For those that plan to attend Grad School or already are, what are/was your motive? Higher income? Status & recognition by your colleagues and friends? More opportunities afterwards?
I got a chance to read a chapter in the "The Millionaire Next Door" book (everyone should check it out!
) and in one of the section, the author(s) explain the PAW and the UAW concept. The author labels a person, the
Prodigious Accumulators of Wealth (PAW) and the other person,
Under Accumulators of Wealth (UAW - spendthrift).
A high school graduate (1st person) who started his own businesses and invested his time, energy, and money in his small & successful business and never had the opportunity to attend college and obtain a degree. While another person (2nd person) had the privilege to attend a university and also complete his MBA program. Who do you think is the PAW in this situation? Do you think the MBA student is the PAW since he is a professional student right out of college and ready to get to work in a reputable firm or could the 1st person with the thriving business be the PAW? According to the The Millionare Next Door book, the 1st person is the PAW. While the 2nd person spent many years in an expensive institution, accumulating a large debt to his existing college tuition, the 1st person was able to accumulate a large capital from the profit his business and with no tuition debt!
Well, the story goes something like that. Of course, this story or idea is not true for all cases.