Ask Terry Questions Going back to school

Going back to school

By Terry Savage on February 06, 2016 | Financial Planning / Retirement


I currently work as Public Health Nutritionist, and I have the opportunity to go back to school to complete the required course to obtain the national credential “RDN”. With that credential I will be able to apply in the private sector and will start making $50,000. If I stay in the public sector I will make no more $50,000. The program will take me about 18-19 months, and I will not be able to work full time because of the schedule, but I am trying to see if I can found a part time job from my house. My monthly budget for all those months will be around $80,000. I plan to fill the Income base form, once I am working as RDN.
My question is if this is to risky for my career, since I have a mortgage, car payment, etc, and I am 37 years old?

I appreciate any advice.

Thank you!

Terry Says:  I’m going to encourage you to go for it.  You have many years ahead of you to make more money, so it’s worth getting this credential if it gives you this kind of advantage.  And 18 months from now, you’ll be glad you did.  BUT,  I’m also going to encourage you to be more creative about your budget.  Few people can afford the kind of overhead you have without much of an income for nearly two years.  Could you get a boarder, rent out a room to a college student, to cover the cost of your overhead?   Could you find a different job — maybe working in a restaurant — on weekends, one that puts more cash in your pocket?  You don’t want to get in the middle of this plan and then have to quit.  It seems you haven’t been able to save any money on your current budget.  Maybe you should postpone the program for 6 months and see how much extra you could earn on weekends, evenings so you could build up some savings in advance.

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