Business

Income ideas — teaching for profits

BY DENNISE WILLIAMS
Contributor

Wednesday, October 11, 2017

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What if teaching happened to be a very profitable career path? What if people who want to teach took a different path to earning money that helped them to meet their desired standard of living?

Our experts on income ideas believe that taking a strategic approach to the teaching profession is the way to make more money.

According to the Jamaica Teachers' Association, explained Dr Carolyn Hayle of the UWI, there are three top areas that pay the most money.

“If teachers considered a path where they studied their area of passion and then became certified, it would lift the teaching experience. That said, the investment in teachers' college to earn at BSc would be between $260,000 - $350,000, inclusive of boarding and miscellaneous [expenses]. And for mathematics, science and a foreign language, the salary range starts at $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 emerges.

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 three 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 some money 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 places like Dubai earn about US$2,000 to US$4,000 per month, not including housing and transportation.

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 home, my recommendation would be to rent it for the short term; 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 anyone owning a car which does not generate income 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.”

Private equity director Dino Hinds adds that learning about investing is one of the most important skill sets that teachers can develop.

“If you truly want your money to work for you, it is not enough to just place it in a savings account. These savings accounts currently will be paying you below one per cent in a lot of instances. One must look to investing in financial assets to increase the returns you get on your money.”

Now for people who simply want to invest in the education sector rather than stand up to face a classroom, Hinds, who is 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 per cent in 2016 to US$873 million, while earnings grew 15 per cent to US$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 then. Analysts are looking for 15 per cent 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 offers a liberal arts programme 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$1,000 and it pays interest twice per year at an indicative rate of 4.60 per cent.”

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