Giving money to raise teachers' salaries is how billionaire Jim Simons wants to invest in education in the fields of mathematics and basic science.

Mathematician and businessman Jim Simons - Photo: Reuters

According to Business Insider, teacher salaries in the US are currently relatively low compared to other developed countries. According to the US National Center for Education Statistics, teachers' annual income is $56,383, 1.3% lower than the income level of... 13 years ago!

Through his nonprofit Math for America, the founder of Renaissance Technology Group (worth $22 billion) is donating more money to pay for math and science teachers who deserve financial support.

“We’re going to give them an extra $15,000 a year,” explained billionaire Jim Simons, whose net worth is estimated by Forbes to be around $14 billion. “There are 800 math and science teachers in New York City public schools who are getting this. Next year it will be 1,000 teachers, and that’s about 10 percent of all math and science teachers in New York City public schools.”

Considered a phenomenon in the world of mathematics not only for his important contributions to science but also for his brilliant achievements in business, Mr. Simons had taught at Harvard University and the Massachusetts Institute of Technology when he was young.

A little-known fact is that Mr. Jim Simons was fired while working for the US National Security Agency (NSA) just because of his opposition to the US war in Vietnam in the 1960s and 1970s. He was 29 years old that year.

However, that dismissal was like a fateful arrangement for him to develop his mathematical career and enter the business world with the increasingly brilliant success of the Renaissance Group.

What's unique about Renaissance is that, despite its prominent operations on Wall Street, billionaire Jim recruits into his staff people who might be considered "out of their field" such as mathematicians, physicists, and even astronomers.

He explains his choice: “In fact, bringing science into the investment world has improved that world. It has reduced uncertainty and increased liquidity.” He has been proven right, and the Renaissance Group has become a famous business model for successfully bringing science into the marketplace.

At 77, billionaire Jim Simons is truly embarking on a new “investment” journey. He and his wife are promoting the development of mathematics across the United States through the Math for America Foundation, of which increasing salaries for good teachers is just one example.

According to billionaire Jim, he and his wife started the foundation 20 years ago with the initial idea of ​​seeing it as a suitable way to do charity. At first, they did not have a vision for the foundation. But gradually, the vision emerged and became the focus of the foundation, which is to focus on mathematics, science and basic research. Six years ago, after leaving Renaissance, he devoted all his time to taking care of this non-profit foundation.

“Instead of criticizing incompetent teachers, which can cause more trouble for morale throughout the education community, we focus on honoring good teachers and giving them a place in society” (Billionaire Jim Simon).

According to TTO