I love how not putting up with misery = "lack the moxie". Whatever the f**k that is. As if it's admirable to put one's self through hell.
Should I drop out?
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48e3, if you have the option to extend you always extend. You can still apply around and leave early, but if the school will guarantee you another year of stipend you take it. Unless said stipend comes with a really onerous instruction load that would make it difficult for you to write and hit the market.
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Lol at being unable to get a job with ultra low unemployment and almost a decade of economic growth.
I get that TT lines are disappearing, but who the hell are these advisors telling students to turn down jobs?! They are both negligent and probably outright imbeciles.
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Op, do you have an MA yet? If not, use the time to get that, write the MA on something related to the non-academic jobs you might want. Use the research to learn more about the field, gather some original data, do some analysis and if possible network in that field.