Why bother working hard all your life for a chance at financial freedom if you don’t have to? Instead of directing all your energy to making more, saving more, and investing wisely, it might be a better use of your time to identify where the wealthy and the potentially wealthy hang out.
Let’s say you are sick of your 30 year old Super Motivated Boyfriend (SMB) because he’s more focused on his career than you. He cocked things up in his 20s by partying too much and is now playing catch up if he ever wants to “be somebody” in today’s society. Meanwhile, here you are, a lovely 27 year old woman who just wasted the past two years of your life on this commitment-phobe. What to do?
Go to the most prestigious business school possible of course! For example, my fellow MBA classmates from Berkeley all earn six figure salaries with seven figure net worths seven years out and Berkeley isn’t even in the top 5. Their ages range from 35-40 and all of them are also married. (See: How To Make Six Figures At Almost Any Age)
CASE STUDY OF A MULTI-BAGGER RETURN FOR GETTING AN MBA
Now let’s move up the business school ranking ladder and see how some folks at Harvard Business School are doing. To no surprise, I can’t think of one who isn’t financially well off either. One fella quit his venture capital job and joined a consumer electronics startup which is now valued at over $3 billion dollars. He cashed out on more than $6 million in stock and bought a $3.5 million dollar mansion at the age of 36. Not bad!
What’s more awesome is that his wife also went to HBS where they met. She landed a below median paying job at a large corporate retailer after graduation and decided to engineer her layoff just five years later to be a stay at home mom. Why bother working for $120,000 a year when the family is worth multi-millions already? Besides, being a mom is a full-time job.
Cost for her to go to business school: $150,000 lost salary and $150,000 in tuition, room, and board for a total cost of $300,000. During this time period, she had a whole lot of fun, studied abroad, and met some wonderfully connected people.
Benefits of going to business school: Found husband, lives in $3.5 million dollar mansion, family net worth over $6 million dollars six years after graduation. Divide her family’s net worth by two to get her share of the wealth: $3 million. Her return on business school is over 10X in just six years and probably going higher.
Take a look at the bios of all the top Venture Capital, Private Equity, Money Managers, Fortune 500 CEOs and Tech Titans of the world. A disproportionate majority of them went to top business schools. Here is the Digital Team Page for Kleiner, Perkins, Caufield, Byers to illustrate my point. You don’t see many folks who went to Podunk U and didn’t get a Masters degree.
Clearly not every MBA grad is rolling in the Benjies. Some are still toiling away at startups that will probably never succeed. While others probably decided to give it all up like me and live a life of simplicity. But for the most part, I don’t know any MBA in my circle of friends who is not gainfully employed with a bullish future. As a landlord in San Francisco, I’ve seen probably 50 rental applications from prospective B-school graduate tenants who all corroborate the income chart above.
EDUCATION + FORTUNE + FUN + POTENTIAL MAN = WHAT’S NOT TO LOVE?
My friends who went to business school full-time all say the two years were some of the best in their lives. Some thought business school was one big networking party. Others found the case studies so intellectually stimulating that they wished there was a third year. While other suckers like me worked 50-60 hours a week and then attended classes and studied for another 20 hours a week for three years going part-time! I still had a blast because of the team building exercises and study abroad trip I took to Brazil.
Here are the various reasons why going to business school might be the sure fire way to love and fortune for women.
* Men want love too. Nobody ever talks about the pressures men face in society. We are taught not to cry or show any type of emotion in public because that is a sign of weakness. Men are supposed to not only be physically strong, but mentally strong as we are called upon to hunt for food at the grocery story, be the main driver on road trips, and more seriously, combat enemies overseas. Meanwhile, there is an embedded expectation that we must make enough money to provide for a potential family. We are not allowed to rely on a sugar mama to survive because we will be made fun of to no end by our male buddies.
While men are busy busting our pecs trying to get paid and promoted in this cruel world, deep down we are wondering whether we’re sacrificing our love lives for our careers. After the 100th consecutive 60+ hour work week, we wonder what the hell is the point if we don’t have someone to share our time with. Thank goodness there’s a new study from Pew Research highlighting that moms are the breadwinners of 40% of all households. Finally, men can get some sort of pressure relief. You don’t know how many of us men wouldn’t mind giving up the corporate world to stay at home, take care of the household, and work on a hobby or side business. Stay at home men of the world, UNITE!
* Business school is a second chance at life. Meet bachelor #1 who has done everything by the book since high school. He studied hard, went to a great university, found a respectable job, got paid and promoted over the next 3-6 years and just wants to do something new. Then there is bachelor #2 who messed up in high school, took six years to graduate from State, lived with his parents until they kicked him out, and never found a job that required more than a high school degree.
Both types of men go to business school to find new careers. By the age of 28 (the average first year b-school student), men become very introspective as they mature. When you are giving up two years of salary and your time, you’re going to take your future more seriously. A woman doesn’t have to deal with as much bullshit from immature men in their early 20s. Instead, a woman can find someone who has put much of their baggage behind and knows what he wants to do in life. When a man has a vision, he becomes more confident. When he’s more confident, he makes time for love.
* Business school graduates make more money. College graduates make more than high school graduates and business school graduates make more than college graduates. It’s just a fact that more education brings in more income up to a certain point. The income doesn’t address the various debt level differentials, but I can tell you that even being $200,000 in student loan debt isn’t that bad if you are going to make millions more over your career.
If women go to business school, not only will they probably make more money in their careers, they increase their chances of finding a spouse who also makes more money than the average college grad. Take two $125,000 a year business school graduates together and voila! This 30 year old couple now has a $250,000 a year household income to start. Their incomes will only continue to grow over time. Together, they can really turbo charge their wealth and easily provide for their family.
* You make more graduate level connections. Relationships rule the world. Managers from Zimbabwe will take care of other employees from Zimbabwe in your organization. Alumni of Dartmouth will give preferential treatment for hiring fellow Dartmouth graduates. Women will show preference over women. And men will show preference over men, hence “the old boys network.”
If more and more top level executives have business school degrees, then it is an inevitability that there will be continued favoritism for those with MBA degrees. MBA grads will see going to business school as a right of passage. If you don’t have one, then you’re not one of them. Once the MBA degree is saturated, like the common undergraduate degree, society will then move on to doctorate degrees. Connections make getting what you want that much easier. If you can’t find a suitable man in business school, then surely you will have friends who have single male friends who will make introductions.
* Men fear gold diggers. A lot of my single male friends who make healthy incomes drive understated cars and keep their occupations vague during social settings because they fear women liking them for their money. There is nothing better than finding someone when you are both broke college students because you know the relationship is pure.
If a MBA student can meet a fellow MBA student during school, that alleviates the fear of money being an important reason for the relationship. Women say they like men with drive all the time. You won’t find a more driven group of men than you will in business school due to the cost and time sacrifice. Men find drive in women equally as attractive. By meeting each other on an equal playing field, both sexes can do away with the fear of gold diggers unless one side is already very wealthy.
* More selection. Finding love is a numbers game. If you get your MBA there is no risk of men who have Masters or Doctorate degrees ignoring you for being “undereducated.” It may sound snobby to hear that some men won’t date down on the educational chain, but it’s true. I’ve heard from a number of MBA and medical doctors who said they’d highly prefer someone with a Masters degree. It seems like women with graduate school degrees are even pickier on the education attainment of men. On the flip side, if you don’t care about your partner’s education, you can date people up and down the educational food chain.
* The pool is screened. Only 8% of the United State’s population has a Master’s degree, putting you and your potential husband in elite company. Not all of the 4-6% (not all 8% are men) will be amazing men, but at least you know they have enough drive to take the painful GMAT and strong enough ambition to maximize their careers. The same thing goes for meeting a man who works at any of the top employers in the world who accept a small minority of people e.g. Google, McKinsey, Kravath, Kleiner Perkins, Goldman, etc.
The kicker: Men are usually broke in business school given it costs $100,000 a year in tuition alone to attend. Add on $150,000 in lost wages and your typical business school student is out $250,000 while the rest of the world gets ahead.
If you want to find a wealthy man, you’re better off finding someone who is already established rather than someone with potential. Often times men don’t live up to their potential. Imagine going to business school and ending up right back at your same dead end job with the same pay. Now imagine graduating with all those student loans and not being able to find a job.
GO TO BUSINESS SCHOOL FOR THE RIGHT REASONS
If you are a single woman who is considering going to business school, go for the connections you will make. You can learn business school material online or from your public library, so don’t have expectations for an incredible education. If finding a husband is on your mind while you’re trying to maximize your career, then let it be known that there are plenty of qualified bachelors who attend business school. The vast majority of them will make a six figure income upon graduation if they attend a Top 10-15 school.
Plenty of single men who attend business school are also looking for that special someone as well. Men just don’t have high expectations for various reasons I won’t discuss. If we can get more eligible ladies to attend the nation’s best business schools, think how many more business savvy, loving couples there will be in this world. With more households rocking multiple six figure salaries, everything from rent, to property prices, to stocks, to food, to airplane tickets, to vacations, to cars, to education will go way up, providing huge windfalls for asset owners.
If you are a woman who has the smarts to get into one of the top business schools, then you clearly have the wherewithal to make your own fortune. Who cares about finding a husband when you’ve got so much going for you? It’s all about maximizing your MBA with decades of future work. Love will probably find you when you least expect!
Refinance Your Student Loan With SoFi
SoFi is a fantastic social lending company that provides rates as low as 1.9% variable with auto pay and 3.5% fixed with auto pay. The reason why they can offer lower rates than the rest is because they analyze you based on merit, quality of employment, and education besides just a credit score and financials. There is zero origination and prepayment fees. Offer terms are from 5, 10, 15, 20 years in both fixed and variable. Both private and public student loans can be refinanced.
Besides low rates, one of their best features is their unemployment benefits. If you lose your job while repaying your loans, you don’t have to pay your loan for up to 12 months while you look for a new job! Interest will still accrue, but having this cash flow break is a huge benefit. They also provide job assistance guidance as well.
You can apply to refinance or apply for a new student loan here.
Updated for 2016 and beyond. The MBA degree is in high demand now that the economy has roared back. Tech/Internet is supplanting banking/finance as the place to be now for MBAs. Better lifestyle, and potential chance for good financial upside. I would also look into accelerator programs if you want to start a business.