There's a distinction here between the tuition for the degree certification and the actual cost. And one of the things I'm hearing you say, like in Jimmy's case, is there's a beyond the cost of the program. There's thecost of the salary I'm giving up for that time. If you could get an MBA from a top tier school, the theory in my world and where I came from is just go get it. But then like go get it! What are you nuts?
Jill Schlesinger: The Great Money Reset
Jill Schlesinger is an Emmy Award winning Business Analyst for CBS News. She appears on CBS radio and television stations nationwide covering the economy, markets, investing and anything else with a dollar sign. Jill is the host of the Jill on Money podcast and of the nationally syndicated radio show, Jill on Money, which won the 2018 and 2021 Gracie Award for Best National Talk Show.
Jill is a frequent speaker on a variety of topics, including macroeconomic, market and demographic trends; workplace issues for women and LGBT employees in financial services; and how to create authentic branding. She is the author of The Dumb Things Smart People Do With Their Money and her most recent book, The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life*.
In this conversation, Jill and I examine the decision-making process that many of us use when considering advanced degrees or certifications. We discuss some of the common missteps that people make in educational investments and identity three key steps that can help us do better. Plus, we encourage leaders to get clear on their goals and outcomes and alternative ways to fund major educational investments.
Key Points
Every situation is different. Examining your situation is more helpful than relying on an assumption that all educational investments are wise.
Identify the precise skills, knowledge, or credential you hope to gain by going back to school and how your career with benefit.
Remember that the cost of tuition does not always reflect the full cost such as lost salary or time out of the workforce.
Explore cheaper options if they still archive your overall objectives. A cheaper degree from a less prestigious university may meet 95% of the outcomes you want.
Consider how your employer may support your educational investments. Some companies will consider sponsoring some of your educational expenses if you make a formal request.
Resources Mentioned
The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life* by Jill Schlesinger
Interview Notes
Download my interview notes in PDF format (free membership required).
Related Episodes
Four Rules to Get Control of Your Money, with Jesse Mecham (episode 356)
Dumb Things Smart People Do With Money, with Jill Schlesinger (episode 396)
The Way Into Better Conversations About Wealth, with Kristin Keffeler (episode 606)
Seven Steps to Landing Professional Development Funding (MemberCast)
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