Not a flame... Unfortunately.

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Sangiovese
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Re: Not a flame... Unfortunately.

Postby Sangiovese » Wed Mar 17, 2010 4:54 pm

Cupidity wrote:As stated above, the kind of law where you will make money to justify this investment is the kind where you'll have less time than you have now.


That's an easy misconception to have if you haven't ever spent that much time on the road, but 300 days on the road trumps 80 hour work weeks... by a long shot. I've done my share of 80 hour weeks. And I've had a job where I spent 150+ nights in hotel rooms every year. There is no comparison as to which is harder on a family.

Do I think that the OP should go to law school? Nope. But it isn't because big law will be as hard on his family as his current job (it won't be). I think it is simply a bad financial move. The best case is break-even income at year 4... but break-even doesn't start paying down the cost of school. Partner is a long shot even for an intelligent and motivated associate - and even if it pans out, how many years down the road will it be before the opportunity cost of law school is recouped? It looks like a bad financial move to me... and the reward, although present, isn't huge. The big law life will be better than the 300 days on the road life... but not by enough to justify the costs.

In your situation OP, I would stick it out until the house is paid off (and whatever other financial targets you set are reached) or until your wife simply can't stand it, whichever comes first. And then I would move into that teaching gig.

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underdawg
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Re: Not a flame... Unfortunately.

Postby underdawg » Thu Mar 18, 2010 2:07 am

sheesh just go down on your wife more often and cook once in a while

Renzo
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Re: Not a flame... Unfortunately.

Postby Renzo » Thu Mar 18, 2010 3:47 am

Dude, fuck law school. Go be an actuary. I assume you can do math, being an engineer and all. You'll make good money and work regular business hours with little to no travel ever.

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PLATONiC
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Re: Not a flame... Unfortunately.

Postby PLATONiC » Thu Mar 18, 2010 4:18 am

Here's an option that you might wanna consider:

Save a crap ton of money each year and put that cash into CDs as a conservative investment. Open a Red Mango. You and your wife can run the place together.

Edit:

also, here's a sample budget calc I have to offer:

Annual Income: $200,000
Less Tax: $130,000
Spending: $85,000
Savings: $45,000

Imagine the beauty of putting all that money into CDs:D heck, save up $4,000,000, and you get $200,000 of income a year just on interest.
Last edited by PLATONiC on Thu Mar 18, 2010 4:21 am, edited 1 time in total.

lakerfanimal
Posts: 465
Joined: Sun Mar 30, 2008 1:22 am

Re: Not a flame... Unfortunately.

Postby lakerfanimal » Thu Mar 18, 2010 4:20 am

Unless you have a passion for law and practicing law, I'll join all the other voices here and say just keep your job right now for a couple of years. If your wife and you can make it a few more years and you save up/invest you could raise a family and still live very comfortably.

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Scrutinizer
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Re: Not a flame... Unfortunately.

Postby Scrutinizer » Thu Mar 18, 2010 4:27 am

Do not go to law school.

1 Work for a few more years. Save money.
2 Wait for economic recovery and for Detroit to bull doze 25% of itself (--LinkRemoved--).
3 Sell house.
4 Take savings, move to Thailand, buy mansion, hire servants, SCUBA dive twice a week, golf the other 5.

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PLATONiC
Posts: 358
Joined: Mon Oct 05, 2009 8:13 pm

Re: Not a flame... Unfortunately.

Postby PLATONiC » Thu Mar 18, 2010 4:31 am

Scrutinizer wrote:Do not go to law school.

1 Work for a few more years. Save money.
2 Wait for economic recovery and for Detroit to bull doze 25% of itself (--LinkRemoved--).
3 Sell house.
4 Take savings, move to Thailand, buy mansion, hire servants, SCUBA dive twice a week, golf the other 5.


Thailand's economy should not be seen as a place to retire unless your savings account is substantial. Vietnam, on the other hand, should be:D Monthly income per household is like $500.

A Red Mango would be just as promising... But OP, take the LSAT first, and then try to decide.

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lostjake
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Re: Not a flame... Unfortunately.

Postby lostjake » Thu Mar 18, 2010 4:29 pm

I did and scored a 171/3.25. I think I'll probably work for another year (at least), maybe ITE won't be here anymore. I figure competition for $$$ is probably greater right now also because better people are applying out of college because they can't find jobs.




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