We have a choice, go broke or go into more debt in order to get out of debt. I'm not sure what the best decision would be. If my wife stays and works, we are negative. If she takes out school loans we are fine on money, but will her schooling be worth it? She will be going for a Masters in Social work. What do you think?
2007-10-25 07:16:16 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The answer is NOT what will provide bigger paychecks for you to spend but what do you and your wife want to DO with your life?
Chasing bigger paychecks will only lead to bigger taxs, bigger housing expenses, and bigger life style.
If you want to be poor, then do what poor people do, spend everything they make on a large family, pay rent, and buy personal items like cloths and new cars.
If you want to be middle class then go to school, get good grades, get the Masters degree and spend 110% of your income on liabilities. Buy a house that is too big for you, buy or lease a new car for each of you. Send your kids to private school.
If you want to be rich then you need to LEARN how to buy assets and NOT liabilities. Spend 70% of WHATEVER you make on living expenses and LEARN to INVEST 30% in things that go up in value.
If your wife WANTS to perform Social work to feel "fulfilled" then go to school to DO the work and NOT to get a "bigger paycheck".
If your goal is to provide for your family then learn; either thru schooling or thru private study; how to make money work for you and quit working for money.
Study the people who live the life you want and then copy what they did to get there. Bill Gates QUIT college before graduating. Find a "mentor" in person or thru books and don't reinvent the wheel.
2007-10-25 08:14:53 · answer #1 · answered by Jerrold J 3 · 0⤊ 0⤋
You should find out how what the salary range is for people with a masters in social work. Then look at how much it will cost to get that degree.
Social work isn't known for being a high paying job. This could be one of those situations where the salary increase simply wouldn't justify the expense, especially if you are going to really run up those student loans with your living expenses.
I know of a situation where a woman was getting nursing degrees. She took the minimum number of courses and the maximum loans to live on -- and not very frugally either. She eventually graduated and couldn't qualify for any more educational levels. She's going to have to work till she's 200 to break even on all those student loans.
2007-10-25 15:03:53 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
your wife might be able to get a government grant or a scholarship. They aren't just for recent high school grads. I think the educational oportunity will pay off in the long run. Look at your finances and decide where you can make sacrifices. So I think its worth it to have her go back to school
2007-10-25 14:25:54 · answer #3 · answered by Panda 7 · 1⤊ 0⤋
Do it. There is a shortage of social workers ll over the world. The industry is very taxing emotionally, but the compensation is good.
2007-10-25 14:27:33 · answer #4 · answered by sunshine 3 · 1⤊ 0⤋
Yes.
2007-10-25 21:55:19 · answer #5 · answered by Anonymous · 0⤊ 1⤋