How much is the pay rise for teachers?
I worked through the period of public sector working where pay rises didn’t really happen. I had to move jobs to make any financial progress and negotiate hard when I received job offers. Teachers pay rises are published sometime proceeding the academic year and tend to show an increase of around £2000 as you move through the Main Pay Scale and considerably less on the Leadership scale. However, the truth is, if you want to beat the minimum teachers pay rise you have to change your mindset.
Make more money doing the same job
OK, the bit where most people will give up. Find a Second Income. It’s as simple as that. When I say a Second Income I do not mean a Second Job, this isn’t about filling your time, it’s about finding ways to fill your bank account! Moving up the pay scale is essentially a given, so you have comfort in knowing you will earn more next year, but what if you could add a few hundred or thousand £££s into your account each year without doing a huge amount? Well, hopefully, you have already earned your holiday fund using my Profit Accumulator guide?
I made £400 in a week or so and continued the idiot-proof (I could do it!) guide to earning thousands of tax-free income. I am sure this sounds too good to be true, I delayed doing it for months because I genuinely thought it was a scam. Then I tried it and felt silly I hadn’t given it a go earlier. If you haven’t tried Profit Accumulator yet – read my experience and then join for FREE > www.profitaccumulator.co.uk (You will earn about £45 just for doing the FREE trial!). The great thing about this Second Income is that your income is directly linked to the amount of time you can dedicate to it. An hour on a Sunday morning can pay for your weekly shop easily. Give it a go!
Invest in your future
This option is something that everyone should already be doing, but few take advantage of. Investment! I have always had some money working away in the background through investments. A recent experience really changed my approach. I was dealing with some Share Certificates that my mum had taken charge of after the death of my Father. I agreed to help sell the shares, as the money was better placed in her bank account. Holy Moly! What a pain it was to sell them! This is the big reason investment isn’t something many of us undertake, it’s complicated! eToro is the way I got round this complexity and dived back into trading.
Simply put, you stick a few quid in (I would recommend starting with a £200 so you can build some momentum) and start purchasing stocks/shares.
You don’t even need to decide which shares to buy! You can literally copy the trades of more experienced Traders, as part of the App!
eToro is a useful way to build a nest-egg and frankly makes Savings interest rates look pitiful. Investments can go down as well as up so only invest what you can afford to lose.
I would also highly recommend reading the Side Hustle School book, it’s a good primer for thinking about ways of building more financial security through second incomes (not second jobs!!). In fact, this book and it’s accompanying Podcast inspired me to set up this Blog!
I am too scared to try these ideas – what else?
Super simple, negotiate your pay rise. Prove your worth. Make your value known. If it isn’t matched, make a plan to leave your role. But trust me, building a second income is addictive.