Being A Professor Is The Ideal Occupation For Riches And Status

Being A Professor Is The Ideal Occupation For Riches And Status

There are very few occupations that provide the ideal combination of riches and status. Being a professor is one of them.

Tenured professors are able to make six-figure incomes . Getting a PhD or a post-doctorate is the pinnacle of academic achievement. Meanwhile, most people respect professors for their positive contributions to society.

After I retired from finance in 2012, I considered getting a PhD . Given I had enough passive income, I could afford to return to school for several years. With a PhD, I would then have the option of becoming a university professor.

Teaching is something I thoroughly enjoy doing, as hopefully evidenced by my writing on Financial Samurai. I’m always curious about new concepts and theories because the world is always changing. My Quest To Become An Academic Professor

Stanford University had a Communications Department that offered a PhD program so I drove down to meet with some professors. I showed them what I was up to on Financial Samurai and they were not impressed.

But I did meet with the head of the Master’s program for Journalism who was really nice. She encouraged me to apply. But I decided not to after auditing one of their courses on starting your own WordPress site. At the time, I had been operating Financial Samurai on WordPress for almost four years. I also already have a Master’s degree in Business Administration .

Within a month time period, I realized getting a PhD and becoming a professor was not possible for me. First, you have to have taken the prerequisite courses. Second, you have to have great grades and test scores. Third, you need to have a clear idea of what problem you want to solve or research.

Even if I got my PhD in communications, it is extremely difficult to get a professor job at a major university. Only the best of the best get tenure at a top 25 university. Most remain associate or assistant professors for their entire careers.

Not one to give up on my dreams, I looked into becoming a public school teacher instead. Then I found the ultimate job of being a high school tennis coach . The job would fulfill my desire to teach a subject I was passionate about. Three Reasons Why Being A Professor Is The Best Occupation

Recently, three things happened that made me want to consider becoming a professor again. These reasons show why being a professor has the ideal blend of riches and status. 1) Professors are able to buy multi-million dollar properties

Reuters reported official property records show that Sam Bankman-Fried’s FTX, his parents, and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years.

Given real estate is my favorite asset class to build wealth , my eyes lit up once I saw the news. An eight-figure real estate portfolio is a great way to set up my family for life.

The average Stanford professor makes about $250,000. Given Sam’s parents are tenured professors in their late-60s, let’s say Joseph Bankman makes $300,000 and Barbara Fried also makes $300,000.

A combined income of $600,000 is a top 1% income . With a 20% down payment, Bankman and Fried could comfortably buy up to a $3,000,000 vacation property in the Bahamas.

But from the sound of the Reuters article, it looks like Bankman and Fried bought a vacation property worth $16.4 million in the Bahamas!

Here are some pics of a $16 million property in the Bahamas called the Hibiscus Estate Residence in Crescent Bay. I love the infinity pool on one side and the beach on the other side. Developed by Montage Hotel & Resorts Here’s a great view from one of the main bedrooms overlooking the ocean and sunset. You can grade papers in the outdoor hot tub while having a yummy beverage! Developed by Montage Hotel & Resorts Professors make more than we realize

We can conclude being a professor is a very lucrative profession. Using my income formula for buying property , Bankman and Fried would have to have made over $3.28 million to afford a $16.4 million vacation property.

Or, Sam Bankman-Fried misappropriated client funds to buy properties for his company, himself, his executives, and his parents. It is hard to say because private companies have the right to buy properties for business use.

Or maybe Sam Bankman-Fried and his executives are simply following my guide on turning funny money into real assets to remain rich . Creating a conglomerate […]

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