Net Worth to leave Big Law

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smokeylarue

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Re: Net Worth to leave Big Law

Postby smokeylarue » Thu Aug 03, 2017 3:51 pm

Inflation or not, I think we can all agree $5M is way more than enough needed to retire today lol.

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unlicensedpotato

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Re: Net Worth to leave Big Law

Postby unlicensedpotato » Thu Aug 03, 2017 3:56 pm

smokeylarue wrote:Inflation or not, I think we can all agree $5M is way more than enough needed to retire today lol.


+1. Stating that inflation is a "risk" is correct but there's also a risk that you work for 10 more years to get to a "safe" number then get hit by the proverbial bus. Everything someone does or doesn't do introduces some sort of risk. If you have $5M and want to retire at 38 (or 28 or whatever), do it.

joefresh

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Re: Net Worth to leave Big Law

Postby joefresh » Thu Aug 03, 2017 4:29 pm

Why not 1mil + cost of down payment on a house + whatever your wife makes.

1mil invested into whatever is gonna return let's say 50k-150k a year. Never dip into principal and try and spend as little as reasonably possible of that interest, reinvesting it into principal.

So you'll end up with your 1million which generates your income + 50-150k a year salary. Anything your wife makes on top of that will be gravy.

Work big law til they kick you out when you don't make partner.

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bruinfan10

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Re: Net Worth to leave Big Law

Postby bruinfan10 » Thu Aug 03, 2017 7:28 pm

joefresh wrote:Why not 1mil + cost of down payment on a house + whatever your wife makes.

1mil invested into whatever is gonna return let's say 50k-150k a year. Never dip into principal and try and spend as little as reasonably possible of that interest, reinvesting it into principal.

So you'll end up with your 1million which generates your income + 50-150k a year salary. Anything your wife makes on top of that will be gravy.

Work big law til they kick you out when you don't make partner.

i take it you're not currently a biglaw associate. easier said than done my duder. :lol:

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Re: Net Worth to leave Big Law

Postby Anonymous User » Thu Aug 03, 2017 7:40 pm

If I get the govt position I'm applying for, I'd be leaving at 150k.

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Re: Net Worth to leave Big Law

Postby Anonymous User » Thu Aug 03, 2017 8:59 pm

Currently second round interviewing for in-house position that pays at near biglaw level (second year salary). Leaving with about $120,000 banked as a third year.



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