What do you do when you find out that in order to pursue your career goals in the way you desire would put you at a severe financial setback?
Thats what I found.
I was bored in my strategic cost management class so while in class, I made up my budget and determined that if I got a job making $45K at a firm, we would be at a $1115/mo DEFICIT during the summertime when all four kids were out of school & $85/mo deficit when the older kids were in school.
Right now, we are a $580/mo surplus (not including the extra money we pay towards the credit cards).
Learning that was sort of disappointing.
In the meantime, I'm going to do my best to remain active with the accounting field till I can afford to pursue it.
I'll be volunteering for VITA every other Saturday next year during tax season & I'm putting together to train the rest of the team as to what exactly I do for the company.
I also need to work on proposals to show my current boss what it is exactly I have been learning & show the team how accountants would analyze the deals vs the way they do it as marketers.
It'll be interesting, but I guess if I can't pursue my chosen career path based on finances - then at least I can forge ahead in my current place of employment to create my own.
I know I will have the backing of my CFO, I have all the tools I need from them & my education - I just need to come up with a plan on my own to execute all of this.
At least in other organizations your boss lays out your career plan for the organization. Here, I'm allowed to make my own - which can be liberating - but in order to do so, I have to really make sure I align myself with the company's goals. Which sometimes knowing where I can inject myself into the organization can be tricky because they already have established ways of analyzing things. In essence, I have to sell myself in a way that they can see my value too so I can get paid what I'm worth.
Career goals vs Finances
November 27th, 2009 at 01:56 pm
November 27th, 2009 at 02:34 pm 1259332483
http://trueslant.com/megancottrell/2009/11/13/dont-fall-in-the-poverty-trap-you-might-never-get-out/
November 27th, 2009 at 11:03 pm 1259363008
November 29th, 2009 at 05:55 am 1259474143
November 30th, 2009 at 03:02 am 1259550143
My ex-wife has at least $150k of student loans, and one of the major reasons why she continued on and completed her majors wasn't just the fact that she had hoped to make more money (so she can afford the monthly payment on said student loans), but that she simply could not afford to stop going to school at the time. We just couldn't....
I, on the other hand, stopped at a Bachelors, and while I've considered a masters, especially a MBA, I decided that it wasn't worth the kind of money it would cost me to get it.
Now, let me emphasize again that that's JUST ME ok? Certainly, other people can look at the same situation and come up with a different conclusion and that's perfect fine.
But it just doesn't suit me. Knowing my ex and my own financial picture right now, I would MUCH rather be who I am rather than who she is. Plus, depending on the nature of the MBA, there was a good risk that I was not going to be able to use it to make more money. I know it's crazy to think that, but I've determined that the only way I would do it is if an employer was willing to sponsor me and pay for my schooling, especially if that guaranteed a better job with said employer.
I know it's hard to believe, but there is such a thing as being "upside down" on schooling and student loans. I know. I've seen it with my own eyes.
But again, it's up to you. If you've determined that it's worth it, I say go for it. If not, there's more than one way to skin a cat.
November 30th, 2009 at 03:33 am 1259552035
I think the main reason I pushed for my master's degree was because if I had ANY hopes of being a CPA - I would need 150 credit hours to do so. I am grateful for all of the benefits I am able to receive as a military wife though. Because of grants and military programs, I'll only be $28K in debt from student loans between undergraduate AND graduate. Still yet, it certainly crosses my mind if it is all for nothing if I'm not going to leave my job in the end - but I guess I'll just take one day at a time. I can still stay involved with the accounting profession while I find my way... next spring I'm going to volunteer every other Saturday for VITA (Volunteer Income Tax Assistance)