Ask Money Mom: 'I’m stuck with a useless degree, about $90,000 in student-loan debt and a job that’s going nowhere'
Photo: H. Armstrong Roberts/ClassicStock/Getty Images Email your money conundrums, from the technical to the psychological, to [email protected]’m stuck with a useless degree, about $90,000 in student-loan debt and a job that’s going nowhere.
I’m 30, married, and own a house that needs tons of repairs we can’t afford. I carry the brunt of our mortgage payments, which are more than 30 percent of my income . Overall, I feel like I’m drowning. Clinging to what you know is a powerful, stubborn instinct. Humans also have a tendency to stick with what they’ve invested in , even when the benefits are no longer worth the compromises . This phenomenon is known in behavioral economics as the sunk-cost fallacy; it often walks hand in hand with an equally paralyzing associate, the status quo bias, which is exactly what it sounds like: inertia. Neither is conducive to the growth you’re so desperate for.
On that note, hold off on another degree until you’ve gotten a taste for your next career . “Feeling like you aren’t qualified for a job in a certain field until you’ve gone to school for it can be a form of imposter syndrome,” says Steinberg. “You can get a degree later if it’s required, but for now, test the waters.” While you’re at it, stop thinking of your master’s as “worthless,” adds Tessler.
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