Author Topic: Further my education?  (Read 234 times)

Murse

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Further my education?
« on: November 14, 2017, 08:37:10 AM »
I have asked this question before but have better salary information than before. I am currently an RN with an associates degree. I am contemplating if I should continue my education to get my NP. I would have to get my bachelors then masters degree. The bachelors would run about 20kish, the masters would run 60kish. It would take 3-4 years to complete.

My salary is 80k, I will max out at about 90k in 2 years plus differentials/OT/holiday pay. As a NP I would start at around 120kish, max out at about 160kish. Over a 5-9 year period.

The benefits-
I would have a consistent schedule
I would likely be able to negotiate 4 tens, currently work 8s
Holidays off
I would work much more independently (my lazy colleagues drive me crazy.)
And the pay of course
I am currently on call meaning I can work as little as I like and keep my job. (I need 80 hours a month for bennies.)
Eventually be able to work part time for the salary Iíll make at full time now

Cons
I am not a fan of school, however lately I have found myself daydreaming about going back.
80k in tuition costs
1 program in the state, good reputation but it limits my options, also there is no guarantee after I spend the 20k that I would get into the program (GPA after my nursing program is 3.0ish)
I would work less, likely earning at least 200k less for the next 3-4 years.
On call at all times for emergencies only.

Other important info-
I am married, no children. Currently 25 years old. Wife brings in 55kish annually. Currently spending 30k annually but expect to need 40-50k in the future when we purchase/have kids. Current net worth 120k with 35k in a brokerage account.

I donít know if or when I will stop working. The biggest unknown for me is healthcare. I am currently mapping out that I wonít be FI until 33ish (my wife will likely stop working when we begin to have children at 30ish years old.) I have not yet decided if I want to keep working until I hit FI or if I will likely work part time forever to maintain healthcare.

Also My boss at some point will leave, her position can pay up to around 120k but then I would have to manage (difficult) people and I donít know how I would feel about that but it is another option.
« Last Edit: November 14, 2017, 09:05:35 AM by Murse »

purple monkey

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Re: Further my education?
« Reply #1 on: November 14, 2017, 09:36:09 AM »
I have asked this question before but have better salary information than before. I am currently an RN with an associates degree. I am contemplating if I should continue my education to get my NP. I would have to get my bachelors then masters degree. The bachelors would run about 20kish, the masters would run 60kish. It would take 3-4 years to complete.

My salary is 80k, I will max out at about 90k in 2 years plus differentials/OT/holiday pay. As a NP I would start at around 120kish, max out at about 160kish. Over a 5-9 year period.

The benefits-
I would have a consistent schedule
I would likely be able to negotiate 4 tens, currently work 8s
Holidays off
I would work much more independently (my lazy colleagues drive me crazy.)
And the pay of course
I am currently on call meaning I can work as little as I like and keep my job. (I need 80 hours a month for bennies.)
Eventually be able to work part time for the salary Iíll make at full time now

Cons
I am not a fan of school, however lately I have found myself daydreaming about going back.
80k in tuition costs
1 program in the state, good reputation but it limits my options, also there is no guarantee after I spend the 20k that I would get into the program (GPA after my nursing program is 3.0ish)
I would work less, likely earning at least 200k less for the next 3-4 years.
On call at all times for emergencies only.

Other important info-
I am married, no children. Currently 25 years old. Wife brings in 55kish annually. Currently spending 30k annually but expect to need 40-50k in the future when we purchase/have kids. Current net worth 120k with 35k in a brokerage account.

I donít know if or when I will stop working. The biggest unknown for me is healthcare. I am currently mapping out that I wonít be FI until 33ish (my wife will likely stop working when we begin to have children at 30ish years old.) I have not yet decided if I want to keep working until I hit FI or if I will likely work part time forever to maintain healthcare.

Also My boss at some point will leave, her position can pay up to around 120k but then I would have to manage (difficult) people and I donít know how I would feel about that but it is another option.

Yes, you now have an Associates Degree and the time is also a factor.

Yes, getting more education in Nursing is always good.

Being a male will get you in programs, due to the gender bias that is helpful to you in this situation.

If you move to progressive states, you can write your own ticket and have LOADS of flexibility.

Good luck with your decision.

Crease

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Re: Further my education?
« Reply #2 on: November 14, 2017, 09:40:11 AM »
One thing I'll add to the list of mathematical considerations is--if you'll be going to school full-time--lost earnings. You'd be foregoing $80 - 90,000 a year for the next three to four years, and that's on top of the cost of tuition and cost of living loans.
« Last Edit: November 14, 2017, 09:42:18 AM by Crease »

wordnerd

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Re: Further my education?
« Reply #3 on: November 14, 2017, 09:52:14 AM »
One thing I'll add to the list of mathematical considerations is--if you'll be going to school full-time--lost earnings. You'd be foregoing $80 - 90,000 a year for the next three to four years, and that's on top of the cost of tuition and cost of living loans.

I think he will continue to work part-time. He calculated the opportunity cost in the OP as $200K for the 3-4 years.

Between that and the tuition, the total cost of attendance is $280K. If you average making $30K-$50K more per year, it would take about 5-10 years to make it back (not accounting for the lost time of put your savings in the market now, rather than in 3-4 years). And, it sounds like you want to FIRE in roughly the next 10 years.

I think this a bit of personal call about how much you would enjoy the increased flexibility and responsibility and the time in school. You make a great salary already, so I think you could go either way depending on your preferences.

Crease

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Re: Further my education?
« Reply #4 on: November 14, 2017, 10:06:35 AM »
One thing I'll add to the list of mathematical considerations is--if you'll be going to school full-time--lost earnings. You'd be foregoing $80 - 90,000 a year for the next three to four years, and that's on top of the cost of tuition and cost of living loans.

I think he will continue to work part-time. He calculated the opportunity cost in the OP as $200K for the 3-4 years.

Oh yes. In my rush to help I didn't see that :)

FINate

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Re: Further my education?
« Reply #5 on: November 14, 2017, 10:19:52 AM »
I'm not an "all college is worth it" type of person. When I first saw this subject line my reaction was "here we go, another middle age person wanting to wreck their finances to indulge a career change fantasy." But, after reading your details I think it potentially makes sense for you.

You're young, lots of career ahead of you, so the pay differential has enormous potential.

No kids. This is a big one, frees you up to focus on your education.

Your finances are healthy with positive NW and some savings.

Let's take your max pay at current degree ($90k) and then, to be conservative, assume the low end for NP ($120k). Tuition and opportunity cost (what you forego in earnings to get the degree) come to $280k. So the $30k pay differential will pay for the cost of the degree in about 9 years, less if/as NP pay increases  (as little as 4 years at top pay).

So lots of factors in your favor, but does it make sense for you? It depends. You're 25, so if you go back to school for say 4 years then you will finish at 29, then you need to work ~9ish years before the degree pays off, so it probably pushes your FI date back a bit. I think the big question here is when do you plan or hope to FIRE? If you plan to work to, say, 40 or later then I think NP is a slamdunk. If you plan on FIRE earlier then I think it's much more iffy.

More importantly, you need to be brutally honest with yourself about the work and sacrifice involved. I have a BS Comp Sci and MS Engineering and MBA - I can't tell you how many people I encountered who assumed they could just coast through, as if showing up to class and doing a little homework would be sufficient. We all have a tendency to think we're above average and special, but these types of programs have a way of disabusing people of such nonsense. Programs like the one you're considering are designed to weed out the folks who don't put in the required effort. You should expect to have no real social life for the next 4 years, and your wife should understand and be okay with this as well. Your life will be completely booked and frantic, especially if you continue working part time: Wake up early, study, work, homework, class, study more, class, study more, more homework, late bedtime. Lather, rinse repeat...for 4 years. If you can, take summer session classes -- no point in wasting those months. You need to be willing to spend all day on the weekends studying, doing homework, preparing for tests. Your attitude should that you're on a singular mission to get through as strongly and as quickly as possible. So you need to ask yourself if you're willing to put yourself through the wringer.


kimmarg

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Re: Further my education?
« Reply #6 on: November 14, 2017, 11:37:25 AM »
You stated you needed a Bachelors degree and then a Masters for NP. My husband just went through a 3 year direct-to-NP program. So the first year was an accelerated Bachelors covering the nursing requirements and then the 2 year NP. The program he was in required a bachelors in another field but there are other accelerated NP programs, so consider that.   

Also listen to FINate the program was brutal with about 35 hours of class/clinical a week and at least that much in homework. Definitly not a coast through thing.

Murse

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Re: Further my education?
« Reply #7 on: November 14, 2017, 01:18:42 PM »
You stated you needed a Bachelors degree and then a Masters for NP. My husband just went through a 3 year direct-to-NP program. So the first year was an accelerated Bachelors covering the nursing requirements and then the 2 year NP. The program he was in required a bachelors in another field but there are other accelerated NP programs, so consider that.   

Also listen to FINate the program was brutal with about 35 hours of class/clinical a week and at least that much in homework. Definitly not a coast through thing.

I do not have a bachelors and these programs are for people who are not yet RNís. I understand the difficulty of these programs, my associates was quite challenging (resulting in a lowish GPA.) my concern is much more about getting into the program rather than getting through it (if I decide to go this route.) I understand the financial impacts, I guess I just canít make up my mind. It really depends on how long I think I would be working anyways.