merde_happens wrote:This is the problem. People think the only way to make money is to work like a horse for someone else. Very few people consider putting their money to work for them. I did not come from a background of money. Parents never gave me a dime. I've worked since I was 15 and have always been very frugal. Now my husband makes $150k a year so that definitely helps but even his job is super chill. He overseas a portfolio of commercial properties for some extraordinarily wealthy family. His hours are 9-5pm. Never works weekends or nights. You should take the time to look at how much duplexes, triplexes, and larger complexes actually cost. Instead of buying a nice house we put a sizable down payment on 6 units (in a not so great neighborhood) and negotiated with the seller to carry the note. Our tenants pay for the mortgage and we get a cash flow. We saved THAT money (and a chunk of our income) for another down payment to buy our first real home, albeit a small home (should have bought more units but we started having babies). We live very modestly. No credit card debt, no car loans, and our mortgage payment is less than 20% of our income. Even our phones are prepaid (f**K AT&T they just rob you). Virtually all of our money is put to work. My husband avidly invests in stocks and I dump money into my export business, which I started for only $4,000. Why work so hard making someone else rich while you just live in misery. A Biglaw first year makes $180k a year billing anywhere from 200-300 hours a month. At 200 hours a month, that's $75 per hour. Meanwhile the partners are billing you out $500 per hour. That's a sweet return on their investment. Why not reallocate your time and money for yourself instead of others. You don't need to be rich to do it. You just need to do a lot of homework and be OK with living way below your means.
Your situation isn't at all comparable to OP's. You're living on a dual income of $250k, you work pretty much a unicorn job ($100k at 1500 hours isn't the kind of position that's easy to find--especially for a junior associate), in what I would assume is a lower COL area, with what appears to be little to no student debt (because good luck taking on a huge mortgage note for an income property with six figures of student debt). This isn't the situation that most lawyers slaving away in big law face. So, coming in here with some unrealistic faux-pep talk ("Just start a business! Just buy an income property! It's easy as long as you live below your means!") isn't helpful.
I own four investment properties with 110k plus in student loan debt, no dual income, and regional biglaw. So the only thing I agree with is that if you're in NYC this might not be possible, but even then you could invest out of state. I've only been in biglaw for a year and a half too, and had -1500 in my bank account when I started.