I’ve decided to take a leap of faith and go after a PhD in Business Administration, focusing on real estate, at UC Berkeley. Given my background in real estate, my MBA from the same university, and my passion for the subject, it just feels right. I’m hoping to use my education to tackle the housing shortage in America and make affordable housing more accessible.
Originally, I had my sights set on a high-paying tech job at a company like Meta, Google, Microsoft, or Apple. I even started networking and planning for this transition when my daughter was about to start full-time school. But, landing a job in these tech giants proved to be a tough nut to crack, especially since I hadn’t been in a regular job since 2012 and I’m in my mid-40s.
To make matters worse, both Google and Meta were going through layoffs. My friend at Google, who had been helping me with my job search, was laid off in March 2024. Despite these setbacks, I tried my luck with AI firms in the Bay Area, but to no avail.
Back in 2012, when I left my finance job, I had considered pursuing a PhD or a journalism fellowship at Stanford. But, I didn’t feel financially secure enough to take that step. Fast forward to now, thanks to a strong bull market, I feel ready to go back to school.
I’m excited about the possibility of becoming a professor one day. It’s a respected profession with a good income. Plus, I could potentially afford a mansion in Hawaii, my favorite place on Earth.
I’m aware of the challenges I might face as a non-white individual in the academic world, but I’m optimistic. I believe in myself and my ability to succeed.
I’m looking forward to starting my PhD journey in the fall of 2024 and aim to complete it by June 2028. I hope my dedication to academics will inspire my children to take their studies seriously.
As for the financial aspect, I expect to earn around $40,000 a year as a research or teaching assistant. My tuition is covered, except for some minor student fees. I’ll be living in San Francisco and commuting to Berkeley a few days a week.
I’ll continue to write for Financial Samurai, but I might have to cut back on my newsletters and podcast episodes to focus on my studies.
I’m grateful for your support and look forward to sharing this journey with you.
For those of you with a PhD, I’d love to hear about your experiences. How long did it take you to complete your degree, what’s your income level, and did you receive funding? Would you have done anything differently?
And for the younger folks, how are you managing the time and expense of pursuing a PhD with the current inflation rates? I’d love to hear your thoughts.
