Thinking about going back to school - Miata Turbo Forum - Boost cars, acquire cats.

Welcome to Miataturbo.net   Members
 


Insert BS here A place to discuss anything you want

Reply
 
 
 
LinkBack Thread Tools Search this Thread
Old 03-24-2014, 02:11 PM   #1
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default Thinking about going back to school

I am thinking about going back for a master's degree. Somebody is offering to pay me $22k/yr plus tuition to do research, and I am trying to figure out how to swing that.

What would you do/change in your life if you suddenly had to reduce your income by 65%?
skidude is offline   Reply With Quote
Old 03-24-2014, 02:13 PM   #2
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,899
Total Cats: 1,792
Default

and will your income increase by 200% once you get the degree?
Braineack is offline   Reply With Quote
Old 03-24-2014, 02:16 PM   #3
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default

Quote:
Originally Posted by Braineack View Post
and will your income increase by 200% once you get the degree?
Increase 200% over what it is now? Probably not, but it will increase a bit AND I will be an expert in a much better field than I am in now. Right now I am a very generic "mechanical engineer" with no special skills or experience. If I do this, I will be at the cutting edge of the carbon fiber industry, doing things that are impossible right now. I assume that would make me significantly more valuable to somebody. Especially the company funding this research.
skidude is offline   Reply With Quote
Old 03-24-2014, 02:29 PM   #4
Elite Member
iTrader: (8)
 
Ryan_G's Avatar
 
Join Date: Jan 2012
Location: Tampa, Florida
Posts: 2,579
Total Cats: 155
Default

If this is something that really interests you I would find a way to make it work. You are building a useful skill and making an investment in yourself. I am not saying it will be easy or even fun but it could change your entire life.
Ryan_G is offline   Reply With Quote
Old 03-24-2014, 02:37 PM   #5
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,899
Total Cats: 1,792
Default

you suggested you make roughly 63K a year currently and it will decrease 65% to 22K.

I'm asking: Once you get your masters, will you make roughly 200% more than the 22K you'll be stuck at for the next few years (~66K)?

Basically I'm asking if you'll make money down the road with this venue and it's worth the loss of income now.
Braineack is offline   Reply With Quote
Old 03-24-2014, 02:41 PM   #6
Junior Member
iTrader: (2)
 
Join Date: Sep 2013
Location: Pittsburgh PA
Posts: 276
Total Cats: 6
Default

Who would you work for when you are done? "Cutting Edge" usually means more money, but the flip side to that is that there are fewer companies that are interested in your new skill set.
Davezorz is offline   Reply With Quote
Old 03-24-2014, 02:50 PM   #7
y8s
2 Props,3 Dildos,& 1 Cat
iTrader: (8)
 
y8s's Avatar
 
Join Date: Jun 2005
Location: Fake Virginia
Posts: 19,038
Total Cats: 407
Default

My senior project advisor is good buddies with some shoeless hippie who started a little business in Mojave called Scaled Composites.

My advisor's name is George Leone and he now teaches composites at Cal Poly SLO. I'm sure he could help you decide.
y8s is offline   Reply With Quote
Old 03-24-2014, 02:56 PM   #8
Senior Member
iTrader: (2)
 
Join Date: May 2010
Location: Beckley, WV
Posts: 868
Total Cats: 36
Default

Quote:
Originally Posted by skidude View Post
What would you do/change in your life if you suddenly had to reduce your income by 65%?
I have actually had to turn down 2 job offers that would force me to move because they are a paycut that I could not financially take without living in the projects eating ramen. The flipside, is the growth potential was much better than where I am.

So to answer your question, there is very little I could do to reduce my income by 65%.
Tekel is offline   Reply With Quote
Old 03-24-2014, 03:07 PM   #9
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default

Quote:
Originally Posted by Ryan_G View Post
If this is something that really interests you I would find a way to make it work. You are building a useful skill and making an investment in yourself. I am not saying it will be easy or even fun but it could change your entire life.
That is pretty much my train of thought. I just cannot wrap my head around the money. I have written out a budget, and $22k covers rent, insurance, my one car payment, university fees, gas, and that is about it. The girlfriend has offered to buy all the food, and probably will pay more than half of the rent, but I do not know beyond that. I am proposing to her soon, and after that we will probably have "our money" instead of "my money" and "her money" and that might make it a little easier to fathom. After that, combined would be over $60k I think.
skidude is offline   Reply With Quote
Old 03-24-2014, 03:09 PM   #10
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default

Quote:
Originally Posted by Braineack View Post
you suggested you make roughly 63K a year currently and it will decrease 65% to 22K.

I'm asking: Once you get your masters, will you make roughly 200% more than the 22K you'll be stuck at for the next few years (~66K)?

Basically I'm asking if you'll make money down the road with this venue and it's worth the loss of income now.
Oh. I rounded, but that is about right. I will absolutely make more than $66k when I am done, though I do not know exactly how much.
skidude is offline   Reply With Quote
Old 03-24-2014, 03:13 PM   #11
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default

Quote:
Originally Posted by y8s View Post
My senior project advisor is good buddies with some shoeless hippie who started a little business in Mojave called Scaled Composites.

My advisor's name is George Leone and he now teaches composites at Cal Poly SLO. I'm sure he could help you decide.
What means you? He sounds like he has relevant information to my scenario, though I'm not sure what specifically you're saying.
skidude is offline   Reply With Quote
Old 03-24-2014, 03:23 PM   #12
y8s
2 Props,3 Dildos,& 1 Cat
iTrader: (8)
 
y8s's Avatar
 
Join Date: Jun 2005
Location: Fake Virginia
Posts: 19,038
Total Cats: 407
Default

Quote:
Originally Posted by skidude View Post
What means you? He sounds like he has relevant information to my scenario, though I'm not sure what specifically you're saying.
I'm saying he's got a lot of industry-specific experience as well as technical knowledge and he's a good networking source. He worked with Burt Rutan 20some odd years ago and is now an educator.

I'd find more dudes like that to chat with about how to move into your preferred technical area before committing one way or the other.

I can see if he's available to let you bend his ear.
y8s is offline   Reply With Quote
Old 03-25-2014, 11:50 AM   #13
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default

I am pretty sure about the actual schooling part being worth it, I just don't know how to survive on such a huge pay cut. I know there are plenty of people in the world who make less than that, but I am honestly baffled and impressed that they do not starve. I made up a budget last night, and with the girlfriend paying 3/4 of the rent and all of the food, I still only have $50/mo left over after expenses.
skidude is offline   Reply With Quote
Old 03-25-2014, 12:06 PM   #14
Elite Member
iTrader: (8)
 
Ryan_G's Avatar
 
Join Date: Jan 2012
Location: Tampa, Florida
Posts: 2,579
Total Cats: 155
Default

Sometimes leveraging a manageable amount of debt is your best option. Contrary to popular belief, when handled correctly, debt is a powerful tool.
Ryan_G is offline   Reply With Quote
Old 03-25-2014, 12:18 PM   #15
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default

As true as that is, I am going to give it a shot living paycheck to paycheck first and only incur debt if I absolutely have to. Out of curiosity, what kind of debt would be best for a situation like this? Racking up credit card debt does not seem wise, and tuition is paid for so I can't imagine student loans are available (though I will be responsible for my own fees and books and stuff, so maybe).
skidude is offline   Reply With Quote
Old 03-25-2014, 03:40 PM   #16
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,899
Total Cats: 1,792
Default

Quote:
Originally Posted by Ryan_G View Post
Sometimes leveraging a manageable amount of debt is your best option. Contrary to popular belief, when handled correctly, debt is a powerful tool.
except i can sell my house for more than i "bought" it for...
Braineack is offline   Reply With Quote
Old 03-25-2014, 04:10 PM   #17
I take big bites
iTrader: (1)
 
turbofan's Avatar
 
Join Date: Sep 2010
Location: Hurricane, UT
Posts: 6,927
Total Cats: 526
Default

Student loans will still be an option as long as you're a student. Shop a rate and pick a good one. I've actually found, however, that taking out an auto loan is a lower rate than student loans. We took out a loan against our Jetta that's paid off. Problem, of course, is no deferred payments on an auto loan.

Anyway, take out some student loans to make it happen if you get in a bind. Problem solved.
turbofan is offline   Reply With Quote
Old 03-25-2014, 04:21 PM   #18
Senior Member
iTrader: (1)
 
Join Date: Sep 2008
Location: Tucson, Arizona
Posts: 889
Total Cats: 55
Default

Change your lifestyle live on 22k a month. Roll that other 40k per year into some financial plan and you probably couldn't make up that difference with your educational change.

At a really conservative ~5% you're doubling your investment every 5 years (after 5 years you'd be north of ~220k another 5 years and you're over 500 etc...). As you can see your money will start out performing your job changes even if your pay were to increase 50% or more.

Leveraging your manageable debt is not your best option when you make a substantial amount of money already. The financial loss is too great and is a considerable loss that can not be recovered. Obviously it's a difference in philosophy but that's how I operate. I've averaged more than 10% on my portfolio in the last 12 years.

I wish I could educate 18 year olds on a regular basis about saving and compound interest but I only ever get 40+ year olds and have to take bigger crappier risks when investing. Their results are nowhere near as good.

Someone making 30k a year out of high school could easily make more money then a Dr or a Lawyer by the time they retired (given all was equal). By the time they were 34 the high school graduate would have netted so much more (they now have money to grow instead of paying off debt). Anyway. Do it if you love it. From a financial stand point of pure numbers it doesn't make sense in my opinion.
krissetsfire is offline   Reply With Quote
Old 03-25-2014, 04:30 PM   #19
Senior Member
iTrader: (1)
 
Join Date: Sep 2008
Location: Tucson, Arizona
Posts: 889
Total Cats: 55
Default

On a different note some people have extreme passions and truly love what they do. I have never found that in my many jobs. I believe I've found a nice balance of my job being pretty good. It's not my dream job but i figure after 40 I can settle down and retire from normal work and work for my passions. I'm content.
krissetsfire is offline   Reply With Quote
Old 03-25-2014, 04:44 PM   #20
Hear me Meow
Thread Starter
iTrader: (3)
 
skidude's Avatar
 
Join Date: Apr 2008
Location: Outside Portland Maine
Posts: 1,994
Total Cats: 13
Default

Quote:
Originally Posted by krissetsfire View Post
On a different note some people have extreme passions and truly love what they do. I have never found that in my many jobs. I believe I've found a nice balance of my job being pretty good. It's not my dream job but i figure after 40 I can settle down and retire from normal work and work for my passions. I'm content.
That is where I am. I don't hate my job, but I am not passionate about it. I don't see any good way to get into something I am passionate about with my current education and skillset, so this masters program would put me there.
skidude is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Project Gemini - Turbo Civic on the Cheap Full_Tilt_Boogie Build Threads 59 Yesterday 09:00 PM
OTS Bilstein to motorsports ASN conversion stoves Suspension, Brakes, Drivetrain 5 04-21-2016 04:00 PM
Hey everyone another n00b here Big_gumby Meet and Greet 80 10-05-2015 05:06 PM
Going back to stock. Need some 1.6 parts. Trent WTB 2 10-01-2015 01:15 PM
Low oil pressure after 1.8 swap and new turbo setup JesseTheNoob DIY Turbo Discussion 15 09-30-2015 03:44 PM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 06:57 PM.