As regular readers know, I’m quite keen on getting my MBA. I gave my GMAT late last year and when I scored 740, I thought getting into a top MBA program seemed feasible.

The only problem is that a top MBA program costs about $100,000 plus living expenses. Also there’s the opportunity cost of lost wages which increases the total cost of the MBA program to nearly $250,000!

With the country looking like its heading in to a severe recession, I’m wondering if there will be any jobs when I graduate and have all these student loans to pay. I’ll still probably go for the MBA program , but hopefully, I’ll get some sort of scholarship to defray the expenses. Also, if we see hyperinflation like I think we will, in 15 years $250,000 will be worth only $25,000 in purchasing power and it might not seem like a big deal at all!

But for the more cautious among you, there’s a way to get a great business education for only $1,267.00 Compared to $250,00 that’s almost nothing. Josh Kauffman created a program called ‘Personal MBA’ which is a self-study program where you read great management books. Of course, you don’t get a classroom environment and there’s no career center to help you get a job, but thats what you get for saving $98,733. He also has an online forum where you can discuss the books so there is some level of interaction. Check out the books included in the MBA in a box program. Pretty comprehensive. Definitely a good option for those of you that already have a business and just need to work on your functional skills.

I’ll probably grab a few books on the list and get a head start on my MBA education!

I’d like to thank Lazyman for bringing this to my attention.