Do you guys see anything wrong with this backup backup plan?

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Anonymous User
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Do you guys see anything wrong with this backup backup plan?

Postby Anonymous User » Sun Feb 21, 2010 4:03 pm

If I graduate with $200K in debt, and don't get BigLaw, and ALL other backup plans fail, I will just go back to China and teach English. Let me make this clear in that this will be my very LAST RESORT, to be exercised only when I have exhausted all other options. As far as I can tell, if I never work in the U.S. again, the debt collectors can't touch me...right?

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Aberzombie1892
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Re: Do you guys see anything wrong with this backup backup plan?

Postby Aberzombie1892 » Sun Feb 21, 2010 4:09 pm

Anonymous User wrote:If I graduate with $200K in debt, and don't get BigLaw, and ALL other backup plans fail, I will just go back to China and teach English. Let me make this clear in that this will be my very LAST RESORT, to be exercised only when I have exhausted all other options. As far as I can tell, if I never work in the U.S. again, the debt collectors can't touch me...right?


Why are you posting anonymously?

Everyone knows you are the poster that contemplating staying in China to teach or going to law school.

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Sauer Grapes
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Re: Do you guys see anything wrong with this backup backup plan?

Postby Sauer Grapes » Sun Feb 21, 2010 4:13 pm

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Last edited by Sauer Grapes on Sun Aug 22, 2010 8:44 pm, edited 1 time in total.

Anonymous User
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Re: Do you guys see anything wrong with this backup backup plan?

Postby Anonymous User » Sun Feb 21, 2010 4:18 pm

I can post anonymous too! Bad-ass.

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BruceBarr
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Re: Do you guys see anything wrong with this backup backup plan?

Postby BruceBarr » Sun Feb 21, 2010 4:18 pm

Anonymous User wrote:I can post anonymous too! Bad-ass.


You're awesome. And I hear you're really good looking.

Anonymous User
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Re: Do you guys see anything wrong with this backup backup plan?

Postby Anonymous User » Sun Feb 21, 2010 4:19 pm

BruceBarr wrote:
Anonymous User wrote:I can post anonymous too! Bad-ass.


You're awesome. And I hear you're really good looking.


Thanks man. I hear the same about you.

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BruceBarr
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Re: Do you guys see anything wrong with this backup backup plan?

Postby BruceBarr » Sun Feb 21, 2010 4:19 pm

Anonymous User wrote:
BruceBarr wrote:
Anonymous User wrote:I can post anonymous too! Bad-ass.


You're awesome. And I hear you're really good looking.


Thanks man. I hear the same about you.


I love us.

TigerBeer
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Re: Do you guys see anything wrong with this backup backup plan?

Postby TigerBeer » Sun Feb 21, 2010 4:20 pm

Keep in mind that the Chinese girls won't be quite as interested in you if they find out you're unable to return to the US and get them a green card.

09042014
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Re: Do you guys see anything wrong with this backup backup plan?

Postby 09042014 » Sun Feb 21, 2010 4:21 pm

Anonymous User wrote:If I graduate with $200K in debt, and don't get BigLaw, and ALL other backup plans fail, I will just go back to China and teach English. Let me make this clear in that this will be my very LAST RESORT, to be exercised only when I have exhausted all other options. As far as I can tell, if I never work in the U.S. again, the debt collectors can't touch me...right?


The way federal student loans in America work, you only pay back your loans as a percentage of the money you currently make. After 25 years it gets forgiven. So even if you are making 10 dollars an hour at Home Depot, they'll only make you pay a little each month.

You'd be much better off finding a job doing shit-law and hoping to get good enough to make partner at a small firm, and start making good money to pay it back. Or to start your own firm and hit a big payout.

Living in China forever teaching English sounds horrific.

If you can't even find a job doing shitlaw join the coast guard or army. That'll pay back your loans after 10 years.

Anonymous User
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Re: Do you guys see anything wrong with this backup backup plan?

Postby Anonymous User » Sun Feb 21, 2010 4:22 pm

Aberzombie1892 wrote:
Anonymous User wrote:If I graduate with $200K in debt, and don't get BigLaw, and ALL other backup plans fail, I will just go back to China and teach English. Let me make this clear in that this will be my very LAST RESORT, to be exercised only when I have exhausted all other options. As far as I can tell, if I never work in the U.S. again, the debt collectors can't touch me...right?


Why are you posting anonymously?

Everyone knows you are the poster that contemplating staying in China to teach or going to law school.


No idea who that is. But I'm not him/her. I'm a current 1L, and not in China.

Anonymous User
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Re: Do you guys see anything wrong with this backup backup plan?

Postby Anonymous User » Sun Feb 21, 2010 4:25 pm

Desert Fox wrote:If you can't even find a job doing shitlaw join the coast guard or army. That'll pay back your loans after 10 years.


This is actually one of the backups I'd consider before the teaching in China route. Along with going solo, doing contract doc review, Home Depot, Starbucks, joining the Peace Corp, etc, etc.

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JPeavy44
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Re: Do you guys see anything wrong with this backup backup plan?

Postby JPeavy44 » Sun Feb 21, 2010 6:09 pm

TigerBeer wrote:Keep in mind that the Chinese girls won't be quite as interested in you if they find out you're unable to return to the US and get them a green card.


TCR

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XxSpyKEx
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Re: Do you guys see anything wrong with this backup backup plan?

Postby XxSpyKEx » Sun Feb 21, 2010 6:21 pm

Your plan is kind of dumb is what's wrong with it. You would be much better off just staying in America, paying the bare minimum 15% on your students loans under IBR for 5-10 years and saving every last dollar you can. If you can save up around $200K and invest in wisely in the the market in an index of large cap stocks (which is pretty much an index of the US economy), that will leave you with around $20K /year average in interest across a 25 year investment period. $20K /year in a third world country is roughly 7 times the per capita, meaning you will be RICH in comparison to the average person living in that country even if you chose to just live off the interest. Sure the general standard of living won't be as nice as in the US, but YOUR standard of living will probably pretty fucking good if you are making 7-10 times what the average person in that country is. I personally would avoid China because it's a developing country and is already around $6,500 per capita income. Try something a little poorer (around $3,500 and not rapidly developing is perfect IMO). But, yeah, that's my retirement plan. I plan to retire by 35 at latest. Fuck working.

insidethetwenty
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Re: Do you guys see anything wrong with this backup backup plan?

Postby insidethetwenty » Sun Feb 21, 2010 11:19 pm

XxSpyKEx wrote:Your plan is kind of dumb is what's wrong with it. You would be much better off just staying in America, paying the bare minimum 15% on your students loans under IBR for 5-10 years and saving every last dollar you can. If you can save up around $200K and invest in wisely in the the market in an index of large cap stocks (which is pretty much an index of the US economy), that will leave you with around $20K /year average in interest across a 25 year investment period. $20K /year in a third world country is roughly 7 times the per capita, meaning you will be RICH in comparison to the average person living in that country even if you chose to just live off the interest. Sure the general standard of living won't be as nice as in the US, but YOUR standard of living will probably pretty fucking good if you are making 7-10 times what the average person in that country is. I personally would avoid China because it's a developing country and is already around $6,500 per capita income. Try something a little poorer (around $3,500 and not rapidly developing is perfect IMO). But, yeah, that's my retirement plan. I plan to retire by 35 at latest. Fuck working.


Why even go to law school? If you just worked doing something else, saved up 200k, then took out another 200k in various small, unsecured loans, then you'd be pulling down 40k/year, and you could pick a place like St. Lucia (11,000 GDP per capita) and be making 4x the national average (basically the equivalent of the starting salary for BigLaw) on a Caribbean resort island. Fortunately, St. Lucia doesn't have extradition with the US, so when you default on those unsecured loans, they won't be able to come get you.*

*Note: The aforementioned advice is blatantly illegal, is meant in jest, and should not be taken seriously.




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