Maricor Bunal
Teachers are a noble lot, and how lucky if they’d become super rich, as well.
However, the reality is slightly opposite to that ideal as many teachers suffer from the following financial woes:
Insufficient income.
Many teachers, even those tenured ones, find themselves short on the budget. Those who’re not money-wise enough may resort to borrowing money from loan sharks, the interest rate of which can reach to as high as 20%.
Action Plan
As a teacher, you’re probably highly educated and skilled. So aside from your work at school, why not try taking freelance jobs. There’s a high demand for tutors today, considering the growing number of foreign, non-English speaking immigrants here in the country. It’s also good to continue schooling to increase your salary range and be picked for promotion.
Getting a loan is a norm.
“We live on debt” is a common saying for Filipino teachers as if it’s a fact and destiny for them to live on loan after loan. Once one loan is repaid, many proceed to taking out another loan. The cycle then goes ever on. But this shouldn’t be the case; borrowing money should be a calculated decision. Besides not all loans are liabilities – there are those that will help you acquire high-value assets.
Action Plan
Pick up a positive mindset about borrowing cash. Remember, entrepreneurs get loans too to fund their business. And so should you! You can use the loan proceeds to start a business or pay the down payment of your dream house.
Too much reliance on government perks.
Teachers are lucky for the stability of their jobs. But when it comes to financial wellbeing, they still have more to learn about making calculated risks. The government and financial providers have also overlooked the opportunity of encouraging educator to take personal control and responsibility of their investment portfolios. This may cause them to end up settling down with government-subsidized perks when they could have achieved more on their own.
Action Plan
Start a savings account as early as your first year as a teacher. Time comes when you have enough fund, you can start playing around high-risk investment vehicle such as stocks, mutual funds and bonds.
Too little time for more technical financial education.
Teachers juggle paper work and doing actual classroom lectures. So there’s usually little time for them to dig deeper about some technical financial concepts that may have helped them improve their money management.
Action Plan
At least once a week, take time to join online groups and discussions about personal financial management. You can also download apps and tools to help you plan and control your spending habits. Downloadable guides and instructional videos on investing and entrepreneurship are also available online.
It’s great to think that teachers would have a greater chance at building riches as much as CEOs and entrepreneurs do. To make that possible, it’s a good start to settle down any existing dues one has and ensure that your next loan is a productive and income-generating one. For more help regarding that case, feel free to call loan consultants here at Loansolutions PH to guide you in improving your finances and facilitating your loan application, if you need one.
