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So I have been thinking about doing two different things:

1) Get my Masters degree in International Construction Management (MICM) from the University of Florida. I see the masters degree coming in handy if I want to continue working for “the man”, whereby it would certify me capable for larger positions in a company. I am relatively young, 35, and find myself routinely hitting the maximum end of my pay scale. I also find that HR discounts some of my experience. Having a Masters Degree would bring an increased level of credibility. I can do the MICM remotely from anywhere in the world. I could start taking classes as early as this summer while still working in Kuwait. I could even keep doing it if I got called back to Afghanistan. The 11 courses required to complete the program will cost about $29k. My company would reimburse 3k per year; if I timed it right I could complete the program in 24 months, yet be reimbursed 9k.

2) Start my own business, more than likely renting apartments, or leasing commercial property. I see starting my own business as freedom. While my bosses have encouraged me to get into consulting, I am not so sure how to sustaining such a business. Honestly I see myself building a couple million dollars worth of apartment complexes and then managing them. Compared to what I have been doing this idea seems easy, borderline retirement. I could stand the business up, then possibly hand the reigns over to my wife if I did not find it challenging enough, and go back to work grinding it out like everyone else, or start another business. Unlike the masters degree, I can’t start this idea until I come home for good.

The problem is that I don’t think idea #1 will benefit idea #2. Would getting the masters degree now be a waste if I Ultimately decide to start my own business? What are your thoughts?

If you ever do start and run your own business, a degree won't be of any value whatsoever. I'm not entirely sold on most degrees now being of much use, aside from getting you past the paper screeners in any application process.

The student loan bubble is showing signs of starting to pop and deflate. If that happens, there will be much fewer people getting degrees, and an advanced degree, especially is something concrete, will be more valuable. In the meantime, the costs of getting that degree are incredibly inflated and almost certainly not worth it. If the student loan bubble pops, suddenly every institution in the country is going to be in financial trouble, and will be very excited to have someone like yourself be willing to get a degree and be able to pay for it.

If it were me, I'd wait and see, and maximize your opportunities now. Under no circumstances would I take on any loans to do schooling at this point. If you can't pay for it out of your current budget, it isn't worth it. Things are very shaky and uncertain with a lot of student loans, and they cannot be discharged in any kind of bankruptcy proceeding. Failure to pay them, for any reason, results in the government just simply taking everything you have and ever had upon your death, as failure to pay just results in more and more fines, fees, and compounding interest. Also, right now the only place you can get a student loan from in the U.S. is the Federal Gov't, and they are charging you a higher interest rate than what it is costing them to get the loans to cover it from China.

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First the disclaimer: What I'm about to say is my opinion based on the sum of my experience, which, in the grand scheme of things, doesn't amount to much! I only know of working life in the UK so you need to take what I say in that context and consider it in with your own situation.

That said, here is what I have to say: I have a Masters Degree in Aerospace Engineering and while I am fortunate enough to be doing a job that actually makes use of the knowledge I gained from my degree, I sacrificed the potential to earn a substantially larger salary, that I would have gained in a management position, in order to do so (I should note here that my job philosophy is epitomised by the proverb: do a job you enjoy and you will never have to work a day in your life). Had I done a management job, and most graduates are pushed in that direction, other than getting me on to the first rung of the ladder, my degree would have been worthless. Most employers are more interested in experience.

So, you need to look at your motivations for doing a degree. If it's just for the certificate to get that tick in the box, don't bother. If your skills are as valued as your various other posts have suggested, you don't need it. If people are suggesting you get into consultancy, you really don't need it! If, however, you want to do a degree to actually learn stuff then you need to ask yourself whether it is value for money. My thought would be that you're better off doing short courses but you need to investigate that yourself.

With the small business idea, you probably have more experience than I do but even so I shall offer my opinions. If the state of the economy and property market in the US is anything like the UK, I would say: not yet. You need a lot of capital to start a business and it's going to be very hard to raise it in the current economic climate. Even if you do have the capital, you'll have to wait for the markets to pick up before your business starts to make money. When you are in business, particularly if in property, make sure you have enough capital to ride out the next crash when it happens (and it will happen!) or you'll lose your business quickly. Finally, while owning a business gives you freedom, being employed by someone else (generally speaking) gives you security.

I hope that helps (although given I've basically suggested don't do either, probably not!).

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If you have hit a ceiling on promotion/salary because of a lack of the degree I think there is a valid reason to pursue one. Look at how long you plan to be in the field, your expected salary compared to the loan. I know we have talked about your 5 year plan... Does this push back your returning to the US? Does a degree in International Construction Management have any or much value stateside?

Some of the value from a masters program is the network you are buying into, and the time spent in the classroom with other professionals in the same field. I would perhaps talk to people who have done programs online/in person and see if there is a difference in experience based on the method.

Much of the criticism of advance degrees is targeted at MBA's who go to non-top ten schools straight out of college because they think it will jump start their careers. It's a different situation if your company is willing to pick up some of the tab and told you this is something you need to advance your career.

I don't like the real estate game personally so I won't comment on that front.

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Ryric Krael
Former Vice President AGN
Former Director, Section 6
Former Head of Department of the Treasury
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"Gone Section Five"

You are correct that #1 (getting your degree) will not benefit you in accomplishing #2. I would recommend going with #2, taking a few Business classes that you may feel you need, then at some point you could start to work toward #1.

Buying/Building apartment complexes and managing them is actually a very lucrative business, especially if you can get your start without having to rely heavily on financing. If done properly you build a pretty decent, and very profitable, empire. The important thing to keep in mind is to set your goals at the start, and stick to them. A trap that you can get stuck in is continually trying to grow your "empire" after you've already achieved the profitability needed to grow your own wealth. I have two friends whose families owned rental properties for a couple generations, and one of my friends thought she could become rich only by continually growing the empire. She ended up having more than 75% of the value of her properties owned by the bank when the real estate collapse occurred and she lost over half her properties because of it. My other friend had less that 25% of the value of her properties owned by the bank (in the same rental market even) when the collapse occurred and her profitability actually increased. Now, they are both Lesbians, and we all know "those people" are generally good with finances.

I think as long as you are mitigating your risk on mortgages and not financing when you don't have to you can become very rich in a relatively short amount of time with Rental properties.

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