Paying money for education is not the worst thing in the world. However, if you can get the education for free and do this work as a hobby/volunteer in a few years that makes more sense to me.
My question for you all is:
1. Have you confronted wanting to change careers with about 3-9 years left before FIRE?
2. How would you go about calculating how the graduate degree cost would affect FIRE plans?
1. Yes.
2. (Cost of degree + lost income) x expected ROR ^ # of years. Example:
Cost of degree = $25K
Lost income via time off work and/or change in career = $75K (This part would be difficult, but maybe take the difference in wage over the period of time left at current job, 3-9 years)
$100K (25+75) x 7% ^ 10 years =
$196,715This is opportunity cost at it's most core meaning. The money spent on the degree could earn 7% for the next 10 years. The lost income could earn 7% for most of the next 10 years. The formula above is not perfect, but it gives you some idea. Then take that times the 4% SWR and you're left with an
$8K/year difference in ongoing cash flow loss.