SA Savings

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
0L Hoping for 1
Posts: 1325
Joined: Sun Jan 25, 2009 9:36 pm

SA Savings

Postby 0L Hoping for 1 » Tue Aug 07, 2012 12:13 pm

So now that most of us are done with our SA positions, how much $$ do people think they will have saved? I am feeling pretty inadequate because after my vacation, I will only have around 3K saved. But still so happy to have a free vacation and no loans for the summer.

User avatar
fatduck
Posts: 4186
Joined: Mon Sep 13, 2010 10:16 pm

Re: SA Savings

Postby fatduck » Tue Aug 07, 2012 12:13 pm

somewhere around -5k

Anonymous User
Posts: 273369
Joined: Tue Aug 11, 2009 9:32 am

Re: SA Savings

Postby Anonymous User » Tue Aug 07, 2012 1:25 pm

Saved about 15. Gonna blow 5 on vacation, then put the rest towards rent this year.

WhirledWorld
Posts: 331
Joined: Wed Sep 22, 2010 11:04 am

Re: SA Savings

Postby WhirledWorld » Tue Aug 07, 2012 1:39 pm

I have about $15k saved thanks to living at home. It's mostly going to tuition and rent. A little towards a new laptop, since I'm still rocking the macbook I bought before college.

User avatar
thesealocust
Posts: 8447
Joined: Mon Oct 20, 2008 8:50 pm

Re: SA Savings

Postby thesealocust » Tue Aug 07, 2012 2:01 pm

I put around 15K towards debt and savings. If you have extra cash and aren't planning to pay down debt with it, here are some smart financial tips:

(1) Series I savings bonds are like the greatest investment vehicle known to man. They don't get much press because there's a $5,000 / year limit, but that's perfect for johnny-SA who has more $$$ in the checking account than they know what to do with.

(2) You will not qualify for a Roth IRA in years where you earn a full biglaw salary. Thus this year and probably next (stub year at the firm) will be the last you can use this awesome investment vehicle. Again, the limit is ~$5,000 / year.

(3) Whether in a Roth IRA or otherwise, opening an investment account could be smart. We're not talking about daytrading - owning a broad stock market index fund as well as a broad bond index fund (both with low expense rations) is a great way to put your money 'to work' for you. It's only smart for money you have a long investing horizon on, you won't double your money in a year or anything. But they're hard (read: theoretically mathematically impossible) to beat for the average long-term investor.

Vanguard is a great company offering both great low-cost index funds and brokerage services (i.e. you can set up a Roth IRA through them and buy their total stock / total bond funds, or a target retirement fund, in that roth). Many others are good, but vanguard really sets the bar for low-fee investing - and fees are fatal to adequate long term returns.

Basically, if you want to fire and forget an investment without doing a shit ton of research, you can't go wrong with index funds at vanguard. The market could go up or could go down, especially in the short term, but you avoid many other costly mistakes or fees by taking this route.

A12345
Posts: 229
Joined: Fri Dec 24, 2010 3:53 am

Re: SA Savings

Postby A12345 » Tue Aug 07, 2012 2:16 pm

^ excellent advice all the way around

User avatar
sundance95
Posts: 2123
Joined: Wed Jun 09, 2010 7:44 pm

Re: SA Savings

Postby sundance95 » Tue Aug 07, 2012 2:25 pm

^ fyi, you can buy $10k of I bonds per year if you buy them electronically through TreasuryDirect.

User avatar
Emma.
Posts: 2401
Joined: Sun Oct 05, 2008 7:57 pm

Re: SA Savings

Postby Emma. » Tue Aug 07, 2012 4:19 pm

0L Hoping for 1 wrote:So now that most of us are done with our SA positions, how much $$ do people think they will have saved? I am feeling pretty inadequate because after my vacation, I will only have around 3K saved. But still so happy to have a free vacation and no loans for the summer.


Didn't really save anything, but have a tan & some great new toys. Will also get a giant tax return, so I guess that is kind of like savings.

Aqualibrium
Posts: 2011
Joined: Tue Feb 24, 2009 5:57 am

Re: SA Savings

Postby Aqualibrium » Tue Aug 07, 2012 4:25 pm

I made nearly 40k in my three years of law school and didn't save a dime of it lol.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.