Looking for number crunching assistance

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Renne Walker
Posts: 546
Joined: Sat Jan 29, 2011 2:12 am

Looking for number crunching assistance

Postby Renne Walker » Sun Jun 26, 2011 2:56 am

Perhaps someone from Wharton or Stern might offer their opinion. Going to school in NYC. I have a sweet deal on housing, $5K. After scholly money, tuition will run $100K. Figure I will need to borrow another $75K over three years (if possible, three $25K annual increments). Not calculating any income for summer (hope it materializes, but for now, saying zero).

In 2014 I am estimating that my debt will be $175K. My optimistic crystal ball prediction includes a $150K Big Law position in NYC. Using the Harvard calculator (available on-line to everyone), the numbers worked out pretty close to what I personally calculated. I plugged in 35% taxes (hopefully that will cover Fed, state and city tax). The Harvard calculator reported, after taxes and debt service I would clear $6,344 monthly. Agree? Disagree? Close? Not Close? Eager for opinions. Many thanks.

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Renne Walker
Posts: 546
Joined: Sat Jan 29, 2011 2:12 am

Re: Looking for number crunching assistance

Postby Renne Walker » Tue Jun 28, 2011 5:39 pm

'Yo! Number crunchers. . .lets get with it. Start your calculators!

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bk1
Posts: 18424
Joined: Sun Mar 14, 2010 7:06 pm

Re: Looking for number crunching assistance

Postby bk1 » Tue Jun 28, 2011 5:42 pm

Since we're assuming you land biglaw: your salary should be $160k. You're forgetting bonuses. You're also not counting the $3,000 a week you will get during your 2L SA.

Though I think the $6k-7k sounds about right from what I remember of other people doing the math.

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dailygrind
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Joined: Wed Oct 22, 2008 11:08 am

Re: Looking for number crunching assistance

Postby dailygrind » Wed Jun 29, 2011 10:38 am

One thread's enough.




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