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1st yrs: How much did you gain/lose due to COVID?
Posted: Sun Apr 04, 2021 1:26 pm
by Anonymous User
Taking into account the bonuses, what is the net financial loss/gain for the 1st yrs?
Most of class of 2020 had deferred start dates and received some sort of stipends/advance.
Compared to other classes, did everyone end up losing money?
Re: 1st yrs: How much did you gain/lose due to COVID?
Posted: Sun Apr 04, 2021 1:38 pm
by Anonymous User
Anonymous User wrote: ↑Sun Apr 04, 2021 1:26 pm
Taking into account the bonuses, what is the net financial loss/gain for the 1st yrs?
Most of class of 2020 had deferred start dates and received some sort of stipends/advance.
Compared to other classes, did everyone end up losing money?
Deferred about a month and a half. The special spring bonuses only make up for about half of the amount lost due to deferment. We didn't get any stub year bonuses at my firm. So net loss of about $12k give or take.
Re: 1st yrs: How much did you gain/lose due to COVID?
Posted: Sun Apr 04, 2021 4:07 pm
by Anonymous User
The real loss is also you may very little in taxes your stub year
Re: 1st yrs: How much did you gain/lose due to COVID?
Posted: Sun Apr 04, 2021 5:18 pm
by Anonymous User
Deferred a month, so that's $8,000 of post-rent $$$ I lost out on. Of course, because of stub year, I also qualified for gov't stimmy, so like $3,200 of that loss vanished. So, we'll say $4,800. But, the gov't also froze loan interest, and it's been like a year. In normal times, I would have refinanced about 6 months after graduation, which would have coincided with my job starting/grace period ending. So, I would have paid 7% for 6 months. At six months, I would have refinanced to ~3.25% if interest/payments weren't frozen. I have roughly $150k in loans. So, without COVID, that comes out to be $5,250 in interest from the 6mo at 7% that I would have accumulated plus $1,600 from the 6 months at 3.25% (a total of $6,650). Overall, COVID was a $1,800 positive for me. I also got a crazy good deal on a lease, so probably saved another $2,000-$3,000 there.
Re: 1st yrs: How much did you gain/lose due to COVID?
Posted: Mon Apr 05, 2021 12:09 am
by melpomene
Not gonna lie I saw the title and thought you were asking how much weight I gained/lost this year...
Don’t come for me like that
Re: 1st yrs: How much did you gain/lose due to COVID?
Posted: Mon Apr 05, 2021 12:43 am
by tbdlawyer
melpomene wrote: ↑Mon Apr 05, 2021 12:09 am
Not gonna lie I saw the title and thought you were asking how much weight I gained/lost this year...
Don’t come for me like that
Net loss of 5 pounds (a lot for me) due to crippling anxiety.
Re: 1st yrs: How much did you gain/lose due to COVID?
Posted: Mon Apr 05, 2021 7:52 am
by Anonymous User
Re: 1st yrs: How much did you gain/lose due to COVID?
Posted: Tue Apr 06, 2021 7:08 am
by Anonymous User
Deferred a month, net cost w/ the special bonuses was probably an additional -$3-4k (taxes are worse on bonuses in my part of the country than they are on regular pay).
Not to mention losing my sanity, with no effort from BL job to make the lifestyle less abusive in WFH (less abusive compared to being expected to be available 24-7 now that our job and home life separation has collapsed) from being in solitary confinement in my apartment and not being able to go outside (immunosuppressed) for most of the year.
Also, feel like I lost out on a great start to my career w/ the ability to make tons of relationships. Not sure I will stay at my job long enough to redo that now because starting remote has been or feels like, a big waste of a year...
