"The great difficulty in education is to get experience out of ideas."
George Santayana
Welcome to The Golden Sense! What is it with people and buttons? We all like to push them, even if it is not apparent what pushing a button actually does. Consider that research found a “significant percentage” of “close-door” elevator buttons don’t do anything when pushed (they have been deactivated by the owner or stopped operating); nearly all of the little buttons at crosswalks that signal “walk” don’t do anything anymore (computers now handle that job, but the cost of removing the buttons is too much for cities to deal with, so they just leave them); and at least 75% of all office thermostats are just there for looks (and are actually not hooked up to anything). Yet, people stand there staring or looking around, as they repeatedly poke at any given button in front of them – somehow believing that doing so will cause a magical light to work, some doors to close or an office to suddenly become comfortable. I hope this pushes your button this month, as The Golden Sense moves the discussion into graduate level education.
There is much discussion amongst the 20 something’s about getting a masters degree or some other form of higher education. I spent the last 4 years getting my MBA in finance, so I feel qualified to comment on the subject. A master's degree is a very useful degree because it makes you a cut above the rest. The real questions you have to ask yourself are why and when?
Here are some great reasons why to earn a master’s degree:
- Advance your career in a specific field
- Earn more money
- Start your own business
- Develop business savvy and expertise
- Become a leader in an emerging field
- Gain networking resources
- Enjoy greater job security
There are not only positives to getting a masters degree, there are many reasons not to get master's degree. A master's degree is not always a “win win”. Here are a few reasons why a master's degree might not be for you:
- The cost is high. The average cost of graduate study leading to an MBA at about $40,000.
- You have zero work experience.
- You are not sure of a specific field you want to be in. A non specific master’s degree will not get you much further than a non-specific bachelor’s degree. It would be a waste of your time.
- You’re not ready to balance your life, job, and homework. If you cannot manage this tricky balance then you will most likely struggle with the program.
Just getting a masters degree is not a "cure all" for your current or future employment situation. The key is when you should go about getting your master's degree.
People generally choose to get involved in a masters degree program during one of the three times in life.
1st- Some college students finishing their BA decide they want to plow on through and get a master's degree at a young age. I strongly recommend to these students not to take this route. It is very important after you get a bachelors degree to experience the workforce. Experience counts more than you think. Try a low level job in the field your interested in. College students usually do not realize the power of experience. When you get your BA you will most likely have to take starting position somewhere. This job usually "sucks" as you are stuck taking orders from everyone else in the organization. Getting a master's degree straight out of college won’t change the basic fact that you have zero experience. In addition, it is not uncommon for students to start work in an industry and realize it's not what they thought it would be.
Funding a costly master’s degree program can also be a downside. Without a job it will be much harder to pay for the program. Never overload yourself with too much debt. It restricts your future and freedom. You will want to make your master's degree count, so it’s best to pursue your master's degree when it will have the biggest impact on your life.
2nd- Some people wait till they are much older and in the middle of their career to finally realize that a master's degree would be beneficial. It may sound strange, but I have had plenty of group projects with people in their 50's. They go back to school after they've settled down. This is typically more difficult for these people because they have families and obligations. They are also much rustier at handling school requirements and new computer programs. The other downside is that these people have lost time and they will only enjoy the benefits of a master’s degree for the latter part of their working career. It's never too late to get a masters degree but I have found that most people in this category wished they had done it sooner.
3rd- Some wait and get a little working experience and take on the challenge of getting a master's degree in their late 20's. This time is ideal because you will have an idea of what industry you want to be in and you will have the basic work experience to apply to your master's degree program. Having a job is a good reference for your projects in a master's degree program. You will be able to relate your work experience to homework, research papers and tests. If you have a stable job this will help with the cost. By the time you achieve your master's degree you will still be young enough in your career to take full advantage of the degree. At this point in your career the master's degree will have the biggest impact.
The key is being able to keep a work, school, and life balance. Whatever you do, don't jump into a master's degree program without doing all the necessary research and introspection. The most important thing is what you learn and take away from the program rather than the paper degree itself.
Over and Out,
T. Norman
It's mega millions weekend and I am in! The jackpot is estimated over $600 million and is the largest jackpot in history. The odds are 1 in 175 million! "So your telling me there's a chance?!" The story is all over the news and I am not sure if I envy or pity the person who wins. Too much attention can sometimes ruin a "lucky" winner.
Mad Men is back. The season premier was on March 25th. The show was a full 2 hours and I didn't mind the length a bit. I could have watched 3 hours! Mad Men is set for another great season as the characters get all the more intriguing.
McDonald's ice cream cones just got a rise in price! They're $1.07 now. I remember when they were going for .39 cents a cone! But don't worry, we shouldn't worry about inflation. Riiiiiigggghttt?
The first financial quarter has come to a close! The table below shows the year to date returns in the financial world and statistics for the economy:
| 03/31/12 | 12/31/11 | Q1 - 2012 | |
| values | values | gain (loss) % | |
| Gold | $1,668.00 | $1,566.00 | 6.5 |
| Silver | $32.24 | $27.81 | 15.9 |
| Permanent Portfolio | 48.74 | 46.09 | 5.7 |
| Dow Jones average | 13,212.04 | 12,217.56 | 8.1 |
| S&P 500 | 1,408.47 | 1,257.60 | 12.0 |
| NASDAQ composite | 3,091.57 | 2,605.15 | 18.7 |
| US$ index | 79.11 | 80.58 | (1.8) |
| Euro currency | 1.3340 | 1.2952 | 3.0 |
| 10 year T-Note yield | 2.216% | 1.871% | 18.4 |
| Commodity index | 308.46 | 305.30 | 1.0 |
| Crude oil (NYMEX) | $102.93 | $99.06 | 3.9 |
As you can see the numbers are going up up up. When will it stop? Nobody knows! The Fed continues to create easy money. You know what that means? Easy money equals easy profits. At least in the short term.
As my banker friend says "it works....until it doesn't"
