Somebody please hit my head hard

[devank]

Why?
Because I want to do PhD! That would take away three years of investing.

Few Facts:
Age now - 39
IPs - 2 mil assets with 85% LVR and 5K negative cash flow.
We can survive on wife's full time income + little bit from tutoring at uni.

Will it improve my earning capacity? I don't think so.

Will I regret later in my life if I don't do it? Don't really know.

Has anyone gone through similar dilemma? Have you not done something similar for financial benefits?

 

[D.T.]

Dont do it.

 

[vbplease]

Will it improve my earning capacity? I don't think so.

Will I regret later in my life if I don't do it? Don't really know.

Has anyone gone through similar dilemma? Have you not done something similar for financial benefits?

I don't understand this part. You first admit it probably won't increase your earnings, then you later you think it may have financial benifits?

Why do you want to do the PhD? It must be in an area very important to you personally?

 

[Blacky]

Wow - big call.

I personally wouldn't do it. Not a phd anyway. I have several friends who are at the end of theirs and they say if they knew what they know now, they wouldn't do it.

I think unless you are older 55+ and it's your early retirement, or young and planning on doing additional research in the field, it's not worth a phd.

Do a post grad, or another degree, but not a phd.

That's my 2c

Blacky

 

[redwing]

Here you go

 

[stumpie]

give me a sledge hammer

 

[wylie]

Can you try to pinpoint why you are thinking of doing this? It seems it will not bring in more income (which is fine - there are motivators other than money), which made me think you are passionate about it, but your comment that you are not sure if you will even regret NOT doing it makes me wonder what actually is the motivation?

 

[MarkB]

Somebody Please hit my head hard, he says....

Mmmm.

Economists call that "confirmation bias".

The title suggests quite strongly that you've already made the decision to NOT do the PhD.

And then you go and ask a bunch of real estate investors....

Excommunicate me from the forum for saying this, but....

It is ok, some might say healthy even, to pursue interests in life (life is not a practice run, btw) that are done purely for intellectual or personal fulfillment and that do not make you rich.

...but your comment that you are not sure if you will even regret NOT doing it makes me wonder what actually is the motivation?

Many of the people I have known who have (successfully) done PhDs were "like a moth to a flame".

And they likely needed that sort of dedication just to get through it.

Because I want to do PhD! That would take away three years of investing.

If you finish on time.

Most PhD's don't.

 

[devank]

wow.. very quick convincing NO
I know D.T is young. Is anyone over 65 share the same view?

You first admit it probably won't increase your earnings, then you later you think it may have financial benifits?

Sorry I wasn't clear. If I choose not to do it then I would be for financial benefit.
At the age of 70, I don't want to look back and say.. "I wish I did that PhD instead of earning money".

Why do you want to do the PhD? It must be in an area very important to you personally?

I like the idea of dying with the Dr title
I guess I can blame the way I was brought up. Academic success is valued high.
My long-term employment is finishing up at the end of June. I'm planning to move into consultancy world (in data analysis/modelling). I guess this change also made me think about 'alternatives' as well as giving me enough time to slowly build up my network for consultancy work later.

I think unless you are older 55+ ... it's not worth a phd.

Do a post grad, or another degree, but not a phd.

May be could look back at 55+. I already have a degree, post grad diploma and a masters

 

[HiEquity]

It is ok, some might say healthy even, to pursue interests in life (life is not a practice run, btw) that are done purely for intellectual or personal fulfillment and that do not make you rich.

I totally agree.

devank's post is confusing because he states that he wants to do a PhD but then only lists reasons why he shouldn't.

Why do you want to do it?? Will it make you happy? Will it be truly fulfilling for you? Do you think you stand a chance of making a meaningful contribution to others this way?

A lot of people do PhDs under the illusion it will make them more money later. For some this turns out to be true but for most the time out of the workforce is not worth it. That is why they sometimes end up bitter and disillusioned.

Financially, obviously it's a bad choice in the absence of some patentable discovery that might make you rich (but would usually be owned by the uni anyway...) but life is not just about money. Can your family put up with your absence and the workload - PhDs are no walk in the park and are usually more demanding than full time work. Only you can answer whether the benefits you envisage are worth the financial (and likely family) cost...

 

[HiEquity]

I like the idea of dying with the Dr title
I guess I can blame the way I was brought up. Academic success is valued high.

I posted previously without seeing this. If that's all it's about then I would say that all you need is a punch in the face.

That's like buying Fords because your Dad was a Ford man. Pathetic IMHO.

 

[The Y-man]

Why?
Because I want to do PhD! That would take away three years of investing.

Few Facts:
Age now - 39
IPs - 2 mil assets with 85% LVR and 5K negative cash flow.
We can survive on wife's full time income + little bit from tutoring at uni.

Will it improve my earning capacity? I don't think so.

Will I regret later in my life if I don't do it? Don't really know.

Has anyone gone through similar dilemma? Have you not done something similar for financial benefits?

If you want to do it and you have a knack for it - do it.

You'll get paid more for tutoring at PhD rates (I assume you are sessional) and it can land you teaching gigs at other organisations easier than a Masters, so yes you can earn more.

The Y-man

 

[WattleIdo]

Looks to me like you do want to do the PhD - and I agree - more to life than making money - especially if you've already done quite well.

• Will your investments continue to thrive while you do something else?
• Are you willing to do the extra study just for 'pleasure'?
• Even if you never made money from the PhD - and even lived on less while studying - is it still something that interests/excites you?
• Can you all survive happily with the one salary? (you've already answered that.)
• Most important, is your partner genuinely happy for you to go ahead with it?

What's the point of investing and doing well if you can't enjoy it?

 

[wylie]

Sorry I wasn't clear. If I choose not to do it then I "it"would be for financial benefit.
At the age of 70, I don't want to look back and say.. "I wish I did that PhD instead of earning money".

Should that sentence read "If I choose not to do it then "it" would be for financial benefit?

If so, then I guess you mean that you will have three years of earning compared to three years of full time study.

I like the idea of dying with the Dr title
I guess I can blame the way I was brought up. Academic success is valued high.
My long-term employment is finishing up at the end of June. I'm planning to move into consultancy world (in data analysis/modelling). I guess this change also made me think about 'alternatives' as well as giving me enough time to slowly build up my network for consultancy work later.

I've no idea about PhDs but it sounds awfully like you might be "absent" from both work and family for three years.

The underlined bit is very interesting. Who are you doing this for? Your parents? Your friends? Your colleagues? Your opinion of your self-worth? If the underlined bits are how you truly feel, then I agree you need a good whack to the head .

May be could look back at 55+. I already have a degree, post grad diploma and a masters

It sounds like you've spent quite enough time with your head in a book.

Unless you really want to do this to change the world, or something noble, then I'd give it a big miss.

 

[Richard Feynman]

How long til you should enable to retire? Might be a great post-work project

 

[MarkB]

I'm planning to move into consultancy world (in data analysis/modelling). I guess this change also made me think about 'alternatives' as well as giving me enough time to slowly build up my network for consultancy work later.

So would your PhD be in data analysis / modelling?

Are you familiar with the term "big data"?

See - http://www.kaggle.com/

 

[allsuccess]

Personally, I wouldn't do it. I'd be happy to keep earning money and retire early than saying "I have a PHD". It will be less time spent with family etc...

Having said that, this is entirely depends on each person. One of my relatives is very studious (he is into his 60s) and he is very much into studying new things, getting qualifications. That gives him so much self satisfaction.

Anyway, all the best.

 

[Mr. Fabulous]

Devan, if you want to do it, then do it. If you're hemming and hawing about doing it now, then wait until you're in a better position financially and do it then. Especially if it isn't going to provide any advantage to you (income wise) in the present.

You're only 39, what's the rush?

Besides, are you contemplating it because you want the PhD or do you want to do it for the education? If it's for bragging rights, then do the PhD, but if it's for the education, then head down to the library. Become an autodidact, you'll join a group of seriously heavy hitters from the past who did the same.

 

[Singo]

If I am in your situation, I will do it.
People regret what they haven't done.
I would like to have a PhD than 5M asset base. Most in the forum can build such an asset base but not that many can get a PhD.
DO IT !
But if you reckon your asset base is not enough, decide whether you want to start at 39 or a few years later. You may want to build X amount of asset base before starting a PhD.

 

[MarkB]

That would take away three years of investing.

Point of order....

Unless you plan on selling all your investments, then doing a PhD doesn't take away 3 years of investing.

It takes away (if I understand your implication) 3 years of possibly purchasing.

Your IPs will still be there in 3 years time....