doneil13 wrote:
How much cash should I save before entering the program? I'm in the process of getting my applications together to apply in Round 1 now, but I'd only have a measly 6k saved at the time of matriculation. I don't mind financing my cost of living and tuition if the ROI is there. Will 6k in cash be enough for spending money and misc expenses? If I wait another year I will have saved roughly 16k by the time of matriculation. I'm assuming you can finance expenses such as rent and food, please correct me if I am wrong. Another important note to consider: I'll be moving with my fiance and our two dogs, can you finance housing for a situation such as this?
- How much to save? The more, the better.
- Is $6k enough for spending and misc. expenses? Depends what things (e.g. rent/food) you're not including elsewhere. Probably not.
- Waiting another year? If the ROI for an MBA exists, waiting another year for $10k cash probably doesn't make sense.
- Financing expenses? You can finance 100% of the published cost of attendance, which is published on each school's website and varies among schools. This includes tuition, fees, books, rent, utility, food, a laptop allowance, personal care expenses, etc. It doesn't include travel, big nights out at the bar, etc. Most people find ways to save on the first list to have money for the second list. People definitely make it work within this constraints, but you'll have to have a good plan/budget. Also, don't forget that you'll have an intern salary ($10-15k for corporate roles up to $25-30k for consulting/banking).
- Fiance? So you have some household income. I did too (also a child). That helps.
- Financing housing? I have classmates who bought houses/condos because it was cheaper than renting. Cash flow is probably the most important consideration though.