But for real, what is everyone doing with their SA $$$?

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Anonymous User
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But for real, what is everyone doing with their SA $$$?

Postby Anonymous User » Mon May 04, 2015 11:37 pm

I plan on paying off my credit cards, dropping some cash on clothes/gym membership/things I haven't been able to afford for the last 2 years, and taking one (maybe two) well-deserved vacations after SA is over.

How much should I save/invest? I'm in a high COL area so I doubt my summer salary could support my living expenses for the entirety of 3L but maybe a semester? Or should I just say fuck it and take out the loans anyway?

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Br3v
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Re: But for real, what is everyone doing with their SA $$$?

Postby Br3v » Mon May 04, 2015 11:41 pm

How much debt are you graduating law school with? If more than 0, I'd pay that.

bonerjamz
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Re: But for real, what is everyone doing with their SA $$$?

Postby bonerjamz » Mon May 04, 2015 11:41 pm

I desperately need a new car, so BMW CPO it is.

Anonymous User
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Re: But for real, what is everyone doing with their SA $$$?

Postby Anonymous User » Mon May 04, 2015 11:44 pm

Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

TheDogWhisperer
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Re: But for real, what is everyone doing with their SA $$$?

Postby TheDogWhisperer » Mon May 04, 2015 11:53 pm

GLK

DJ JD
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Re: But for real, what is everyone doing with their SA $$$?

Postby DJ JD » Tue May 05, 2015 12:49 am

- Some combination of paying off 1st year's loans and investing, probably skewed towards the former.
- A select few impulse purchases
- Plane tickets, because I can essentially stay for free with my friends at big cities… still probably gonna cut one out to save even more money.

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PvblivsScipio
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Re: But for real, what is everyone doing with their SA $$$?

Postby PvblivsScipio » Tue May 05, 2015 12:52 am

Going to Europe.

Anonymous User
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Re: But for real, what is everyone doing with their SA $$$?

Postby Anonymous User » Tue May 05, 2015 1:26 am

ti5
buy drinks without care 3l year


Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.


When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never

6lehderjets
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Re: But for real, what is everyone doing with their SA $$$?

Postby 6lehderjets » Tue May 05, 2015 1:37 am

Anonymous User wrote:ti5
buy drinks without care 3l year


Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.


When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never


It's your money, but following Br3v advice is something future self will thank you for. I blew 2 years of SA money on shit I didn't need because I thought just like you. The income from those two years applied to my loans would mean I could have graduated with almost no debt.

Having discretionary income is awesome, but it's not technically discretionary if Sallie Mae is gonna want some of it after you've done with school.

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JohannDeMann
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Re: But for real, what is everyone doing with their SA $$$?

Postby JohannDeMann » Tue May 05, 2015 2:15 am

Anonymous User wrote:ti5
buy drinks without care 3l year


Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.


When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never


this person knows whats up

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Clearly
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Re: But for real, what is everyone doing with their SA $$$?

Postby Clearly » Tue May 05, 2015 2:29 am

6lehderjets wrote:
Anonymous User wrote:ti5
buy drinks without care 3l year


Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.


When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never


It's your money, but following Br3v advice is something future self will thank you for. I blew 2 years of SA money on shit I didn't need because I thought just like you. The income from those two years applied to my loans would mean I could have graduated with almost no debt.

Having discretionary income is awesome, but it's not technically discretionary if Sallie Mae is gonna want some of it after you've done with school.


He actually does make a good point though. In a strictly economic sense, that money is more valuable towards loans to avoid interest. But in the long run, you have to balance money against time to find an optimal balance to actually enjoy something in this life. Would you trade 6 months of income and no time for 3 months of income and free time? I would. At some point it justifies paying a premium (interest) to pay the debt with later income and enjoy the money while you're...well free to enjoy things.

6lehderjets
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Re: But for real, what is everyone doing with their SA $$$?

Postby 6lehderjets » Tue May 05, 2015 2:44 am

Clearly wrote:
6lehderjets wrote:
Anonymous User wrote:ti5
buy drinks without care 3l year


Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.


When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never


It's your money, but following Br3v advice is something future self will thank you for. I blew 2 years of SA money on shit I didn't need because I thought just like you. The income from those two years applied to my loans would mean I could have graduated with almost no debt.

Having discretionary income is awesome, but it's not technically discretionary if Sallie Mae is gonna want some of it after you've done with school.


He actually does make a good point though. In a strictly economic sense, that money is more valuable towards loans to avoid interest. But in the long run, you have to balance money against time to find an optimal balance to actually enjoy something in this life. Would you trade 6 months of income and no time for 3 months of income and free time? I would. At some point it justifies paying a premium (interest) to pay the debt with later income and enjoy the money while you're...well free to enjoy things.


Why is the assumption you'll make money, but have no time to enjoy it? NYC has a reputation for all work, all the time, but most other markets aren't like that.

We are basically willing to pay a different premium to enjoy that money while I'm free. I'm suggesting that current SAs not do what I did and pay 7.9% so they can enjoy their SA money now. As a student, it's totally acceptable to live frugally, so resist the urge to blow your money on unnecessary stuff if you're taking out loans to pay for school.

It's cool to reward yourself with something nice for working hard to get to the point you have gotten in life, but that can be done within reason.

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Clearly
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Re: But for real, what is everyone doing with their SA $$$?

Postby Clearly » Tue May 05, 2015 3:17 am

Right. I'm not arguing I'm right and you're wrong at all, just that its more of a value judgement than people make it out to be. It's not inherently irresponsible to spend SA money if you have debt, in fact depending on your work environment and your values it could be rational.

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J9ofDiamonds
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Re: But for real, what is everyone doing with their SA $$$?

Postby J9ofDiamonds » Tue May 05, 2015 12:47 pm

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.


That's the plan, but I'm investing most in an index fund until the loan interest starts to accrue, then I'll make the lump payment

I am going to spend a nice chunk on a post bar trip to south east Asia or South America

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jkpolk
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Re: But for real, what is everyone doing with their SA $$$?

Postby jkpolk » Tue May 05, 2015 1:00 pm

I have a lot of debt, but I blew it all. No regrets. Future me can take a hike/will have less marginal utility for those doll hairs/etc

Betharl
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Re: But for real, what is everyone doing with their SA $$$?

Postby Betharl » Tue May 05, 2015 1:01 pm

Probably going to get levered up and put everything into S&P index futures. C'mon stock market! I'm going to lose all my SA money aren't I...

Anonymous User
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Re: But for real, what is everyone doing with their SA $$$?

Postby Anonymous User » Tue May 05, 2015 1:32 pm

Hookers. Blow. Doing one off the other - not sure which way though yet.

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jselson
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Re: But for real, what is everyone doing with their SA $$$?

Postby jselson » Tue May 05, 2015 7:22 pm

Buying books and albums I've been wanting to get. Going to more concerts. Not cooking. Actually visiting home during breaks. That's pretty much all I care about. Saving the rest.

Anonymous User
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Re: But for real, what is everyone doing with their SA $$$?

Postby Anonymous User » Tue May 05, 2015 7:26 pm

Probably spending about half of it on study abroad Fall 3L, and the rest on a new car upon my return.

umichman
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Re: But for real, what is everyone doing with their SA $$$?

Postby umichman » Tue May 05, 2015 7:34 pm

xbox one, big screen tv. and loans

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JenDarby
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Re: But for real, what is everyone doing with their SA $$$?

Postby JenDarby » Fri May 08, 2015 1:52 pm

J9ofDiamonds wrote:
Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.


That's the plan, but I'm investing most in an index fund until the loan interest starts to accrue, then I'll make the lump payment

I am going to spend a nice chunk on a post bar trip to south east Asia or South America

Did you only take out subsidized stafford loans? If not, then your loans are accruing interest right now.

I would pay as much as possible to loans and/or save it and minimize the amount you take out next semester in loans depending on origination fees and whether or not interest rates have gone down (they went down every year I was in law school).

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2014
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Re: But for real, what is everyone doing with their SA $$$?

Postby 2014 » Fri May 08, 2015 5:26 pm

Anonymous User wrote:Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

Impressive tax evasion efforts here

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chuckbass
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Re: But for real, what is everyone doing with their SA $$$?

Postby chuckbass » Fri May 08, 2015 6:07 pm

2014 wrote:
Anonymous User wrote:Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

Impressive tax evasion efforts here

Yeah this confused me as well...

albpert
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Re: But for real, what is everyone doing with their SA $$$?

Postby albpert » Fri May 08, 2015 6:38 pm

scottidsntknow wrote:
2014 wrote:
Anonymous User wrote:Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

Impressive tax evasion efforts here

Yeah this confused me as well...


I think s/he's operating under a NYC to >190 assumption. I like it.

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2014
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Re: But for real, what is everyone doing with their SA $$$?

Postby 2014 » Fri May 08, 2015 6:52 pm

"I thought there was no tax in Texas???!?!?"




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