Teachers Can Earn Big Side Income Selling Classroom Materials Online
19th Apr 2017
Teaching is a rewarding profession. Most teachers have chosen this career path because they are passionate about teaching and making a difference in peoples’ lives. The downside of being a teacher is that most teachers are underpaid and are often looking for ways to generate side income.
With the growth of blogs, social media and online sales platforms, some enterprising K-12 teachers are selling lesson plans and other classroom resources online and generating steady side income. The sale of teaching materials on the Internet has surged in the past two years because of the increasing number of online marketplaces and a need for more classroom tools aligned with the Common Core State Standards initiative that was launched in 2009.
Teachers can create and sell many resources online including lesson plans, language videos, class activities, decorations, games, workbooks and other teaching materials.
Here are a few online marketplaces that sell educational resources:
Teachers Pay Teachers is a site that allows individuals to buy, sell and share teacher resources. Teachers set their own prices for 2.5 million resources and give a commission to the site.
Teachers Notebook is similar to Etsy. Non-paying members are paid 75% of the sale price and charged a 30 cent transaction fee when an item is purchased. You can upgrade to a Premium Shop and keep 85% of the sale and pay no transaction fees.
Teacher Lingo is similar to the Teachers Pay Teachers platform. The basic membership is free and educators earn 65% of each sale. With a paid membership of $49 per year, your royalty goes up to 85%.
According to a New York Times, several teachers have earned millions through their online sales income. Earning high side income raises the issue of high taxes and how to shelter the income. It’s important to find strategies to hold onto as much as one can.. A defined benefit plan may be a good solution.
One high school teacher has been developing educational resources for more than 15 years. She was inspired to share her lesson plans and teaching materials online and has earned more than $300,000 as side income on top of her teaching salary each year.
A defined benefit plan will allow this teacher to contribute almost $150,000 toward her own retirement in addition to what she is currently saving in her school’s 457 retirement plan. Her entire contribution is a deductible expense, lowering her tax bill by $55,000.