Daniel Rosen: If you want to run a business, you have your answer. Unless you want to work for a big corporation, for which an MBA might help, you don’t to spend money on graduate school, or even college. There are no academic requirements to run a business. All you need is something to sell and customers.
If you prefer some other line of work, pick the line of work based on what you want to do. Ask yourself about hours of work, risk, whether you could move to Israel if that ever becomes a facot, what are working conditions like, does it interest you. If you are already married with your own household, law school will cost about $250K (remember to include living costs) – that might be tolerable if you really want to be a lawyer, but think of what sort of return you could get if you borrowed that much money to invest in the business – and what you’ll do if you can’t pay back the loans.