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Free Ivy League Degree
I’m not talking about free courses on iTunes U or a free seminar that is open to the public (both of which I’ve utilized and are very valuable in their own right). I am talking about a FREE, walk-across-the-stage-wearing-a-cap-and-gown degree from a highly respected Ivy League institution!
My Free Master’s Degree
I am currently a quarter of the way to getting a master’s degree from one of the best schools in the country and I didn’t have to spend months completing scholarship applications or applying for government grants to do it.
Even better still, they are paying ME a generous salary as I complete my studies.
How is this possible? Did they find out that I am actually a Nobel Prize-winning fientist and decide to give me a full scholarship? No, I simply became an employee at the institution and am utilizing their employee tuition benefits.
I had hoped to someday go to graduate school but the high price tag of most master’s degree programs and the fact that additional qualifications aren’t necessary to achieve financial independence made it very unlikely that I would ever pursue an additional degree.
After moving to within ten miles of an Ivy League college, however, I decided to investigate what benefits the institution provided to its employees. Upon realizing that it’d be possible to receive a free master’s degree while working full-time, I decided to leave my corporate job so that I could pursue a post-graduate degree.
Utilize Your Final Working Years
This article is not actually about getting a free degree, however. It is about thinking about your personal goals and finding a way to use your final working years to help achieve those goals.
If you are like me, you still have a few years before you become financially independent. Rather than unhappily grinding through those last few years, think about how you could use your time working to prepare you for your post-FI years.
Are there new skills you’d like to learn that you plan on using after reaching financial independence? Why not get a new job that will help you develop those skills while also helping you towards FI by giving you a regular paycheck?
Postpone FI?
I took a pay cut when I moved to my current position so the choice to switch jobs to pursue my master’s degree actually pushed my FI date back a bit. While I obviously wasn’t happy to delay FI, the fact that I am learning and doing something I want to do, while steadily marching towards FI, is making these last few years of employment much more bearable.
How About You?
What are your plans for your final pre-FI years? Are there any changes you can make to not only make your last few years of work more enjoyable but to also set yourself up to have a more fulfilling life after financial independence?
Image: maveric2003
Nice post! Sounds like you did things the right way. Working in a field with a more lucrative field gives you flexibility to do those things.
Unfortunately, I made the mistake of going to graduate school right after my undergraduate years, which postponed FI even more than with what you’re doing. You got and will get the benefit of savings compounding over the years you worked in a professional field and the years you are pursuing your degree. My graduate stipend just barely covered all my expenses.
My advice based on experience: get training in a field that you can make decent money in first. It will give you more leverage. And then pursue the degree you want. It’s kind of a modification of the whole “pursue your passion” thing. If your passion doesn’t align with making money, you should pursue your passion second rather than hope that you’ll be able to take care of yourself and your dependents.
Nathan, great advice! There is always a lot of talk about how people should figure out what they’re passionate about and try to build a career out of that but I agree with you that it usually makes more sense to focus on your passions after you’ve already secured your financial future. It’s not really the message people want to hear but when financial independence can be achieved in 5 to 10 years, why not achieve FI and then be free do whatever you want for the rest of your life? Knowing that the sooner I reach financial independence, the sooner I can start dedicating myself to my true passions really helps me make the frugal choices necessary to reach FI as quickly as possible.
By the way, congratulations on pursuing a graduate degree. It is a lot of work so I definitely respect anyone that’s done it!
“Knowing that the sooner I reach financial independence, the sooner I can start dedicating myself to my true passions really helps me make the frugal choices necessary to reach FI as quickly as possible.”
That’s a great way to look at it. Even if you aren’t doing your passion right now, you might still be following your by setting yourself up to do it through hard work in another area and keeping a high savings rate.
Thanks!
What a great strategy!
I’ve just sent the link off to my duaghter who is in her junior year of college.