CNN Money: A Harvard MBA’s Radical Quest to Erase His Debt

Amazing and inspiring!  It’s sad that a quality education costs so much, and even sadder that the interest rates are crippling.  But our culture has a lot to do with the debt we are willing to allow ourselves.  This guy really has his head on straight!  Kudos to him!

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Link to article:  http://management.fortune.cnn.com/2012/05/16/student-debt-business-school/?iid=HP_LN

B-school grad Joe Mihalic went on an extreme financial diet to pay down over $90,000 in debt in just seven months and charted his story through an anonymous blogging project.

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2 thoughts on “CNN Money: A Harvard MBA’s Radical Quest to Erase His Debt

  1. It would be more interesting to know how he actually obtained that coveted position with Dell. Once he got the job it wasn’t too difficult to figure out a savings plan, but what was his strategy to get that job?

    Reply
    • I’m sure going to Harvard has something to do with that. I know of people who have attended IVY (or top 10) business schools and aside from the quality of education, the networking opportunities are really beyond what many other schools are sometimes able to provide, not to mention access to alumni (sometimes some very rich alumni) that are generally active in helping out members of their alma mater…and also coveting the best and the brightest of the top business schools. In addition, some schools ONLY recruit from IVY or top 10 schools. Some of the top management consulting companies don’t bother looking elsewhere.

      I think the key here though is the change in lifestyle. As a recent Harvard MBA grad making over $100,000 at a job, most would never THINK of changing their spending habits as drastically as he as. In many cases, people feel like they have “made it”, and are entitled to the lavish dinners, the nice car, etc. But there are lots of people with great jobs who are still drowning in debt – the exterior of “wealth” is just a facade. This guy took on side jobs, including landscaping jobs, etc, (which other Harvard MBA’s may find unnecessary or beneath them). I have to say it’s pretty impressive. We all get sucked into the spending culture at some point. It’s great to great so see someone successfully manage it, rather than have that sort of culture “manage” him and control him/her.

      Also, I have to say, there’s just something about Boston (which for the record I think is a beautiful city rich in culture, and really ful of life). In addition to having the countries rich and elite sending their children to some of the schools there, there are lots of very wealthy international students that also go to school there. Nice cars are the norm (and I mean really nice), and expensive everything, from clothes, to meals, to whatever else, are more common than not to students on college campuses. It becomes hard for someone not to get sucked into the culture, even if they were raised very very differently.

      Anyway, good luck on your search. 🙂 I don’t envy anyone looking for a job right now. Best of luck.

      Reply

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