Jae Byun has a deep passion for his role as a high school math teacher and basketball coach, and what’s even more remarkable is that he earns a six-figure income in this profession.
Interestingly, a career in education wasn’t always on his radar. During his time at the University of California, Irvine, Byun pursued a major in business economics, with the intention of eventually venturing into the financial industry. However, his perspective shifted after gaining hands-on experience through several internships in that field.
“As I was progressing through those internships and gaining valuable experiences,” Byun explains to CNBC Make It, “I began to realize that I was yearning for something different.”
In 2013, during his final year of college, Byun was presented with an opportunity to coach football at his alma mater in Orange County, California. He had been a student-athlete, participating in varsity football and basketball, and his former coaches had left a lasting impression on him. They had emphasized that teaching was a stable career option with a respectable income in their region.
While teaching might not have promised millionaire status, it offered something equally enticing: the prospect of having time and freedom. Byun recalls, “It wasn’t going to make me a millionaire, but it was going to allow me to have time and freedom. That really appealed to me.”
With this realization, he decided to make the switch to education. Now, seven years into his teaching and coaching career at the age of 31, Byun earned $114,099 during the 2021-2022 academic year. This income came from a combination of teaching during the school year, instructing summer school, and coaching during the summer in California’s Fullerton school district.
Reflecting on his career, he expresses, “I can see myself teaching for the rest of my life, if I wanted.”
Growing up in Orange County
Jae Byun’s early life journey began in South Korea, where he resided with his parents and sister until the age of 4. In 1996, his family made a life-changing move, immigrating to Fullerton, California, which became his hometown.
He fondly reminisces, “I’ve been in Orange County pretty much my whole life.” Byun’s father pursued a career as a truck driver, while his mother worked at a spa. These were the jobs they had taken on upon their arrival in the United States, and they held steadfastly to these occupations. Observing his parents’ dedication, with early mornings and long work hours, instilled in Byun a profound appreciation for hard work.
While his parents consistently provided for him and his sister, they instilled in their children a vital lesson about the value of money. Byun explains, “My parents taught me the value of money and that money doesn’t grow on trees. There’s a limited supply of it, so you have to use it wisely and direct it towards the things that genuinely matter to you.”
In the beginning, Byun’s choice to pursue a career in education didn’t sit well with his parents. They held the belief that teaching was a low-paying profession that might lead to financial struggles for their son.
Byun recalls, “They were a little disappointed at first, but they didn’t really know the rewards and the benefits that also come from teaching.”
Over time, though, his parents have warmed up to the idea. In fact, Byun currently shares a residence with them, indicating a more supportive stance on his chosen path in education.
For a period, Byun experienced independent living, residing on his own from November 2021 to March 2022. However, he eventually decided to move back in with his parents, recognizing the financial benefits and the opportunity to assist with household expenses.
He emphasizes, “We make this a team effort to pay bills and take care of each other.” As part of this collaborative approach, Byun voluntarily contributes to the family’s financial well-being. He pays his parents $800 for rent and also chips in to cover some of the utility bills.
Acknowledging the depth of his parents’ love, he reflects, “I’m sure my parents would let me live at home for free because I know that’s how deep their love is for their kids. But, for me, I wanted to reciprocate that love.”
Earning six figures as a teacher
Jae Byun’s journey to a six-figure teaching salary didn’t happen overnight; it took him approximately six years to achieve this milestone.
Following his graduation from UC Irvine in 2014, he dedicated a year and a half to earning his teaching credential from California State University, Fullerton. The cost of this program ranged between $15,000 to $20,000 at the time, and his parents generously assisted in covering this expense. Byun made a promise to repay them, and he’s proud to have fulfilled that commitment.
He reflects on the experience, saying, “It felt really good. My parents initially tried to be defensive and say, ‘We don’t need it, we don’t want it.’ I just kind of forcefully gave it to them, and I could tell that that really meant a lot to them.”
Byun embarked on his teaching career at his former high school in 2016. While teaching, he pursued a master’s degree in educational administration from Concordia University in 2018.
In his initial year, he earned $59,000, fully aware that his salary would increase gradually. Similar to most public school systems, Byun’s school district follows a structured pay scale for teachers, with public information outlining the expected earnings for each year of service.
Furthermore, it’s essential to note that Byun’s teaching salary covers the ten months when the school is in session. To supplement his income during the two summer months, he taught summer school and coached summer programs.
For the 2021-2022 school year, Byun’s base salary amounted to approximately $102,000. Additionally, he received a $4,500 coaching stipend from his school district for his work in basketball. Beyond his regular teaching and coaching commitments, he also generates extra income by working during the summer months.
His total annual income of nearly $115,000 surpasses the earnings of many teachers in the United States. On average, teachers in California make around $88,000 annually, as reported by the National Education Association, whereas teachers in Mississippi bring in approximately $48,000 each year.
Byun acknowledges, “I know some people in other states will look at this salary and be blown away. But the cost of living in Orange County is the reason why these salaries have increased so much.”
He further emphasizes that one of the driving factors behind his choice to work for his current district was the knowledge that it offers competitive compensation and prioritizes the well-being of its employees.
For Jae Byun, teaching is about much more than just earning a paycheck. His true passion lies in empowering young people, imparting essential life skills, and drawing from his own life experiences to inspire the next generation.
He passionately explains, “I really wanted to take whatever I learned and use my experiences to hopefully help someone else or help some other kid in the future.” Byun’s commitment to education goes beyond financial rewards, focusing on the profound impact he can have on the lives of his students and the opportunities he can provide for them.
How he spends his money
Here’s how Byun spent his money in August 2023.
- Retirement savings and investments: $3,156 toward his pension, Roth IRA, savings and other investment accounts
- Discretionary: $2,292 on cash withdrawals and purchasing new couches for his parents
- Housing and utilities: $978 for rent payment to his parents, as well as electricity and gas bills
- Root canal: $579
- Dining out: $564
- Personal loan: $210
- Gasoline: $200
- Subscriptions and memberships: $116 for his gym membership and Spotify subscription
- Car insurance: $80 for his car insurance. His car is paid off.
- Phone: $80 for his and his mom’s phone lines. His sister covers his dad’s phone bill.
Byun has set an ambitious goal of saving half of his monthly take-home salary, and in August, he accomplished this objective by stashing away over $3,000 for future financial security.
He explains, “I know that sounds aggressive, but living at home, I’ve wanted to really take an aggressive approach towards saving and spending.” This approach reflects his determination to make the most of his living situation and financial stability.
As of August, Byun had approximately $4,300 in a regular savings account, along with an impressive $98,000 in a high-yield savings account, which he has consistently contributed to since he began his teaching career. Furthermore, he had invested around $30,000 in a brokerage account.
In August, his spending experienced some fluctuations due to unexpected expenses. He had to cover the cost of an emergency root canal, and he decided to surprise his parents by purchasing two new couches for their birthdays, which both fall in September.
In February, Byun took out a personal loan amounting to nearly $44,000 to install solar panels for his parents’ house. This loan is structured on a 20-year payment plan, with monthly payments of approximately $210, which he covers using a portion of his teaching paycheck.
Looking ahead to ‘a third stream of income’
Looking ahead, Jae Byun has two primary financial goals. First, he aims to establish multiple streams of income to enhance his financial security. Additionally, he is deeply committed to ensuring his parents’ financial well-being in their retirement years.
He explains, “My financial goals are to try to gain a third stream of income and then also be able to provide for my parents when they retire because I know they’re a couple of years away from retirement.”
While he plans to move out of his parents’ house within the next six to 12 months, he also intends to make the most of the time he has left at home. Byun recognizes that it’s time for him to take that step, but he’s determined to maximize not only the time spent with his parents but also the opportunities to save and plan for his future while living with them.
Jae Byun aspires to use his own journey as an example to inspire more young individuals to consider teaching as a profession. He wants to convey that it is not only feasible but also rewarding to earn a substantial income while pursuing a career in education.
He passionately emphasizes, “Teaching is a great profession. We need good teachers and good coaches back in our education system.” By sharing his experiences, Byun aims to encourage and motivate others to join the teaching profession and make a positive impact on the education system, emphasizing the importance of excellent educators and mentors.
Source: cnbc.com