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    Office Hours: American Teacher’s Shortage, Why You Shouldn’t Have a Side Hustle, and What to Do if Your Employer Wants to Defer Your Pay

    enJanuary 10, 2024

    Podcast Summary

    • Teacher Shortages: 55,000 Vacancies and 270,000 Underqualified TeachersThe US faces a significant teacher shortage with 55,000 vacancies and 270,000 underqualified teachers. Reasons include declining enrollment in teacher prep programs and high turnover rates. Some states are addressing this with incentives, but private schools and decreasing parental engagement may also be factors.

      Teacher shortages are a pressing issue in the US, with at least 55,000 vacant positions and 270,000 underqualified teachers. The reasons for this include decreasing enrollment in teacher preparation programs and high teacher turnover rates. Some states are addressing this issue by offering free college education and increasing teacher pay. However, the wealthiest households sending their kids to private schools and decreasing parental engagement in public schools may also be contributing factors. It's unclear what the exact solution is, but it's clear that action needs to be taken to attract and retain qualified teachers in the public education sector.

    • Addressing Challenges in Engaging Students from Disadvantaged BackgroundsTo create a more equitable and effective education system, we need to increase resources and compensation for schools, attract more male teachers, make accommodations for different student behaviors, and value and support teachers.

      The education system in America, particularly public schools, faces numerous challenges in engaging and supporting students from disadvantaged backgrounds. Teachers are often asked to handle students dealing with various issues, including mental health problems, hunger, and homelessness, with limited resources and compensation. Moreover, there's a lack of male role models and teachers in schools, leading to a bias towards girls and a mismatch between desired student behaviors and those typically associated with boys. To address these issues, we need to increase compensation and resources for schools, attract more male teachers, and make accommodations for different types of student behaviors. Additionally, starting boys a year later in school could help account for the developmental differences between boys and girls. Ultimately, valuing and supporting teachers and recognizing the unique needs of students from various backgrounds are crucial steps towards creating a more equitable and effective education system.

    • Resources for Public Schools: A Continuous ChallengeThe LAUSD head calls for more funding to support after-school programs, suggesting potential sources like tax increases, closing loopholes, and taxing private schools. Employers' responses to side hustles during job applications vary.

      Resources are a significant challenge for public schools, with the LAUSD head expressing the need for more funding to support after-school programs. These programs serve as essential outlets for socialization and fun for many students. The question then arises as to where resources should be sourced from, with suggestions including tax increases, closing loopholes, and taxing those who send their children to private schools. Regarding the second question, it was advised that the decision to highlight side hustles or not when applying for roles depends on the situation. While the speaker, as a boss, might not respond positively, other employers might view such experience favorably due to the demonstrated initiative, entrepreneurial spirit, and diverse skill set.

    • Focus on one hustle for greater successFocusing on one hustle or profession can lead to greater economic security and professional success. Set a time limit on side hustles or quit your job to go all in if it grows, or dedicate all energy to your primary job for potential promotion or raise.

      Focus and dedication to one hustle or profession can lead to greater economic security and professional success. The speaker believes that having multiple hustles or side jobs can distract from the primary goal of becoming an unfair share of the market in your industry and garnering more economic currency than your peers. He suggests setting a time limit on side hustles and either quitting your current job to go all in on the side hustle if it begins to grow, or focusing all your energy on your primary job to excel and potentially earn a promotion or raise. The speaker's personal experience of economic security came from focusing on his job and being in the right place at the right time. He emphasizes the importance of hard work, productivity, and dedication to one thing to achieve professional success.

    • Mint Mobile's New Deal and NerdWallet's Financial HelpMint Mobile offers a $15/month unlimited plan with a $45 upfront fee. NerdWallet helps individuals make financially sound decisions by comparing deals on credit cards, savings accounts, etc.

      Mint Mobile offers a new customer deal with a 3-month unlimited wireless plan for $15 a month, but a $45 upfront payment is required. NerdWallet can help individuals make better financial decisions by comparing top credit cards, savings accounts, and more to maximize every dollar spent. Regarding the listener's question, it's not uncommon for young companies or those just starting, especially in real estate, to have cash flow issues. However, it's not appropriate for an employer to ask an employee to defer their salary without offering any compensation or reward for taking on that risk. Employees should consider their financial situation before agreeing to such an arrangement.

    • When asked to invest in a project, be treated like an investorEmployers should offer additional compensation or equity for deferred salaries or personal investments in projects.

      If an employer asks you to defer your salary or invest your own money into a project, they should treat you like an investor and offer you additional compensation or equity ownership. This is because you are taking on risk by investing your capital and losing the time value of money. If a company doesn't recognize this and only offers to pay you back, it may be a sign of financial instability and a lack of appreciation for the risks you are taking. Ultimately, it's a personal decision, but if you have the means to invest, you should expect more than just a promise to pay you back. Remember, you're not a bank, but an investor bringing value to the company. If they don't see it that way, it might be time to consider other opportunities.

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