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As a 32 y.o. retail manager with a wife and 2 kids, I am a bit intimidated by the prospect of studying for the GMAT 3-4 hours a day. Are there other 30-somethings here with similar circumstances who can tell me that I'm not asking the impossible of myself? I think I can do it. I just wish I had another "mentor" to help me set up a study plan, etc.
As a new member, this place looks great, and I look forward to spending a few hours a week on this site.
I don't think you need to spend that much time a day. 2 hours is plenty. Just give yourself enough time (as in weeks) to prep so that you're ready. Don't schedule your test until you're into your prep and see how much time you're really able to carve out.
With some support from your wife (I do a lot of this stuff while my husband gets the kids to bed, and it helps a lot), you can do it.