#IsGoingBacktoSchoolFinanciallySmart
Are you contemplating going back to school to start over, but concerned about the financial implications? This is a common dilemma that many individuals face, especially when considering a career change or pursuing a new degree. In this article, we will explore the financial aspects of going back to school and whether it is a wise decision for you in your current situation.
###Analyzing Your Financial Situation
Before making any decisions about going back to school, it is important to assess your current financial situation. In your case, you have a net worth of $265k by the age of 30, with the majority of your assets in taxable brokerage, 401k, and IRA accounts. You also have the opportunity to use your GI Bill to pay for your education, which can alleviate the financial burden of tuition and fees.
###Impact on Retirement Plans
One of the main concerns about going back to school is the potential impact on your retirement plans. Will returning to school delay your retirement or put you at a disadvantage? While going back to school may temporarily reduce your income and affect your savings, it can also open up new career opportunities and potentially increase your earning potential in the long run.
###Exploring Career Options in STEM
Considering your background in military healthcare and your interest in pursuing a STEM degree, going back to school could be a smart move to transition into a field that you are passionate about. STEM careers are known for their high demand and competitive salaries, making it a promising choice for your future financial stability.
###Seeking Assurance and Support
It is perfectly natural to feel nervous or apprehensive about making a major life change like going back to school. Seeking assurance and support from friends, family, career counselors, or financial advisors can help alleviate your concerns and provide you with the confidence to take this step towards your future goals.
###Final Thoughts
In conclusion, going back to school to start over is not a completely stupid idea finance-wise, especially considering your unique situation and the opportunities available to you. While there may be short-term financial sacrifices involved, the long-term benefits of pursuing a STEM degree and transitioning into a new career path can outweigh any initial challenges. Ultimately, the decision to go back to school should be based on a careful evaluation of your financial goals, career aspirations, and personal interests. So go ahead, take that leap of faith, and pursue your dreams with confidence! 🎓💼🚀
There’s no question the Army has great benefits, particularly the free medical and tax free allowances.
Still, when you’re done, you’re done. This is not really a financial answer, but it wasn’t really a financial question either. Live your life however you like. Money is only part of it.
What I would give to have an opportunity to go back to school without having to worry about tuition. Have fun!
I don’t think most people would consider this changing jobs and going back to school.
This is normal for a veteran. Your service is expected to end.
You could reclass in to a different MOS; at 30 you may be close-ish to retirement and I would at least consider re-class, Warrant Officer and OCS / Green to Gold options.
Senior NCOs will probably not interact with patients as much as opposed to managing soldiers. So if that would be a plus for you keep that in mind.
Bachelor’s degree at your age is a great idea, but remember that if you stay in you can use Tuition Assistance and go to a remote school like UMGC or ASU for nearly free while working. I got my masters while in that way.
Overall using your GI Bill and getting a degree isn’t a bad idea at all, just remember to consider all your options before making the jump.
Edit: by the way congrats on your net worth, you are doing amazing for your age and are setting yourself up for success down the road. Keep up the good work!
Look into Columbia’s School of General Studies.
At my workplace, several folks have been in your exact situation and have started over. You will do very well in certain markets like Aerospace etc. In fact we prefer to hire vets!
Go back to school for an engineering degree. Mechanical/electrical/software are all great and you will have a fulfilling career ahead of you.
I’m starting over at 30. Because I want to be happy. It’s not about money for me, because I don’t want to be miserable for the rest of my life.
I completely changed my career 3 times in my 20s, then spent my 30s building experience in the career that I felt fit me best, now at 41 I’m making more money than I ever thought I would. Just an anecdote from one person but I tend to believe when people are happy, they’re more productive and thus acquire more value for themselves.
Sounds like a fantastic idea if school is being covered by the GI Bill and you want a career switch. It may delay your retirement, but if you are not feeling fulfilled or comfortable with your current career, that’s more important, IMHO.
You also may be able to work while you go to school, depending on the program.