Get an MBA or save my college fund?

Question

I am currently a senior in college. I am in a bit of a personal dilemma. I could go to business school debt free. I have a college fund that I have not had to use thanks to various academic scholarships I have received. I want to pursue that degree for two reasons. 1. I hate the field I am about to graduate in and do not want to be forced to work in that field. (I know I am a senior and realized I hate my field of study.) 2. I am just generally interested in business and like the paths it could take me. However, I would love to use my untouched college fund to start my REI career. Any nuggets of advice would help!

Sean Tagge · Answer

I considered all this as well. 5-6 years ago. I did this: Did not do an MBA I bought instead a $20k real estate education instead and started following and helping out local REI in my hometown while still working my job. I also bought a house hack duplex with BRRRR potential as well. I worked my full time job for 3 years while doing real estate on the side until I found my escape into full time REI opportunity. I think you should work a job for a while to just realize whats its like working a job and to get the good traditional financing. Then just do real estate on the side till you have enough of a nest egg or opportunity to do real estate or whatever else you like doing.

Trevor Scheiderer · Answer

@Nathan Killebrew From what I have seen, just because you have a certain degree, doesn’t mean you have to work in that field. I have seen engineers because elementary teachers, scientists become marketers, and finance professionals become restaurant owners. Nothing is impossible without the passion and energy for a goal you are pursuing. As far as I can see, it seems like you have your mind made up already. The fact that you thought of going into REI with the find means that it is very probable given what you say about your outlook on school. Get started, and worse comes to worse, at least you can go back to get an MBA with experience in REI and portray that to others that may have had different experiences to learn and grow.

Rita Medeiros · Answer

I would utilize graduate degree funds to begin amassing a real estate portfolio, look for a current job in the real estate field, utilizing your bachelors degree, such as property manager, real estate agent etc. You could begin your MBA part time or always go back later. House hacking might be a viable track. Good luck!

Greg Scott · Answer

My thoughts.1) non real estate related - Its good to get some experience before getting an MBA. The best schools want you to have some work history too. I'd suggest you work at least a couple years2) real estate related - Get enough real estate education to go buy a simple, well-performing single family rental that cashflows well, or maybe get a house hack. Use that property to pay for your MBA

Caleb Heimsoth · Answer

@Nathan Killebrew a mba with no work experience from a non-top 20 school is pretty useless. The ideal age to go to mba school is 26-32. Work some first

Alex Kamunyo · Answer

@Nathan Killebrew, how long would you be in business school for? MBA or another baccalaureate? There's definitely something to be said with having a degree (as opposed to what mos people say on here). There's a lot of value in that just based on the fact that it's something that can never be taken away from you (property, assets, etc. all can be taken away due to factors out of your control) and it will allow you to always have a plan B. A degree gives you the freedom to take those risks, especially when you're young. But first thing I would do is look at the ROI on going to business school. What would be your salary after graduating over the money you invest into it? That's looking at it strictly financially. Now when it comes to REI, I think the sooner you get started the better, I would definitely try to leverage that money into some property...specifically using the BRRRR method. That way you can pull the money out, get a cash flowing asset, then decide if you want to continue doing that, or just go get that degree!

Tom Makinen · Answer

stay in school and finish it, you can buy houses later. It’s too expensive now anywau

Jessica G. · Answer

Get a great paying job with a company that has tuition reimbursement and will pay for your MBA so you get the work experience and the MBA. Buy a house when you can (because you'll have a great paying W2) and rent out the rooms to friends. I did part 1 and WISH I had done part 2!

Peter Tverdov · Answer

What is your degree in? If you have good skills you can get a job in multiple areas if you're willing to grind hard enough. I work on Wall St and never took a math class in college. Agree with the poster above. It would be hard for me to take you seriously if you have an MBA with no business experience. You're a master of what exactly? Staying in school?