OK, so

[PartyGirlUK]

I've had this major life decision that I've been oscillating over for a few months. Im still no closer to resolving things, so lets see if OOT can shed some wisdom.

OK, about me. I'm real smart. And I'm unusually creative in terms of research ideas, ways to improve products etc. I've had many amazing people tell me I can write my own book in life. But I'm pretty lazy, and I see a lot of Sklansky and a bit of Anacardo in me. I don't want to be like them. And I'm all too aware that it isn't what you could have done that matters in life, but what you actually do.

And I want to achieve a lot. I'm not sure I have the drive to be Prime Minister, or CEO of a FTSE 100 company (nor maybe the ability), and I dont want a high profile/stress job. But I wouldn't be satisfied making a couple of mil from poker, then semi-retiring, getting by on wits and not really doing anything. Even though I do value leisure and freedom very highly, I admire people who actually go out and do stuff and live life to the fullest.

I've been offered a PhD placement in Econ at the U of Chicago. Its a top 5 program in the world. The faculty is unbelievable. It's almost surely my only opportunity to get into such a top institution. I have to decide whether to accept or not.

I am a curious guy. I ask a lot of questions, and so in some ways it makes sense to utilise what abilites I have for answering them. And even if I were smarter than 99.9% of people, that leaves 6 million people smarter than me, some of them clearly so. Being around them can help me think better and learn, and whatever road I go down in life this will be beneficial, if only for myself.

I can't see myself being an academic all my life. 40 years is a helluva long time and I suspect I would become bored pretty quickly. I crave the new and exciting. Perhaps this will change but right now I dont see anything specific that the PhD would lead towards. I don't see myself having and I don't want, 'a normal life' or a 'career'. And the first year of top econ PhD programs are TOUGH, and Chicago is notably tougher than anywhere else. Hyde Park is a really depressing place, so I think for at least 10 months might life would really suck. Then there is another year of courses which are much more fun, then I can live/do wherever I want essentially. Some of the stuff in the first year I find interesting, but a lot of I don't care about/value and would really not enojy doing.

If I don't do the PhD, there is a business I want to set up. I don't think it would make me a fortune, but I'd really like being my own boss, and the creative/day to day stuff of running my own business. There is also this poker documentary that I have sidelined due to figuring I was going to do the PhD, but I think it's an awesome idea and I would definitely love making it, and get immense, immense satisfaction if I made a really great piece of work that was an accurate portrayal of online poker life, and that people enjoyed watching (even if it didnt make me rich).

Those things don't really lead down as clear a path as the PhD though, and also they might be tough on me socially - the business and poker (which I would play to support myself) are sitting in front of a PC on my own, I would have to move out of Chicago due to visa reasons, whereas in the PhD I woudl be around young super smart people, having a healthy life would be that much more natural......

Well there is a lot more I could go into, but I'll leave that until people ask questions. Basically my natural bent in life leads down a path that I don't want to, and I'm looking not to end up like people I pity.

[gumpzilla]

Given your description, I say forget grad school. Unless there's something very specific that you want the Ph.D. to do, it is likely to be a big waste of time, financially if nothing else. While I don't regret coming to grad school, I don't think I'd do it again if I could start over. There is nothing stopping you, really, from doing something else and then making an effort to hang out with grad student types if that's what you want.

Given that you are presumably doing well at poker, you're probably in a somewhat better starting place than a lot of people who strike out to start a business for themselves in terms of having something to keep you fed for a bit without racking up considerable debt.

[z28dreams]

Here's my quick opinion -

You sound like a really bright guy, and you even mention wanting to be your own boss.

I firmly believe that anyone with any hint of business savvy should take a shot at running their own company.

Here are a few extra reasons:
(1) While you're young you have the freedom to take chances and be able to live on minimal money while you build up your company. Once you're married with kids, it'll be a much riskier situation.

(2) You put a very quick cap on your salary by working for a University

(3) There's nothing that says you absolutely won't get another chance to teach if you decide to go back for your PhD later.

Life's short - go take some chances and try to make it big.

[PartyGirlUK]

Owl I'm almost 24

Blarg the mean completion time is 5 years. Of coure nothign to stop me dropping out earlier than that. Pretty easy (for me at least) to get sucked into staying longer than is optimal though......

Gumpzilla - ye I have a few hundred K saved up and continue to make good money from poker. I dont enjoy it that much or want it to be my lifes work, but it offers me a tonne of flexibility and Im very, very lucky to have found it.

Victor - I'm sorry you feel that way. I'm looking for some genuine life advice, and I think its best to be as honest as possible about what I think my potential is, even if it comes across as arrogant. My coming to the forum is an admission that there are a tonne of people smarter than me when it comes to life/being happy, which is the most important type of intelligence imo.

[Cornell Fiji]

Dean.,

Am I correct in assuming that the PhD program is free and they give you a stipend for doing research work?

If so then I think that it is certaintly worthwhile to give it a shot for a year and see if you enjoy it and if it gives you a sense of purpose. You really have nothing to lose as you will be able to meet brilliant people who will stimulate you and if you would like to be part of a start up that ever needs vc funding saying that "I got a PhD in economics from U Chicago" will absolutely open doors for you.

If you suffer from depression, the poker pro lifestyle will not be good for you as I am sure you have seen. This program will give you opportunities to do other things that might give you a greater sense of self worth.

I think that this program will expand your options and opportunities in life with little downside. Go for it!


Edit: What do you mean by "I was offered placement..." did you apply to a bunch of PhD programs or are you just so cool that people go out of their way to invite you to join one of the most exclusive and elite econ programs in the world?

[PartyGirlUK]

Program would be tuition fee thruout, stipend from year 3 on.

[MegaloMialo]

There seem to be some contradictions and uncertainty's here.
In general, i don't understand this type of advice seeking questions. Sure there are people on this forum who are happier then you but that's probably also because they did not need nor asked for advice on how to live their lives.
Just read your own post and you should have your answer.

[Blarg]

How long do you anticipate the program taking? How detrimental to your future goals would the cost be?

[The Owl]

How old are you?

[Victor]

sucks to be so awesome. i feel real sorry for you. i would give you some advice but, you know, im proly on smarter than 75% of the ppl in the world on a good day when im not wasted.