I got my W-2 form today, as my company usually sends it a bit early. Now, I have friends that blow me out of the water, but I definitely make a decent salary at my current job – at least compared to the averages for people my age. Looking over my W-2 gave me a very good summary of everything I’d be giving up for two years, if I really wanted to go get my MBA.
My Salary – this one hurts even more considering that I got a raise the beginning of this year. Even with the recession and a job loss, I’ve been able to increase my annual income every single year.
My 401(K) Contributions – no more tax-deferred income. If I get into business school, I think I might raise my contribution level towards the end of my tenure.
My Health Benefits – for someone with health problems, this is definitely a big deal. Even with the great health benefits I get at my company, I still ended up spending thousands of dollars on my health expenses last year and can only hope the group plan offered by the school is decent.
My Flexible Spending Account – part of my health benefits, but essentially allows me to pay for healthcare related expenses tax free.
My Gym Membership – my company pays for my membership at a fairly high end gym. Too bad I barely got to use it in the last six months. 🙂
My Phone Bill Payments – this didn’t actually show up on my W-2, but I’m on the company’s phone plan. If I say goodbye to my company, I get to say hello to a $100 a month phone bill courtesy of AT&T.
This is definitely a lot to give up, considering that I like my current job, have decent hours, and a 15-minute commute to work. But in all honesty, I’ve already made my decision. If I get into one of my top schools, these “perks” will have to go. I’m making a long term investment in my career. I want to feel inspired, as if the world is full of opportunities and anything is possible. I truly do want to become a student again.