Tiago Splitter wrote:
5737 is the bi-weekly gross pay. Monthly take home is a little over 8K.
Sorry, I looked at the wrong calculator. I stand corrected and offer my profound apologies to everyone.
$150,000 per year in NYC equates to $7615 after tax.
I am deeply apologetic - on the above, there's $1900 left per month for entertainment and for saving for your future (let's call it $22k/yr after buying the suits and shirts you need for your job)
Now, let's say you want to live in a 2-bedroom apartment in the city one day (because, well, if you're working 10-14 hour days, you don't want to have a long commute).
Well, a decent apartment will cost a million bucks by the time you save up the money, so your downpayment will be $200,000 (you need 20% down to get a jumbo mortgage).
That'll take you 9 years (of course, your salary should go up during this time).
or, plan B, you don't want to dedicate your life to biglaw, but will only do so for 5-8 years.
Then, let's take the leftover cash and pay down student debt aggressively. You'll be paid off roughly around the same time you quit your job
Again, having had no social life or entertainment whatsoever.