vendredi 16 janvier 2015

Was pursuing education a (huge) financial mistake?


My girlfriend's ex-husband is my exact age and has (or had, until very recently) the exact job in the military that I planned to have before deciding to go to college. While he did not attend college, his relative financial position was already making me question my choice to pursue education. Now that he's exited to the private market I compare myself to him and feel that I've clearly made some horrible, depressing mistake.


I went to college and grad school at 2 state universities on modest scholarships/grants, earned a Bachelor's, two Master of Science degrees, and an incomplete PhD.


Here's his economic standing:



  • He owns a home and a mortgage which he started paying 4 years ago

  • He owns 2 cars

  • While he did not save much of his paychecks, since he never deferred income for school he accumulated far more possessions such as expensive wedding/engagement rings, home electronics, clothing, etc

  • Upon exiting the military the government pays him some large lump sum of $10,000 - $20,000 which gives him instant savings

  • No debt, except 50% of the maximum of his credit cards (I'm not sure what his credit limits are)

  • A new private market job paying the exact same salary as I make

  • 100% 401k matching, tuition reimbursement, and good insurance benefits from the new employer

  • GI Montgomery Bill and other military benefits that persist after quitting the military


Here's my economic standing:



  • I rent 1 room of a coworker's basement

  • I can not afford to own or rent a car

  • I deferred income for many, many years while in academia (though I earned tiny stipends as a cafeteria student worker, TA and GRA)

  • I have very few personal possessions, asides from a nice technical book collection (i.e. no major electronics, old well-worn clothing, nothing of any significant value)

  • I owe $30,000 in student loans

  • I have $15,000 in (maxed out) credit card debt from having lived off credit cards while interviewing for 3 months to find a job

  • My parents would like me to repay them $10,000 - $20,000 for their financial assistance over the years during undergrad, grad, and between jobs

  • I worked for a year between undergrad and grad school, a year between my 1st and 2nd grad schools, and 1.5 years since, but still have no savings asides from $1,000 in a 401k

  • I do not receive 401k matching or tuition reimbursement


Am I missing something or did I make a huge mistake by going to school instead of joining the military after high school?





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