Quote:
Originally Posted by Panache  People get by just fine on 20k, which means that someone making 40k could lead the same sort of lifestyle and tuck away an extra 20k every year by putting it in a tax deductible IRA.
The S&P has been averaging a 10% annual return for over 50 years, so 20k/yr invested over 40 years of work would let you retire with a total of $9,737,036.
Ten million is fairly prosperous by pretty much any standard, so the answer to the question "Can you prosper with a teacher's salary" is clearly yes.
If the question was "Will most people prosper on a teachers salary?" then the answer would be no. |
Where do you live that you think people can get by on 20K a year?
According to the 2008 federal poverty guidelines, a family of 4 would be in poverty in the continental US. $21,200 is the line.
2008 Federal Poverty Guidelines