Paying back loans with BigLaw salary- how long? Forum

[badfish]

well when I lived there that rent was tough to find in the bronx

If you aren't familiar with the CURRENT market, you probably shouldn't ridicule others for statements they make about it.

[Pizon]

By the time you get done with taxes and student loan repayment, you're looking at like $160K-$38K-$35K-$11K= about $76K to live on.

Oh, the humanity!

[LoriBelle]

By the time you get done with taxes and student loan repayment, you're looking at like $160K-$38K-$35K-$11K= about $76K to live on.

Oh, the humanity!

Okay, so perhaps I'm underestimating the cost of living in NYC...but that doesn't seem like a whole lot of money to me in NYC, especially given the uncertainty of life. It's the equivalent of about $40K where I live. And again, all these figures were assuming OP gets BigLaw. To each his own, but it's too much of a risk for me if significant funds are available at T20 schools (which is a big if, since it's based not on OP's actual application but other posters' speculation about how much $$ OP could get at Vandy).

[Pizon]

By the time you get done with taxes and student loan repayment, you're looking at like $160K-$38K-$35K-$11K= about $76K to live on.

Oh, the humanity!

Okay, so perhaps I'm underestimating the cost of living in NYC...but that doesn't seem like a whole lot of money to me in NYC, especially given the uncertainty of life. It's the equivalent of about $40K where I live. And again, all these figures were assuming OP gets BigLaw. To each his own, but it's too much of a risk for me if significant funds are available at T20 schools.

You can get a great apartment in NYC for under $2,000/month. If you have roommates, you can be more than comfortable in Manhattan for even less. Having over 4 grand in your pocket every month AFTER rent is not a bad deal.

[romothesavior]

LOL @ all you New Yorkers paying $1,500 (if you're lucky) for a dinky ass apartment.

[Encyclopedia Brown]

LOL @ all you New Yorkers paying $1,500 (if you're lucky) for a dinky ass apartment.

Unlike St. Louis, where the security deposit is a firm handshake and rent is two casseroles a month.

[LoriBelle]

LOL @ all you New Yorkers paying $1,500 (if you're lucky) for a dinky ass apartment.

Unlike St. Louis, where the security deposit is a firm handshake and rent is two casseroles a month.

I can't speak for St. Louis, but in the greater Memphis area, you can get a nice 2BR/1BA apartment for $550/mo. My own $1000/mo mortgage gets me a 1500 sq ft home on about an acre of land. Who even knows what I could get for $1500/mo...I mean, wow, that's a lot for housing.

[romothesavior]

LOL @ all you New Yorkers paying $1,500 (if you're lucky) for a dinky ass apartment.

Unlike St. Louis, where the security deposit is a firm handshake and rent is two casseroles a month.

More or less.

I've got a nicer apartment than just about any law student in NYC and I'm paying $500 a month (rent is $1000 split two ways) and about $30 on utilities. Fully furnished place with new stainless steel appliances, granite countertops, big bedrooms, really nice furniture, and a deck. And since I have everything I could ever need in the apartment, I'm basically just throwing my clothes and my cat in the car and driving down.

Small midwest market, FTW.

[romothesavior]

Also OP, they make financial aid repayment calculators for a reason. They aren't perfectly accurate, but they'll give you an idea of what to expect.

[SuichiKurama]

The best thing for the OP to do is to get over the whole NYC thing and use his Columbia degree to get a job in Texas, Atlanta, or Chicago and make a similar salary where rent will cost him $1100 a month to live in a luxury apartment; and where he will lose less (much less in Texas) of his income to taxes. On top of that in the Texas and Atlanta associates are not forced out of their positions at nearly the same rate as they are in NYC so he actually has a good chance at seeing his salary reach 250K+. If he's willing to live in less than a luxury apartment he can get a place for under $1000 a month-- he can get a mediocre place for $700 a month.

[270910]

The best thing for the OP to do is to get over the whole NYC thing and use his Columbia degree to get a job in Texas, Atlanta, or Chicago and make a similar salary where rent will cost him $1100 a month to live in a luxury apartment; and where he will lose less (much less in Texas) of his income to taxes. On top of that in the Texas and Atlanta associates are not forced out of their positions at nearly the same rate as they are in NYC so he actually has a good chance at seeing his salary reach 250K+. If he's willing to live in less than a luxury apartment he can get a place for under $1000 a month-- he can get a mediocre place for $700 a month.

Except, for, you know, the fact that many Texas firms never pay associates more than $200K. Look it up. Pay scale is different down south.

Also, for the overwhelming majority of humans, locations aren't fungible. The kind of legal work work, exit options, local attractions, politics, distance to family, etc. of Texas all mean one can't just say "LOL N/M NYC HEADING TO TX K THX BAI" so easily. Certainly if one is choosing between the two those things are relevant, but for most people you can't just pick a place to live based on cost. It has to have jobs, be a place you have ties to, etc.

[SuichiKurama]

The best thing for the OP to do is to get over the whole NYC thing and use his Columbia degree to get a job in Texas, Atlanta, or Chicago and make a similar salary where rent will cost him $1100 a month to live in a luxury apartment; and where he will lose less (much less in Texas) of his income to taxes. On top of that in the Texas and Atlanta associates are not forced out of their positions at nearly the same rate as they are in NYC so he actually has a good chance at seeing his salary reach 250K+. If he's willing to live in less than a luxury apartment he can get a place for under $1000 a month-- he can get a mediocre place for $700 a month.

Except, for, you know, the fact that many Texas firms never pay associates more than $200K. Look it up. Pay scale is different down south.

Also, for the overwhelming majority of humans, locations aren't fungible. The kind of legal work work, exit options, local attractions, politics, distance to family, etc. of Texas all mean one can't just say "LOL N/M NYC HEADING TO TX K THX BAI" so easily. Certainly if one is choosing between the two those things are relevant, but for most people you can't just pick a place to live based on cost. It has to have jobs, be a place you have ties to, etc.

The bolded is a longstanding TLS myth perpetuated to make people think you will make less money outside of the NYC market.

--LinkRemoved--
http://abovethelaw.com/2007/08/nationwi ... tts-texas/
http://www.salarylist.com/all-real-jobs ... -l-l-p.htm


In many of the markets you will end up making more as a result of much lower tax rates and COL. Also NYC is by no means the only place with jobs, that's another sentiment that is overly pushed on here. As far as the ties/family thing goes that's rather obvious---so does that essentially mean that everyone has family/ties to NYC and nowhere else? As far as exit options they will be just as good as long as you aren't looking to exit to NYC. When you are looking at 280K in debt it might help to let go of the "OMG NYC is the best place on earth and only hicks live anywhere else!" thing.

[bk1]

More or less.

I've got a nicer apartment than just about any law student in NYC and I'm paying $500 a month (rent is $1000 split two ways) and about $30 on utilities. Fully furnished place with new stainless steel appliances, granite countertops, big bedrooms, really nice furniture, and a deck. And since I have everything I could ever need in the apartment, I'm basically just throwing my clothes and my cat in the car and driving down.

Small midwest market, FTW.

You have a cat? You are now an infinitely cooler person in my book.

[Renzo]

Someday people will figure out that high COL is directly related to desirability of living somewhere.

You know why Manhattan is expensive? Because more people want to live there than will fit on the island.

You know why Houston is cheap? Because people who can afford to live someplace else already moved.

[Connelly]

Someday people will figure out that high COL is directly related to desirability of living somewhere.

You know why Manhattan is expensive? Because more people want to live there than will fit on the island.

You know why Houston is cheap? Because people who can afford to live someplace else already moved.

Size of the island is also a variable. A big enough island, and you can have a more desirable place that costs less to live in*.













*Or just a larger place to fill with future COPS stars.

[deadhipsters]

Someday people will figure out that high COL is directly related to desirability of living somewhere.

You know why Manhattan is expensive? Because more people want to live there than will fit on the island.

You know why Houston is cheap? Because people who can afford to live someplace else already moved.

I really can't agree any more with this. New York, Chicago, and SF are far better than any place in Texas and the majority of the south, period.

[JOThompson]

Someday people will figure out that high COL is directly related to desirability of living somewhere.

You know why Manhattan is expensive? Because more people want to live there than will fit on the island.

You know why Houston is cheap? Because people who can afford to live someplace else already moved.

I really can't agree any more with this. New York, Chicago, and SF are far better than any place in Texas and the majority of the south, period.

"Better" is a nebulous word, the definition of which varies greatly from person to person. I've spent time in the south and most the cities on your list and can easily see why some folks would prefer the culture or quality of life in Houston, Dallas, Austin, etc. If you're satisfied with the amenities of places like that and your COL is lower, then it's a win-win.

[SuichiKurama]

Someday people will figure out that high COL is directly related to desirability of living somewhere.

You know why Manhattan is expensive? Because more people want to live there than will fit on the island.

You know why Houston is cheap? Because people who can afford to live someplace else already moved.

Totally missing the point that I was making (besides the fact that the bolded is completely subjective) OP will have 280K in debt and is worried about paying it off. One of the best ways to help alleviate that situation is to leave NYC alone.

For some people living in a very small apartment for$2500 a month and where it will cost me $100 to go to a club isn't all that great--that's the thing about subjectivity.

[deadhipsters]

Someday people will figure out that high COL is directly related to desirability of living somewhere.

You know why Manhattan is expensive? Because more people want to live there than will fit on the island.

You know why Houston is cheap? Because people who can afford to live someplace else already moved.

I really can't agree any more with this. New York, Chicago, and SF are far better than any place in Texas and the majority of the south, period.

"Better" is a nebulous word, the definition of which varies greatly from person to person. I've spent time in the south and most the cities on your list and can easily see why some folks would prefer the culture or quality of life in Houston, Dallas, Austin, etc. If you're satisfied with the amenities of places like that and your COL is lower, then it's a win-win.

Eh, of course you are right. I do think that the cities I mentioned offer far more in the way of employment than the majority of southern cities- at least prior to ITE. People have pointed to the lower COL of living down south, but there are simply more legal jobs in more affluent cities (e.g. NYC: Wall Street, the UN, etc.) The exception to this might be in TX, where there seems to be a lot of legal jobs.

[nealric]

For some people living in a very small apartment for$2500 a month and where it will cost me $100 to go to a club isn't all that great--that's the thing about subjectivity.

Meh-

Live in Brooklyn where you can get a 2 bedroom for $1800. Don't go to clubs- they are for posers.

[swc65]

LOL @ all you New Yorkers paying $1,500 (if you're lucky) for a dinky ass apartment.

I just got a nice apartment in Manhattan for ~1400. I is nice, spacious, and very near the subway. It is a step up from a college apartment, but not something I would want to live in forever. However, in the same neighborhood I have seen decent two bedrooms for 2000. I do not understand why people think that the only livable apartments are the Battery Park 4k per room places. It is just not true.

Edit: I am also living with my partner, so I am only really paying ~700! Utils incl.

[270910]

The best thing for the OP to do is to get over the whole NYC thing and use his Columbia degree to get a job in Texas, Atlanta, or Chicago and make a similar salary where rent will cost him $1100 a month to live in a luxury apartment; and where he will lose less (much less in Texas) of his income to taxes. On top of that in the Texas and Atlanta associates are not forced out of their positions at nearly the same rate as they are in NYC so he actually has a good chance at seeing his salary reach 250K+. If he's willing to live in less than a luxury apartment he can get a place for under $1000 a month-- he can get a mediocre place for $700 a month.

Except, for, you know, the fact that many Texas firms never pay associates more than $200K. Look it up. Pay scale is different down south.

Also, for the overwhelming majority of humans, locations aren't fungible. The kind of legal work work, exit options, local attractions, politics, distance to family, etc. of Texas all mean one can't just say "LOL N/M NYC HEADING TO TX K THX BAI" so easily. Certainly if one is choosing between the two those things are relevant, but for most people you can't just pick a place to live based on cost. It has to have jobs, be a place you have ties to, etc.

The bolded is a longstanding TLS myth perpetuated to make people think you will make less money outside of the NYC market.

--LinkRemoved--
http://abovethelaw.com/2007/08/nationwi ... tts-texas/
http://www.salarylist.com/all-real-jobs ... -l-l-p.htm


In many of the markets you will end up making more as a result of much lower tax rates and COL. Also NYC is by no means the only place with jobs, that's another sentiment that is overly pushed on here. As far as the ties/family thing goes that's rather obvious---so does that essentially mean that everyone has family/ties to NYC and nowhere else? As far as exit options they will be just as good as long as you aren't looking to exit to NYC. When you are looking at 280K in debt it might help to let go of the "OMG NYC is the best place on earth and only hicks live anywhere else!" thing.

Wait, are you stupid? Did you click on the links?

You said: LOL MOVE TO TX MAKE > 250K LOL

I said: Texas market scale often tops out under 200

You said: LOL HERE IS A LINK PROVING YOU RIGHT LOL

I said: ... ?



That image is my entire point.

[Renzo]

Wait, are you stupid?

I was gonna ask that, but the answer is "yes."

[SuichiKurama]

The best thing for the OP to do is to get over the whole NYC thing and use his Columbia degree to get a job in Texas, Atlanta, or Chicago and make a similar salary where rent will cost him $1100 a month to live in a luxury apartment; and where he will lose less (much less in Texas) of his income to taxes. On top of that in the Texas and Atlanta associates are not forced out of their positions at nearly the same rate as they are in NYC so he actually has a good chance at seeing his salary reach 250K+. If he's willing to live in less than a luxury apartment he can get a place for under $1000 a month-- he can get a mediocre place for $700 a month.

Except, for, you know, the fact that many Texas firms never pay associates more than $200K. Look it up. Pay scale is different down south.

Also, for the overwhelming majority of humans, locations aren't fungible. The kind of legal work work, exit options, local attractions, politics, distance to family, etc. of Texas all mean one can't just say "LOL N/M NYC HEADING TO TX K THX BAI" so easily. Certainly if one is choosing between the two those things are relevant, but for most people you can't just pick a place to live based on cost. It has to have jobs, be a place you have ties to, etc.

The bolded is a longstanding TLS myth perpetuated to make people think you will make less money outside of the NYC market.

--LinkRemoved--
http://abovethelaw.com/2007/08/nationwi ... tts-texas/
http://www.salarylist.com/all-real-jobs ... -l-l-p.htm


In many of the markets you will end up making more as a result of much lower tax rates and COL. Also NYC is by no means the only place with jobs, that's another sentiment that is overly pushed on here. As far as the ties/family thing goes that's rather obvious---so does that essentially mean that everyone has family/ties to NYC and nowhere else? As far as exit options they will be just as good as long as you aren't looking to exit to NYC. When you are looking at 280K in debt it might help to let go of the "OMG NYC is the best place on earth and only hicks live anywhere else!" thing.

Wait, are you stupid? Did you click on the links?

You said: LOL MOVE TO TX MAKE > 250K LOL

I said: Texas market scale often tops out under 200

You said: LOL HERE IS A LINK PROVING YOU RIGHT LOL

I said: ... ?



That image is my entire point.

Wait are you a dumb ass? That's only one of the links--the other one's show salaries above 200K--I guess you like to stop reading before things get too dense (funny though because the very first link shows a more well known Texas firm that has salaries that go far over 200K ).

--LinkRemoved--
New Texas Base Salary

Year/ Salary Class/ Total Base Salary(Including Deferred Portion)/
Deferred Portion of Base (Payable for working 2000 Firm Credit Hours* )

1 2006 $160,000 N/A
2 2005 $170,000 N/A
3 2004 $185,000 $15,000
4 2003 $210,000 $35,000
5 2002 $230,000 $50,000
6 2001 $250,000 $65,000
7 2000 $255,000 $65,000
8 1999 $260,000 $65,000
In addition you have to take into account the tax rates in NYC that will end up causing you to make even less than what that TX chart is showing--further ruining your point. At the vast majority of firms in Texas, Atlanta, and Chicago ( I noticed that you decided to brush over my mention of Chicago) you will eventually hit 200k if you stay long enough.

Wait, are you stupid?

I was gonna ask that, but the answer is "yes."

That avatar explains why you follow me around so much Renzo--you have a thing for Black guy's--it all makes sense now! Sorry man that's not my thing but I'm flattered! That's so ironic you actually might like Atlanta more than NYC!

[270910]