Master’s Degree and Sunk Cost Fallacy [Edit: Resolved]

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lvm919
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Master’s Degree and Sunk Cost Fallacy [Edit: Resolved]

Post by lvm919 »

Hopefully this is on topic for the forum, as it has a significant financial aspect. For the past 18 months I have been involved in a masters program in my field. My current employer reimbursed roughly half of the tuition and I supplied the rest. Working full time, dealing with the various upheavals of the last 18 months, and working on the degree have left me with severe and profound burnout. My final course was supposed to end this past Friday, but due to a variety of factors the final two weeks has led to a total breakdown in my relationship with the professor who has given me a failing grade.

The degree is not needed for my current position, it was something that I decided to do since I was given the “free money” by my employer and if I wanted at some point in the future to change jobs it might give me more options.

My question is this, do I commit additional time and money to retaking the class and obtaining the degree since I have already committed so much time and money to the pursuit, or do I just treat this as an investment that went poorly and take my losses just like I would had I bet on the wrong stock. If it makes a difference there are a number of other areas of my life that I have essentially put on hold to complete this program and any further efforts would have a significant opportunity cost.

Thanks in advance for your opinions.
Last edited by lvm919 on Wed Oct 27, 2021 10:03 am, edited 1 time in total.
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Shorty
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Shorty »

Why not take some time to get your life in order before going back to complete the degree?
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Re: Master’s Degree and Sunk Cost Fallacy

Post by whodidntante »

You are not the first student to experience an "I can't do this" moment. I would finish. Take time off work if you have to.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by cheese_breath »

Only one course? I'd go ahead and take it. Although you don't need it in your current position, you never know about the future. My information is very dated, but I once heard of a company where they reviewed the employees educational backgrounds and awarded raises to those with advanced degrees.

It took me four years attending after work to get my masters. I never used it in my job then, but I felt it was nice to have on my resume when I was looking for the next one.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Orangutan »

I would 100% get the degree. It makes you more marketable in the future. Plus, it can't hurt having a Master's degree.

I don't think the sunk cost fallacy applies here. It's one more course. If you need a mental health break, take it. I assume you can take the final course whenever in the future.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Normchad »

A lot of people waste a lot of time and money getting a masters degree. But you are close to being done....

Will this actually lead to something beneficial for you? For most people, it doesn't.

In your shoes, I'd probably complete the degree; since minimal additional effort is required. But if you had a time machine, I'd tell you to go back and never start it in the first place.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by WhatsIRR »

If it’s one class and truly a problem with the professor and not a material or desire problem I would retake the class and finish the program so all the previous work was not for waste.

Does your company have any minimum GPA requirements for reimbursement? Do they know you failed the final
Class? All corporate reimbursements I have seen require a 3.0 GPA.
Last edited by WhatsIRR on Sat Oct 23, 2021 11:20 pm, edited 1 time in total.
hotscot
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Re: Master’s Degree and Sunk Cost Fallacy

Post by hotscot »

As they say.
'Just Do It'

Get it over.
It's not really the sunk cost fallacy...you could leverage better earnings.
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crystalbank
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Re: Master’s Degree and Sunk Cost Fallacy

Post by crystalbank »

Finish your degree and then write if off as a sunk cost. The thing with degrees is you never really know ahead of time if you need one. Too many gatekeepers these days, so good to finish your credentials just for the sake of insurance.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Metsfan91 »

Don't walk away for one course. Retake the course. If it is elective, take something else with a different professor.

Don't give up.
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skierincolorado
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Re: Master’s Degree and Sunk Cost Fallacy

Post by skierincolorado »

I am in the same situation. Currently in 9th course out of 10 course masters. When I started, I thought the degree would be of moderate value. By about course 4 I figured it would be of some slight value, but was already 4 courses in so stuck with it. Now that I am at course 9, I would say it is likely to be of very little value. I've basically been on the edge of dropping it the entire time. The closer I get to completing, the less projected value I see in the program, in roughly equal proportion so I've always been on the edge.

It's not really a sunk cost fallacy though, it's more about the amount of work remaining vs projected benefit. Both have been decreasing at the same rate for me, but the net has stayed barely positive. If I had known how little value I would get, I would have dropped anywhere in the first 5 courses. At this point, I'd say it is worth 2-3 courses worth of effort for the degree, but I only have 1.5 to go. If I had realized this anytime at or before course 5 or 6, I would have dropped.

It would be surprising if any degree was worth less than 1 course worth of effort, so I'd suggest finishing.

It has been difficult to balance work, buying 1st house, and the rest of life with a degree that is 15 hours of school work per week for the last 3 years. More difficult courses have been 20 hours.

It has also been at a significant financial cost in the short-term. Even though the classes are paid for by employer, I have had to give up a side gig (credit card MS) that used to pay 80k/year after tax. I can make roughly $150/hr doing credit cards, but I probably would have toned it back back 3-5hrs/week or 20-25k/yr anyways, so I would estimate that is the financial cost (in addition to time and mental energy). I hope to resume the side-gig next summer to the tune of 10-20k/yr and still have much more time on my hands. Saving and investing 20-25k extra the last 3 years + gains, I would be up 100k right now. So it's been a pretty big financial mistake. Part of me does value the learning experience (but not to the tune of 100k).

What program if you don't mind me asking?
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Re: Master’s Degree and Sunk Cost Fallacy

Post by camillus »

Sunk Cost works this way too:

You'll be awarded an ENTIRE masters degree for taking only one course!
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Normchad »

camillus wrote: Sun Oct 24, 2021 2:04 am Sunk Cost works this way too:

You'll be awarded an ENTIRE masters degree for taking only one course!
This is probably the best way to look at it.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by gips »

most professors are reasonable, is he aware the failing grade is preventing graduation? is there any way to repair the relationship?

since you’ve taken the course once, re-taking should make it easier/less work. in your shoes, i’d def finish.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Kagord »

Most companies, from my experience, and many hires, don't look at GPA for these, "dime a dozen", generalist type of degrees; They just verify you received the degree through the online verification services they contract with.

I had one class I got below an A (a C) for my MBA, and though I complied with all coursework, it was obvious the instructor didn't care for me, such is life. My company did not reimburse anything below a B, but I sucked it up. I had other classes I've gained useful knowledge from in the program, I would stick with it.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by ResearchMed »

gips wrote: Sun Oct 24, 2021 2:47 am most professors are reasonable, is he aware the failing grade is preventing graduation? is there any way to repair the relationship?

since you’ve taken the course once, re-taking should make it easier/less work. in your shoes, i’d def finish.
Is retaking this course going to require the same professor?
Is a different course possible, even if from elsewhere and using it as a transfer?

I'm just wondering how bad this relationship is. Given it was an actual "F", it's not clear that re-taking it is workable, either emotionally (?) or in terms of getting a better grade.

RM
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Re: Master’s Degree and Sunk Cost Fallacy

Post by AllMostThere »

skierincolorado wrote: Sat Oct 23, 2021 11:52 pm .....I have had to give up a side gig (credit card MS) that used to pay 80k/year after tax. I can make roughly $150/hr doing credit cards........
Okay, what is "Credit Card MS"? New acronym to me. :confused
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Cheese »

You’re in “the dip”. Keep going!
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Re: Master’s Degree and Sunk Cost Fallacy

Post by ResearchMed »

AllMostThere wrote: Sun Oct 24, 2021 6:22 am
skierincolorado wrote: Sat Oct 23, 2021 11:52 pm .....I have had to give up a side gig (credit card MS) that used to pay 80k/year after tax. I can make roughly $150/hr doing credit cards........
Okay, what is "Credit Card MS"? New acronym to me. :confused
Manufactured Spending.

I didn't realize there were enough ways still available to do this for any real profit.

All we've ever done is collect awards, especially those bonus points for opening new accounts. And then we fly in luxury.
{And yes, we would have paid cash on those long haul international flights for business class, and we've done so very occasionally when awards were possible.)

However, that's not typically considered MS, so someone else can explain details.

RM
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Re: Master’s Degree and Sunk Cost Fallacy

Post by othermike27 »

AllMostThere wrote: Sun Oct 24, 2021 6:22 am
skierincolorado wrote: Sat Oct 23, 2021 11:52 pm .....I have had to give up a side gig (credit card MS) that used to pay 80k/year after tax. I can make roughly $150/hr doing credit cards........
Okay, what is "Credit Card MS"? New acronym to me. :confused
MS = Manufactured Spending. Use your credit card to buy something (e.g., a gift card) that can easily be converted to cash. Then use that cash to pay off the credit card expense. So you are moving money around without actually buying anything you intend to keep. Why would somebody do this? To earn rewards offered by the credit card - maybe points or cash back. For more info on this arbitrage hobby, check out the FlyerTalk forums.

A "side gig"? ... fascinating.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Tubes »

I found that later in my career as a software engineer working in Megacorps, the lack of a masters hindered me. Early on, it didn't matter. Later, it did.

Megacorp had some formula that made masters and MBAs rather essential to move up the ladder. HR in big corps tend to make these kind of rules.

So, depending on your field of endeavor, you may not want to let this opportunity get away from you.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by carolinaman »

You only have 1 course to take to finish your master's degree. Do it! You have worked too hard and have a lot invested in this. Finish it. Do not be a quitter!

Take a semester off if necessary to get in a better frame of mind.

It is hard to say if the master's degree will pay off in the future, but it most likely will if you change jobs. I suspect that a lot you have learned has benefitted you in your work even though a masters degree is not required.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by AllMostThere »

ResearchMed wrote: Sun Oct 24, 2021 7:01 am
AllMostThere wrote: Sun Oct 24, 2021 6:22 am
skierincolorado wrote: Sat Oct 23, 2021 11:52 pm .....I have had to give up a side gig (credit card MS) that used to pay 80k/year after tax. I can make roughly $150/hr doing credit cards........
Okay, what is "Credit Card MS"? New acronym to me. :confused
Manufactured Spending.

I didn't realize there were enough ways still available to do this for any real profit.

All we've ever done is collect awards, especially those bonus points for opening new accounts. And then we fly in luxury.
{And yes, we would have paid cash on those long haul international flights for business class, and we've done so very occasionally when awards were possible.)

However, that's not typically considered MS, so someone else can explain details.

RM
Okay, that makes sense. I thought most CC's and other companies had implemented polices that effectively shut that down. To stay on topic and actionable for OP, I would think that staying on course towards Master's Degree would be more long-term beneficial than this gray area side gig.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by StevieG72 »

Another vote for completing the last course needed.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by andypanda »

Finish it. Employers want to see that you can finish things as quickly as possible. Or faster. :)
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Re: Master’s Degree and Sunk Cost Fallacy

Post by JoeRetire »

lvm919 wrote: Sat Oct 23, 2021 10:49 pm The degree is not needed for my current position, it was something that I decided to do since I was given the “free money” by my employer and if I wanted at some point in the future to change jobs it might give me more options.

My question is this, do I commit additional time and money to retaking the class and obtaining the degree
If you were just pursuing the degree for giggles and to use up the "free money", then perhaps you already have your money's worth and no longer wish to continue.

If you were pursuing the degree for potential future career advancement, then the reason likely still exists and you get to decide if it is worth the small amount of additional time and money, or not.

For me, the choice is clear - in my career, I never let one setback stand in the way of achieving my goals. And my Master's degree helped open some significant doors in my career. But your decision must be personal to your needs and desires.

Deal with your burnout first (seek professional help), then make your decision.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by frugalhead1 »

Peter Thiel describes your situation (and the many of the above replies) in his book Zero to One. Indefinite optimism where you are not creating anything, mostly years of resume building to keep your options open in the future.
Forget the degree if it doesn't make you better at what you do, just keep mastering the skill you like and are in demand for.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by GoldenFinch »

Finish the degree. It’s a hard situation, but you’ve come so far it is definitely worth finishing.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by khangaroo »

I just switched to a new company where my Master’s degree was a preferred qualification (this was a common phrase I saw in my job hunt) and also provided tangible results to my salary i.e., they deemed it worth 1 year of work experience in the compensation calculation.

So you might think the Master’s degree might not apply to your current position but you don’t know where life will take you. I was in the same boat as you getting mine because why not if I could spare the time, company was paying for it, and it was a long dream of mine.

Please push through and complete your degree. Your future self will thank you for it. I can vouch for that 100%.
Last edited by khangaroo on Sun Oct 24, 2021 8:18 am, edited 1 time in total.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Somethingwitty92912 »

Take the time to get yourself together, then, and only then, go back, but yes… go back. You put all the effort in, do it for yourself not for money, you will be proud;however, first things first. Get your health under control.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by student »

gips wrote: Sun Oct 24, 2021 2:47 am most professors are reasonable, is he aware the failing grade is preventing graduation? is there any way to repair the relationship?

since you’ve taken the course once, re-taking should make it easier/less work. in your shoes, i’d def finish.
Whether getting a failing grade is preventing graduation is irrelevant. The student's relationship with the professor is also irrelevant. If the failing grade is not deserved, that is, the instructor graded capriciously due to the fallout, then he/she has not acted professionally. So OP should contact the appropriate person in the department (the chair or the ombudsperson, if there is one).
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Nowizard »

Many with advanced degrees can tell stories about challenges with professors leading to possible or actual delay or elimination of a degree, at least temporarily. Key questions to ask yourself are whether the issue involves academic performance or personality conflicts, your role in either, and any information you may have about other conflicts between this professor and students. An honest evaluation including discussions with friends or other students you trust to be open about any role you may have played is important. The outcome of such an analysis may not change the situation in the area of retaking a course, completion of the degree, etc., but it is in your court to determine whether the issue is concretely related only to degree attainment or also involves psychological factors such as embarrassment, self-esteem, reactions of others, etc. Personally, my experience is one that from my perspective "believed" that conflicts with professors were simply reflections that my skill set and knowledge was approaching theirs. It was not shared by professors in more than one instance, and it became clear that the outcomes would not be favorable in obtaining a degree without a realistic assessment of what was required to obtain a doctoral degree. Your goal may differ.

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Re: Master’s Degree and Sunk Cost Fallacy

Post by Broken Man 1999 »

Finish it!

You might be able to have the grade "forgiven" if you take the class again, and pass it. At any rate, given the significant time you have already spent, it would be a shame to quit now.

There are jobs where a Masters is a requirement. Two of my daughters have such jobs. No Masters, no interview. You could find yourself in such a position one day.

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Re: Master’s Degree and Sunk Cost Fallacy

Post by Volando »

With all the time invested I’d probably agree with others to finish it. It may or may not pay off in your career but you’re so close that it’s worth it IMO. If you didn’t finish it you’d have used up all the time and energy and had nothing concrete to show for it. Plus there’s an opportunity here to fix the relationship with the professorand overcome the situation. You can then use that as an example of how you overcame a difficult interpersonal conflict successfully in a future interview :D.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by SuperTrooper87 »

skierincolorado wrote: Sat Oct 23, 2021 11:52 pm
It has also been at a significant financial cost in the short-term. Even though the classes are paid for by employer, I have had to give up a side gig (credit card MS) that used to pay 80k/year after tax. I can make roughly $150/hr doing credit cards.
What exactly is it that you do?
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Herekittykitty »

I'm breaking this down into 5 issues: 1. You have spent money and time toward getting a master's degree. 2. You can have a master's degree in return for taking one course. 3. You flunked a course. 4. You are burned out. 5. Your relationship with the professor from whom you took the course you flunked is ruptured.

1. Irrelevant. Shut the door on that part of the past.

2. A master's degree in return for taking and passing one course is a great deal. Do it. If you have to take a remedial course first, then it becomes a master's degree in return for taking and passing two courses. Okay, do it.

3. Address any knowledge deficits in the course before you go back. If there is a lower level course that would better prepare you for the course you flunked, then take the lower level course first. Consider a different professor and consider a different institution for the course. If another course will substitute, consider that instead. (If taking the same course at the same institution would replace the failing grade rather than average it in, then prioritize doing the same course at the same institution unless you can't pass it there.)

4. Do what you need to do to address the burnout. If you need a semester off then take it, but don't take more off than you need to. Engage in health and self care. For example: Get a physical check up. Focus on relationships (family, friends, place of worship.) Exercise. Eat healthy. Take vacation if you have any coming. See a counselor (maybe an EAP through your company, or maybe someone recommended by your primary care.) Whatever you need to do to get through the burnout.

5. Do what you can to repair the relationship with the professor. If you had any part at all in the situation with the professor, think about apologizing in person without placing blame on anyone but yourself, and asking for another chance in the future for a better relationship. (When you ask for the appointment, ask for it in person, and let him know you want to apologize in person and ask his advice.) You could let him know you have been burned out and wish you had realized sooner the impact on yourself and those around you. Don't do this until you spend some time or at least have a plan for addressing the burnout and until you can be sincere in the apology and can accept the reality of what happened without blaming him. Sincerely ask his advice for going forward and listen respectfully even if he tells you to jump in a lake (which is possible but unlikely.) Sincerely thank him for the visit no matter how it goes.

This can be a bump in the road you look back on in the future and feel good about how it worked out.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by edmundspenser »

This is hard, but first: talk to the professor. No demands or complaints. Just set out your situation. If possible, express gratitude for ANyTHING the prof has done for you. This may do the trick, But if not . . .

Then, but quietly, move up the hierarchy: talk to your advisor, the head of the program, the chair of the department. Again: no complaints or charges against the prof, just ask: is it possible for me to complete this degree and if so HOW? Say thank you. Be humble.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by radiowave »

OP, do you have an option to take an incomplete in the course and finish any outstanding work prior to next semester?
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Re: Master’s Degree and Sunk Cost Fallacy

Post by namajones »

lvm919 wrote: Sat Oct 23, 2021 10:49 pm Hopefully this is on topic for the forum, as it has a significant financial aspect. For the past 18 months I have been involved in a masters program in my field. My current employer reimbursed roughly half of the tuition and I supplied the rest. Working full time, dealing with the various upheavals of the last 18 months, and working on the degree have left me with severe and profound burnout. My final course was supposed to end this past Friday, but due to a variety of factors the final two weeks has led to a total breakdown in my relationship with the professor who has given me a failing grade.

The degree is not needed for my current position, it was something that I decided to do since I was given the “free money” by my employer and if I wanted at some point in the future to change jobs it might give me more options.

My question is this, do I commit additional time and money to retaking the class and obtaining the degree since I have already committed so much time and money to the pursuit, or do I just treat this as an investment that went poorly and take my losses just like I would had I bet on the wrong stock. If it makes a difference there are a number of other areas of my life that I have essentially put on hold to complete this program and any further efforts would have a significant opportunity cost.

Thanks in advance for your opinions.
One more course? For heaven's sake, take it and get the degree.

Now, as to whether one should spend time on a degree in the first place in your circumstance is another question, and I would not advise it.

But since you're almost done, get all the way done.
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JoeRetire
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Re: Master’s Degree and Sunk Cost Fallacy

Post by JoeRetire »

namajones wrote: Sun Oct 24, 2021 9:08 am Now, as to whether one should spend time on a degree in the first place in your circumstance is another question, and I would not advise it.
But since you're almost done, get all the way done.
You don't advise spending any time on an advanced degree in the OP's circumstance? Or you don't advise spending so much time (18 months)?
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Re: Master’s Degree and Sunk Cost Fallacy

Post by burritoLover »

I've never thought I'd be that old guy who thinks the last generation doesn't work hard enough and quits too easily but I catch myself having these thoughts with this thread. Seriously, one class to go and you are calling it quits?!? And you are comparing it to getting out of a losing stock?
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Re: Master’s Degree and Sunk Cost Fallacy

Post by VoiceOfReason »

What is the rest of the story?

A lot of details regarding the failing grade, factors, and relationship w professor is being glossed over.

To answer the question, with one class left after all that time and $ invested of course you should just finish it.

The fact that you are really considering not finishing the last class is either an emotional/disappointment/frustration momentary reaction (which is natural) or that there is more to the situation.
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Soul.in.Progress »

I am sorry for this hardship and I would encourage you to view it as one more speed bump /milestone (albeit one with emotions and burnout) to achievement of crossing the finish line. I don’t know what field you’re in, but I know that my MS degree changed the trajectory of my career in ways I never anticipated at Megacorp. I had less redundancy in my role over the years, more novelty, definitely more personal satisfaction, more exposure within the industry (customers /conferences), and higher salary. It took me four long years to do it while in my 20’s, since I was working in my full time career job after finishing my undergrad and was doing my MS part time in evenings (homework and study over nights and weekends). I hated also that I had to put some things on hold while work and school took so much over four years. But now, decades later, that time is a relative blip and I’m so grateful for the rewards reaped from it. Sure there was some luck and “being at the right place at the right time” involved, but it did depeen my knowledge compared to my peers who ended their degree at the bachelors degree in my field.

I hope you can work through this hurdle OP and cross that finish line! Best wishes
Last edited by Soul.in.Progress on Sun Oct 24, 2021 11:51 am, edited 1 time in total.
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skierincolorado
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Re: Master’s Degree and Sunk Cost Fallacy

Post by skierincolorado »

AllMostThere wrote: Sun Oct 24, 2021 6:22 am
skierincolorado wrote: Sat Oct 23, 2021 11:52 pm .....I have had to give up a side gig (credit card MS) that used to pay 80k/year after tax. I can make roughly $150/hr doing credit cards........
Okay, what is "Credit Card MS"? New acronym to me. :confused
ResearchMed wrote: Sun Oct 24, 2021 7:01 am

Manufactured Spending.

I didn't realize there were enough ways still available to do this for any real profit.

All we've ever done is collect awards, especially those bonus points for opening new accounts. And then we fly in luxury.
{And yes, we would have paid cash on those long haul international flights for business class, and we've done so very occasionally when awards were possible.)

However, that's not typically considered MS, so someone else can explain details.

RM

othermike27 wrote: Sun Oct 24, 2021 7:02 am

MS = Manufactured Spending. Use your credit card to buy something (e.g., a gift card) that can easily be converted to cash. Then use that cash to pay off the credit card expense. So you are moving money around without actually buying anything you intend to keep. Why would somebody do this? To earn rewards offered by the credit card - maybe points or cash back. For more info on this arbitrage hobby, check out the FlyerTalk forums.

A "side gig"? ... fascinating.

SuperTrooper87 wrote: Sun Oct 24, 2021 8:57 am

What exactly is it that you do?
This guy made 300k in a year, and a court ruled the income was not taxable:
https://www.wsj.com/articles/he-got-300 ... 1615125601

I never devoted more than 10-15 hours per week to it so I never made that much.


Othermike described it accurately. Buy gift card -> buy money order -> pay credit card. Pocket the rewards in the process. There are several large forums dedicated to this, although it has wound down as credit card companies have discontinued some products. I have several cards grandfathered that still earn 5% cash back on groceries with no annual fee. But even if I wasn't grandfathered, there's enough low hanging fruit to make 10-20k easily.

Sign up bonuses are often $500-1000 cash value.
Occasional 5% rotating categories
I think some chase cards still earn 5% at office stores
Unlimited 3% cash back is still a net profit margin of 1.8% after gift card fees. It cuts the profitability in half, so instead of making $150/hr, one would be making $75/hr.
3% cash back may be stackable with online portal cash back when buying gift cards online. People used to place orders for 10-20k in gift cards online

This was super appealing to me back when I made $20/hr.. making $150/hr felt like free money.. now that my real job pays a lot more, it feels like working overtime, although it still pays better than my real job
Last edited by skierincolorado on Sun Oct 24, 2021 11:48 am, edited 1 time in total.
student
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Re: Master’s Degree and Sunk Cost Fallacy

Post by student »

skierincolorado wrote: Sun Oct 24, 2021 11:01 am This guy made 300k in a year, and a court ruled the income was not taxable:
https://www.wsj.com/articles/he-got-300 ... 1615125601

I never devoted more than 10-15 hours per week to it so I never made that much.


Othermike described it accurately. Buy gift card -> buy money order -> pay credit card. Pocket the rewards in the process. There are several large forums dedicated to this, although it has wound down as credit card companies have discontinued some products. I have several cards grandfathered that still earn 5% cash back on groceries with no annual fee. But even if I wasn't grandfathered, there's enough low hanging fruit to make 10-20k easily.

Sign up bonuses are often $500-1000 cash value.
Occasional 5% rotating categories
I think some chase cards still earn 5% at office stores
Unlimited 3% cash back is still a net profit margin of 1.8% after gift card fees. It cuts the profitability in half, so instead of making $150/hr, one would be making $75/hr.
3% cash back may be stackable with online portable cash back when buying gift cards online. People used to place orders for 10-20k in gift cards online

This was super appealing to me back when I made $20/hr.. making $150/hr felt like free money.. now that my real job pays a lot more, it feels like working overtime, although it still pays better than my real job
Obviously you did you research and are good at it. The real money is for you to make a youtube channel to share your success...
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Minty »

student wrote: Sun Oct 24, 2021 8:23 am
gips wrote: Sun Oct 24, 2021 2:47 am most professors are reasonable, is he aware the failing grade is preventing graduation? is there any way to repair the relationship?

since you’ve taken the course once, re-taking should make it easier/less work. in your shoes, i’d def finish.
Whether getting a failing grade is preventing graduation is irrelevant. The student's relationship with the professor is also irrelevant. If the failing grade is not deserved, that is, the instructor graded capriciously due to the fallout, then he/she has not acted professionally. So OP should contact the appropriate person in the department (the chair or the ombudsperson, if there is one).
In my over two decades of teaching in higher ed (plus 8 years of studenthood) there has not been one successful grade appeal I am aware of, with the exception of the kid who was by some distance first in his class and got an F because his raw score approached the bottom of the range for scaled scores (scaled score = double raw score plus participation points). However, in my field there is anonymous grading and so less room for vindictiveness and favoritism, which I am sure happens.
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LittleMaggieMae
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Re: Master’s Degree and Sunk Cost Fallacy

Post by LittleMaggieMae »

Do not walk away from this. Don't put off figuring out the next steps to complete the degree. The goal is to finish the degree. You are one class away from completion. I don't think the Sunk Cost Fallacy fits this situation - since passing one class gets you to the goal. I usually hear Sunk Cost Fallacy in terms of "continuing to bail water out of boat you cannot stop from sinking". You aren't bailing water and you are not on a sinking boat. If you complete one class you are DONE.

I wonder if this is more of an emotional/psychological issue. If this is the first time you've failed a course and you are having trouble coping with the grief/frustration/failure... take a deep breathe. It's OK. You are not a "failure" because of a grade. Going for a Master's Degree was NOT a stupid thing to do. This is an opportunity to practice working thru a "failure". Failure in general isn't bad. Now is good time to work thru the emotions/psychological aspects of having failed a class.

You know yourself. If there is any chance that you will avoid re-taking the class at all costs (it's too painful to face the previous failure) - look to the people in your everyday life to help make sure that you do go back and re-take the class and finish the degree. If you are good at picking yourself up and forging ahead to finish a goal despite setbacks - then take a few days to breathe and focus on what you need to do to complete the degree and start working on it.

You aren't the first person to have this issue, to have to walk this path. You will succeed.

(really, finish the degree... I work with a handful of people who needed 2 or 3 classes to complete a degree and just kept putting it off until it was so far in the past - it made trying to move ahead with additional education more difficult - they had to face/deal with the emotional/psychological issues that the unfinished degree caused - it never went away. A few years from now I'm guessing the "pain" of NOT finishing that one course AND determining the "degree" wasn't worth as much as you thought will be worse than the "pain" of having completed the degree and then determining the degree wasn't "worth" as much as you thought. The former may still feel like a failure (you didn't finish what you set out to do). The latter will just feel like a bad decision. <-- this is if you are thinking about the degree in the "Sunk Cost Fallacy" frame of mind. I'm guessing the Masters will be of some value to you long term.
Last edited by LittleMaggieMae on Sun Oct 24, 2021 12:02 pm, edited 1 time in total.
Californiastate
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Re: Master’s Degree and Sunk Cost Fallacy

Post by Californiastate »

I wouldn't immediately repeat the course unless you've solved what caused you the burnout. I would retake the course if you're that close. Repeating it immediately might just continue you down the rabbit hole of despair. If you think you feel bad now, repeat it immediately, fail again and see how you feel. In the worlds of Field Marshall Montgomery of WW2," Tidy up your battle lines before you stage another offensive."
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Re: Master’s Degree and Sunk Cost Fallacy

Post by student »

Minty wrote: Sun Oct 24, 2021 11:42 am
student wrote: Sun Oct 24, 2021 8:23 am
gips wrote: Sun Oct 24, 2021 2:47 am most professors are reasonable, is he aware the failing grade is preventing graduation? is there any way to repair the relationship?

since you’ve taken the course once, re-taking should make it easier/less work. in your shoes, i’d def finish.
Whether getting a failing grade is preventing graduation is irrelevant. The student's relationship with the professor is also irrelevant. If the failing grade is not deserved, that is, the instructor graded capriciously due to the fallout, then he/she has not acted professionally. So OP should contact the appropriate person in the department (the chair or the ombudsperson, if there is one).
In my over two decades of teaching in higher ed (plus 8 years of studenthood) there has not been one successful grade appeal I am aware of, with the exception of the kid who was by some distance first in his class and got an F because his raw score approached the bottom of the range for scaled scores (scaled score = double raw score plus participation points). However, in my field there is anonymous grading and so less room for vindictiveness and favoritism, which I am sure happens.
I have similar experience and I do not recall any successful grade appeal on the grading itself. But there was one case when it was determined that the instructor was negligent in his duties and we had to offer the student to retake the class for free. I remember because I was the chair and we followed the appropriate procedure in assembling a committee to hear the case.
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K72
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Re: Master’s Degree and Sunk Cost Fallacy

Post by K72 »

OP,

Finish the degree, you are already 90+% done. If nothing else, it can be a point of pride in your future that you didn't give up. Seems to me it's no longer about time and money since you only have one class to go. Like others said, no need right away, but finish it. You won't regret it.
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