200k debt, 100k salary. Drop out? Forum
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- Posts: 1923
- Joined: Thu Jan 22, 2009 12:45 am
Re: 200k debt, 100k salary. Drop out?
Van, I feel like you're overestimating (i) how much living space $1k can buy outside of NYC ($1k wouldn't cover a pretty small - 600 sq ft - 1 bedroom + utilities in the safe parts of Hyde Park in Chicago, much less anywhere you'd actually want to live; in Milwaukee, $1k would squeak you through a one-bedroom in the 'moderate' area of town; admittedly, it depends on what "substantially" is here, but $100k legal jobs aren't going to be in the sticks); (ii) the (un)importance of space to people who are used to having it. I know I would probably kill myself or others if I was living in a studio - and that's assuming I was living alone. My girlfriend had a very large studio and it was still impossible to move around without stepping on each other's toes, much less working, cooking, etc.
I'm not saying, by any means, that having an effective salary of $38k pre-tax (resulting in the $2500/mo) is bad; but, in most markets that have $100k legal jobs, it requires a fair measure of frugality. There's nothing wrong with that, and I think OP would be silly to drop out, but people should be realistic.
I'm not saying, by any means, that having an effective salary of $38k pre-tax (resulting in the $2500/mo) is bad; but, in most markets that have $100k legal jobs, it requires a fair measure of frugality. There's nothing wrong with that, and I think OP would be silly to drop out, but people should be realistic.
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- Posts: 40
- Joined: Wed Aug 17, 2011 1:57 am
Re: 200k debt, 100k salary. Drop out?
Most people don't live alone in their 30's, though. For housing, $1K + a roommate or significant other with a job is enough to buy a simple house or rent a several bedroom nice apartment in almost any market, especially non-NYC.
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- Posts: 428117
- Joined: Tue Aug 11, 2009 9:32 am
Re: 200k debt, 100k salary. Drop out?
Oregon is at about 10%, but they are one of the highest in the nation.birdlaw117 wrote:http://www.calculator.net/take-home-pay ... &x=83&y=19
Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).
Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.
- dr123
- Posts: 3497
- Joined: Tue Jan 04, 2011 2:38 am
Re: 200k debt, 100k salary. Drop out?
1. Live in Vancouver, WA (no income tax)Anonymous User wrote:Oregon is at about 10%, but they are one of the highest in the nation.birdlaw117 wrote:http://www.calculator.net/take-home-pay ... &x=83&y=19
Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).
Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.
2. Commute to job in Portland (no sales tax)
3. ????
4. Profit
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- Posts: 428117
- Joined: Tue Aug 11, 2009 9:32 am
Re: 200k debt, 100k salary. Drop out?
Many think this, but if you work in Portland, you're stuck with Oregon "non-resident" tax, which is basically the same.dr123 wrote:1. Live in Vancouver, WA (no income tax)Anonymous User wrote:Oregon is at about 10%, but they are one of the highest in the nation.birdlaw117 wrote:http://www.calculator.net/take-home-pay ... &x=83&y=19
Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).
Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.
2. Commute to job in Portland (no sales tax)
3. ????
4. Profit
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- birdlaw117
- Posts: 2167
- Joined: Thu Sep 16, 2010 12:19 am
Re: 200k debt, 100k salary. Drop out?
I urge you to do a quick search of $1,000/month apartments in Milwaukee (since Chicago isn't exactly a secondary market, like we're discussing). Even the ones in pricier locations are still pretty nice. You aren't going to be living in a studio for $1,000/month in Milwaukee (unless you really want to).ToTransferOrNot wrote:Van, I feel like you're overestimating (i) how much living space $1k can buy outside of NYC ($1k wouldn't cover a pretty small - 600 sq ft - 1 bedroom + utilities in the safe parts of Hyde Park in Chicago, much less anywhere you'd actually want to live; in Milwaukee, $1k would squeak you through a one-bedroom in the 'moderate' area of town; admittedly, it depends on what "substantially" is here, but $100k legal jobs aren't going to be in the sticks); (ii) the (un)importance of space to people who are used to having it. I know I would probably kill myself or others if I was living in a studio - and that's assuming I was living alone. My girlfriend had a very large studio and it was still impossible to move around without stepping on each other's toes, much less working, cooking, etc.
I'm not saying, by any means, that having an effective salary of $38k pre-tax (resulting in the $2500/mo) is bad; but, in most markets that have $100k legal jobs, it requires a fair measure of frugality. There's nothing wrong with that, and I think OP would be silly to drop out, but people should be realistic.
- birdlaw117
- Posts: 2167
- Joined: Thu Sep 16, 2010 12:19 am
Re: 200k debt, 100k salary. Drop out?
First off, solid use of the Anon function. Second, thanks for the info. I'm guessing it isn't a flat 10% (but, it might be, I don't know). So the effective rate would probably be a little bit lower. Either way, it won't make a huge impact on the 69k figure.Anonymous User wrote:Oregon is at about 10%, but they are one of the highest in the nation.birdlaw117 wrote:http://www.calculator.net/take-home-pay ... &x=83&y=19
Just thought I would add this. I put in an 8% State Tax (which I'm not sure if any state has one that high, but I figured I'd go on the high end) and it ended up with 69k take home. It's also not taking out any extra deduction (such as for retirement).
Just thought I would mention this, but that would be roughly taking .4 times your post-standard deduction and personal exemption amount, and subtracting that from 100k.