MIDYEAR REVIEW OF INVESTMENTS AND PERSONAL FINANCE : Personal Best

We publish advice and insights from all sorts of investment and personal finance experts--much of it contradictory. So to find out what works in real life, we went to the source, asking our readers to recount their all-time best financial decisions. From hundreds of letters, faxes and e-mailings, we’ve selected a few of the most interesting to publish or excerpt. Thanks to everyone who contributed.

Back to School at Age 73

In January, 1993, mortgages that had been at 11.5%, providing part of my income, were paid off. I began looking to reinvest almost $53,000. After much consideration and discussion with my husband, I decided not to invest in someone else’s potential earnings, but rather to invest in my own.

I decided having a marriage, family and child counseling license would best equip me for future earnings. [So] in March, 1993, I decided to acquire a master’s degree in clinical psychology from Antioch University in Santa Barbara. I was retired and 73 years of age at the time.

I enrolled [that] October. My tuition cost $16,750. My total investment, including transportation, books, the cost of my cap and gown, diploma and other incidentals, came to approximately $22,000.

Currently I am a registered intern in an on-call position with Alcohol Services in San Luis Obispo. Though most of my internship hours are without salary, I have already earned almost $1,000 in the first five months of this year. I received my diploma on March 24.

I learned that as I advanced in retirement, money became the symbol for all my fears. What had been a disappointment over losing an 11.5% investment turned into a challenge that has enriched my life, strengthened my marriage, encouraged others and fulfilled a dream I had almost buried.

By taking a financial risk, I expect to enrich myself, my community and future generations as well.

ROSE T. MONROE

Paso Robles