NYstate wrote:Monochromatic Oeuvre wrote:FlightoftheEarls wrote: That advance is often repaid through deductions from your salary over the course of your first year, which actually brought my bi-monthly paycheck with taxes withheld for a single filer to around $3,550.
Even assuming you are in New York, and therefore your taxes are as high as possible, that is not the bi-weekly salary of someone making $160k. Looks more like $140-145k to me. Someone making $160k is going to have a bi-monthly take-home pay of around $3800.Perhaps you'll want to make some sort of contribution to your 401k? As of right now, I'm only contributing about 6% because I'm limited by the amount I'm repaying each paycheck to the advance, but that brings my bi-monthly salary to about $3,100.
The only reason to make 401k contributions while you have outstanding debt is if you're presuming a higher ROI than the interest rates on your loans (~8%). I would argue, in the current economic situation, that's way too optimistic over a period of three-four years. So no, I would say no one with student debt should be making 401k contributions.I share a 1BR with my girlfriend that costs me about $2,000/month in rent, plus another $100 in utilities. You may end up paying a bit less if you have roommates (since I cover a bit more because my girlfriend is PI), or you may end up paying closer to $2,000-2,300 if you do a modest studio.
You could get a studio, you could move to Queens, or Harlem (assuming you aren't paranoid). Everyone else has assumed they will live in a bad location and/or a tiny place--it's part of being fiscally responsible when you have a net worth in the negative six figures.I have also had to spend some money on gradually building a more professional wardrobe with a couple suits and other odds and ends
This is presumably a one-time expense and should cost no more than $4k, although you could do it pretty easily for $2.5-3k.traveling to friends' weddings (I have 5 already this year, none of which are on the east coast)
This is not something anyone has to do. Feel free to decline a cross-country trip on account of you being broke. Or have fewer friends.and trying to maintain some semblance of a social life by going out once a week.
No one is obligated to do this either. Your choice, but I'm presuming the loan people will be relatively unsympathetic to your explanation that it was such a tough week you absolutely had to get tanked.
Look, it's generally agreed the first few months you'll be restricted, due in part to some of the things you mentioned. But when you take home a little over $7,500 a month, this shouldn't be that hard. Let's assume $2k for your living situation. Are you telling me that if you made $4k payments, you couldn't manage to live on $1,500 left over for everything else? This post is emblematic of a problem so many young associates with six-figure debt seem to have: They can't figure out how to pay it back while still living the upper-middle class lifestyle they had always assumed was just part of being a lawyer. You know, it's okay, when you have so much debt, to live like you're *gulp* POOR. But the people here aren't even assuming that. They're asking you to live on, what, $50k? And that's only for three years! If you've gotten that Biglaw job, you could presumably have six figures for several decades, even if you burn out fast.
Maybe every post regarding debt should have the caveat "assuming you're willing to put off the Gatsby life until you're at least 30." It should be self-evident at this point, but no one seems to get it.
Oh fuck you. People need to have some quality to life or else what is the point. We aren't talking about a "Gatsby" life which not even the highest paid associate is going to touch. We are talking about a normal,middle class life, which includes having friends who want you to attend major life events and a girlfriend who you help support and want to go out with.
You have no idea what you are talking about yet you are more than willing to moralize and condemn a person who wants to minimally enjoy life. There must be something wrong with you. You have no reason to be so judgmental. He is doing well living within his means and keeping a balance. I know happiness is very low on your scale of values compared to penny- pinching debt repayment at the sacrifice of anything else.
My view is that his way of living is sustainable over the next five years. Living like a miserly hermit is hard to maintain over 5 years. It is also a stupid way to live for very long. Think of it as a reality check on your theoretical budget from your hypothetical job.
You sounds like such an entitled prick. How is a 75k lifestyle (not including your girlfriends salary) after taxes and after loan payments anything other then upper middle class. and you had 170k in loans. Get out of here you should be condemned for trolling.
The majority of Americans live like "miserly hermets" for far longer than 5 years, try their whole lives. You poor baby for having to put up with it for 3 or so while paying off an insane amount of debt you CHOSE freely to take for a shot at making millions. Honestly I hope people are realizing how pathetic and ENTITLED, it's the only word I can think of, you sound.