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Correct Debt Generalization....?
Posted: Fri Aug 26, 2011 11:30 pm
by interalia504
Would it be correct to state that, generally, so long as your first year salary is greater than your debt, you made, at worst, a decent investment.
Re: Correct Debt Generalization....?
Posted: Fri Aug 26, 2011 11:32 pm
by Moxie
I would say sometimes yes, but it also depends on future earning potential.
If you have 30,000 in debt and make that as a first year salary with no hope for improvement, then no.
If you have 160,000 in debt but get Biglaw salary post-graduation, then it is very likely worth it.
Re: Correct Debt Generalization....?
Posted: Sat Aug 27, 2011 12:22 am
by IronHBM
Your post law school debt will be higher than if you had not gone. Having gone to law will become profitable if you can pay your debt and maintain a normal lifestyle over time. That is as general as I can make it.
Re: Correct Debt Generalization....?
Posted: Sun Aug 28, 2011 11:36 am
by spleenworship
If you get a job you enjoy that keeps a roof over your head and food in your belly, then you made a good investment. If you get a job you hate, or that cannot pay the bills... well...
Re: Correct Debt Generalization....?
Posted: Sun Aug 28, 2011 2:38 pm
by D'Angelo
wouldn't you want to consider your previous earning potential? breaking even requires you to not only make back the debt as well as the three years of lost salary but also put that on top of the salary that you would be receiving otherwise?
Re: Correct Debt Generalization....?
Posted: Sun Aug 28, 2011 8:53 pm
by spleenworship
D'Angelo wrote:wouldn't you want to consider your previous earning potential? breaking even requires you to not only make back the debt as well as the three years of lost salary but also put that on top of the salary that you would be receiving otherwise?
If you think about this too much it becomes a losing proposition WAY more frequently.