Hating Biglaw - Please Help

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Re: Hating Biglaw - Please Help

Postby Johann » Thu Apr 06, 2017 10:09 pm

AVBucks4239 wrote:
PeanutsNJam wrote:If you got 100k units that aren't decrepit shitholes, you clearly live in a very low CoL area. With a combined income of 250k, the cards are pretty heavily stacked in your favor. Not everyone is in those circumstances.

You also mention you only know about the properties through your husband. Opportunities like that don't come at all for many other people.

Anonymous User wrote:
Anonymous User wrote:Biglaw is full of miserable people too afraid to do anything else. No surprise half this thread is people picking apart ways to make money on the side.

*I'm Anon above this post*
I don't agree with this. It's very hard/intimidating to sacrifice the little time you have to research and find and tend to something on the side. Pnj brought up a good point when he said people are worried about putting in the money that's really necessary to get a return. Lawyers as a group are often risk averse, and putting in the time can hurt your day job and losing money on top of that would hurt and make you feel more trapped. I like being a lawyer but I knew it would work with my goals going in. It would be way harder to find out I like real estate now that I'm employed. I do think picking apart every idea as "no way that could ever work for me" is unhelpful as it can block finding a good opportunity, but I do understand the impulse. I hear of people winning big in other businesses and my first response is usually feeling a bit jealous then thinking well they just got super lucky. After that impulse subsides I focus on why real estate fits me and my goals and go back to working on those. I just think people who ARE unhappy should put in some time, even when precious little is available, to find a way of doing something to help so they can explore better employment for themselves.

deepseapartners wrote:
Anonymous User wrote:Biglaw is full of miserable people too afraid to do anything else. No surprise half this thread is people picking apart ways to make money on the side.

Biglaw may be full of miserable people who are not inclined to pursue another career, but telling people who spent years of their lives to become lawyers that the real trick is to just live frugally and become a landlord is, at the very least, super narrow and not much different than holding a Holiday Inn conference room seminar.

The whole "big law or bust" crowd on this forum, which mostly includes people who choke on their own anecdotal experience living on the coasts or other HCOL areas, is the biggest running joke on this forum. They simply can't imagine another career path or having the time to pursue other income opportunities on the side.

Most attorneys I graduated with that aren't doing big law are doing great. In fact, I'd say they are doing better than the 4-5 people I know working in big law. Just to provide some examples in addition to the anon-landlord poster to oppose the big law crowd:

1. I have a friend who went to Cleveland State, works at a small SSI/workers' comp firm, and makes $60k a year. Her husband makes about $50k working for ODOT (Department of Transportation). They had significant student loan debt, but saved a bunch and bought four rental properties in Ashtabula for a TOTAL of $180k. They now earn about $3,000/month in rental income. They will probably buy another couple rentals and be totally financially independent within 3-4 years.

2. I have another friend who went to Cleveland State for a JD-MBA and went the accounting direction. He does taxes 8 weeks a year and makes about 35k doing it (granted he works 14 hours/6 days a week during this time). He also owns five rental properties (four down in Youngstown, one in Columbus) that generate about $2,200 in monthly income. He will stop having to do taxes within two years tops.

3. Me personally: went to Ohio State, landed a job at a small firm in NE Ohio. I make $50k. Fiancee makes $62k. Our total monthly expenses are about $2,400/month (that includes my loans). We could get it down to $2,100 but I'm not an insane frugal blogger using towels to wipe my ass. Point is that we are on pace to save $40k this year, and we could have done better, but we should be financially independent by 42 or so.

The other landlord posters in this thread seem to have similar circumstances, similar financial attitudes, and similar views towards making money in ways other than practicing law. Being frugal is not the answer to everything, but having low fixed costs and a job that doesn't eat your entire life is in itself leverage.


This forum never gets old.

crushed this answer. you are my proudest prodigy and its great to see you took my theory insight to lap me many times over in real world practice. keep it up man!


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Re: Hating Biglaw - Please Help

Postby timbs4339 » Sun Apr 09, 2017 11:11 am

Yeah I read Rich Dad Poor Dad too.

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