Side-hustles and Entrepreneurship pay off for Women Educators
Side hustles and entrepreneurship have become essential for women educators to achieve financial stability while pursuing their passion for teaching. This article explores the benefits and challenges women face in education, highlights specific side hustles that complement teaching skills and schedules and emphasizes the importance of strategic financial planning to maximize income and investments.
Benefits and Challenges for Women Educators
The allure of a long summer break may draw some to the teaching profession, but the reality is that many teachers fill their summer months with a side hustle or second job. While this points to the unfortunate fact that wages in education have not kept pace with similar professional career paths, many educators find financial freedom and creative fulfillment by embracing their entrepreneurial side.
Women dominate the field of education— according to recent data 77% of public school teachers are women. With a national average salary of $57,900.00 and average household expenses for a single person at $40,989.00 many women educators face financial challenges. In order to cover living expenses and make progress on financial goals such as home ownership or retirement savings, around 17% of educators work a second job. This is 30% higher than the number of non-teachers who work more than one job.
Why Side Hustles Matter
In recent years pay inadequacy, combined with heightened demands during the COVID-19 pandemic, have led to higher numbers of teachers leaving the profession. Complaints about pay, and concerns about overwork and the combined impact on overall well-being are the main reasons cited for those leaving teaching. For many though, teaching is a passion and in order to pursue it in a more sustainable way, many women educators turn to their side hustles and summer jobs— using entrepreneurship to find greater financial stability and make progress on their financial aspirations.
Since many women work outside their teaching positions, there are a few popular areas that are well-suited to professional educators:
- Tutoring/Online Teaching: An extension of their day jobs, many educators find tutoring or online teaching programs are flexible ways to leverage their experience for additional income.
- Selling Curriculum or Lesson Plan Materials: Platforms such as Teachers Pay Teachers allow educators to monetize their creativity and expertise by selling their lesson plans, teaching resources, and curriculum materials to fellow teachers worldwide.
- Freelance Writing/Self-Published Author: Teachers possess excellent writing and communication skills, making freelance writing or self-publishing an attractive option to generate additional income by sharing their knowledge and experiences.
- Content Creation for Social Media: Teacher influencers such as Ms. Rachel on platforms like YouTube and Instagram, have successfully built their personal brands, offering advice, inspiration, and teaching resources while generating income through sponsored content and partnerships.
- Creative Pursuits: Teachers with a passion for photography can explore opportunities in wedding photography, capitalizing on their availability during weekends and using artistic skills to generate extra income.
Combining Teaching Experience with Entrepreneurial Skills
Teaching provides a reliable salary, benefits, and job security, making it an ideal foundation for incorporating side hustles and entrepreneurial ventures. By blending their teaching experience with entrepreneurial skills, women in education can create opportunities that not only supplement their income but also contribute to their professional growth and personal fulfillment. At the same time, these extra pursuits and skills can help support longer-term financial goals, especially in terms of retirement planning and life-long financial stability.
Since retirement planning is often an area where women fall behind, women educators will benefit from professional guidance. It’s crucial to prioritize financial planning that includes considering both their primary career and side-hustle income. Enlisting the help of a financial professional can help maximize investments and develop long-term strategies for financial goals.
For women educators who want to make progress and make the most of their educational background and entrepreneurial skills, some starting strategies include:
- Set Clear Financial Goals: Define your short-term and long-term financial objectives, considering factors such as debt repayment, emergency funds, homeownership, and retirement.
- Create a Budget: Develop a comprehensive budget that accounts for your teaching income, side hustle earnings, and expenses. Ensure that you allocate funds towards savings and retirement contributions.
- Diversify Income Streams: Explore various side hustles and entrepreneurial opportunities to diversify your income and reduce dependence on a single source.
- Seek Professional Financial Advice: Consult a financial professional who specializes in working with educators. They can help you navigate retirement planning, investment options, and tax strategies tailored to your specific circumstances.
- Continuously Educate Yourself: Stay informed about personal finance and investment strategies. Attend workshops, read books, and follow reputable financial blogs to enhance your financial literacy and make informed decisions.
For women in education, side hustles and entrepreneurship have emerged as powerful tools for achieving financial stability and bridging the retirement gap. By leveraging their teaching expertise, creativity, and entrepreneurial skills, educators can supplement their income, enhance their overall well-being, and pursue their long-term financial goals. Through careful financial planning, diversification of income streams, and seeking professional advice, women educators can secure their financial future while continuing to make a positive impact in the classroom.