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I plan on paying off my credit cards, dropping some cash on clothes/gym membership/things I haven't been able to afford for the last 2 years, and taking one (maybe two) well-deserved vacations after SA is over.

How much should I save/invest? I'm in a high COL area so I doubt my summer salary could support my living expenses for the entirety of 3L but maybe a semester? Or should I just say fuck it and take out the loans anyway?

How much debt are you graduating law school with? If more than 0, I'd pay that.

I desperately need a new car, so BMW CPO it is.

Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

GLK

- Some combination of paying off 1st year's loans and investing, probably skewed towards the former.
- A select few impulse purchases
- Plane tickets, because I can essentially stay for free with my friends at big cities… still probably gonna cut one out to save even more money.

Going to Europe.

ti5
buy drinks without care 3l year

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.

When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never

Anonymous User wrote:ti5
buy drinks without care 3l year

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.

When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never

It's your money, but following Br3v advice is something future self will thank you for. I blew 2 years of SA money on shit I didn't need because I thought just like you. The income from those two years applied to my loans would mean I could have graduated with almost no debt.

Having discretionary income is awesome, but it's not technically discretionary if Sallie Mae is gonna want some of it after you've done with school.

Anonymous User wrote:ti5
buy drinks without care 3l year

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.

When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never

this person knows whats up

6lehderjets wrote:

Anonymous User wrote:ti5
buy drinks without care 3l year

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.

When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never

It's your money, but following Br3v advice is something future self will thank you for. I blew 2 years of SA money on shit I didn't need because I thought just like you. The income from those two years applied to my loans would mean I could have graduated with almost no debt.

Having discretionary income is awesome, but it's not technically discretionary if Sallie Mae is gonna want some of it after you've done with school.

He actually does make a good point though. In a strictly economic sense, that money is more valuable towards loans to avoid interest. But in the long run, you have to balance money against time to find an optimal balance to actually enjoy something in this life. Would you trade 6 months of income and no time for 3 months of income and free time? I would. At some point it justifies paying a premium (interest) to pay the debt with later income and enjoy the money while you're...well free to enjoy things.

Clearly wrote:

6lehderjets wrote:

Anonymous User wrote:ti5
buy drinks without care 3l year

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.

When's the next time you're going to be young + have unlimited (3lol) free time + discretionary income?

the answer is never

It's your money, but following Br3v advice is something future self will thank you for. I blew 2 years of SA money on shit I didn't need because I thought just like you. The income from those two years applied to my loans would mean I could have graduated with almost no debt.

Having discretionary income is awesome, but it's not technically discretionary if Sallie Mae is gonna want some of it after you've done with school.

He actually does make a good point though. In a strictly economic sense, that money is more valuable towards loans to avoid interest. But in the long run, you have to balance money against time to find an optimal balance to actually enjoy something in this life. Would you trade 6 months of income and no time for 3 months of income and free time? I would. At some point it justifies paying a premium (interest) to pay the debt with later income and enjoy the money while you're...well free to enjoy things.

Why is the assumption you'll make money, but have no time to enjoy it? NYC has a reputation for all work, all the time, but most other markets aren't like that.

We are basically willing to pay a different premium to enjoy that money while I'm free. I'm suggesting that current SAs not do what I did and pay 7.9% so they can enjoy their SA money now. As a student, it's totally acceptable to live frugally, so resist the urge to blow your money on unnecessary stuff if you're taking out loans to pay for school.

It's cool to reward yourself with something nice for working hard to get to the point you have gotten in life, but that can be done within reason.

Right. I'm not arguing I'm right and you're wrong at all, just that its more of a value judgement than people make it out to be. It's not inherently irresponsible to spend SA money if you have debt, in fact depending on your work environment and your values it could be rational.

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.

That's the plan, but I'm investing most in an index fund until the loan interest starts to accrue, then I'll make the lump payment

I am going to spend a nice chunk on a post bar trip to south east Asia or South America

I have a lot of debt, but I blew it all. No regrets. Future me can take a hike/will have less marginal utility for those doll hairs/etc

Probably going to get levered up and put everything into S&P index futures. C'mon stock market! I'm going to lose all my SA money aren't I...

Hookers. Blow. Doing one off the other - not sure which way though yet.

Buying books and albums I've been wanting to get. Going to more concerts. Not cooking. Actually visiting home during breaks. That's pretty much all I care about. Saving the rest.

Probably spending about half of it on study abroad Fall 3L, and the rest on a new car upon my return.

xbox one, big screen tv. and loans

J9ofDiamonds wrote:

Br3v wrote:How much debt are you graduating law school with? If more than 0, I'd pay that.

That's the plan, but I'm investing most in an index fund until the loan interest starts to accrue, then I'll make the lump payment

I am going to spend a nice chunk on a post bar trip to south east Asia or South America

Did you only take out subsidized stafford loans? If not, then your loans are accruing interest right now.

I would pay as much as possible to loans and/or save it and minimize the amount you take out next semester in loans depending on origination fees and whether or not interest rates have gone down (they went down every year I was in law school).

Anonymous User wrote:Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

Impressive tax evasion efforts here

2014 wrote:

Anonymous User wrote:Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

Impressive tax evasion efforts here

Yeah this confused me as well...

scottidsntknow wrote:

2014 wrote:

Anonymous User wrote:Paying down a private loan as I go. Saving about 5k for living expenses beyond rent for the fall/spring. Taking one vacation in August with SO.

So about 25-30k to loans, 7k for shits and giggles. Maybe spend a bit for the Nordstrom anni sale picking up some staples.

Impressive tax evasion efforts here

Yeah this confused me as well...

I think s/he's operating under a NYC to >190 assumption. I like it.

"I thought there was no tax in Texas???!?!?"