Dennise Williams
Contributor
What if teaching was a very profitable career path? What if persons who want to teach took a different path to earning money that helped them meet their desired standard of living? According to our income ideas panel of experts, taking a strategic approach to the teaching profession is the way to make more money.
Dr. Carolyn Hayle of UWI explained that according to the Jamaica Teachers Association, there are three top areas that pay the most money. “If teachers considered a path where they studied their area of passion and then become certified, it would lift the teaching experience. That said, the investment in teachers college to earn at B.Sc would be between $260,000 – $350,000 inclusive of boarding and miscellaneous. And for mathematics, science and foreign language, the salary ranges start at J$1,915,000 plus allowances.
Now one of the perks of teaching is the time off in terms of holidays and working hours. And this is where the opportunity for more money comes. Venice Irving of Happy Teachers says that teachers can become certified to Teach English as a Foreign Language (TEFL) over a period of one week to 3 months. This TEFL certification then allows for work online teaching English which can bring in an additional US$10 or more per hour. So teachers can take advantage of the time difference between Jamaica and Asia or Europe to teach online and earn before hitting the classroom.
Of course, many teachers decide that teaching overseas is the answer to more money. And Irving notes that teachers who take on a two year contract in countries like Dubai earn about US$2,000 to US$4,000 per month not including housing and transportation. And attorney at law Robert Taylor adds that teachers need to be strategic to protect any assets already here in Jamaica. “Generally any substantial asset owned should be insured. However, I would undertake an assessment of assets owned that are income generating versus consumable. Income generating assets such as real estate you would want to preserve. So, if you own your own home my recommendation would be to rent either short terms, and corporate rental and Airbnb are options or longer term rental, preferably a one year lease or for the period that you will be away.” Taylor continues, “My recommendation for any one owning a car which is non-income generating is to sell the car, convert the proceeds to hard currency and find an income generating asset to place the funds, either a bond or some form of dividend paying stock.” Taylor points out that if the objective is to save to buy assets in Jamaica, one must be strategic. “While abroad, any intention to purchase real estate while absent from the market must be guided by knowledge professionals and so the first call will be to a real estate agent who can guide the process. Second, where borrowing you would want to consult a mortgage broker that can assist in identifying a mortgage provider. Third, it’s crucial to retain an Attorney with experience in real estate matters to guide the sale process.”
Private equity director, Dino Hinds adds that learning about investing is one of the most important skill sets that teachers can develop. And this, they can then teach their children. “If you truly want your money to work for you, it is not ok to just place it in a savings account. These savings accounts currently will be paying you below 1% in a lot of instances. One must look to investing in financial assets to increase the returns you get on your money.” Hinds adds, “Now all investments carry some form of risk. And therefore it is important to have a working knowledge of these instructions to understand the risk factors and to decide if they suit your appetite. Finally, you need to understand what your broker is doing with your money. This is to ensure that the investment is not one that benefits the broker more than it benefits you. You can save a lot money in fees and other charges by understanding and learning about financial investments. We should teach our kids to start investing from a very early age. The earlier you start investing the more risk you can take and also the greater the returns one stands to make.”
Now for persons who simply want to invest in the education sector rather than stand up in front of the classroom, Hinds also a licensed securities dealer, recommends two options.
“Grand Canyon Education (LOPE)is my first pick. Founded in 1949, Grand Canyon Education is the company behind Grand Canyon University, a Christian university in Prescott, Arizona that serves 82,000 students, both on site and online. Revenues grew 12% in 2016 to $873 million, while earnings grew 15% to $3.19 per share. The stock surged higher on big volume in November after the election (supplemented by a good third quarter earnings report), and has been strong since. Analysts are looking for 15% earnings growth in 2017.”
Secondly, “if you want to earn more on your US dollars than what the banks are currently paying, consider Wesleyan University . Wesleyan is among the oldest of the originally Methodist institutions of higher education in the United States. Wesleyan offer a liberal arts program rather than theological training. They offer a bond that you can purchase right here in Jamaica through your local financial institution. The minimum investment is US$1000 and it pays interest twice per year at an indicative rate of 4.60%.”
