Total Savings/Net Worth

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What is your self reported net worth?

0-100,000
95
29%
101,000-200,000
47
14%
201,000-300,000
39
12%
301,000-400,000
23
7%
401,000-500,000
19
6%
501,000-750,000
45
14%
751,000-1,000,000
23
7%
1,000,001+
40
12%
 
Total votes: 331

umichman

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Posts: 341
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Total Savings/Net Worth

Post by umichman » Mon Jan 11, 2021 4:06 pm

Looking to see how good/bad us young lawyers are at saving/accumulating. Mostly doing this to see whether I am on par with the hoards or overspending.

Any responses would be great in the following form.

Assets (cash, investments, crypto)/Debt/Class year/Employment type (biglaw/midlaw/fedgov)/extenuating circumstances (inheritance, etc)

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 4:32 pm

~$530k net worth, about $495k in ETFs and rest in cash & savings / ~$10k in loans that I haven't paid off just because of forbearance (started with about $150k) / 6th year / TX biglaw

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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 4:54 pm

$1.7mil net worth
$250k cash
$1.35mil equities (incl. 401k/IRA)
$100k crypto

Graduated with ~$65k debt. NYC biglaw 9/10th year.

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 5:01 pm

~120k assets / $20k student loan debt from undergrad / first year biglaw associate / no law school debt because scholarship and working spouse

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 5:13 pm

Just crossed $1M net worth after bonus.

~$350K in cash and taxable investment account, ~$325K in home equity, ~$450K in 401(k). Paid off law school debt about 2 years ago, had no undergrad debt.

5th year at market-paying firm. Had a career for several years prior to law school, though not a particularly lucrative one.

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Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 5:22 pm

525k (400k in the market, 125k cash for downpayment)/none/4th year market pay/big law/nope, went to school for free

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 5:36 pm

$115k in savings/retirement, $40k in law school loans, 3rd-year biglaw associate (NYC)

Anonymous User
Posts: 358485
Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 5:48 pm

$92k assets (32k cash/60k in retirement investments). About 158k student loan debt. Class of 2019, and I'm in Biglaw. I started with around 210k debt.

F in the chat for those with a net worth that's too low for the poll :oops:

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 6:07 pm

Class of 2017/FedGov the whole time:

Assets of about 80k (20k in cash, 60k in retirement)
Zero Debt (had about 50k in loans when I left LS).

These posts are making me regret going gov, but damn if I don't love working 40 hour weeks.

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Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 6:24 pm

30k cash
275k retirement
65k investments outside of retirement accts (index funds)
30k student loan debt

3rd yr, biglaw
other info: graduated ls with ~60k in debt

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 6:40 pm

$407k NW

$630k assets ($22k cash, $600k investments, $10k crypto)
$223k debt ($218k student loan debt, $5k cc balance)

c/o 2016
NYC-paying Biglaw in a secondary market

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 6:41 pm

~280 NW:
~ 40 in cash; ~ 60 in 401K/HSA; ~190 in ETFs; no crypto.
~ 10 in LS fed loans.

4th year, NYC biglaw. Started with ~60 in LS fed loans.

Messed up a bit in not maxing out my tax-deferred accts earlier in my career, and held too much cash early on instead of putting it into the market.

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 6:43 pm

Class of 2020, first-year associate:

$5k cash
$11k IRA
$2k Robinhood index funds

$140k fed student loan debt

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Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 6:49 pm

@ OP, also, not sure if "extenuating circumstances" meant to also capture things like working prior to LS and savings pre-Big Law, in addition to more corner cases like inheritances. If the question is to get a sense of spending/saving among associates, may be helpful to understand how much folks came in with.

umichman

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Re: Total Savings/Net Worth

Post by umichman » Mon Jan 11, 2021 7:05 pm

Anonymous User wrote:
Mon Jan 11, 2021 6:49 pm
@ OP, also, not sure if "extenuating circumstances" meant to also capture things like working prior to LS and savings pre-Big Law, in addition to more corner cases like inheritances. If the question is to get a sense of spending/saving among associates, may be helpful to understand how much folks came in with.
Agreed, I'll edit. I know people are touchy on this, so the goal was to get people to put in whatever they are comfortable with.

BrainsyK

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Re: Total Savings/Net Worth

Post by BrainsyK » Mon Jan 11, 2021 7:28 pm

Where are the negative poll choices?

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 7:35 pm

Class of 2018/3rd-year associate/Biglaw/NYC

Net Worth: $260K
Assets: $260K ($40K cash/$50K retirement/$170K investments and ETFs)
Zero Debt: went to law school for free

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Lacepiece23

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Re: Total Savings/Net Worth

Post by Lacepiece23 » Mon Jan 11, 2021 8:47 pm

I hate you all. What did i do with my money over the last five years.

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Mon Jan 11, 2021 8:51 pm

Assets: $50k cash, $75k stocks, $17k pension, $3K 401K,
Debt: 200k law school debt

Net Worth: -55

Gov lawyer banking on PSLF

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Tue Jan 12, 2021 12:05 am

2016 grad with 250k in loans:

84k 401k
158k ETFs
7k crypto
32k backdoor roth
15k cash
130k student loans
$60k (in a week will receive $100k bonus which is 20k to 401k + 40k after tax on the rest)

Net Worth: $226k
Also sent $75k in help to parents since biglaw

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Tue Jan 12, 2021 12:17 am

Assets: $200k in cash/savings accounts (I know this is too much), $500k in retirement and brokerage account, $75k home equity

No debt (other than mortgage), paid off $140k in loans

Class of 2012, big law (V100) the whole time, but my firm doesn't do market bonuses. Probably could have saved more, but started with literally $0 in my bank account so not so bad.

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Definitely Not North

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Re: Total Savings/Net Worth

Post by Definitely Not North » Tue Jan 12, 2021 12:27 am

Anonymous User wrote:
Tue Jan 12, 2021 12:17 am
$200k in cash/savings accounts (I know this is too much)
whoa. that's criminal unless you plan to put a down payment on a 1.5mm house tomorrow

Anonymous User
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Re: Total Savings/Net Worth

Post by Anonymous User » Tue Jan 12, 2021 1:40 am

c/o 2018 NYC Biglaw

+$95k Retirement Accounts (index funds)
+$35k Brokerage Account (index funds)
+$12k Cash

-$40k Student Loans (1.95% w/ FRB)

======================================

~$100k NW

Goal is (and has always been) to get to zero student debt and $200k+ in retirement/brokerage by December 2021. I think I'm well on my way barring some unforeseen market crash.

JusticeJackson

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Re: Total Savings/Net Worth

Post by JusticeJackson » Tue Jan 12, 2021 1:42 am

Definitely Not North wrote:
Tue Jan 12, 2021 12:27 am
Anonymous User wrote:
Tue Jan 12, 2021 12:17 am
$200k in cash/savings accounts (I know this is too much)
whoa. that's criminal unless you plan to put a down payment on a 1.5mm house tomorrow
Lol. I have over 500k in cash. I’m sure it’s the wrong move, but I can’t find anything that I recognize as a better move. Also I work all the time.

I think like 1.2m total net work (mostly in 401k/IRA).

Anonymous User
Posts: 358485
Joined: Tue Aug 11, 2009 9:32 am

Re: Total Savings/Net Worth

Post by Anonymous User » Tue Jan 12, 2021 2:02 am

C/o 2016

Started with $280k law school debt and no money in the bank.

+$275k net worth now. No student loan debt, $140k 401(k)/Roth Ira, 120k home equity, $15k cash.

Seriously? What are you waiting for?

Now there's a charge.
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