Eventually, I want to be part of upper management. For which, I need an MBA from a tier 1 university.. currently, I am a lead dev. I am not able to priortize between buying myself a house or save for the MBA. I am planning to enroll in programs next year.. could use some prespective here TC - 150k #buyinghouse #MBA
MBA is useless.
MBA has inherent value if you go to a T1 university. You need to put effort into connecting with your colleagues that can help you jump careers multiple times throughout your career. Then you will get more value than you spent. I personally have increased my income drastically by going to the MBA program to nearly double in one year with potential to triple. Also live in a state income tax free state now so I pull more and save/invest more. Everyone's experience will differ slightly but don't go if you don't intend to be social, connect with people in better positions, and put the effort in to gaining the right skills during your time there.
I agree with you. Is it worth taking a student loan for MBA while owning a house.. or renting while perusing the MBA ?
That all depends on a lot of other factors... I think interest rates are ridiculous for graduate school, I refinanced my car at 1.79% and was able to fund my MBA with my income, car loan, a fellowship, and company contribution (dropped a 120k cost program to around 80k over 2 years which I supported with my income). If it were me: your income is 150k, I would ask a full loan to buy the house and pay off school with your income instead, supplementing with any other loan type other than graduate school loans. They are around 7.7% (yikes). Also, renting has no inherent value so I would probably stay away from it unless your rental costs are very low.
Where are you located? 150k TC is plenty in a lot of areas. Also, I've not heard that you need a tier 1 MBA for promotions internally. Unless you are looking to go somewhere else.
Looking for a career switch.. internal promotion will take forever..
Located in NJ