strongly thinkin of moving to Manoa- but taking a major pay cut (for rent)

[maybe_hawaii]

Aloha everyone,

I currently live in Colorado and make just about $90k per year. I'm single, no kids, and have 75% disposable income.

Here's the thing. Life has really sucked for me here aside from the job. I have an opportunity to move there to get a masters degree and live near Waikiki / Manoa area. I have money to pay for school and will have about $10k in savings by the time I move- so will have to find a part time job doing something.

So.... here's my question. Am I out of my mind? I've pretty well reached the point where I want a fresh start and money is not really so much of an issue. I don't, however, want to move and end up camping on the beach because I am that dirt poor.

I've found advertisements for rooms for rent at about $750 / $800 per month. When I do the math, it seems like I could get by on food and general expenses for about $600 per month. Does this sound right?

My savings would be depleted by housing over the one year period, so it seems like I would need to find a job to cover the extra $600 per month. I have a computer background and pretty open to just about any type of job- just as long as I could get by with like a 12-15 hour work week. Reason for this is that I will need quite a bit of time to study.

So.... what do ya think? Am I missing anything? Is it even worth it after what I've explained?

On the flip side, I could stay here and keep my current job and save more money and just continue disliking everything about where I am at and what I do.

I want to go there, but just don't want to make a foolish decision.

All opinions are welcomed! I would love to hear from people regardless of whether you think I am an idiot or just the opposite.

Thanks in advance!

[Brav989]

I've been looking into going to UH-Manoa myself, but for undergrad. Have you looked into student housing? On their website, it shows yearly housing (9 months, I'm guessing) as being $4232, which would come out to about $470 a month. I'm not sure if utilities and such are included, since I've never lived on campus.

UH Manoa Undergraduate Admissions: Financing Options: Tuition & Fees

Fees

Cheaper option, maybe?

[hotzcatz]

Making the salary you are now with the 75% disposable income, work for a couple years and save money like crazy, then buy a rooming house near U of H and rent out rooms to college kids while you finish school. Although, if you are making money already, I dunno if you'd really need a degree.

Still, being able to put away $65K a year is more than you'd ever be able to do in Hawaii. If it were me, I'd do it for at least a couple years to get a nest egg to work with. Then find a passion and figure out how to get folks to pay you to do it and you'll probably have enough money to fund the whole process.

[kixette]

i would do it in a heartbeat, NOW if I could !! but i really LOVE hotzcatz idea of buying a rooming house and renting out the rooms, great idea!
good luck, and go for it!

[KoaKine]

I would do it also OH!!! I am and i did take a paycut....

[maybe_hawaii]

Thanks for the feedback everyone! I've come to that same conclusion as well. I'm going to work as long as I can.... it's intriguing taking things day-by-day, but that's the best way it seems lately.

As far as buying a rooming house, I only plan on living there for a year as my study will then take me onward, so that wouldn't really be an option for me. I do think it is a fantastic idea if the situation and timing were right though.