All this article does is prove that a Harvard MBA isn’t worth the paper it’s printed on.
“Though Mihalic had budgeted $850 a month for entertainment, he was commonly spending $1,300 monthly.”
Well, there ya go. Mr. Hah=vad MBA here did not have the discipline nor concept of an expense.
It seems it just taught him to spend like a big shot before he actually was a big shot. It went against everything he had learned in life before he got to that school.
I knew people like this in Law School.
God bless this guy, that he was able to get back to reality. And it really is a blessing that he knew what reality looked like, because he came from a functional, modest, church-going family. I wonder how many people at Harvard Business School have that advantage.
-—All this article does is prove that a Harvard MBA isn’t worth the paper it’s printed on——
Extend that to 90% of college degrees. How many people really need a college degree to do their job?
I’m all for education, but schooling and learning are hardly synonymous, and are often antithetical.
Granted, many jobs require a piece of paper, but in comparison to the return on a college degree, it’s worth exerting much time and energy to land a low-level, entry-level job, just to break into a career field, or to start a small business.
I hope that we can someday thank Obama for destroying the college mystique, and saving generations from propagandization.
Overall what he did was great, but that was dumb and shows he never learned the value of compounded earnings over a long term. At age 28 he has about 37 more earning years before he will need to start using either an IRA or a 401(k) for retirement income. He had a total of $25,000 that was either already invested in an IRA or could be invested in a Roth IRA. Assuming that $25,000 would double every eight years with proper management, it would have doubled 4.62 times by the time he reached age 65. IOW that $25,000 would have become about $1,296,000 if he'd just left it alone.
It's really a shock that Harvard doesn't teach its MBA candidates the value of long term compounded earnings and the vital importance of saving while young to take advantage of that compounding. Any one of them who intends to become a financial advisor had better learn that lesson damn quick.