway, and start talking to them about how they accomplished this feat.
Start reading – Pop had me reading when I was 15 years old, and I recommend you do the same. The greatest book on earth for us is The Millionaire Next Door by Thomas Stanley. Although decades old, the lessons are as relevant today as they ever were. Link is in resources for you to BUY this one. Don’t use the library—you’re going to highlight the crap out of this book.
Find a professional to help you – I strongly encourage you to build a financial consultant circle. Big Bro Bill is in my circle, as are my financial consultant and investment broker. I know enough to know I don’t know nearly enough. Hire a professional Certified Financial Planner just for a few hours of consultation—it will pay off in the hundreds of thousands of dollars.
Look for holes in your lifestyle – Add up your vices, and put them against your long-range goals to make sure they match. I’m not telling you to give up everything you love, but make sure you are spending with forethought. I still get my Caramelizer at Dutch Bros…just every Sunday morning instead of every day.

Avoiding “Lifestyle Creep”

Here is the secret ingredient, loyal reader: No lifestyle creep. Teachers become millionaires because we aren’t trying to “keep up with the Joneses” or moving to bigger houses every few years. Cultivate a lifestyle that is satisfying to you and doesn’t require constant expensive “upgrades”. All of our money, for example, goes into travel experiences, while we relax in our 23-year old mortgaged house and eight-year old cars.

We had a great raise this year, for example, and our lifestyle hasn’t changed at all, and it won’t. What that raise will buy us, however, is a one-week cruise with all three of our kids and their significant others. Priceless…and I didn’t even need to budget for it.

So, Boo Boo, who’s your mentor? You’ve got my email address…

Last, but certainly not least…

Live your life.

THANK YOU FOR READING THIS FAR!!!

Wow, thank you for reading about the unexpected millionaires: Teachers!

Hey, since you’re here! You may as well check out classroom seating strategies, here, and learn about project based learning, here! Check out our other topics here! Either way, I appreciate you!

Please leave a COMMENT about any tips you may have!! Or comment what your favorite lesson of mine was! How’s your student organization operating?

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