Hi there mustachians,
I'm wondering if anyone has any experience going back to school to increase their salary. I'm 25, married, and earning a decent salary (42k). My wife also works full time earning 40k. Right now, we're able to save about 40% of our income, which should allow us to hit our SWR at about 40-42. That number should go down as our salaries increase w/ our experience.
However, my current job cover 75% of tuition for graduate classes at the local university (U of MN). I could keep working full time, and do a part time MBA program and graduate in 3-5 years. This would probably cost me Around $25k, including books, online fees, etc.
So, obviously doing this will increase my salary, but will it be substantial enough to offset the costs and opportunity cost of adding that 25k to the 'stache? It's impossible to calculate this exactly as I can't say for sure what my future salary will be with or without the MBA. The longer I work, the more it would pay off, but if I'm hoping to retire at 37-38 anyways, I'm only getting 7-8 years of higher earning potential.
Has anyone here been faced with a similar decision? Am I overlooking some obvious factor?
Thanks all