- Joined
- Mar 29, 2017
- Messages
- 93
- Reaction score
- 52
Ok, I'm going to try to be succinct here. Just know that I'm working all of this out in my head and I think writing it down is probably helpful to that end.
Brief demographics:
Age: 36
Degree: MSW
License: LCSW - fully credentialed in my state
Marital Status: Married
Job: Govt Job with VA - good pay, good benefits, below average work environment
Other: Own home, wife pregnant (I know anything can happen as that goes but we're hopeful), little to no debt to speak of, some chronic health issues that could make getting through grad school without serious and expensive complications unlikely.
My goal since prior to joining this forum was to return to school and obtain my PhD in clinical psychology to teach, research, and do some clinical work on the side. Those still sound like great things for anyone to try to achieve but recent life events have made me question some things for me personally. Setting aside the fact that I'd have to make my wife and my unborn kid travel around the country with either bad or no insurance for 6-8 years, I'm really starting to wonder if this is even financially worth it at my age.
I figured out the other day that it would take about 5-12 years after I finished my PhD to recoup my income lost over the time I'm in school. And that doesn't even include anything related to retirement lost. It also assumes a pretty steadily high salary throughout that time. I'd be about 46 when I finish school assuming I get in on my first try, which I'm planning for NEXT cycle, not this upcoming cycle. That makes me likely in my mid 50's, when I would hope I'd be slowing down, not ramping up, when I break even. And even that assumes I don't take on any debt while in school in order to live. I certainly understand that sky's the limit in the sense that if I want to work 70 hours a week doing multiple gigs after I graduate I can substantially improve my earning potential. But I can do that now. Sure, my ceiling is lower but the opportunity exists without complicating my life immensely.
At 36 and with the great research opportunity I have right now, this is really my last good shot at a clinical psych PhD. If I walk away from my current research with my mentor that's it, I'm done. I will need to move on and find a way to be okay with never achieving this goal. Clearly, this is not a good financial move. It's not a great move for my marriage and soon-to-be child. It MIGHT be a good move for me personally but even that is suspect at this point. When I break it all down I start to think this might be more about meaning making and false gratification (see chronic illness above). What would you do if you were me? Any thoughts and brutally honest opinions are welcomed.
Brief demographics:
Age: 36
Degree: MSW
License: LCSW - fully credentialed in my state
Marital Status: Married
Job: Govt Job with VA - good pay, good benefits, below average work environment
Other: Own home, wife pregnant (I know anything can happen as that goes but we're hopeful), little to no debt to speak of, some chronic health issues that could make getting through grad school without serious and expensive complications unlikely.
My goal since prior to joining this forum was to return to school and obtain my PhD in clinical psychology to teach, research, and do some clinical work on the side. Those still sound like great things for anyone to try to achieve but recent life events have made me question some things for me personally. Setting aside the fact that I'd have to make my wife and my unborn kid travel around the country with either bad or no insurance for 6-8 years, I'm really starting to wonder if this is even financially worth it at my age.
I figured out the other day that it would take about 5-12 years after I finished my PhD to recoup my income lost over the time I'm in school. And that doesn't even include anything related to retirement lost. It also assumes a pretty steadily high salary throughout that time. I'd be about 46 when I finish school assuming I get in on my first try, which I'm planning for NEXT cycle, not this upcoming cycle. That makes me likely in my mid 50's, when I would hope I'd be slowing down, not ramping up, when I break even. And even that assumes I don't take on any debt while in school in order to live. I certainly understand that sky's the limit in the sense that if I want to work 70 hours a week doing multiple gigs after I graduate I can substantially improve my earning potential. But I can do that now. Sure, my ceiling is lower but the opportunity exists without complicating my life immensely.
At 36 and with the great research opportunity I have right now, this is really my last good shot at a clinical psych PhD. If I walk away from my current research with my mentor that's it, I'm done. I will need to move on and find a way to be okay with never achieving this goal. Clearly, this is not a good financial move. It's not a great move for my marriage and soon-to-be child. It MIGHT be a good move for me personally but even that is suspect at this point. When I break it all down I start to think this might be more about meaning making and false gratification (see chronic illness above). What would you do if you were me? Any thoughts and brutally honest opinions are welcomed.