I'd still encourage my child to be a teacher if that's what they want to do. I'm friends with a few teachers and we don't exactly compare our salaries, but it's rather obvious that they make more than I do as an Endangered Species Biologist, which took 5 years of schooling, maybe more for some. I'm of the opinion that people in the public sector should do that kind of work because they enjoy it and not for the money. I'm not going to pretend that I'm a big shot in line for an executive position, but I wouldn't take it if offered. If I only wanted money out of life, I would have gotten a business degree and sat in an office all day.
I'm sure I'll get another rant, but keep this fact in mind. Canadian teachers are in the 99th percentile for world earnings.