Ditching a $500,000 salary to teach lit

gary_buslik.top.jpgThen: Entrepreneur; Now: College lecturer By Josh Hyatt, contributor


(Money Magazine) -- When Gary Buslik graduated from college with a degree in English, his parents were concerned about how he'd earn a decent living. "It worried them to hear me quoting Shakespeare," he jokes.

Their fears were misplaced: Buslik went on to start an alarm company in Chicago that would eventually grow to $6 million in annual sales and earn him $500,000 a year. But he wasn't happy. "My passion was literature, not alarm systems," he says.

So when Buslik turned 50, in 1997, he sold his business (for several million bucks) in order to pursue that passion. With a recommendation from a pal who was an assistant dean, he got into the English Ph.D. program at the University of Illinois at Chicago. In return for his work as a TA, the school waived his tuition.

Buslik graduated in 2007 and now teaches there part-time while writing books on the side. He makes just $13,500 a year, but "I've never regretted my decision," he says. "I'm content to be sending Shakespeare lovers into the world."

How he did it

1. By taking the first good offer.

In putting his company up for sale, he didn't wait around for the best price. "I could've held out for more money," Buslik says, "but I wanted to get on with my plans."

2. By investing conservatively.

Expecting slim future wages, Buslik paid off his mortgage and put much of his savings in ultra-safe I bonds, which are indexed to inflation.

3. By drawing down cautiously.

A divorce cut into his nest egg, but Buslik figures his savings will last him if he's careful. "I'm not a flashy guy," he says, noting that he still drives a 1986 Mercedes.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.56%3.68%
15 yr fixed2.78%2.91%
5/1 ARM2.62%2.79%
30 yr refi3.55%3.75%
15 yr refi2.77%2.99%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 14,875.11 72.87 0.49%
Nasdaq 3,301.30 4.05 0.12%
S&P 500 1,595.56 7.83 0.49%
Treasuries 1.79 -0.02 -0.83%
Data as of 1:25pm ET
Company Price Change % Change
Microsoft Corp 28.84 -1.44 -4.74%
Bank of America Corp... 12.27 -0.05 -0.41%
Intel Corp 21.67 -0.59 -2.64%
Hewlett-Packard Co 20.76 -1.56 -6.99%
MetroPCS Communicati... 11.54 -0.02 -0.13%
Data as of 1:10pm ET

Sections

The experience of using Aereo isn't quite matched by the content it offers More

"I cannot afford to have my Social Security cut by one penny! Plain & simple." More

At least with reviewers. HTC's latest smartphone is creating incredibly positive reactions. More

As many doctors struggle to keep their practices financially sound, some are buckling under money woes and being pushed into bankruptcy. More

Not planning to sell your house anytime soon? Take advantage of the rebound in housing by putting your rising home equity to work. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.