Author Topic: self employed now, should I get a new degree?  (Read 1932 times)

ansley

  • 5 O'Clock Shadow
  • *
  • Posts: 2
self employed now, should I get a new degree?
« on: August 17, 2013, 09:08:34 AM »
Hello all,
I am at crossroads.

I am 37, Married, Self Employed, 1 child. No debt.
I get a steady 1099 every year averaging about 43k a year (not healthcare related). After all business expenses, my income is  28k-30k a year. Do some volunteer work at the hospital in spare time.

A few years ago I started going part time to take prerequisites for Nursing (intending to get an Bachelors). All prerequisite science classes are good for 5 years.
The initial plan was to apply for Spring 2014.

I feel I maybe making a mistake though.

Pros:
Always wanted to do it
retirement/health insurance benefits (currently have health insurance through my husband)
Good pay

Cons:
The entire program will cost about 25k plus textbooks.
Car expenses: Commute to school about 55 min plus commute to whatever hospital assigned for clinical
Quality of life for next few years will diminish; anticipate stress as result of studying and keeping full time job ass well as child care expenses (kid is 7).
 
Considerations:
I am not expecting  making significantly more in the next years being self employed.
New salary will push us as married couple into the 25% bracket (anticipated start salary about 46k in my area, with experience can reach 50-60k in a few years). Currently we are in the 15%th.
I'll lose the "business expenses" such as office, mileage, restaurants etc.

Side note
Husband will retire in 15 years with a nice pension + SS + 401k

Is it worth it? Should I do it?

Self-employed-swami

  • Handlebar Stache
  • *****
  • Posts: 1094
  • Location: Canada
Re: self employed now, should I get a new degree?
« Reply #1 on: August 17, 2013, 09:24:09 AM »
How long do you want to work for, until you retire?  If it is more than 10 years, I'd go back and take nursing, but if you want to retire before that, I don't think I'd spend the 3-4 years back in school.

That's just based on a hunch, not any solid numbers though.

ansley

  • 5 O'Clock Shadow
  • *
  • Posts: 2
Re: self employed now, should I get a new degree?
« Reply #2 on: August 17, 2013, 09:40:28 AM »
When I started taking prerequisites I did not not about ER... I thought I need to work till 65.
When I crunched the numbers a few weeks back, it looks like I can get to ER (myself) in about 13 years. The problem: husband is not so thrilled about maintaining a budget that would encourage more saving :-(

Rebecca Stapler

  • Pencil Stache
  • ****
  • Posts: 907
    • Stapler Confessions
Re: self employed now, should I get a new degree?
« Reply #3 on: August 18, 2013, 09:10:14 PM »
Aside from the pros and cons, why did you decide to pursue nursing? If you don't like your job now and it'll wear on you over the next 13 years, then finding a profession you really enjoy is worth a calculated investment.

Would you still be able to ER at 13 years? (given that the salary will be higher than you're making now) I think nursing is a great profession, and you can find flexible shifts -- even if you are ready to ER but want to work a little bit because you like it, you could work per diem a few days a month, right?