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I know people who gave up on the so-called high flying careers because they didn't want 200 or 300K in debt for student loans. While it might be fun to impress people at cocktail parties when they show off their business card, that debt they have isn't fun at all.
Who pays $200k for student loans? Isn't the average student loan debt in the US under $40k?
Who pays $200k for student loans? Isn't the average student loan debt in the US under $40k?
Probably referring to terminal degrees. Law school, med school, PhD, B-school.
~$200k sounds about right for many of these, especially if you're going to a top reputable program and not Online U that allows a candidate to put a check mark on their resume.
Of course, it can be argued that you don't necessarily need any of these to get into a 'high-flying' career. But it sure does help make you more competitive for those paths unless you stand out on some very high merits of your own. Most execs I know of have some kind of terminal degree in something like law or business. Many of them went to reputable schools, not something like UPhoenix or Devry.
I was in construction management, and was asked several times to go to Washington, D.C. for promotion with substantial pay increases. Each time I declined. It did not sound like a good place to live and work, especially with children.
I wouldn't call my career "high flying," but after 13 years of stressful private practice work as an attorney in NYC, I took a 60 percent pay cut for a public sector attorney job in the suburbs. My daughter was 2 years old at the time and 3.5 years later I am much happier, as I am home every single night to have dinner with her and have had exactly zero weekends and vacations ruined by work since leaving law firm life.
The biggest difficulty for me is we still live in the NYC suburbs and cost of living is high. We are not flashy or materialistic people, but simply cannot afford the types of summer camps and luxury vacations that many of our neighbors can. I do not regret my choice at all, but I worry about money much more than I used to.
I walked away from a senior gig in entertainment/media. After two stress-filled decades, I simply could not continue to deal with corporate life and its warfare and its drama. Have worked for myself for 12 years. My time is my own, and that is a form of wealth.
That said, worrying about minor bills and having limited security are distinct downsides. I also wonder at times if I walked away too soon (quitting at age 53). But the time seemed right and life has been much better.
How many of you gave up on a high-flying career?
Scientific, engineering, Hollywood, wall street, art, medical careers...
For example giving up on leading edge technology engineering for some more average engineering company. Or working in a famous top institution given up for a less known place.
I assume the reasons might be for moving to a lower cost of living or lower crime city, or have less stress or shorter working hours.
I'm in silicon valley (not too nice to live here), and want to move to a cheaper place with slower pace. Also my work is leading edge tech which is what I always wanted...
If you have been in a situation like that, what's your story?
Was it worth it in the long run? Any regrets?
Oh, I thought you were asking about Pilots..... I'd have been one, but something about crashing, burning and such just kind of made me think twice...
[quote=Lekrii;55040968]Saying people take out $200-$300k in student loans isn't really true (well, apart from maybe med school) is the only point i was making.
Yes, actually it is true, in fact, there are people who have even more than that in loans. And not just for med school. And no - I did not say "ALL" people owe that much in student loans.
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