200k debt, 100k salary. Drop out?

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ToTransferOrNot
Posts: 1928
Joined: Thu Jan 22, 2009 12:45 am

Re: 200k debt, 100k salary. Drop out?

Postby ToTransferOrNot » Tue Sep 06, 2011 8:55 am

Van, I feel like you're overestimating (i) how much living space $1k can buy outside of NYC ($1k wouldn't cover a pretty small - 600 sq ft - 1 bedroom + utilities in the safe parts of Hyde Park in Chicago, much less anywhere you'd actually want to live; in Milwaukee, $1k would squeak you through a one-bedroom in the 'moderate' area of town; admittedly, it depends on what "substantially" is here, but $100k legal jobs aren't going to be in the sticks); (ii) the (un)importance of space to people who are used to having it. I know I would probably kill myself or others if I was living in a studio - and that's assuming I was living alone. My girlfriend had a very large studio and it was still impossible to move around without stepping on each other's toes, much less working, cooking, etc.

I'm not saying, by any means, that having an effective salary of $38k pre-tax (resulting in the $2500/mo) is bad; but, in most markets that have $100k legal jobs, it requires a fair measure of frugality. There's nothing wrong with that, and I think OP would be silly to drop out, but people should be realistic.

meshtdagn
Posts: 40
Joined: Wed Aug 17, 2011 1:57 am

Re: 200k debt, 100k salary. Drop out?

Postby meshtdagn » Tue Sep 06, 2011 9:08 am

Most people don't live alone in their 30's, though. For housing, $1K + a roommate or significant other with a job is enough to buy a simple house or rent a several bedroom nice apartment in almost any market, especially non-NYC.

Anonymous User
Posts: 273572
Joined: Tue Aug 11, 2009 9:32 am

Re: 200k debt, 100k salary. Drop out?

Postby Anonymous User » Tue Sep 06, 2011 4:46 pm

birdlaw117 wrote:http://www.calculator.net/take-home-pay-calculator.html?cannualincome=100000&cpayfrequency=Annual&cfilestatus=Single&callowance=1&cdeduction=0&cstatetax=8&ccitytax=0&cadditionat1=no&x=83&y=19

Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).

Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.


Oregon is at about 10%, but they are one of the highest in the nation.

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dr123
Posts: 3503
Joined: Tue Jan 04, 2011 2:38 am

Re: 200k debt, 100k salary. Drop out?

Postby dr123 » Tue Sep 06, 2011 4:50 pm

Anonymous User wrote:
birdlaw117 wrote:http://www.calculator.net/take-home-pay-calculator.html?cannualincome=100000&cpayfrequency=Annual&cfilestatus=Single&callowance=1&cdeduction=0&cstatetax=8&ccitytax=0&cadditionat1=no&x=83&y=19

Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).

Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.


Oregon is at about 10%, but they are one of the highest in the nation.


1. Live in Vancouver, WA (no income tax)
2. Commute to job in Portland (no sales tax)
3. ????
4. Profit

Anonymous User
Posts: 273572
Joined: Tue Aug 11, 2009 9:32 am

Re: 200k debt, 100k salary. Drop out?

Postby Anonymous User » Tue Sep 06, 2011 4:51 pm

dr123 wrote:
Anonymous User wrote:
birdlaw117 wrote:http://www.calculator.net/take-home-pay-calculator.html?cannualincome=100000&cpayfrequency=Annual&cfilestatus=Single&callowance=1&cdeduction=0&cstatetax=8&ccitytax=0&cadditionat1=no&x=83&y=19

Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).

Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.


Oregon is at about 10%, but they are one of the highest in the nation.


1. Live in Vancouver, WA (no income tax)
2. Commute to job in Portland (no sales tax)
3. ????
4. Profit


Many think this, but if you work in Portland, you're stuck with Oregon "non-resident" tax, which is basically the same.

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birdlaw117
Posts: 2167
Joined: Thu Sep 16, 2010 12:19 am

Re: 200k debt, 100k salary. Drop out?

Postby birdlaw117 » Tue Sep 06, 2011 4:56 pm

ToTransferOrNot wrote:Van, I feel like you're overestimating (i) how much living space $1k can buy outside of NYC ($1k wouldn't cover a pretty small - 600 sq ft - 1 bedroom + utilities in the safe parts of Hyde Park in Chicago, much less anywhere you'd actually want to live; in Milwaukee, $1k would squeak you through a one-bedroom in the 'moderate' area of town; admittedly, it depends on what "substantially" is here, but $100k legal jobs aren't going to be in the sticks); (ii) the (un)importance of space to people who are used to having it. I know I would probably kill myself or others if I was living in a studio - and that's assuming I was living alone. My girlfriend had a very large studio and it was still impossible to move around without stepping on each other's toes, much less working, cooking, etc.

I'm not saying, by any means, that having an effective salary of $38k pre-tax (resulting in the $2500/mo) is bad; but, in most markets that have $100k legal jobs, it requires a fair measure of frugality. There's nothing wrong with that, and I think OP would be silly to drop out, but people should be realistic.

I urge you to do a quick search of $1,000/month apartments in Milwaukee (since Chicago isn't exactly a secondary market, like we're discussing). Even the ones in pricier locations are still pretty nice. You aren't going to be living in a studio for $1,000/month in Milwaukee (unless you really want to).

User avatar
birdlaw117
Posts: 2167
Joined: Thu Sep 16, 2010 12:19 am

Re: 200k debt, 100k salary. Drop out?

Postby birdlaw117 » Tue Sep 06, 2011 4:58 pm

Anonymous User wrote:
birdlaw117 wrote:http://www.calculator.net/take-home-pay-calculator.html?cannualincome=100000&cpayfrequency=Annual&cfilestatus=Single&callowance=1&cdeduction=0&cstatetax=8&ccitytax=0&cadditionat1=no&x=83&y=19

Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).

Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.


Oregon is at about 10%, but they are one of the highest in the nation.

First off, solid use of the Anon function. Second, thanks for the info. I'm guessing it isn't a flat 10% (but, it might be, I don't know). So the effective rate would probably be a little bit lower. Either way, it won't make a huge impact on the 69k figure.




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