http://news.ycombinator.com/item?id=2318368 http://news.ycombinator.com/item?id=361785 http://news.ycombinator.com/item?id=1334706 http://news.ycombinator.com/item?id=1673362 http://news.ycombinator.com/item?id=470156 http://news.ycombinator.com/item?id=1631896 http://news.ycombinator.com/item?id=826772
1) The first time you teach a class, it's incredibly hard and time consuming, but the difficulty drops like a logarithm to a relatively low plateau after you've done it a few times.
2) At one point I thought about teaching high school English. Seattle Public Schools paid $36K / yr with a Masters or $30K / yr without starting, and those numbers topped at around $70K and $55K after 30 years (IIRC, Bellevue Public School teachers made something like ~10K more). That doesn't count retirement; teaching is unusual because a lot of the benefits are backloaded in the form of retirement pay. One woman in my grad program taught English for 26 years in Michigan and took an early retirement offer; I think she gets 70% of her last year's salary for life. Granted, those deals are going away because of the budget crisis, but a lot of the retirement stuff is still baked in.
3) You can multiply those numbers by 1.2 or so because teachers only have mandatory work for nine months of the year.
4) After two to three years, you effectively can't be fired because of union rules (unless you sleep with a student and get caught in a flagrant manner, don't show up, etc.). See this post: http://jseliger.com/2009/11/12/susan-engel-doesnt-get/ for lots of citations on that, as well as a lot of the information that's going into this comment. This has value. PG figured this out: "Economic statistics are misleading because they ignore the value of safe jobs. An easy job from which one can't be fired is worth money; exchanging the two is one of the commonest forms of corruption. A sinecure is, in effect, an annuity." http://paulgraham.com/ladder.html .
Note: there are major downsides to teaching. You have to like working with relatively undeveloped people (if you're teaching high school) or children (if you're teaching elementary school). In teaching, it's very hard to make substantially more money if you really want to; whether you're a good or bad teacher isn't likely to make you more money.
My big impression is that teaching isn't going to make you rich, but you're also unlikely to ever be poor. To say that "teachers make shit" isn't really true. It is to true to say that teachers have back-loaded compensation packages that tend to be high in benefits (e.g. good health care, retirement) and low in upfront salary.
My smaller impression is that most teachers I had didn't seem to work that hard after their first three - four years of teaching.