Hi folks,
I’m hoping to learn how you would approach some decisions I’ll be making in the next year or two. There’s certainly a financial component to all this, and that’s why I’m writing here, but I’m most interested in how you smart folks approach major life decisions. This’ll be more brainstorming than anything; I’m going in circles here and would appreciate some outside impartial perspective. This’ll be long, so thanks in advance if you feel like slogging through it.
Some caveats: While I have read the blog with a lot of interest and appreciate the general tone, I don’t necessarily subscribe to all the tenets of the philosophy. Take driving, for example: My wife and I have family scattered across the state. We value the flexibility involved in driving rather than taking the train to visit, especially with a new baby. We also value spending time in the woods and at the beach, but can’t yet afford to live near either. I view some of the car expense as a means of accessing bits of the lifestyle we truly want while we work toward the real thing. That said, we drive a 2002 Civic and a new Fit, so it’s not like we’re over the top.
Anyway, this isn’t about my car or my budget at this point, really.
I’ve been working for six years now at a job which I really dislike. The people are great, but the work itself blows. I’m surprised it’s not all automated yet, and I’m convinced it will be within ten years. There are good reasons I took the job in the first place, and significant advantages to the position. (Strong public pension, very good health benefits, close to zero stress). There’s also zero room for growth. Additionally, my wife and I would like to move. Unfortunately, the job is so specialized that I’m not likely to be able to find something similar in a more desirable area. The longer I stay, the more I’m locked in.
In 2010, I looked at a bunch of different fields and decided that I want to be a physical therapist. It pays better than what I’m doing now, though not hugely. Non-financial factors played a bigger role in the decision: PT is in pretty strong demand (i.e. I’d have a chance at moving to the beach); it’s much more physically active (I’ve been a desk jockey since 16 and don’t like the effects); it provides opportunities for critical thinking and a role as an expert that’s not present in my current work; I believe it will help foster a positive outlook (most patients see improvement, something that can’t necessarily be said in something like general medical practice).
Anyway, since then I’ve been taking the necessary prereqs after work, just a class or two at a time. It’s a lot; I had no previous science training and have taken something like 70 units at five different colleges in the area as things worked with my schedule. I’ve also done the GRE, observation hours, the whole deal. So this is something I’ve been focused on and working toward for a long time now.
Admission is competitive. The program I applied to this past year received over 800 applications for 35 slots. This is for the privilege of paying north of $120K in tuition alone. (this cost is not far off the median, and the program has the advantage of being two years long; most are three). I have very strong stats and was waitlisted. This is just as well. We have a five-week-old kid to whom we’re adjusting, and there’s no way in hell I could successfully complete the work right now.
So I have some time off work because of our daughter’s birth, and some time to look up from the grind and reflect deeply for the first time in a while, and I’m thinking… $160K in loans (after living expenses) for a job that pays $75-$90K to start is nuts, right? There are ways to mitigate the cost — if I keep the loans Federal, then I can stick ‘em in income-based repayment. That figure is calculated based on AGI, which I could push pretty low by saving aggressively in tax-deferred accounts. Then after 10 years, if I work in a nonprofit clinic or hospital, the remaining balance would be forgiven. Still, that’s a lot of money and a lot of risk (what if the programs change?)
There’s also no guarantee I’ll get in next time, so if I decide to proceed on this path, I’ll need to apply more broadly. Moving out of state would present a new set of wrinkles. My wife hasn’t worked in quite a while because of some health issues, but is progressing through a degree program of her own. This is important to her (and to me), and moving could throw a wrench into that. Also, the condo we purchased in 2008 is still underwater. We can’t do a short sale because the mark on my credit would make me ineligible for Federal loans for a while, defeating the whole purpose. We could rent it out, but would likely lose a couple hundred each month once maintenance is taken into account. Not a huge deal if I’m moving for a decent job, but this would present a cash flow problem if I’m heading back into full-time student mode.
There’s also the whole part where moving away could undermine some of what we’ve been working for, and some of what prompted the change in the first place. We’d be further from family, and likely further from the beach and/or woods. Yes, it should be temporary, but our current six-year compromise has taught me that things tend to stay as you order them. I’d like to take steps in the direction of the end game wherever possible. (Though some of that endgame definitely involves more engaging work, and I'd like it to be PT).
Bah. Like I said, I’m going in circles. Where would you start picking at the knot?