Also, money isn't the only ROI that should be measured in this situation. How many more hours did you work as an engineer? How much less flexible was your day? Quality of life isn't measured in dollars alone. In fact, I'd suggest the dollars are at the bottom of the list for most people. 1. Autonomy -Can I control when and how I work. 2. Mastery -Will I have the ability to get better at what I do and grow my knowledge and ability 3. Purpose -Is what I'm doing having an impact? Then.... money. If you've not watched the Daniel Pink RSA Animate, check it out.The point is that one needs to gather all the information available before making a judgement about what to study, including what their priorities as a person are. If teaching makes you happy, then teach. But don't whine when you make 70% of what your peers make (a. you're still making a living wage, and d. you get a shitload of time off). Finding a career that speaks to you is going to be the best decision that you can make for yourself. Someone is always going to have more money that you. Who gives a shit?
I would always suggest studying that which you are passionate about rather than that which will make you the most money. If, years down the road you find that you would rather earn more money than continue in your chosen career, there are a number of ways to make a lot of money that don't require a formal education. The decision would become more difficult when there are two things you are passionate about and one of them you are just slightly more excited about but it pays 1/3 of the other. This is when I might actually suggest picking that which you are still excited about but perhaps not as much as the other, in order to make more $.
I don't have much disagreement with this advice, but I think it has to come with the caveat that school these days isn't simply about earning potential, but weighing that potential against what you paid for school. I have a BA in history and a law degree. I paid a fraction of tuition for both undergrad and law school due to scholarships (I also worked during undergrad but didn't make enough to really put a dent in anything except room and board.) I consider myself lucky to not carry the same debt burden as most of my peers, but it is still ultimately an encumbrance and it colors literally every decision I make, both short and long-term. If you are like me and independence is a pivotal element of happiness, you should consider if your academic passion will end up becoming a hinderance in itself simply because what you pay and what you can earn won't balance out.I would always suggest studying that which you are passionate about rather than that which will make you the most money.
Agreed. But it can't be ignored either. Money can't buy happiness, but lack of money can surely make one stressed. I went through some pretty poor times in graduate school (eating a two day old Hot-and-Ready is not a proud experience), but I always had the hope that that state wouldn't last forever. Hope is a powerful motivator, while its antithesis, despair, is the worst feeling known to man. I think in the what-shall-I-do-with-my-life caluculation that we all make, money should be a large factor insofar as one should decide what standard of living is acceptable, and then throw out all the careers that don't match that. If you are comfortable living on $20K, your options are obviously much more wide open than if you feel like you need $150k. There's nothing wrong with either, IMO....money isn't the only ROI that should be measured in this situation