How long will it take to make real money again....

(housing, friendships, future exams, all things 2013)
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reasonabledoubt
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How long will it take to make real money again....

Postby reasonabledoubt » Sun Jan 24, 2010 1:23 am

Tonight I think: Woe to me.

The full realization of how long it'll take to make real money again hath set in during this application process. Post apocalyptic financial crisis I was making around 130k/year in sales. Now I make 0. I'll be starting LS in the fall, accumilating debt, and will most likely, if lucky, garner a (correct me if I'm wrong) 75k salary upon graduation.

It might be 7 years or so until I enjoy a similar lifestyle and level of income as I previously had. This is assuming a relative economic recovery of sorts in the interim which is, of course, not a definite possibility.

Who else has experienced a similar plight???

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Lonagan
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Re: How long will it take to make real money again....

Postby Lonagan » Sun Jan 24, 2010 1:26 am

Given that I am currently making 50/yr and have never made more, I'm feeling pretty good about my earning potential, especially given that the law is what I really want.

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pleasetryagain
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Re: How long will it take to make real money again....

Postby pleasetryagain » Sun Jan 24, 2010 1:29 am

Image

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reasonabledoubt
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Re: How long will it take to make real money again....

Postby reasonabledoubt » Sun Jan 24, 2010 1:31 am

DCD wrote:Image


All "Glens" are probably too pricey for me right now.

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Mroberts3
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Re: How long will it take to make real money again....

Postby Mroberts3 » Sun Jan 24, 2010 1:31 am

Drink straight from the barrel, that glass middleman is for suckers.

Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.

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reasonabledoubt
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Re: How long will it take to make real money again....

Postby reasonabledoubt » Sun Jan 24, 2010 1:42 am

Mroberts3 wrote:Drink straight from the barrel, that glass middleman is for suckers.

Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.


I don't know about that brotha - 50k after taxes equates to roughly 750/week.... if you live in a city, want a car, nice place, etc, well.... you might need several roommates. Also, if you have a student loan vig to cover.... "fugetaboutit." You need six figures to live in a big city.

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najumobi
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Re: How long will it take to make real money again....

Postby najumobi » Sun Jan 24, 2010 2:14 am

reasonabledoubt wrote:
Mroberts3 wrote:Drink straight from the barrel, that glass middleman is for suckers.

Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.


I don't know about that brotha - 50k after taxes equates to roughly 750/week.... if you live in a city, want a car, nice place, etc, well.... you might need several roommates. Also, if you have a student loan vig to cover.... "fugetaboutit." You need six figures to live in a big city.


at least here in the south (excluding DC), 50k/yr for a single person is probably more than enough for most people living in cities like charlotte, nashville, atlanta, miami, houston, dallas. most people probably already own cars prior to law school and 700-800 rent is enough for a decent apartment in a nice/safe neighborhood. i actually think a budget of $2000/month alone is enough to cover neccesities like food, rent, utilities, gas, car insurance, and life insurance. and also 50k/yr after taxes in DC (has one of the highest taxes in the country) equals 1k/week.

in short, i think 50k/yr is not a bad salary to start a legal career at. of course i wouldn't be taking a pay cut like OP would be (that really sucks).
Last edited by najumobi on Sun Jan 24, 2010 2:17 am, edited 1 time in total.

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reasonabledoubt
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Re: How long will it take to make real money again....

Postby reasonabledoubt » Sun Jan 24, 2010 2:16 am

najumobi wrote:
reasonabledoubt wrote:
Mroberts3 wrote:Drink straight from the barrel, that glass middleman is for suckers.

Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.


I don't know about that brotha - 50k after taxes equates to roughly 750/week.... if you live in a city, want a car, nice place, etc, well.... you might need several roommates. Also, if you have a student loan vig to cover.... "fugetaboutit." You need six figures to live in a big city.


at least here in the south (excluding DC), 50k/yr for a single person is probably more than enough for most people living in cities like charlotte, nashville, atlanta, miami, houston, dallas. most people probably already own cars prior to law school and 700-800 rent is enough for a decent apartment in a nice/safe neighborhood. i actually think a budget of $2000/month alone is enough to cover neccesities like food, rent, utilities, transportation, car insurance, and life insurance. and also 50k/yr after taxes in DC (has one of the highest taxes in the country) equals 1k/week.

in short, i think 50k/yr is not a bad salary to start a legal career at.



Huh? 50k/year = 1k/week, post taxes? I'll give you a moment with this one. ;)

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vanwinkle
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Re: How long will it take to make real money again....

Postby vanwinkle » Sun Jan 24, 2010 2:19 am

najumobi wrote:i actually think a budget of $2000/month alone is enough to cover neccesities like food, rent, utilities, gas, car insurance, and life insurance. and also 50k/yr after taxes in DC (has one of the highest taxes in the country) equals 1k/week.

in short, i think 50k/yr is not a bad salary to start a legal career at.

:shock:

When people talk about salaries it's usually pre-tax. I made $50k/yr before coming to law school, but a chunk of that came out every year for The Man. If you have loans (which you will if you're going to law school) you'll have to factor in loan payments as well. And then there's having to put a certain amount into your 401(k) so you get the match and have something to retire on 30 years from now...

You're overestimating the value of "50k/yr" right now.

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najumobi
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Re: How long will it take to make real money again....

Postby najumobi » Sun Jan 24, 2010 2:19 am

reasonabledoubt wrote:

Huh? 50k/year = 1k/week, post taxes? I'll give you a moment with this one. ;)

hahah.... now i'm second guessing myself. :)
according to paycheckcity.com
50k/yr in DC, comes to $35,516.25.

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najumobi
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Re: How long will it take to make real money again....

Postby najumobi » Sun Jan 24, 2010 2:22 am

wow...i'm calculating this all wrong....50k/yr in DC paid weekly is ~700/week
Last edited by najumobi on Sun Jan 24, 2010 2:26 am, edited 1 time in total.

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knickfan
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Re: How long will it take to make real money again....

Postby knickfan » Sun Jan 24, 2010 2:24 am

-
Last edited by knickfan on Thu Apr 22, 2010 9:59 pm, edited 2 times in total.

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najumobi
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Re: How long will it take to make real money again....

Postby najumobi » Sun Jan 24, 2010 2:29 am

vanwinkle wrote:You're overestimating the value of "50k/yr" right now.

ughh....you're right. i could live off of 2k/month. but if i had to put money into 401/k and make loan payments it would barely be enough....i wouldn't be able to save any of it.

flowylime
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Re: How long will it take to make real money again....

Postby flowylime » Tue Jan 26, 2010 1:12 pm

This is somewhat off topic, but for what it's worth, I make 40k salary. I live in DC, so after taxes, insurance, retirement, etc., my take home pay is $1100 every other week. I live in a chi chi neighborhood (split a one bedroom with my significant other) and am paying my undergrad loans (and some unfortunate credit card debt). It's doable, people. My best advice is to quit eating out so much. Wait to go to the fancy restaurants during restaurant week, and cook at home the rest of the time. Take your sandwich to lunch.

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thesealocust
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Re: How long will it take to make real money again....

Postby thesealocust » Mon Feb 01, 2010 1:54 am

edit: never mind
Last edited by thesealocust on Wed Jun 30, 2010 11:03 pm, edited 1 time in total.

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neskerdoo
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Re: How long will it take to make real money again....

Postby neskerdoo » Mon Feb 01, 2010 2:08 am

reasonabledoubt wrote:Tonight I think: Woe to me.

The full realization of how long it'll take to make real money again hath set in during this application process. Post apocalyptic financial crisis I was making around 130k/year in sales. Now I make 0. I'll be starting LS in the fall, accumilating debt, and will most likely, if lucky, garner a (correct me if I'm wrong) 75k salary upon graduation.

It might be 7 years or so until I enjoy a similar lifestyle and level of income as I previously had. This is assuming a relative economic recovery of sorts in the interim which is, of course, not a definite possibility.

Who else has experienced a similar plight???



don't worry... at least you already know that you will be smarter than your professors




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