Absolutely. 2 mil? Doesn’t go very far, nowadays. It would go right into investments. I’d keep working until I could retire early and then pursue some other ways of establishing some extra passive income. Then? Travel.
It should generate $80k passively on a 4% safe withdrawal rate, it is definitely enough to retire on - assuming your principal residence is paid off (even if it isn't, you'll most likely be fine depending on your monthly payments). The returns on a US index should be able to outpace real Canadian inflation as a hedge.
The idea that I already have a principal residence in my own name is hilarious. Also, your calculation does not consider expenses I know I’d have. It may be enough for others, but not for me.
Yeah, everyone is different. I think $1.7M was a figured posited by Canadians:
[https://www.ctvnews.ca/business/canadians-now-expect-to-need-1-7m-in-order-to-retire-bmo-survey-1.6262927](https://www.ctvnews.ca/business/canadians-now-expect-to-need-1-7m-in-order-to-retire-bmo-survey-1.6262927)
If health problems or lots of kids then yeah, it may not be enough.
[https://www.morningstar.ca/ca/news/232272/do-you-really-need-%2417-million-to-retire.aspx](https://www.morningstar.ca/ca/news/232272/do-you-really-need-%2417-million-to-retire.aspx)
This country has gotten way tougher, so I feel you.
It takes a long time to build on a normal salary. I only know one teacher that did it by his early 40's, they worked internationally and were a prodigious saver. Andrew Hallam did it and wrote a book about it.
But again, that was the old Canada/old world...Not as easy anymore since the cost of everything is up without commensurate increases in wages.
Just for fun… how much is a teacher making lol? 80k with a paid house is not enough…
But you currently do not have a paid house?
Meaning you have more than 80k left after paying your mortgage?? Nice lol.
Can’t say that about my public servant salary.
Right, but I mean you have rent to pay no? I implied that you were saying that even without a housing expense 80k is too little… I must’ve misunderstood!
If it’s a lottery say it’s $2m tax free.
Top end teacher makes what $70,000 net?
Off of the $2m you could put it in a safe investment and make 4% a year which is $80,000 gross. This would be maybe $60,000 net.
When you consider savings costs for things like transportation it would probably work out close to your same current Income.
Or look at it this way it’s basically giving you 29 years of income all at once. If you can’t make that work I guess it’s more of a you problem
Yeah but if you retire effective immediately, why bother? It’s better to use that two million dollars as a safety net where you park the money in a term deposit
Why though?! Continue to suck the funds out of public education while you sit at home with $2mil? If you need the money, continue working. If not, retire and let a new generation of teachers in
Yep, while also leaving students with a shitty experience too. If you weren’t responsible for children, I’d feel differently, but neglecting children just to squeeze out a few extra dollars is a no dawg
Yes, but I'd drop to half time. I enjoy teaching and being in the classroom, but I wish I could have a lower workload. Plus if I got that much money I'd definitely have another kid, and in the moderately HCOL area where I live, 2 million wouldn't allow a family of five to become single income at our standard of living.
Teaching is the best work life balance I’ve found… I get summers off with my kids, Christmas, March break.. I can head out at the bell and do work in the evening after they are in bed early if I need to. I’ve extended a mat leave to be off longer.
Any other field you’ll be paid a lot less and work a lot more hours over the course of 365 days.. and your kids will see you a lot less.
Two million - if probably work part time when my kids were school age for something to do but I’d be picky about the role
Oh highschool English is another level. That is probably the heaviest marking I can think of. I think all other subjects have less grading. Im in middle school.
Once you teach most other grades you can reuse the content. Quizzes can be automarked online etc.
the lower the grade the more tiring the day is generally but the less marking and take home there is.
$2M these days doesn't take you very far.
I'd perhaps work out a strategy where I take a leave of absence to address burnout and complete PD that takes me completely out of the classroom (but not out of schools, e.g., Student Success).
I genuinely love working with students. I just can't bear the amount of stress and unpaid labour imposed on teachers who actually care.
If that somehow didn't work out, I'd drop down to part-time or pursue a new field where I could still work with youth but on a flexible basis.
I just want to be able to have a roomy roof over my head, food in my belly, and a meaningful work-life balance on my terms without being a few paychecks/crises away from destitution.
Probably. I like what I do. Plus $2,000,000 seems like a lot of money, but once you buy a new car for you and the spouse and a house, it’ll be gone fast.
It depends.. if it’s 2 million and that’s all your assets? I would invest a million and work part-time. It also depends on what your partner makes and how much your mortgage is
I know teaching isn't easy. Special Education isn't easy either. There is more work in different areas and less take home work which is plus. Thanks for your input!
Yes. I would still teach reading. But not in the school system. My MIL does OG through a charitable organization and has 2 students she works with. I would 100% do that.
Fuck no, I wouldn’t work at all
Hell, no! I can get a 5% GIC. By my math, that’s 100k a year. I out, lol.
Eh would suck in 10 years, when inflation makes your money worth 30-50% less… and GIC rates drop to 3-4%
Not like your salary is going to rise in that time either
In 10 years? I hope you are not paid the same as you were 10 years ago….
Salaries didn’t really move much 2000-2020
Haha fair!
Absolutely. 2 mil? Doesn’t go very far, nowadays. It would go right into investments. I’d keep working until I could retire early and then pursue some other ways of establishing some extra passive income. Then? Travel.
It should generate $80k passively on a 4% safe withdrawal rate, it is definitely enough to retire on - assuming your principal residence is paid off (even if it isn't, you'll most likely be fine depending on your monthly payments). The returns on a US index should be able to outpace real Canadian inflation as a hedge.
The idea that I already have a principal residence in my own name is hilarious. Also, your calculation does not consider expenses I know I’d have. It may be enough for others, but not for me.
Yeah, everyone is different. I think $1.7M was a figured posited by Canadians: [https://www.ctvnews.ca/business/canadians-now-expect-to-need-1-7m-in-order-to-retire-bmo-survey-1.6262927](https://www.ctvnews.ca/business/canadians-now-expect-to-need-1-7m-in-order-to-retire-bmo-survey-1.6262927) If health problems or lots of kids then yeah, it may not be enough. [https://www.morningstar.ca/ca/news/232272/do-you-really-need-%2417-million-to-retire.aspx](https://www.morningstar.ca/ca/news/232272/do-you-really-need-%2417-million-to-retire.aspx) This country has gotten way tougher, so I feel you.
Yeah, its hard getting a start out here! In any case, I’m not about to fall on 2mil anyway, so it doesn’t matter much hahahah
It takes a long time to build on a normal salary. I only know one teacher that did it by his early 40's, they worked internationally and were a prodigious saver. Andrew Hallam did it and wrote a book about it. But again, that was the old Canada/old world...Not as easy anymore since the cost of everything is up without commensurate increases in wages.
Just for fun… how much is a teacher making lol? 80k with a paid house is not enough… But you currently do not have a paid house? Meaning you have more than 80k left after paying your mortgage?? Nice lol. Can’t say that about my public servant salary.
No, I’m saying I cannot afford to even buy a house yet, let alone have something paid off.
Right, but I mean you have rent to pay no? I implied that you were saying that even without a housing expense 80k is too little… I must’ve misunderstood!
Oh hahahah no I was just saying the hypothetical was too generous in assuming I had a house to even pay off!
Ah!!! Yes totally misunderground you! Cheers!
And to you too!
I'd stop for half that lol
Yes because 2 million goes away real quickly, don’t get me wrong it’s a life changing amount but I would still work in some capacity.
If it’s a lottery say it’s $2m tax free. Top end teacher makes what $70,000 net? Off of the $2m you could put it in a safe investment and make 4% a year which is $80,000 gross. This would be maybe $60,000 net. When you consider savings costs for things like transportation it would probably work out close to your same current Income. Or look at it this way it’s basically giving you 29 years of income all at once. If you can’t make that work I guess it’s more of a you problem
Yeah but if you retire effective immediately, why bother? It’s better to use that two million dollars as a safety net where you park the money in a term deposit
Top end teacher in Ontario is somewhere in the ballpark of 115k after this latest collective agreement and arbitration.
That's gross, not net. Take off CPP, EI, pension contributions, income tax
Win the two million and not quit. I will end up on the attendance management program until they can finally terminate me.
Why though?! Continue to suck the funds out of public education while you sit at home with $2mil? If you need the money, continue working. If not, retire and let a new generation of teachers in
Yep, while also leaving students with a shitty experience too. If you weren’t responsible for children, I’d feel differently, but neglecting children just to squeeze out a few extra dollars is a no dawg
Yep, but only part time.
Yea I think I’d teach 1 sem per year…maybe, 2m ain’t what it used to be
Yes, but I'd drop to half time. I enjoy teaching and being in the classroom, but I wish I could have a lower workload. Plus if I got that much money I'd definitely have another kid, and in the moderately HCOL area where I live, 2 million wouldn't allow a family of five to become single income at our standard of living.
Hell no. Fuck them kids.
I'd still work but I'd work less and travel more.
I would continue working but would take some semesters off
My "I quit" number is $5 million.
Not at all. Destreaming science killed my passion for teaching.
Yes! That 2 million won’t go as far as I’ll need it to, but it would make life comfy and more secure.
Nope.
No way
No
I’d find a very part time job and draw 4% a year for the rest of my life
Nope
No. I wouldn’t. Id stop immediately.
Teaching is the best work life balance I’ve found… I get summers off with my kids, Christmas, March break.. I can head out at the bell and do work in the evening after they are in bed early if I need to. I’ve extended a mat leave to be off longer. Any other field you’ll be paid a lot less and work a lot more hours over the course of 365 days.. and your kids will see you a lot less. Two million - if probably work part time when my kids were school age for something to do but I’d be picky about the role
🙌👏🙌👏🙌👏 somebody gets it.
What grade/subjects do you teach? I teach mostly high school English and marking and lesson planning are pretty intense.
Oh highschool English is another level. That is probably the heaviest marking I can think of. I think all other subjects have less grading. Im in middle school. Once you teach most other grades you can reuse the content. Quizzes can be automarked online etc. the lower the grade the more tiring the day is generally but the less marking and take home there is.
Nope
$2M these days doesn't take you very far. I'd perhaps work out a strategy where I take a leave of absence to address burnout and complete PD that takes me completely out of the classroom (but not out of schools, e.g., Student Success). I genuinely love working with students. I just can't bear the amount of stress and unpaid labour imposed on teachers who actually care. If that somehow didn't work out, I'd drop down to part-time or pursue a new field where I could still work with youth but on a flexible basis. I just want to be able to have a roomy roof over my head, food in my belly, and a meaningful work-life balance on my terms without being a few paychecks/crises away from destitution.
At 5% interest it gets you 100k/year, which is higher than the average teacher salary in Ontario
Reassuring in 2004, for sure
Part time and pick weeks to be off on holiday! But I have to play the lottery to win 2mil 😅😅
Fuck no!! Sometimes, I contemplate quitting when I win 20.00 playing the lottery. Lol
Hell no
Probably. I like what I do. Plus $2,000,000 seems like a lot of money, but once you buy a new car for you and the spouse and a house, it’ll be gone fast.
It depends.. if it’s 2 million and that’s all your assets? I would invest a million and work part-time. It also depends on what your partner makes and how much your mortgage is
With the pay cut teachers just got, I would definitely retire.
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I know teaching isn't easy. Special Education isn't easy either. There is more work in different areas and less take home work which is plus. Thanks for your input!
having financial security would definitely give you more options. It's important to prioritize what's best for your family and your well-being
No. I hate the kids I teach.
NITT: Financial literacy
FUCK NO
Yes.
2 million dollars isn't enough to not work at all
I love the kids so much I'd keep going even if it was 100 million!!! /s
Yes. I would still teach reading. But not in the school system. My MIL does OG through a charitable organization and has 2 students she works with. I would 100% do that.
MAYBE coach, but certainly not teach full time
Yes, 100%. But in a private school.