Is it Worth It?: Weighing the Costs
In the wise words of Missy “Misdemeanor” Elliott, “Girls, girls, get that cash / If it's 9 to 5 or shaking your ass.” Every time I ask myself if something is worth it, I can’t help but get Missy Elliott’s “Work It” stuck in my head. I’m a Missy Elliott fan. I have pictures from her 2019 Marie Claire photoshoot posted in my office. She’s an incredible rapper, songwriter, performer, producer, and more. She worked her ass off to be the icon that she is in a male-dominated field. She broke through so many barriers. I watch all her music videos to pump me up. I love her.
Alright, enough of me fangirling. In the last post I covered the requirements and how much money it (will) cost me to fulfill them. In this post I will share my opinion about the affordability of graduate school and post-graduate licensure.
First, let me think about the financial return. According to Investopedia, a financial return, or return of investment (ROI) is the “money made or lost on an investment over some period of time.” Paying off my debt is doable. Say I spent around $40,000 on my graduate education and post-graduate licensure process over the course of about 5 years. At my first job, my annual gross pay was $52,650. With that pay, I was able to create a budget that would pay off my debt within a few years and fund my post-graduate licensure process just fine. On top of all this, I maintained a fairly frugal lifestyle.
If and when I complete my licensure process, I will be able to qualify for job positions that require a Licensed Clinical Social Worker (LCSW), License Marriage and Family Therapist (LMFT), License Professional Clinical Counselor (LPCC). These positions, I’ve found on ZipRecruiter and Indeed, commonly start at $50 per hour, or $97,500 annually (before taxes and deductions). My friends who are new LMFTs also report starting off at about $50/hour doing telecounseling. Combining some research I’ve done, the potential for financial return seems great to me. Moreover, the need for mental health clinicians, especially in telecounseling, is going up (https://www.hhs.gov/about/news/2020/03/17/secretary-azar-announces-historic-expansion-of-telehealth-access-to-combat-covid-19.html; https://nbcc.org/govtaffairs/newsroom/states-taking-action-to-expand-telehealth; https://www.mhanational.org/issues/state-mental-health-america).
Full Disclosure: I consider myself fortunate because my first-generation Vietnamese American, working class parents who worked overtime provided mine and my brothers’ undergraduate education. My parents simply didn’t want us to struggle to establish themselves in this country like they did. My parents also helped pay for my monthly rent and then some in graduate school so long I maintained good standing and a part-time job. So yeah, I’m super grateful. I felt a little ashamed writing this disclosure because there’s respect in saying that I did it all myself. But no, I received helped from my family and some scholarships. I have HUGE respect for my family for working so hard to support me. And hell yes, I’m going to push myself to be the best clinician I can be.
I imagine, with different circumstances, would I still pursue post-graduate licensure? If I had $75,000 or maybe even, $100,000 of student loan debt I think I would consider further investment in my training to help pay off my debt sooner. It would put a huge toll on my mental health. I’d probably think of ways to be even more frugal and/or have additional income streams. Shoot, if I found another way to make more money and be happy, I’d do it in a heartbeat. In fact, I’ve questioned myself throughout this whole process. More full disclosure: I’ve had a couple angry outbursts and crying episodes after corresponding with the CA BBS and other authorities. I keep it respectful in e-mails of course, but you might see sitting in my car, looking defeated. It doesn’t help when I’m combating messages of self-doubt in my head either. I wished for someone out there to help guide me. I did find really helpful people when I reached out. That’s probably why I felt inclined to create this blog. It’s a difficult process as a new professional in a whole new state. I kept asking my mentors and friends, “Should I do this?” I don’t necessarily need this license to fulfill the goals that I have, but it would help. In the end, I’m committing to doing it.
