Quote:
Originally Posted by NuGuy
The problem with school these days, especially as you get older, is there is practically no way to get a return on the money.
Law school, even at your local no-name diploma mill is $$$. Figure $25k a year at an absolute minimum for 3 years, and that doesn't include books, fees or any of the myriad other little items that crop up. You MIGHT be able to do better if you can get into an "in state" school situation if you're local to a state school, but you're still talking about 18k or more, just for tuition. $35k a year for 3 years is a good, workable number.
But there are no jobs. At all. An attorney friend who happens to be on his school's alumni committee reports nearly %60 under- or unemployment by their recent grads.
Med school is in orbit and takes a minimum of 7 years. Once past 38-40, there's virtually no way to amortize the cost over a normal career. It's not rocket science once you get in, but you need to really work up the volunteer hours before you try. Unless you get into a decent specialty, the ability to make a decent return on your money is zero.
PhDs are doable, and cheap. If you're not a complete idiot, and have undergrad degrees in something worthwhile (think math, the HARD sciences, or engineering), then you can get a free ride, plus a stiepend (25-30k a year, plus health). Competition has gone WAY up, though, but being a US citizen is a real plus. But it's 7 years to get that ticket, realistically, and the chances of making $100k+ a year are very, very slim.
You can do an on-line MBA, but they're a dime a dozen. Good luck getting your money out of that.
Nor should you discount the loss of wages, benefits or other "opportunity costs" while you diddle in school.
If you can get a rich spouse to cover you while in school, have a fat inheritance, or don't have family entanglements, can pay cash, or just feel like doing something else, then rock on.
Note that this applies to those over 40. If you are 25-35, the numbers change considerably.
Nu
NuGuy,
I would suggest an alternative course of action. This is what I did. Learn to invest and trade. Become a self-directed investor. Make your money work efficiently for you. It will take time, proper education and effort to become competent. It is well worth doing and not beyond any of our abilities. Don't let some other chump take care of your hard earned money. Do it yourself.
That is my plan B. I am getting pretty good at it. But, it took DAL's bankruptcy for me to get serious about it. I make consistent money in up markets, down markets and sideways markets. I don't mean to brag, that's not the purpose of this post. But, I am consistently making more each month with my investments than I am flying. I will be able to do this in retirement, too. I can't quit at this point because a lot of my money is in tax deferred accounts. I'm too young to access it.
So, empower yourself. Learn to invest. If you want some help, contact me privately and I will give you some guidance.
03-25-2023
