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Financial Freedom => Financial Advice From The Community / Reader Profiles => Topic started by: iceman831 on September 16, 2018, 01:43:52 PM

Title: Where should I keep my MBA savings for the next couple years?
Post by: iceman831 on September 16, 2018, 01:43:52 PM
I'll be pursuing my MBA in 5 years and wanted to find out if the community suggests accumulating my savings the next 5 years into a high interest savings account/CD or in a total stock market index fund?
Title: Re: Where should I keep my MBA savings for the next couple years?
Post by: Sam on September 16, 2018, 04:17:06 PM
Quote from: iceman831 on September 16, 2018, 01:43:52 PM
I'll be pursuing my MBA in 5 years and wanted to find out if the community suggests accumulating my savings the next 5 years into a high interest savings account/CD or in a total stock market index fund?

Have you considered getting your MBA part time through your employer or at least so you can deduct the expenses? Five years old is a long time. How old are you now?
Title: Re: Where should I keep my MBA savings for the next couple years?
Post by: iceman831 on September 16, 2018, 04:50:41 PM
Sam, thanks for your response. I'm 23 right now and plan to do my MBA at 28. I have considered a PT MBA but will finalize my decision in a few years depending how my career pans out these next couple years. Regardless of PT or FT, I want to save some money (after maxing my 401k contribution) these next couple years to put towards my MBA.
Title: Re: Where should I keep my MBA savings for the next couple years?
Post by: Hayden on September 16, 2018, 09:23:15 PM
I would absolutely look into maybe having your employer sponsor some if not all of the bill. There is no harm in pushing for that. I also think that you should look for outside scholarship if possible to help fund the MBA instead of taking away from your cash flow. If not, a money market and maybe a portion in a low cost index will do the trick for saving. However, I think that you might find a better return if you can find funding elsewhere than your hard earned income.
Title: Re: Where should I keep my MBA savings for the next couple years?
Post by: Sam on September 16, 2018, 10:39:03 PM
Quote from: iceman831 on September 16, 2018, 04:50:41 PM
Sam, thanks for your response. I'm 23 right now and plan to do my MBA at 28. I have considered a PT MBA but will finalize my decision in a few years depending how my career pans out these next couple years. Regardless of PT or FT, I want to save some money (after maxing my 401k contribution) these next couple years to put towards my MBA.

Good on you for thinking so far ahead!

If you don't get into a top 10 MBA program, I STRONGLY suggest you go part-time and find an employer who subsidizes the cost. IT's going to be a grind for 3 years, but it will be worth it without skipping an income or promotion beat.