Cooperd0g wrote:While it doesn't hurt to save more you also want to live your life. Your savings rate is pretty high already and very tax advantaged. I would worry about saving for the MBA when you know you want to go and have a definitive timeline you can create a savings plan for....
MBA Cost Over 2 years = ($180,000)
Rainier wrote:Take the vacation, but travel don't sit at a resort in Phuket the whole time.
tryintosave wrote:In my industry (consulting), it's very common to get a MBA after 2-3 years to go up to the "next level".
Projected 401k Balance at Matriculation (assuming very conservative 5% growth) = ($20k + $17.5k + $10k) * 105% = $50,000 (Liquidating over a period of 2 years. With the Lifetime Learning Credit, I could liquidate up to $30k annual income a year tax free)
Watty wrote:half the students will earn less than the average starting salary so the value of the degree is hard to figure.
Also watch out for "average" figures when the median number should be used.
tryintosave wrote:[...]Now here is my dilemma:
According to my budget, I should have around $4,000 left (due to performance bonus and upcoming mid-year raise, I'm very confident these will happen). I was planning to use the money for a vacation to the Far East this year, but a part of me is telling me to open up a Vanguard taxable account and save it for my MBA (I'm thinking to get a MBA from a top 5 school next year...). What do you guys think?
Thanks in advance.
tryintosave wrote:Thanks again for the replies. I'm convinced to take the vacation now. Will be going to Hong Kong, Japan and Singapore. I will start another thread with regards to the MBA plan. Thanks again everyone!
Dandy wrote:people need a vacation but not necessarily an expensive one. an Asia trip sounds like it will cost a lot. Then again once you start work and the rest of your life you may not get another chance. So, if it is realy, really important to you then go for it. If it is just a wish then maybe saving and banking on doing Asia later will be a better choice.
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