A Review of The Wealthy Teacher by Danny Kofke

books

Something Bruno has been saying a lot lately is, “Boomer is not an age, but a state of mind.” A boomer is defined someone who considers measures of success, how things are going in politics by the stock market, their 401k, the gdp, etc. Frequently, he’ll say something along the lines of “boomers gonna boom” when discussing anyone who tends to fall under this category.

I joked last night that I was probably the “boomer” in our marriage. I’m the one who regularly listens to Dave Ramsey, keeps up the excel spreadsheet that charts our progress in paying our student loans, and reads all the personal finance books and websites. Bruno said he didn’t think so, because I don’t think those things are an end in themselves or the ultimate sign of the health of a society.

Anyway – I finished reading another personal finance book the other week. This one specifically written for teachers: The Wealthy Teacher: Lessons for Prospering on a School Teacher’s Salary by Danny Kofke. I thought it was just ok. I like common sense books about budgeting and money — things are fairly obvious, but I like having guidelines written down. This book is good for that, but you could probably find them anywhere else. It also contains its on “baby step” process makes a few divergences, but for the most part is essentially Dave Ramsey for teachers.

For example, he writes, “In most marriages, there is usually someone who is more of a free spirit and the other one is more of the nerd; in my case, I am the nerd.” This is straight out of Total Money Makeover, but Kofke never cites or provides his source. I think this really irked the scholar in me. Provide your citations and sources — this is basically plagiarism, dude! You’re a teacher. Do better.

One thing I thought was helpful from this book that I’m not sure the Ramsey-lit offers is the chapter on retirement. Once again we get into boomer territory. I think it is funny that we still have books that suggest that retirement is an option in the same way as it used to be, or even that it may even be desirable (especially for those of us who are not physical laborers). I don’t envision a retired future for myself playing golf, traveling, whatever. I like the idea of continuing to be productive until the inevitable happens. Most people have zero idea how to spend leisure time even when they work 40-50 hours a week. Do you know happens after retirement? You wait around and then you die.

But I digress. All the above does not mean I do not think you should be responsible and save for the future. Like I said, I’m totally guilty of being the “boomer” in our marriage. The retirement chapter is helpful if you are thinking about where to put your money, especially since most teachers will not have 401ks. It did give me plenty to think about for our plans.

Still — I’m not sure I would recommend this book. I mean it is ok. If you’ve never read a personal finance book ever, it is fine. If you are afraid being a teacher is going to lead you to a life of poverty and just want to be assured everything is going to ok, I think it has its uses in that realm too. But for the most part, it seems like ideas taken from other personal finances gurus and put together for money-interested teachers.

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