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Financial Mastery for the Career Teacher
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Financial Mastery for the Career Teacher

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August 2010 | 192 pages | Corwin
Teaching has many rewards, including the opportunity to change young people's lives and make a meaningful difference in a community every day. However, despite the important work they do, teachers often find themselves struggling to survive on a teaching salary.

Written by certified financial advisor and award-winning speaker Gene Siciliano, Financial Mastery for the Career Teacher is a comprehensive yet concise primer for educators balancing modest salaries with skyrocketing expenses in challenging economic times. The author covers the personal finance questions and concerns that all educators face, including:

- Providing for a family on a teacher's salary

- Making every dollar stretch

- Buying a home

- Managing debt

- Planning for retirement

- Understanding and purchasing insurance

- Investing in the stock market or real estate

- Taxes and tax planning.

 
Acknowledgments
 
About the Author
 
1. Why This Book Was Written and Why You Should Read It
 
2. Your Personal Business Plan: The Master Road Map
Setting Goals

 
Creating Your Family Budget

 
 
3. Managing Your Paycheck: The Source
Setting Up Your Payroll Deductions

 
Spending Less Than You Earn: Ideas for Stretching Your Dollars!

 
What to Do With That Annual Bonus

 
 
4. Family Finances: Taking Care of the Family's Wish List
College Financial Planning

 
Life Insurance for the Kids?

 
Vacation Financing

 
 
5. Managing Debt: When You Have Too Much of a Good Thing
Debt Can Stress Your Marriage to the Breaking Point

 
Credit Cards: Huge Differences Exist Just Beneath the Surface

 
Getting Help Before It's Too Late: Debt Counseling Services

 
 
6. Insurance: Just in Case
Life Insurance

 
Health Insurance: Staying Healthy

 
Disability Insurance: In Case Something Breaks

 
Long-Term Care Insurance: For the Later Years

 
 
7. Savings Accounts for Your Cash
The Value of Saving Early: The Power of Compound Interest

 
How Much Cash Can You Save?

 
The Rainy-Day Fund

 
Savings Accounts

 
Money Market Funds

 
Certificates of Deposit

 
 
8. Buying a Home: Realizing the American Dream
How Much Home Can You Afford?

 
First Mortgage, Second Mortgage, Equity Credit Lines: The Language of Real Estate Finance

 
Balloon Payments: A Funny Name for a Not-So-Funny Event

 
The Home Equity Line of Credit

 
Structuring Your Payments: Taxes, Insurance, and Impounds

 
Refinancing for Cash-Out, for Lower Rates, for Better Terms

 
Teaser Rates, Interest Only, Negative Amortization, and Other Financial Land Mines

 
Final Thoughts on Home Ownership

 
 
9. The Stock Market: All About Bulls and Bears
Risk Tolerance: Where You Are in Your Life and How Securities Fit Into It

 
How Much Pain Will You Accept Along the Way?

 
Investing Strategies Overview

 
Types of Companies You Might Choose to Invest In

 
 
10. Other Ways to Own Companies (Besides Starting Your Own)
Other Equity Choices

 
Bonds: The Safety of Fixed Income

 
Buy, Sell, or Hold? How to Decide When and How Much

 
Your Personal Investment Policy

 
 
11. Buying Investment Real Estate
Your Home Comes First

 
So Many Choices, So Little Time

 
The Nature of the Investment and the Returns You Might Expect

 
The Power of Leverage

 
Shared Investment Methods

 
Your Tax Dollars at Work

 
If You Want to Know More

 
 
12. Taxes and Tax Planning: Keeping All You Legally Can
Income Taxes: Federal, State, Local

 
Tax Planning Strategies

 
Property Tax: Real and Personal

 
Filing Tax Returns: Don't Do It Yourself!

 
Getting Help: A CPA or Tax Preparer

 
Tips for Avoiding an IRS Audit

 
 
13. Technology That Can Help You
Personal Bookkeeping Software

 
Online Banking

 
Protecting Yourself From Identity Theft

 
 
14. Retirement Planning: So You Can Live Well for 100 Years
A Checklist for Those in Midcareer

 
Assessing Your Postretirement Needs

 
The Home Mortgage Monkey

 
When to Sign Up for Social Security

 
Getting Help: The Financial Planner

 
 
15. Wills and Trusts
Your Will: Your Last Opportunity to Have It Your Way

 
Trusts: Making Decisions Now That Provide Long-Term Benefits

 
 
16. Final Thoughts
 
Index

Supplements

Supplemental Resources Website
Once you have Financial Mastery for the Career Teacher in hand, you will gain access to Excel worksheets that automate concepts and calculations found throughout the book, using formats similar to examples in the book. You enter assumptions and the models will do the calculating to help you learn how to use the concept to make better financial decisions and plan for your future.

"I wish I’d had this book when I began my teaching career many years ago. It is written in a practical, easy-to-understand format with multiple examples and recommendations. This book should be given to every new teacher as soon as they sign their teaching contract. While it is written specifically for teachers, I think everyone could benefit from the author’s knowledge."

Cathy D. Hicks, Induction Program Director
San Dieguito Union High School District, Encinitas, CA

"Siciliano’s gem of a book is crammed with sage financial advice on topics as far-ranging as budgets and financial goal setting, estate planning, and tips on playing the stock market. Siciliano really knows his stuff, and he writes with such calm, good-natured authority on the full range of financial topics, in a style that is so relaxed and easy going, that you can’t help but feel that you are getting top-notch financial advice from a favorite uncle. He reminds us that we need to approach financial planning the way we approach teaching: clear-eyed, armed with facts, and with our eyes on the prize."

Janet Carroll, District Principal of Human Resources
Chilliwack School District and CSD Mentor Program, BC, Canada

For instructors

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ISBN: 9781412975001
£17.99