sinfiery wrote:Most presume their earning ability would increase by a rate greater than ~7% over the 3 years they spend in lawschool, so why bother?
At least, that's what I presume and why I don't find any financial incentive to save up money before LS.
This makes more sense than anything, and I definitely understand this reasoning. Frankly, I don't think I'd be super motivated to work before going to HYS, either. The unfortunate downside is, coming out of many T14 schools, biglaw is far from a sure thing. In the tragically-possible scenario I'd come out of T14 with no LRAP/biglaw/etc job, I'd much rather be 50-70k in the hole than 70k<
You may be an exception, and it may be that the reason so many people struggle comes down to poor money management (and that you are very good at money management), but even many of those who are good with money have significant debt from undergrad, car payments, rental costs, insurance, health costs, and other debt that will absorb the type of savings ability you are suggesting.
I'm a fairly normal guy in this sense. I worked part time during undergrad to avoid UG debt, bought a '95 Avalon with 100k miles on it for about 6k, moved back with my parents to save money for law school, and go to my community college for health-related stuff. I'm far from living large on a little less than 30k a year gross, but I'm cool with this, since future-me won't be paying more than 5k in student debt interest.
Finally, if you have a trust fund or very wealthy parents to fall back on that could also explain why you seem so confident the debt will be very manageable to you.
A company I started a year ago makes a boatload of money, but startup expenses are still destroying my net. That's about as close as I have to a fallback.
EDIT> None of this is so I can toot my own horn or anything -- I'm just saying it doesn't seem impossible to actually have money before law school.