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I think there are a lot of gross misconceptions on both sides. In private industry (IT consulting), I worked 70+ hour workweeks alllllll the time, was in the office on weekends more often than not, and there was no overtime compensation there either. I worked 5 years there with a total of a 7% raise from starting to ending salary (despite getting several promotions). If I wanted to play the company jumping game and interview all over the place, I probably could have done better, but I would never have broken 6 figures without at least 10-15 years experience. Private industry isn't necessarily a place where they throw money at you for breathing (neither is teaching, of course). I'll give you that over the long term, you make a lot more money, but my first 5 years weren't this glamorous place some people have made it out to be on here!
That said, teaching isn't this glamorous "work 6 hours a day and go home stress free" career either, for the numerous reasons outlined by previous posters. I really feel like salary and job satisfaction are sort of inversely proportional. Rarely are you going to find that perfect job that makes you feel good AND pads your bank account!
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