I need some life advice! I feel like I am at a fork in the road, and trying to figure out which one will set me up for greater success.

Small amount of background info on me: I have lived on my own since I was 16. I was born into a non horse family. My dad left my mom who was mentally ill and had to be placed in an institution several times. Mentally she is good sometimes and other times she struggles. Regardless, everything I have I have worked incredibly hard for. The one thing that has pushed me to accomplish a lot of the things I have has been my dream to try and rodeo professionally. I have worked three jobs at times to get where I am, so I am dedicated and will outwork anyone.

I am a teacher and I am debating on going back to school to get my doctorate in educational leadership. There is a new program a friend called me about that has this program (University of Louisville, so it is a legit college in KY) for teachers where it is $12,000 (most are 20 or 30 plus). It is a three year program and would be incredibly time consuming. Although there is no immediate benefit, once done, if I stayed in the classroom I would still benefit from a salary increase of $6,000, plus have a huge increase in job opportunities where my salary would be doubled. Which would inturn increase my retirement (my plan is to retire at 49 with a pension because of the system we have, I will be eligible to do so).In addition, an increase in salary makes it easier to afford all things horse.

So some may be asking what is holding me back! Well, last spring I started a horse training and lesson business and it has exploded by word of mouth. I have had a steady flow of horses in training and to work with since June (aside from August for back to School, and November for Thanksgiving and a few work trips I had to go out of town on), but have also maintained weekly lessons with anywhere from 3 to 7 lessons a week with students, and have somehow been very blessed with my first ever sponsor! I absolutely LOVE this work, but going back to school means I have to walk away from it because I can’t do it all. In the moment it’s great. The money helps (we will be debt free in 7 years which is the goal so we can go into debt again to try and buy our dream farm) but in the big picture I am literally running myself ragged balancing my job as well as training and lessons. Working my way to the top with horses is my passion. But, in the big picture if I get a higher degree I have more opportunity for a higher salary, and a higher retirement, making it so much easier to rodeo professionally when I retire (hello NFR dreams :) ).

Any insight on setting myself up for the most success?

I did apply for a scholarship from my school to go back and I did receive it. I did this to force myself out of my comfort zone so that in the big picture I am setting myself up for success, but I don’t have to accept the scholarship either. It will not pay for me to go back in full.

Any good life advice? I have picked many brains and some have said it’s okay to live simply, while others have said money helps follow those dreams.

I'd go for the degree which would provide a solid foundation for your future.  With horses there is no guarantee -- one can get injured and that's the end of riding, plus it is a very physically demanding job as you know.  Since your main goal is a trip to the NFR -- and the degree would push you into a higher salary bracket PLUS being able to retire with retirement benefits at 49, I'd get the degree.   That my opinion. 

In the grand scheme of things I think you would be better off to go ahead and go back to school.  Teaching jobs will always be there so you are pretty much guaranteed an income.  I envy all of my teaching friends that have been able to retire so young.

Thanks for the input! 

My plan would be to utilize the degree and not stay in the classroom, but to move up. Researching my salary would literally double and be a six figure salary if I did this, and moved beyond (sad face at not working with kids directly everyday)

Good news in all this is I am young. 32, so will have my doctorate by the time I am 35 and can then afford to buy up in horses. Although for the time being I am happy making my own be the best they can be and learning all I can to become better, while being blessed with outside horses too. I have this spring and summer to train, as I plan to go back in the Fall.

Now to mentally prepare to sell my best horse to help fund this whole school thing. 

If I was 32 and three more years of education would ultimately double my salary...  which in turn would get me to what my ultimate goal is several years quicker....  I'd definitely take that option.  I think as long as you help transition your present horse clients to another trainer during your 'temporary leave of absence' from the trainer life with explanations of why you are 'stepping back for a few years', you'll readily see them and/or their friends once you return to it.

I may also be a little biased as I got my CPA license at the ripe old age of 33 instead of doing in the college years.  I'm 57 now and can look back at well that paid off for me.

I’m going to agree with the mention of getting hurt while training outside horses. You might be better off to get you a project for the summer to work with and sell in the fall just for safety/longevity purposes. Maybe try having a group lesson night vs individual lessons. Weekends/every other week sort of thing to keep that side business going. 

Cheers for planning ahead