Determining the ROI of Going Back to School

Does it make sense to go back to school at the ripe old age of 50-something? Will one ever recoup the money spent on continuing education late in life? It’s not just about tuition. You must also consider the money you won’t be earning during the time you are in school. And don’t forget that you might be taking a significant pay cut when you return to the workforce. Do the math.

More and more people are beginning to see work as much more than a means to putting a roof overhead or food on the table. We want lifestyle careers. This is the term for work that fulfills more than our monetary needs. But I wonder if this desire to marry work and pleasure, need and want, purpose and paycheck is helping or hurting us as a  society? It is definitely wreaking havoc on my IRA.

Some people work for a paycheck and they are quite happy to just have jobs. If this is you, hats off! If you struggle to find work that you can stomach doing for longer than two years, I feel your pain. School may be the answer. Perhaps opening a business might be the challenge you are looking for. But it could also be something simpler like taking a photography class or learning the tango. You may be considering something drastic like quitting your job and moving to Minnesota to attend Chiropractic School. I know someone who did just this and she ended up with school loans larger than my mortgage. Ouch. When it comes to making mid-life career moves, think before you leap. That’s all I’m saying.

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