Money isn't everything right? RIGHT? Need sage advice.

[yakuza77]

Here is my dilemma. I have three offers on the table.

1. 22K fellowship for five years plus tuition and fee remission, and paid health insurance.

2. 18K fellowship (year one) with 12K TAship for two years guaranteed. Funding is "traditionally" given for however long it takes you to complete your Ph.D. (within reason), but is competitive after the guaranteed three years. Includes tuition scholarship and paid healthcare + dental.

3. 13K TA, no word on renewal, tuition scholarship.

Here is the thing. I really, really love school #2. I visited and met with my prospective advisor whose interests mesh perfect with mine, an "up-and-coming" name in my subfield (who contacts me often to "keep in touch", tell me about research opportunities, and who is not leaving this school), as well as several other that faculty who (although it is not their exact area) are very supportive and interested in my research interests. The town and university as a whole are amazing and my gut tells me that this is the place for me. The department's interdisciplinary nature is perfect for my particular sub-field (which draws heavily from political science and economics--both VERY strong at this university). This particular department is "newer" in my discipline and growing in very positive directions.

School #1 is where I did my Masters and has done everything in their power to keep me, including securing this extremely generous fellowship (for my discipline anyway). There are three professors there that I have been working with; although none have my exact interests, they have been very supportive and helpful. Problem is the university itself has a lot of serious problems, major budget cuts, and I absolutely hate living here, as does my husband. The cost of living here is much higher than in school #2 (a quintessential college town), BUT remember my funding package at school #2 is significantly smaller after year one and I pick up departmental TA duties. At school #1, I don't have any duties for 5 years, but, then again, how am I going to get teaching experience that I will need on the job market (I'm sure that I can adjunct, but with the budget problems, who knows? Graduate assistants at this university have been actually getting "laid off", can you imagine?!).

School #3 is pretty much out of the picture I think. They have never contacted me past the initial "Hi you're in and here's what we are offering phone call" (I was supposed to get a follow-up email and long phone call from my potential advisor--but it has been two weeks). If they are forgetting about me already... But this particular advisor is probably top in his field and the department itself is in the top 5 (again, what is that worth if they are too busy for graduate students? Also, I have heard from several sources that you have little time for your own research endeavors/interests), but the school is tier four and suburban, which means a long commute. But the cost of living here is dirt cheap, so 13K goes a long way.

My gut has always told me that school #2 is where I want to be, but, after growing up broke and racking up a huge amount of undergrad and Master's level loans, it is hard to pass up the money at school #1, even though, with all of the offers that I received, I shouldn't have to take out any additional loans at any of my options. Again, staying where I am incurs no additional moving costs.

So do I go for financially comfortable but absolutely, positively miserable or not so comfortable and not guaranteed continued funding past year three, but very, very happy? Has anyone else given up the "big money" deal and, if so, do you ever regret it? In my previously life, I left a job for another with a $5000 pay cut and went from a sworn federal law enforcement officer to a mere security guard...and I was never happier. Maybe money isn't everything?

[LaraAnn85]

Your situation is tricky but I say take #2. If you are unhappy, a little more money won't make you happier. They have done studies to show that big time lottery winners are typically only "happier" for 3 months after they win! And that's millions, we're taking <10k. My point is that a year from now, if you are unhappy at #1 (and you know exactly how it is going to be already), you are going to wish that you had sacrificed a little cash to be somewhere you love. Where are these schools by the way? I'm trying to decide too....it's hard!

[Minnesotan]

If you're already "miserable" at school #1, how will you feel about it after 5 more years? Will you even last 5 years there?

Personally, I would get in contact with school #3, and make my decision with the best information I could gather on all of the options available. Based on your own words, however, I would take the financial hit, if it meant not being miserable any longer. Money is important, but so is happiness.

[StarvingStudentYeah]

I agree with the poster above who said contact #3 to be sure, but likely accepting at #2.

In my personal experience, I have almost always regretted it when I went against gut instinct. Psychology has some good explanations why this is the case, I won't get into those, but going with it is generally right.

Did you say how much cost of living is in the places? Depending on location $4000 less in one place could feel like $10,000 less in another. Or, instead of being $4000 less it could actually be more like $10,000 less.

In general though, money is not where it's at. You'll be happier IMO with your ramen noodles and basic cable and a program you love than a cart load of organic food and HBO.

[silencio1982]

i agree with what's been said above- go with your gut. you wouldn't be rich in any case, so if you can deal with the thought of living slightly more frugally in order to be happier, i'd say it's worth the trade off. the no guaranteed funding past year 3 is kind of worrisome, but if you're happy there and the faculty lives up to your expectations, it sounds like you'll do really well and probably be funded. you can always apply for outside fellowships as well, and work part-time if you need to. i am a big believer in following your instincts.

best of luck!

[rising_star]

I agree on the go with your gut. I would also consider whether your spouse could find a job in the new city.

[euges429]

Here is my dilemma. I have three offers on the table.

1. 22K fellowship for five years plus tuition and fee remission, and paid health insurance.

2. 18K fellowship (year one) with 12K TAship for two years guaranteed. Funding is "traditionally" given for however long it takes you to complete your Ph.D. (within reason), but is competitive after the guaranteed three years. Includes tuition scholarship and paid healthcare + dental.

3. 13K TA, no word on renewal, tuition scholarship.

Here is the thing. I really, really love school #2. I visited and met with my prospective advisor whose interests mesh perfect with mine, an "up-and-coming" name in my subfield (who contacts me often to "keep in touch", tell me about research opportunities, and who is not leaving this school), as well as several other that faculty who (although it is not their exact area) are very supportive and interested in my research interests. The town and university as a whole are amazing and my gut tells me that this is the place for me. The department's interdisciplinary nature is perfect for my particular sub-field (which draws heavily from political science and economics--both VERY strong at this university). This particular department is "newer" in my discipline and growing in very positive directions.

School #1 is where I did my Masters and has done everything in their power to keep me, including securing this extremely generous fellowship (for my discipline anyway). There are three professors there that I have been working with; although none have my exact interests, they have been very supportive and helpful. Problem is the university itself has a lot of serious problems, major budget cuts, and I absolutely hate living here, as does my husband. The cost of living here is much higher than in school #2 (a quintessential college town), BUT remember my funding package at school #2 is significantly smaller after year one and I pick up departmental TA duties. At school #1, I don't have any duties for 5 years, but, then again, how am I going to get teaching experience that I will need on the job market (I'm sure that I can adjunct, but with the budget problems, who knows? Graduate assistants at this university have been actually getting "laid off", can you imagine?!).

School #3 is pretty much out of the picture I think. They have never contacted me past the initial "Hi you're in and here's what we are offering phone call" (I was supposed to get a follow-up email and long phone call from my potential advisor--but it has been two weeks). If they are forgetting about me already... But this particular advisor is probably top in his field and the department itself is in the top 5 (again, what is that worth if they are too busy for graduate students? Also, I have heard from several sources that you have little time for your own research endeavors/interests), but the school is tier four and suburban, which means a long commute. But the cost of living here is dirt cheap, so 13K goes a long way.

My gut has always told me that school #2 is where I want to be, but, after growing up broke and racking up a huge amount of undergrad and Master's level loans, it is hard to pass up the money at school #1, even though, with all of the offers that I received, I shouldn't have to take out any additional loans at any of my options. Again, staying where I am incurs no additional moving costs.

So do I go for financially comfortable but absolutely, positively miserable or not so comfortable and not guaranteed continued funding past year three, but very, very happy? Has anyone else given up the "big money" deal and, if so, do you ever regret it? In my previously life, I left a job for another with a $5000 pay cut and went from a sworn federal law enforcement officer to a mere security guard...and I was never happier. Maybe money isn't everything?

It's about going with your gut, but it's also about finances as well--that is, long-term finances. Yeah, you'll be better for the next four or five years at School #1, but think about holding a degree from School #2. (I'm assuming it's a better school than School #1.) You'll get more money when you come out, whether you're a professor or working out in industry. For the next four-five years, you might need to save a bit, but in the long-term, you would be better off at School #2...

[euges429]

Continuation...

Case in point, I have several offers from my applications to Ph.D. programs in business.

School A is giving me $38k for first two years, and $30k for last two years, with tuition fully-paid.

School B is giving me $24k for all four (or five) years, tuition paid as well.

Obviously, School A has a LOT better funding package! But School A is also a second-tier school, while School B is a top-tier school. I know that once I come out of School B (I've accepted their offer), I can get a good job of about $120k (business Ph.D.s make lots of moola). If I went towards School A, a degree from there will net me probably just $90k.

So yeah, in the short-term, if I stayed at School A, I could even own a BMW! But think long-term. Long-term, financially, it wouldn't be worth it just for those four-five years in a Beemer. Of course, I don't know about the qualities of your Schools #1 and #2, but if it's anywhere near my situation, I would opt for School #2.

Good luck!

[yakuza77]

I agree with the poster above who said contact #3 to be sure, but likely accepting at #2.

In my personal experience, I have almost always regretted it when I went against gut instinct. Psychology has some good explanations why this is the case, I won't get into those, but going with it is generally right.

Did you say how much cost of living is in the places? Depending on location $4000 less in one place could feel like $10,000 less in another. Or, instead of being $4000 less it could actually be more like $10,000 less.

In general though, money is not where it's at. You'll be happier IMO with your ramen noodles and basic cable and a program you love than a cart load of organic food and HBO.

Cost of living is less at school #2, making the 22K and 18K fellowships about equal.

What I am most worried about is the 3 year vs. 5 year guarantee, and the drop in pay in school #2 after year one. I think that it is just the budget problems at my current school (and this state in general) that have me so nervous. After doing some research, I found that dissertation grants in my discipline are not that rare, so that is definitely an possibility after I am a candidate. Also, the person that I would be working for at school #2 has a very active research agenda and is known to get grants. At my current school, no one wants to collaborate with me, because no one really has similar enough research interests (That's an exaggeration, actually one prof has me doing data analysis on a project (for credit, not funding), but he is also currently serving as an assistant dean, which has all but tabled our project,and another wanted me to work on a project (with funding) but on a topic that I have absolutely no interest in).

I'm thinking, "Hey, I am going to be poor either way. I've been poor and happy and poor and miserable, and I prefer the former". Also, and I may be wrong, but I think that the degree from school #2 is going to hold more prestige (its a top-tier,"Public Ivy") compared to school #1, which has a good program, but in a downright lousy school (not to badmouth, but it is 3rd tier and really doesn't have the infrastructure for research (library, computing, funding). I did my undergrad at a top-tier and went into a bit of culture shock when I got to my current school; i could definitely see the difference in quality/resources.

In the end I am almost 99% sure that I will be at school #2 (although, like some posters said, I will get some more info from school #3 and hear them out, if only so that I have complete information).

Also, I am pretty good at living on the cheap. I don't have cable and I am dumping the cell phone in June when my contract ends, I shop at Big Lots, and I bought my car with cash, so I probably shouldn't worry about finances too much. In any case, any one of these offers is better than the 9K that I have been living off for the past two years. Also, my husband does sales for a major wireless provider who already have promised him a position if one is open when we get there. If not, he could always work for a competitor, another industry, or fall back on his manufacturing/restaurant/retail experience (He's done it all). The small-town aspect worried me a bit, but he is very flexible, compared to someone who may have a more specialized skill set.

Yeah, I'm going with gut instinct. Thanks all.