jbagelboy wrote:As someone else said, how did you save $100,000? Or was this family money?
Edit: this is relevant because if you earned it working over 10 yrs, do not blow it on law school tuition and take the NU offer. If your parents/grandparents gave it to you or left it to you, go to cls/chicago for $75k if you get it.
It's a combination of the two. But why does that matter? Money is money IMO
Why in the world should how you came into money dictate how you spend it?
It's incredibly relevant. If your parents generously give you tens of thousands of dollars to fund your legal education, first, you take that money and use it on the best damn law school you can. OP can go to NU with full scholly and buy himself a porsche to boot, sure, but that's sure as hell not what his family intended when they gave it to him. Also, by spending the money on LS, you aren't increasing your risk from a time/value perspective, but only increasing opportunity at very little cost relative to peers (Since most people don't have that money to start with anyway.)
Secondly, earning that much money would take years, and if you are already late 20's/early 30's, you don't want to put yourself back into debt after ls and be forced back to that maturity level; you've probably already established a life, a home mortgage or equivalent property, you're bound to have kids and other financial responsibilities. Then, the delta between an NU and CLS degree is less important than maintaining other elements of your life. Furthermore, the risk is much higher from an opportunity cost point of view here, you're losing literally years of your life spent saving as opposed to resources past down to you for free. How you "came into money" informs where you are in life, it tells everything about your priorities and what you can risk or gain.
Lastly, unless your parents are true ascetics and give you everything they own, there's probably more in storage where the initial $ came from, so you aren't looking down the gun barrel at bankruptcy if all goes to hell.