Is ther a simple on-line calculator to figure out if going back to school is worthwhile?

Question

I am not sure about going back to school. I already get paid well. I need to know if it would be worth it to back to school. I would loose income, pay for school, loose income on money I could've saved in retirement funds, etc.

Answer 1

No. There isn't. Because not only are the economic factors far from being certain, but there's a lot more than economics involved. If you're doing something you love to do and haven't been to school, unless there's something you'd rather be doing, why leave? Going to school is far more than simply improving your economic potential. It's a major change in lifestyle, and at best, a step towards doing something that you love.

As far as the money goes, on average, a person with a college degree makes about 2/3 more than a person who does not, but that's an average, and your mileage may and will vary. You can't simply plug numbers into a calculator and find out whether you'll come out in the black. As a general rule of thumb, yes, you probably will, but there are certainly no guarantees, and you can't come up with a dollar figure.

As far as monies that could have been saved and invested, any money you'd make in four years on investment income isn't really going to matter unless you've already got more than $100,000 saved. But if you've got that saved, you've already got a great job.

Answer 2

My advice is to foret the calculations--the best way to invest in yourself is to obtain as much education as possible. It will give you greater options in life, enable you to better care for yourself and your family, and pay off in so many other ways. Your earning potential will be greater if you go back to school. You have to look at education from a long term viewpoint and not just what you'd be giving up in the short term. Always--invest in yourself!