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Describe what it's like having BIGLAW and <50K in student loans
Date: October 13th, 2011 5:48 PM Author: Beady-eyed selfie (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164053) |
Date: October 13th, 2011 5:49 PM Author: Territorial cowardly senate I'm down to 62k.... getting there (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164060) |
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Date: October 13th, 2011 5:51 PM Author: Beady-eyed selfie what's it like, tell us brother. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164076) |
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Date: October 13th, 2011 5:52 PM Author: Territorial cowardly senate it's still overwhelming. 3 years of stress, little savings, and STILL 60k in loans. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164085) |
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Date: October 13th, 2011 5:54 PM Author: Beady-eyed selfie what did you start with? how much do you have in savings? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164105) |
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Date: October 13th, 2011 5:54 PM Author: Territorial cowardly senate started with around 145 in loans. I have 12k in savings and about 95k in 401k and investments. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164110) |
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Date: October 13th, 2011 5:55 PM Author: Beady-eyed selfie whoa brther, you need to get those savings up to 25K fast. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164123) |
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Date: October 13th, 2011 6:08 PM Author: Territorial cowardly senate My job is stable, I have no family or kids or anything else that would sink an emergency fund. Worst comes to worst, I can cash in my vanguard index account for another 12k. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164220) |
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Date: October 13th, 2011 8:47 PM Author: charcoal aphrodisiac garrison giraffe how the fuck do you have $90K in 401K?
Also lol at my $120K in debt. |
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Date: October 13th, 2011 8:52 PM Author: Territorial cowardly senate 401k and investment. about 55k in 401k + Roth (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165381) |
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Date: October 13th, 2011 9:19 PM Author: cerise police squad business firm (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165662) |
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Date: October 14th, 2011 6:56 PM Author: mustard mood no (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19171609) |
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Date: October 13th, 2011 5:50 PM Author: Lascivious set Isn't the issue what amount of loans you started with? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164074) |
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Date: October 13th, 2011 5:51 PM Author: Beady-eyed selfie no, because it's a psychological feeling. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164080) |
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Date: October 13th, 2011 5:53 PM Author: Obsidian beta becky still the 99% bro (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164096) |
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Date: October 13th, 2011 5:54 PM Author: Hairraiser point http://rule34.transceration.net/_images/faa67f1bec0fde143286e7ef12eb5afc/130769%2520-%2520Deleteme%2520not_34%2520Randy_Marsh%2520South_Park.jpg (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164103) |
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Date: October 13th, 2011 5:54 PM Author: Beady-eyed selfie 180 (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164107) |
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Date: October 14th, 2011 6:56 PM Author: Know-it-all half-breed trailer park I second this. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19171601) |
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Date: October 13th, 2011 6:11 PM Author: lilac exciting dingle berry 37k at 3.5% left. I waste a lot mote money mow (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19164246) |
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Date: October 13th, 2011 8:45 PM Author: titillating hospital it's like this. by that point you know that biglaw is about over. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165294) |
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Date: October 13th, 2011 8:56 PM Author: Drunken transparent coffee pot hissy fit im down to 70k!!! from 150k 1.5 years ago YNY!! (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165413) |
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Date: October 13th, 2011 8:58 PM Author: Territorial cowardly senate good job. 80k in 1.5 years! Could be driving an M3!!! (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165426) |
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Date: October 14th, 2011 12:44 PM Author: submissive overrated bawdyhouse travel guidebook Happy to see you're paying it down aggressively. After a year of clerking, I've managed to knock down about 25k. Biglaw people need to take a page from your book and realize 50k a year is very doable.
Nice work! |
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Date: October 13th, 2011 9:06 PM Author: supple kitty cat I started at approximately $125-$130k in September 2010. With tomorrow's paycheck, I will be under $45k. If bonuses are as expected I will be done in April. Getting under $50k felt good. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165501) |
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Date: October 13th, 2011 9:07 PM Author: Infuriating Ratface did you eat a lot of ramen? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165508) |
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Date: October 13th, 2011 9:10 PM Author: supple kitty cat Take-home is $8200 a month. $200 for Metrocard and gym. Rent is $1500. Utilities $100. $1200 a month for everything else. That leaves $5200 a month for loans. Plus the $10k tax refund helped. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165555) |
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Date: October 13th, 2011 9:12 PM Author: sable address personal credit line Tell me more about this tax refund (in LS so clueless) (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165577) |
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Date: October 13th, 2011 9:14 PM Author: supple kitty cat Your stub year you only make about $40k but at the time you're taxed as if you're making $160k. So you get a big refund. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165611) |
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Date: October 13th, 2011 9:22 PM Author: sable address personal credit line This also applies to 2L summer right? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165700) |
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Date: October 13th, 2011 9:29 PM Author: supple kitty cat Yes. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165773) |
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Date: October 13th, 2011 10:59 PM Author: Startled Glassy Genital Piercing Menage You should absolutely try to avoid this your 2L summer. I claimed 16 allowances on my W4 so the withholding would be lower. I still got a refund, but it wasn't huge. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166441) |
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Date: October 14th, 2011 10:14 AM Author: Contagious house-broken property regret I've thought about this but have found no guidance as to how to accurately calculate the # of allowances necessary to do this. Can you explain how you arrived at 16? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168484) |
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Date: October 14th, 2011 6:50 PM Author: chartreuse corner (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19171557) |
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Date: October 14th, 2011 9:49 PM Author: Soul-stirring theater stage you can ask the firm if it is possible for them to use the "Part-Year Method" for withholding - this is the easiest and most accurate way (http://www.irs.gov/publications/p505/ch01.html#en_US_2011_publink10007241)
Alternatively, you can use the IRS's online withholding calculator to accurately figure out how to do your withholding: http://www.irs.gov/individuals/article/0,,id=96196,00.html |
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Date: October 13th, 2011 9:15 PM Author: charcoal aphrodisiac garrison giraffe describe your 8200 take home as a first year in NYC. No 401K? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165614) |
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Date: October 13th, 2011 9:21 PM Author: supple kitty cat Right, zero 401k contribution. I followed XO's advice and paid off the loans first. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165685) |
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Date: October 13th, 2011 9:15 PM Author: Cerebral institution hominid where do you live that rent is 1.2k wat (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165624) |
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Date: October 13th, 2011 9:20 PM Author: supple kitty cat $1500 each. Live with my wife. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165675) |
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Date: October 13th, 2011 9:21 PM Author: Infuriating Ratface o you left out the convenient part that your wife is subsidizing your student loan payments~ (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165686) |
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Date: October 13th, 2011 9:23 PM Author: supple kitty cat Rent is $3000. She doesn't subsidize anything. She has more student loans than I do. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165719) |
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Date: October 13th, 2011 9:10 PM Author: Territorial cowardly senate how much do you pay in loans per month (math challenged) (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165545) |
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Date: October 13th, 2011 9:11 PM Author: supple kitty cat I pay it down by $5k a month, which used to require ~5400 a month, but now requires only ~5150 a month. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165573) |
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Date: October 14th, 2011 8:30 AM Author: geriatric pearly market but you are asian? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168225) |
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Date: October 13th, 2011 9:15 PM Author: cerise police squad business firm (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165616) |
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Date: October 13th, 2011 9:29 PM Author: supple kitty cat If you take out $210k to go to law school it will be more like $250k when you graduate. If you're lucky enough to get biglaw and last 5 years, you will be back to zero after 8 years of hard work and living frugally. List the specifics on your scholarships. If by "big scholly" you mean you could graduate with between $50k and $75k in debt from CCN, I would consider it but might not even do that. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165770) |
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Date: October 13th, 2011 9:47 PM Author: cerise police squad business firm (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165898) |
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Date: October 13th, 2011 9:59 PM Author: supple kitty cat You're missing the main point. Even if it's guaranteed, 8 years to break even is not worth it. That's best case scenario. You would be better off taking a full ride to a school like GW or BU, working hard for 2 weeks twice during 1L, landing in the top 15% and getting biglaw that way. Taking out 250k in loans will ruin your life. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166000) |
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Date: October 13th, 2011 10:19 PM Author: cerise police squad business firm (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166153) |
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Date: October 13th, 2011 10:43 PM Author: supple kitty cat The 8 years figure included law school plus 5 years living frugally and paying down 50k a year. I had 130k in debt at graduation and got biglaw. I don't think it was worth it. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166340) |
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Date: October 13th, 2011 10:26 PM Author: Razzle-dazzle effete pit flame. nobody has 200k+ loans from law school (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166203) |
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Date: October 13th, 2011 10:39 PM Author: supple kitty cat Wrassler and other posters have more than that. If you go to law school starting in 2012 your average cost of attendance per year will be about 80k if you pay sticker. Another 30k in interest while you're in school.
http://www.law.berkeley.edu/6943.htm
http://www.law.harvard.edu/current/sfs/basics/cost/budget.html |
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Date: October 13th, 2011 10:48 PM Author: Abnormal Generalized Bond Site Lots of people do. Sticker tuition plus living expenses is approaching $200k as is, and many people go into law school with undergrad debt. And when you factor in interest...
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Date: October 13th, 2011 11:01 PM Author: supple kitty cat Did you see the links above? It's well over 200k and rising fast. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166453) |
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Date: October 14th, 2011 12:47 PM Author: submissive overrated bawdyhouse travel guidebook This is the credited advice.
If you can go T14 for free, I take that any day of the week over Harvard. |
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Date: October 14th, 2011 12:45 PM Author: submissive overrated bawdyhouse travel guidebook This is really impressive. Excellent work, bro. Inspirational! (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19169332) |
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Date: October 13th, 2011 9:52 PM Author: Disturbing wine space mad-dog skullcap I had it with $0 loans, it still sucks (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19165933) |
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Date: October 13th, 2011 10:50 PM Author: galvanic poppy home (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166371) |
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Date: October 13th, 2011 11:01 PM Author: Startled Glassy Genital Piercing Menage Explain. Were you really not able to be happy with all of that disposable income? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166454) |
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Date: October 13th, 2011 10:00 PM Author: awkward bbw I have biglaw w no loans. Will take some questions now. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166009) |
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Date: October 13th, 2011 11:03 PM Author: Startled Glassy Genital Piercing Menage First, what market.
Describe how you think this affects your psychological state on a daily basis. Does it feel better knowing you could just walk away if you got sick of it?
How much do you save every month?
What do you splurge on? |
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Date: October 13th, 2011 11:12 PM Author: awkward bbw psychologically i feel like i have a 12" dick most days. i always did pretty well with women, but the confidence you get from making one of the biggest incomes for a bro your age basically beams out the pheromones that just make chicks wet upon coming into contact with you.
i live in a low cost of living city (houston/chicago/etc) but make NYC market + bonus.
i basically buy whatever i feel like. i have a sick place in the fun part of town and go out 3-4 nights a week. take random vacations to europe or exotic locations. just whatever. |
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Date: October 13th, 2011 11:30 PM Author: Startled Glassy Genital Piercing Menage That all sounds terrible.
OK, I got a hard-on. |
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Date: October 13th, 2011 11:32 PM Author: twinkling swashbuckling principal's office brethren please check the following boxes that apply:
[ ] 6'2" or greater [ ] 6.5+" cock [ ] bench 300+ [ ] just your average pumo |
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Date: October 14th, 2011 12:03 AM Author: Startled Glassy Genital Piercing Menage Sounds like partial flame. Name your major vacation destinations since starting biglaw. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19167116) |
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Date: October 14th, 2011 10:05 AM Author: awkward bbw why would it be flame? i've gone on a ten day trip across europe, and a few island getaways with my gf at the time, like french polynesia or the us virgin islands. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168453) |
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Date: October 14th, 2011 10:11 AM Author: dashing twisted parlor partner the problem with your flame is even if you had the money for these trips your firm is unlikely to let you take 60 days a year for vacation to just go hang out wherever. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168471) |
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Date: October 14th, 2011 10:29 AM Author: awkward bbw link to me saying i took these trips in one year, genius. lol if you think bros in biglaw don't go on vacation. is that what you tell yourself to ease the pain of working in $28k/yr shitlaw? i don't want to get into some trolling contest, but what you said just doesn't make sense. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168556) |
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Date: October 14th, 2011 10:51 AM Author: dashing twisted parlor partner You made it sound like you just jet off whenever you please. LOL JUST LOL at some faggot bragging about taking a ten day vacation once a year. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168718) |
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Date: October 14th, 2011 11:03 AM Author: awkward bbw it's certainly not whenever i please, but it's nicer than before when, though i had the time, i could never take an exotic vacation. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168786) |
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Date: October 13th, 2011 10:22 PM Author: talented friendly grandma 39k in loans but only 115 salary. Somehow I manage to never have enough money (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166171) |
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Date: October 13th, 2011 10:45 PM Author: Cocky Glittery Pocket Flask do you work in Milwaukee? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166343) |
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Date: October 13th, 2011 10:54 PM Author: aqua passionate therapy Good preparation for living on a third of your salary. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166415) |
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Date: October 13th, 2011 10:59 PM Author: charcoal aphrodisiac garrison giraffe hey fag, what's your broke ass been up to? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166445) |
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Date: October 13th, 2011 11:06 PM Author: aqua passionate therapy Living the dream you know. Yourself? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166504) |
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0xCE955F7F2A24fB8A7c3cd6F115F65E016c785EC8 Date: October 13th, 2011 11:14 PM Author: richard clock (ggtp) its awesome, you get a huge paycheck with very little of it tied to preexisting obligations each month. ballin! (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19166579) |
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Date: October 14th, 2011 12:05 AM Author: Startled Glassy Genital Piercing Menage Serious Q: Is biglaw buxx in NYC with no debt still not worth the high COL and shitty hours? I'd rather live in NYC than DC, but at least in DC I'd make around $500 more every month (lower taxes) and the hours would be more humane. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19167151) |
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Date: October 14th, 2011 1:10 AM Author: racy knife meetinghouse Would you recommend consolidating law school loans and still throwing 4-5k/mo at them? I have stafford and grad plus loans exclusively. I think that's 6.8% and 8.5% respectively with the vast majority being the gradplus/higher interest rate. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19167671) |
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Date: October 14th, 2011 8:23 AM Author: up-to-no-good black woman pay off the high interest rate ones first duh (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168222) |
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Date: October 14th, 2011 8:25 AM Author: turquoise laser beams boltzmann i thought people only consolidated when they couldn't meet their monthly minimums. don't consolidate, pay down the 8.5% loans first. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168224) |
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Date: October 14th, 2011 8:39 AM Author: geriatric pearly market The thought of having six figure debt is crippling (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168233) |
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Date: October 14th, 2011 8:42 AM Author: turquoise laser beams boltzmann yeah man. i honestly feel sorry even for the biglaw doods. the guys above paying 4000-5000 a month, it will still take them years to pay off. and those are the lucky ones. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168239) |
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Date: October 14th, 2011 10:14 AM Author: nighttime black hall I can tell you: crippling work hours, high taxes, demanding partners, and generally miserable lifestyle. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19168483) |
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Date: October 14th, 2011 7:08 PM Author: bateful public bath pisswyrm Use your clerkship bonus as a down payment on a new Porsche. Date and eat out as often as you want. Wear a 10k plus watch. 20k stereo Buy nice shit. Still have money left over each month. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19171704) |
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Date: October 14th, 2011 10:10 PM Author: Violent crimson idea he suggested range i just paid down 17k today. only 38k left.....yay? (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19172865) |
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Date: October 15th, 2011 9:09 PM Author: submissive overrated bawdyhouse travel guidebook Clerkship bonus?
Or do you save up chunks, for whatever reason? |
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Date: October 15th, 2011 9:38 PM Author: vivacious smoky national electric furnace It feels even better when you start with under 50k in loans. (http://www.autoadmit.com/thread.php?thread_id=1782810&forum_id=2#19178633) |
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Date: October 16th, 2011 12:32 AM Author: cracking onyx psychic Yes. I was fortunate to be in this boat. I'm down to $30K and could have paid it off years ago but my interest rate is so low. I definitely feel like I made teh right decision when picking my school (scholarship played a major role in my decision) but I realize that I graduated at a good time, too. Tuition and loan rates were lower when I went, merit scholarships were getting higher and higher at the time, and I captured the salary bumps right when I started working (from the bump above $125 and so on).
The biggest benefits have been psychological as opposed to material. I've tried to avoid the golden handcuffs. So I have F.U. money right now, which makes work go a lot better--if things get to bad, I know I can just leave. I was able to say "no" to a request from my firm that I make a pretty big geographical change because of this. Also, with no golden handcuffs, I can afford to avoid the partnership track. That means I haven't had to bill super crazy hours during my firm tenure (still have had some bad stretches, though). And, knowing that there is a light at the end of the tunnel (maybe a couple years out, maybe sooner) is actually pretty nice.
Also, because I've been able to save so much the last few years, I have a lot more flexibility with what I want to do for the 20-30 years after biglaw. That's pretty key for me. |