How much money saved before you'd bounce from biglaw? Forum

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LaLiLuLeLo

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Re: How much money saved before you'd bounce from biglaw?

Post by LaLiLuLeLo » Sat Feb 01, 2020 12:21 pm

stoopkid13 wrote:
LaLiLuLeLo wrote:Yeah I want to take advantage of the firms’s private bank mortgages before I leave but it’s kind of hard to know what I can afford if my future income is a big question mark.
I never looked into it, but are private bank mortgages that advantageous?
Pretty easy to avoid PMI since the require only 10% down, rates are about as low you’ll get and likely difficult to get elsewhere according to loan officer friends and underwriting is supposed to be a breeze since that’s the point.

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Re: How much money saved before you'd bounce from biglaw?

Post by Anonymous User » Sat Feb 01, 2020 1:44 pm

My number is 1.5-2m (higher end if bull market continues and lower end if leaving in a downturn). This is achievable as I'm in an overseas office (hence receiving a COLA) and not a US citizen (hence no US tax). Once I hit my number I intend to leave the corporate world forever. Not considering in-house - while work-life balance could be better, the work feels equally unfulfilling for me. Am looking at PI gigs that pay US$30k so the pay cut will be steep.

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Re: How much money saved before you'd bounce from biglaw?

Post by jdoe12345 » Sat Feb 01, 2020 4:18 pm

Anonymous User wrote:My number is 1.5-2m (higher end if bull market continues and lower end if leaving in a downturn). This is achievable as I'm in an overseas office (hence receiving a COLA) and not a US citizen (hence no US tax). Once I hit my number I intend to leave the corporate world forever. Not considering in-house - while work-life balance could be better, the work feels equally unfulfilling for me. Am looking at PI gigs that pay US$30k so the pay cut will be steep.
Impressive! Assuming a continued bull market, how many total years would it take to hit $2m?

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Re: How much money saved before you'd bounce from biglaw?

Post by Clytemnestra3 » Mon Feb 03, 2020 9:37 am

I'll chime in on this. Also work abroad, but US citizen. Goal is to break $2 million at the end of year 8 (plus stub period) in biglaw.

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Re: How much money saved before you'd bounce from biglaw?

Post by nealric » Mon Feb 03, 2020 10:12 am

stoopkid13 wrote:
LaLiLuLeLo wrote:Yeah I want to take advantage of the firms’s private bank mortgages before I leave but it’s kind of hard to know what I can afford if my future income is a big question mark.
I never looked into it, but are private bank mortgages that advantageous?
It's a YMMV sort of situation. You'll get a few basis points lower than that bank's market rate, but there may be other lenders that are cheaper without the relationship.

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Re: How much money saved before you'd bounce from biglaw?

Post by LaLiLuLeLo » Mon Feb 03, 2020 12:47 pm

nealric wrote:
stoopkid13 wrote:
LaLiLuLeLo wrote:Yeah I want to take advantage of the firms’s private bank mortgages before I leave but it’s kind of hard to know what I can afford if my future income is a big question mark.
I never looked into it, but are private bank mortgages that advantageous?
It's a YMMV sort of situation. You'll get a few basis points lower than that bank's market rate, but there may be other lenders that are cheaper without the relationship.
No PMI with a lower down payment is what does it for me

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Re: How much money saved before you'd bounce from biglaw?

Post by eastcoast_iub » Mon Mar 09, 2020 9:48 am

AVBucks4239 wrote:
eastcoast_iub wrote:Also, just to take the counter-argument to the logical conclusion here, it seems that people would argue that people should pretty much always rent and not buy, because expected returns on the stock market are always higher. Do you agree?
I'm not at all saying you should rent instead of buy. I own a house.

I'm saying that, if you are considering leaving a job or relocating, or "bouncing" from big law (as this thread title put it), you should not dump extra equity into a house because you are better off having those funds be far more liquid.

Sorry that this is dove-tailing the thread, but I am trying to make my point in the context of this thread -- how much to save, and how to save, before you move on from big law. And there are people on here talking about doing 15 year mortgages instead of 30, and renting out apartments in HCOL areas, and on and on; and it's just generally horrible advice in the context of this thread.

You want to start a real estate investing thread? Go right ahead. But these recommendations were made squarely regarding making financial moves that are extremely counter-intuitive to what somebody should be doing if they are considering leaving a big law job.
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.

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Re: How much money saved before you'd bounce from biglaw?

Post by Yugihoe » Mon Mar 09, 2020 10:21 am

eastcoast_iub wrote:
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.
Guess you never lived or invested through a bear market then. This is normal and included when they say the market returns 7% on average over the long run.

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Re: How much money saved before you'd bounce from biglaw?

Post by ajax » Mon Mar 09, 2020 10:27 am

Yugihoe wrote:
eastcoast_iub wrote:
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.
Guess you never lived or invested through a bear market then. This is normal and included when they say the market returns 7% on average over the long run.

One should not provide this type of advice. Especially an attorney. How has the Nikkei done since 1989? There are many variables involved with equity markets. Past performance does not guarantee future success, nor 7% on average returns over the long run.

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Re: How much money saved before you'd bounce from biglaw?

Post by Yugihoe » Mon Mar 09, 2020 10:32 am

ajax wrote:
Yugihoe wrote:
eastcoast_iub wrote:
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.
Guess you never lived or invested through a bear market then. This is normal and included when they say the market returns 7% on average over the long run.

One should not provide this type of advice. Especially an attorney. How has the Nikkei done since 1989? There are many variables involved with equity markets. Past performance does not guarantee future success, nor 7% on average returns over the long run.
I wasn't giving any advice, just a counter point to the original poster's dig at the market's being 20% off of their high. 20% off of the high is the definition of a bear market right? And agreed that the 7% return is historical and includes the bear markets we have had in 2008 and 2001, etc. There is no guarantee on what the future will hold. As to your other point, if I am giving advice though: I would recommend a well balanced US and International portfolio to diversify against what happened to Japan. Vanguard recommends a close to global market tilt (which would mean at least 45% exposure to international equity) but admittedly most US investors have a home-market bias. I'm personally at 30%. Although it appears if we continue on this market slide, international funds are down-right cheap now.

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Re: How much money saved before you'd bounce from biglaw?

Post by ajax » Mon Mar 09, 2020 10:39 am

Yugihoe wrote:
ajax wrote:
Yugihoe wrote:
eastcoast_iub wrote:
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.
Guess you never lived or invested through a bear market then. This is normal and included when they say the market returns 7% on average over the long run.

One should not provide this type of advice. Especially an attorney. How has the Nikkei done since 1989? There are many variables involved with equity markets. Past performance does not guarantee future success, nor 7% on average returns over the long run.
I wasn't giving any advice, just a counter point to the original poster's dig at the market's being 20% off of their high. 20% off of the high is the definition of a bear market right? And agreed that the 7% return is historical and includes the bear markets we have had in 2008 and 2001, etc. There is no guarantee on what the future will hold. As to your other point, if I am giving advice though: I would recommend a well balanced US and International portfolio to diversify against what happened to Japan. Vanguard recommends a close to global market tilt (which would mean at least 45% exposure to international equity) but admittedly most US investors have a home-market bias. I'm personally at 30%. Although it appears if we continue on this market slide, international funds are down-right cheap now.
You were indeed giving advice, but you can try claim otherwise. SEC would not allow you to advise an investor in that manner in a DDQ without proper disclaimers, which I see you have now admittedly inserted into your response.

Swing and miss. Nice try though.

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Re: How much money saved before you'd bounce from biglaw?

Post by EzraFitz » Mon Mar 09, 2020 10:48 am

ajax wrote:
Yugihoe wrote:
ajax wrote:
Yugihoe wrote:
eastcoast_iub wrote:
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.
Guess you never lived or invested through a bear market then. This is normal and included when they say the market returns 7% on average over the long run.

One should not provide this type of advice. Especially an attorney. How has the Nikkei done since 1989? There are many variables involved with equity markets. Past performance does not guarantee future success, nor 7% on average returns over the long run.
I wasn't giving any advice, just a counter point to the original poster's dig at the market's being 20% off of their high. 20% off of the high is the definition of a bear market right? And agreed that the 7% return is historical and includes the bear markets we have had in 2008 and 2001, etc. There is no guarantee on what the future will hold. As to your other point, if I am giving advice though: I would recommend a well balanced US and International portfolio to diversify against what happened to Japan. Vanguard recommends a close to global market tilt (which would mean at least 45% exposure to international equity) but admittedly most US investors have a home-market bias. I'm personally at 30%. Although it appears if we continue on this market slide, international funds are down-right cheap now.
You were indeed giving advice, but you can try claim otherwise. SEC would not allow you to advise an investor in that manner in a DDQ without proper disclaimers, which I see you have now admittedly inserted into your response.

Swing and miss. Nice try though.
What an incredibly helpful comment. Good to be prepared when the SEC raids the forums.

Anyway, does anyone else find the obsessive focus on getting back to net worth $0 make it difficult to even fathom questions like the amount saved/how long to save before bouncing? I find it so hard to imagine not having such a huge debt load that even in the abstract trying to plan these things is quite difficult for me.

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Re: How much money saved before you'd bounce from biglaw?

Post by Anonymous User » Mon Mar 09, 2020 10:50 am

For me, my target number was a total net worth of $500k. The goal was to get a solid mix of investments at a fairly young age that would give me more flexibility going forward (and ideally allow me to retire somewhat early). Managed to hit $500k when I was a 6th year in biglaw (mix of retirement accounts, taxable brokerage account, a few rental properties, etc.). And I stayed true to my plan and bounced soon after to an in-house job that only involved a 10% paycut and far better lifestyle and career path for me. So those few years of biglaw grind can really pay off if you make the most of them.

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Re: How much money saved before you'd bounce from biglaw?

Post by Yugihoe » Mon Mar 09, 2020 10:53 am

ajax wrote:

You were indeed giving advice, but you can try claim otherwise. SEC would not allow you to advise an investor in that manner in a DDQ without proper disclaimers, which I see you have now admittedly inserted into your response.

Swing and miss. Nice try though.
You didn't actually discuss the merits of the substantive things I said in a thread related to PERSONAL FINANCE but instead opted to make clown asperger like statements, so I will disengage.
EzraFitz wrote: What an incredibly helpful comment. Good to be prepared when the SEC raids the forums.

Anyway, does anyone else find the obsessive focus on getting back to net worth $0 make it difficult to even fathom questions like the amount saved/how long to save before bouncing? I find it so hard to imagine not having such a huge debt load that even in the abstract trying to plan these things is quite difficult for me.
Yea definitely, I think you should do whatever makes you feel comfortable, which I think for many is paying off debt as soon as possible. There's peace of mind in that and nothing wrong with it. Maybe your goal before bouncing could even be something as simple as being back to 0, if not having 100k saved on top of that.

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Re: How much money saved before you'd bounce from biglaw?

Post by Elston Gunn » Mon Mar 09, 2020 11:10 am

EzraFitz wrote: What an incredibly helpful comment. Good to be prepared when the SEC raids the forums.

Anyway, does anyone else find the obsessive focus on getting back to net worth $0 make it difficult to even fathom questions like the amount saved/how long to save before bouncing? I find it so hard to imagine not having such a huge debt load that even in the abstract trying to plan these things is quite difficult for me.
I left with like -$80k net worth (for a variety of reasons, including being stupid and not saving nearly enough) for a job that pays under $200k before equity and I couldn’t be happier with the decision. Nothing against everyone having their own financial goals but don’t feel intimidated by this thread. You can take a very large paycut from BL and still be making an insane amount of money for someone in a 9-6. You’ll get by even if you don’t have your whole financial future set.

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Re: How much money saved before you'd bounce from biglaw?

Post by Pulsar » Mon Mar 09, 2020 12:23 pm

Is everyone lateraling to these $200k in-house jobs a transactional person? As a litigator, I'm wondering if the best I can hope for is $120k as a GS-14.

Also lol 15-year mortgage person. Now is exactly when extra cashflow each month would be nice to have to dump into the market.

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Re: How much money saved before you'd bounce from biglaw?

Post by Anonymous User » Mon Mar 09, 2020 12:43 pm

Pulsar wrote:Is everyone lateraling to these $200k in-house jobs a transactional person? As a litigator, I'm wondering if the best I can hope for is $120k as a GS-14.

Also lol 15-year mortgage person. Now is exactly when extra cashflow each month would be nice to have to dump into the market.
I'm one of the in-house folks, and my background is L&E. In-house is one of the most common exit options for L&E folks. L&E is a litigation group, so its not transactional, but the specialized nature of the subject matter (combined with the regular client counseling) lends itself to in-house work. Much tougher to go in-house if you do general commercial lit, though I know a number of people who made that jump. Most ended up working for large financial institutions.

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Re: How much money saved before you'd bounce from biglaw?

Post by Anonymous User » Mon Mar 09, 2020 1:14 pm

Yea, went in-house from big-law as 3rd year who was transactional to a financial institution for less than 10% paycut.

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Re: How much money saved before you'd bounce from biglaw?

Post by AVBucks4239 » Tue Mar 10, 2020 11:27 am

eastcoast_iub wrote:
AVBucks4239 wrote:
eastcoast_iub wrote:Also, just to take the counter-argument to the logical conclusion here, it seems that people would argue that people should pretty much always rent and not buy, because expected returns on the stock market are always higher. Do you agree?
I'm not at all saying you should rent instead of buy. I own a house.

I'm saying that, if you are considering leaving a job or relocating, or "bouncing" from big law (as this thread title put it), you should not dump extra equity into a house because you are better off having those funds be far more liquid.

Sorry that this is dove-tailing the thread, but I am trying to make my point in the context of this thread -- how much to save, and how to save, before you move on from big law. And there are people on here talking about doing 15 year mortgages instead of 30, and renting out apartments in HCOL areas, and on and on; and it's just generally horrible advice in the context of this thread.

You want to start a real estate investing thread? Go right ahead. But these recommendations were made squarely regarding making financial moves that are extremely counter-intuitive to what somebody should be doing if they are considering leaving a big law job.
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.
The irony of your post is that, while you think you are taking a victory lap, you are only doubling down on how bad your original point is. The mere fact that you are paying attention to daily fluctuations, and thinking this has any ramifications as to whether you should pay off a mortgage, is evidence that you’re not answering the question at hand — what’s the optimal way to save/how much should you save if you’re going to leave big law.

***

Let’s start by looking long term. If your career started in 2010, and you had invested in the SP500 index since 2010, your annualized return would be 11.3%. Far better than a mortgage.

Since 2012, annualized return is 11.7%.

Since 2016, annualized return is 10.9%. On and on.

If you want to go back, since 2007 (so investing right before and absorbing the 2008 crisis), your annualized return would be 7.8% — even with the “correction” we’ve had the last two weeks.

So, even investing *right* before multiple downturns, you are still well, well, well ahead of any return you’d have paying down a low rate mortgage.

Funny thing too — market has recouped most of its losses from yesterday as I write this. But I don’t care, because I don’t make investing decisions based on breaking news headlines on CNN.

Of course equities are volatile. The best thing to do is to just keep investing. If you just keep investing, you will buy at lows, and sometimes highs. But it will all even out, and historical data suggests you will come out way, way, way ahead of today’s mortgages rates. And that differential compounded over time? We’re talking millions of dollars here.

***

This doesn’t even get to the other and arguably more important point I’m trying to make regarding liquidity and flexibility. I just bought my house from a person who had their house on the market for 11 months. I’m sure that was fun for them.

***

Again, you are missing the point of this thread. The question is how much a person should save before leaving big law.

My point is that you should save maybe 6-12 months of expenses, and you want that as liquid as possible. You rebutted that you should prepay a mortgage, as it would drive your costs down when you didn’t have a job, and your interest rate is a “guaranteed return.” I’ve rebutted that this is an extremely bad idea for multiple reasons. And your rebuttal is that a two week “bear” market proves your point?

It’s beyond absurd. In the context of this thread — maybe leaving your job — pre-paying your mortgage is bad in the short term because (a) your liquidity is effing terrible if it’s tied up in a house; (b) if you have not paid off the house, you still have that mortgage payment; (c) it will cost you thousands to refinance a mortgage loan; (d) the mortgage may limit the jobs you look for; (e) the HELOC process is a pain and costs a ton.

It’s bad in the long term because 140 years of data suggests that equities will FAR outperform today’s low rate mortgages.

***

For the fifth time, pre-paying a mortgage outside of this specific thread is a separate discussion with many considerations. I will probably pre-pay my mortgage!

But we are talking about saving to leave big law, and I can’t think of a worse short or long term plan — if you might be without income! — than paying down your mortgage.

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Re: How much money saved before you'd bounce from biglaw?

Post by LaLiLuLeLo » Tue Mar 10, 2020 11:54 am

Imagine kicking your cash flow in the ass with a 15 year mortgage with how low rates have been.

I don’t think I’m a money expert by any means even even I know that’s just dumb. Cash is king baby.

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Re: How much money saved before you'd bounce from biglaw?

Post by spyke123 » Tue Mar 10, 2020 12:16 pm

To those of you who moved in house to a financial institution (with only small pay cut) how do you feel about your job security? Given that financial institutions appear to be prone to layoffs in economic downturns, I am just concerned about making the jump.

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Re: How much money saved before you'd bounce from biglaw?

Post by nealric » Tue Mar 10, 2020 1:44 pm

spyke123 wrote:To those of you who moved in house to a financial institution (with only small pay cut) how do you feel about your job security? Given that financial institutions appear to be prone to layoffs in economic downturns, I am just concerned about making the jump.
I'm in energy (even worse than financial institutions given the cyclical nature of the industry). I'd say that job security depends a lot on the specific institution and that personal networks are your best bet at preserving it. I know a lot of people who have lost jobs in-house, but none that were unable to find alternative employment within a few months. The ones with good networks were the ones that spent the least time searching and ended up with the best results.

In biglaw it's a bit different. If you are a junior or mid-level, your job security is generally pretty terrible- probably a 30-50% chance you will be softly counseled out, given "the talk", or outright fired in the first 5-6 years. Once you make it to senior associate, you can probably stick around pretty much indefinitely as counsel. But most people aren't going to be content to grind away in biglaw without at least making partner, and your chances of making partner (especially equity partner) are statistically quite poor. So one way or another, you are likely set to make a transition.

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Re: How much money saved before you'd bounce from biglaw?

Post by Anonymous User » Wed Mar 11, 2020 12:54 pm

spyke123 wrote:To those of you who moved in house to a financial institution (with only small pay cut) how do you feel about your job security? Given that financial institutions appear to be prone to layoffs in economic downturns, I am just concerned about making the jump.
I actually feel pretty bad about my job security now and thought I had better shots at the firm. The number of associates left in my class year was pretty decimated so I feel like I could have easily hung out through a recession since the firm certainly needs X number of associates in my opinion. The in-house group I'm at now is considerably smaller, not a revenue generator and as business dries up, I'll be first on the chopping block as the most junior and recent hire. I don't feel terrible if such a thing were to happen (not a big fan of practicing law) but for the fact that I want to stay employed at my current salary levels to stay invested in and continue to invest through any bear market. Getting let go in a bull market where my networth would be much higher would be no big deal in comparison.

I.e. even missing like 4-6 months of employment (and consistent contribution into the market with each paycheck) could set you way back depending on how markets move.

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Re: How much money saved before you'd bounce from biglaw?

Post by eastcoast_iub » Sun Mar 15, 2020 11:21 am

AVBucks4239 wrote:
eastcoast_iub wrote:
AVBucks4239 wrote:
eastcoast_iub wrote:Also, just to take the counter-argument to the logical conclusion here, it seems that people would argue that people should pretty much always rent and not buy, because expected returns on the stock market are always higher. Do you agree?
I'm not at all saying you should rent instead of buy. I own a house.

I'm saying that, if you are considering leaving a job or relocating, or "bouncing" from big law (as this thread title put it), you should not dump extra equity into a house because you are better off having those funds be far more liquid.

Sorry that this is dove-tailing the thread, but I am trying to make my point in the context of this thread -- how much to save, and how to save, before you move on from big law. And there are people on here talking about doing 15 year mortgages instead of 30, and renting out apartments in HCOL areas, and on and on; and it's just generally horrible advice in the context of this thread.

You want to start a real estate investing thread? Go right ahead. But these recommendations were made squarely regarding making financial moves that are extremely counter-intuitive to what somebody should be doing if they are considering leaving a big law job.
Checking in to shout out everyone who advised us that the market so reliably provides superior returns, and that a 15-year mortgage is idiotic b/c of the foregone stockmarket returns.

Where are we at now, down almost 20% since this thread began? I'm losing track.
The irony of your post is that, while you think you are taking a victory lap, you are only doubling down on how bad your original point is. The mere fact that you are paying attention to daily fluctuations, and thinking this has any ramifications as to whether you should pay off a mortgage, is evidence that you’re not answering the question at hand — what’s the optimal way to save/how much should you save if you’re going to leave big law.

***

Let’s start by looking long term. If your career started in 2010, and you had invested in the SP500 index since 2010, your annualized return would be 11.3%. Far better than a mortgage.

Since 2012, annualized return is 11.7%.

Since 2016, annualized return is 10.9%. On and on.

If you want to go back, since 2007 (so investing right before and absorbing the 2008 crisis), your annualized return would be 7.8% — even with the “correction” we’ve had the last two weeks.

So, even investing *right* before multiple downturns, you are still well, well, well ahead of any return you’d have paying down a low rate mortgage.

Funny thing too — market has recouped most of its losses from yesterday as I write this. But I don’t care, because I don’t make investing decisions based on breaking news headlines on CNN.

Of course equities are volatile. The best thing to do is to just keep investing. If you just keep investing, you will buy at lows, and sometimes highs. But it will all even out, and historical data suggests you will come out way, way, way ahead of today’s mortgages rates. And that differential compounded over time? We’re talking millions of dollars here.

***

This doesn’t even get to the other and arguably more important point I’m trying to make regarding liquidity and flexibility. I just bought my house from a person who had their house on the market for 11 months. I’m sure that was fun for them.

***

Again, you are missing the point of this thread. The question is how much a person should save before leaving big law.

My point is that you should save maybe 6-12 months of expenses, and you want that as liquid as possible. You rebutted that you should prepay a mortgage, as it would drive your costs down when you didn’t have a job, and your interest rate is a “guaranteed return.” I’ve rebutted that this is an extremely bad idea for multiple reasons. And your rebuttal is that a two week “bear” market proves your point?

It’s beyond absurd. In the context of this thread — maybe leaving your job — pre-paying your mortgage is bad in the short term because (a) your liquidity is effing terrible if it’s tied up in a house; (b) if you have not paid off the house, you still have that mortgage payment; (c) it will cost you thousands to refinance a mortgage loan; (d) the mortgage may limit the jobs you look for; (e) the HELOC process is a pain and costs a ton.

It’s bad in the long term because 140 years of data suggests that equities will FAR outperform today’s low rate mortgages.

***

For the fifth time, pre-paying a mortgage outside of this specific thread is a separate discussion with many considerations. I will probably pre-pay my mortgage!

But we are talking about saving to leave big law, and I can’t think of a worse short or long term plan — if you might be without income! — than paying down your mortgage.
This thread expanded beyond leaving big law, and I am not speaking in that context. If I listened to someone like you, I'd be out tens of thousands of dollars already chasing lost opportunity cost. With a significant amount tied up in equities through my 401(k) and personal investment account, I'm glad I don't have all my eggs in one basket like you are recommending to people.

I did not think my point would be made so suddenly and forcefully, but keep telling me how I would be better off if I had just sunk $100,000 in the market 6 weeks ago. :roll: I'd call this more than a daily fluctuation champ. And lucky for me I still have tons of liquidity if I need it, or decide I want to buy on the lows (which, by the way, could be a long way off).

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LaLiLuLeLo

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Re: How much money saved before you'd bounce from biglaw?

Post by LaLiLuLeLo » Sun Mar 15, 2020 11:47 am

most Biglaw lawyers have access to a private bank mortgage. If I had locked last week, I would’ve had an interest rate under 3%. Mortgage rates are extremely low - they’re not much higher than inflation. Aggressively paying down your mortgage with such low rates is dumb and a waste of liquidity.

Seriously? What are you waiting for?

Now there's a charge.
Just kidding ... it's still FREE!


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