Gen Z Guide to FI

I’m looking for validation here. I have spent over $3000 as an investment in improving my GMAT score. Now, why am I doing this? Most of the schools that I’ve been looking into offer merit scholarships.

I wrote the first paragraph of this over a month ago before starting my expensive GMAT prep class. I have to say that I am proud of this recent expensive investment. I am planning to retake the test in March (so fingers crossed). Anyway, a little back story, I took the GMAT first in 2021. I got 570 which is a pretty low score for the schools I am targeting. The first test was for vibes anyway and I wanted to take standardized tests early enough in my four year plan because I suck at them.

Then in 2022, I took it again and improved to 640 which is better. Below average for the schools I’m targeting but ok enough for my application to not be tossed in the trash. But this year is the real deal. This is application year.

So I’m here now… The exam costs $250 per seating ($500) & I paid $600 total for the self directed course (from e-gmat, I highly recommend if you are good at self study).Totaling $1500 for 2021 & 2022 combined

2023 costs so far include $1500 (an actual class with curriculum & teachers) + $250 (GMAT registration). Totaling $1750. I love the online class so far (Testcrackers) and I’ll shout out a recommendation to them whether I get the >700 score or not.

This comes out to $3250 spent on getting a better score.

So FIRE babies why am I spending this much money on a standardized test? Million dollar question. Actually not $1,000,000 but closer to $200,000. Most of the MBA programs I’m targeting cost over $200,000 but have good merit based scholarship programs. Since I studied engineering and had a good undergrad GPA, I qualify for some of those scholarships. But the GMAT (or GRE) is another PHAT ASS factor. Most schools I’m looking at have average GMAT scores of >700 so I reason that if I get about 700, nothing prevents me from qualifying for scholarships.

All in all, maybe I should have started this post with dear diary, because I feel way more relieved journaling my rationale for this even if it is on the blog.