To master's or not to master's? That is the question. I can start a masters program in March and finish next June. It will cost me a fortune and will take me 5-6 years to make up that money. I know, negative. I also feel like it will open some doors for me in the future. I'm not really sure what to do.
Any advice from my smart friends?
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A much happier person with a much happier life!
3 comments:
Trying to figure this out mathematically....
If it will take 5-6 years to recoup, that means that your annual increased salary for having the Master's will be around 20% of the cost of the degree.
Assuming you teach another 20 years before retiring, that's 20 years times 20% for 400% more money over 20 years. Subtract out the 5 years it took to come back from negative to zero and you have 300% over 20 years for an annual return of 15%.
Assuming my math is right (which is a stretch given how tired I am) that's better than you can do in most mutual funds.
Add to that the fact that you will also retire at that higher rate and potentially enjoy that additional money for another 20 years. That's looking like a good investment.
Big question is - do you actually want to get a Master's degree?
I agree with Chris's math and with you that it opens doors to things sometimes.
I also agree with his question: Hon, do you want a Master's? What thinkest thee about that in thou heart?
Wow. Chris' math was amazing....
I was just going to comment, "do it : ) "
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