I'll pay off my 240k loan balance in 4 years by living cheap Forum

[SolidSolendon]

I think its possible, if you don't have expensive tastes and don't mind living in a small apartment.

I don't know if I'm being naive, but I'm looking to have about a $120,000 total loan balance by the time I graduate from Law School. I can probably pay it all off easily in four years or less if I get a good job and live on a budget. I just hope Law School doesn't change me and turn me into a Golf Aficionado.

Again, sure it's possible, but you aren't going to live like a broke ass joke for five years while making well over 100k.

I dunno, its a five year sacrifice for a student debt free lifetime. Appearances are going to be hard to keep driving an inherited 06' Uplander, but I can just say I have a sentimental attachment to it.

Besides, being a broke ass is a way underrated experience. 8/10 would recommend.

[09042014]

I think its possible, if you don't have expensive tastes and don't mind living in a small apartment.

I don't know if I'm being naive, but I'm looking to have about a $120,000 total loan balance by the time I graduate from Law School. I can probably pay it all off easily in four years or less if I get a good job and live on a budget. I just hope Law School doesn't change me and turn me into a Golf Aficionado.

Again, sure it's possible, but you aren't going to live like a broke ass joke for five years while making well over 100k.

I dunno, its a five year sacrifice for a student debt free lifetime. Appearances are going to be hard to keep driving an inherited 06' Uplander, but I can just say I have a sentimental attachment to it.

Besides, being a broke ass is a way underrated experience. 8/10 would recommend.

That's easy to say when it's all hypothetical

[Pragmatic Gun]

If I ever get into NYU or Columbia and get a big firm job, I was planning on staying here in NYC and live with my family. I'd help out with the rent of course (I wouldn't find it odd. It's the one part of Hispanic culture I never rejected.) I also considered living with my girlfriend after law school. Once I get my debt to a manageable level, I'll move out and live da thug lyfe, y0.

[jbagelboy]

You can probably save close to $1000/yr by cutting out the "essential" cable you are paying for now but do not actually have the time to watch.

You do have time to watch cable. Everyone and their mother in biglaw watches madmen and game of thrones.

Cable doesn't cost that much. Internet + cable costs that much. But switching from double play to just internet usually only saves you like 30-40 bucks.

you don't need to pay for cable to watch TV shows.

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lol. my parents never even had cable. there are plenty of legal ways to get tv. also you can't bitch about how hard it is to pay down debt and profess moral outrage at ice films and project free tv

(not that cable has any real impact on debt payments, haha)

[SolidSolendon]

I think its possible, if you don't have expensive tastes and don't mind living in a small apartment.

I don't know if I'm being naive, but I'm looking to have about a $120,000 total loan balance by the time I graduate from Law School. I can probably pay it all off easily in four years or less if I get a good job and live on a budget. I just hope Law School doesn't change me and turn me into a Golf Aficionado.

Again, sure it's possible, but you aren't going to live like a broke ass joke for five years while making well over 100k.

I dunno, its a five year sacrifice for a student debt free lifetime. Appearances are going to be hard to keep driving an inherited 06' Uplander, but I can just say I have a sentimental attachment to it.

Besides, being a broke ass is a way underrated experience. 8/10 would recommend.

That's easy to say when it's all hypothetical

You're right, I would probably let jealousy get the best of me when I see my peers driving around in Cadillacs, Audis, and Mercedes. But I think we can all agree that getting student loans out of the way quickly is an objectively better alternative than living with that headache for 25 years+.

[09042014]

You do have time to watch cable. Everyone and their mother in biglaw watches madmen and game of thrones.

Cable doesn't cost that much. Internet + cable costs that much. But switching from double play to just internet usually only saves you like 30-40 bucks.

you don't need to pay for cable to watch TV shows.

TLS would like to remind its users that it is unlawful to share or distribute copies of copyrighted materials. Click here for copyright infringement notification information.

lol. my parents never even had cable. there are plenty of legal ways to get tv. also you can't bitch about how hard it is to pay down debt and profess moral outrage at ice films and project free tv

(not that cable has any real impact on debt payments, haha)

I'm mostly joking cause I got sickbeard configed to dload GOT the minute it's available.

But there aren't plenty of legal way to cheaply get good cable TV.

[09042014]

Again, sure it's possible, but you aren't going to live like a broke ass joke for five years while making well over 100k.

I dunno, its a five year sacrifice for a student debt free lifetime. Appearances are going to be hard to keep driving an inherited 06' Uplander, but I can just say I have a sentimental attachment to it.

Besides, being a broke ass is a way underrated experience. 8/10 would recommend.

That's easy to say when it's all hypothetical

You're right, I would probably let jealousy get the best of me when I see my peers driving around in Cadillacs, Audis, and Mercedes. But I think we can all agree that getting student loans out of the way quickly is an objectively better alternative than living with that headache for 25 years+.

But's not a choice between 5 years and 25 years. It's, "eh, I work hard, I can afford a night with my boys."

[DELG]

Rayiner and I haven't had cable OR Internet since graduation so I guess we must be nearing the end of our loans right?

[rad lulz]

Lol @ I won't do anything cool for 5 yrs bc I will ENJOY making my payments and the smugness I feel that I am on an accelerated schedule is it's own reward

[NYSprague]

If I ever get into NYU or Columbia and get a big firm job, I was planning on staying here in NYC and live with my family. I'd help out with the rent of course (I wouldn't find it odd. It's the one part of Hispanic culture I never rejected.) I also considered living with my girlfriend after law school. Once I get my debt to a manageable level, I'll move out and live da thug lyfe, y0.

I lived at home while in school and had no need to borrow COA loans. Keeping your costs down and borrowing as little as possible is TCR. It is very easy to live like a broke student while you actually are one. Not borrowing is much simpler than paying it back.

Like you and Rayiner have suggested, now I spend a good deal of money on my family. I was looking over expenses for the past few weeks and I had orchids for my Mom and grandmother for Mothers Day, shower and wedding gifts for cousin from me and my broke sister who is in graduate school (she contributed zero), family dinner on Saturday before Easter at my Moms favorite restaurant - 6 people-(my Mom cooks Easter dinner) and a donation to the church for Easter lillies in memory of my Dad and grandfather (it makes my Mom happy.). That total was easily $1300, and it could easily have been much more.
My Mom supported me my whole life, I couldn't imagine not contributing now I make a lot of money. Don't forget this stuff in your budgeting.

[DELG]

If I ever get into NYU or Columbia and get a big firm job, I was planning on staying here in NYC and live with my family. I'd help out with the rent of course (I wouldn't find it odd. It's the one part of Hispanic culture I never rejected.) I also considered living with my girlfriend after law school. Once I get my debt to a manageable level, I'll move out and live da thug lyfe, y0.

I lived at home while in school and had no need to borrow COA loans. Keeping your costs down and borrowing as little as possible is TCR. It is very easy to live like a broke student while you actually are one. Not borrowing is much simpler than paying it back.

Like you and Rayiner have suggested, now I spend a good deal of money on my family. I was looking over expenses for the past few weeks and I had orchids for my Mom and grandmother for Mothers Day, shower and wedding gifts for cousin from me and my broke sister who is in graduate school (she contributed zero), family dinner on Saturday before Easter at my Moms favorite restaurant - 6 people-(my Mom cooks Easter dinner) and a donation to the church for Easter lillies in memory of my Dad and grandfather (it makes my Mom happy.). That total was easily $1300, and it could easily have been much more.
My Mom supported me my whole life, I couldn't imagine not contributing now I make a lot of money. Don't forget this stuff in your budgeting.

Also somehow no one includes charitable giving in these budgets; we don't do tons but it's probably $1k/yr all in

[09042014]

If I ever get into NYU or Columbia and get a big firm job, I was planning on staying here in NYC and live with my family. I'd help out with the rent of course (I wouldn't find it odd. It's the one part of Hispanic culture I never rejected.) I also considered living with my girlfriend after law school. Once I get my debt to a manageable level, I'll move out and live da thug lyfe, y0.

I lived at home while in school and had no need to borrow COA loans. Keeping your costs down and borrowing as little as possible is TCR. It is very easy to live like a broke student while you actually are one. Not borrowing is much simpler than paying it back.

Like you and Rayiner have suggested, now I spend a good deal of money on my family. I was looking over expenses for the past few weeks and I had orchids for my Mom and grandmother for Mothers Day, shower and wedding gifts for cousin from me and my broke sister who is in graduate school (she contributed zero), family dinner on Saturday before Easter at my Moms favorite restaurant - 6 people-(my Mom cooks Easter dinner) and a donation to the church for Easter lillies in memory of my Dad and grandfather (it makes my Mom happy.). That total was easily $1300, and it could easily have been much more.
My Mom supported me my whole life, I couldn't imagine not contributing now I make a lot of money. Don't forget this stuff in your budgeting.

Also somehow no one includes charitable giving in these budgets; we don't do tons but it's probably $1k/yr all in

Are you counting the money you give vietnamese ladies to do your pedacure.

[DELG]

No but can I? Tax deductible?

[Pragmatic Gun]

There's a non-profit I volunteer with I'd like to donate money to. I've heard that lawyers donate a lot to political candidates. Do you guys buy politicians too? ;p

[09042014]

There's a non-profit I volunteer with I'd like to donate money to. I've heard that lawyers donate a lot to political candidates. Do you guys buy politicians too? ;p

Donating anything under 100k is for idiots

[Pragmatic Gun]

There's a non-profit I volunteer with I'd like to donate money to. I've heard that lawyers donate a lot to political candidates. Do you guys buy politicians too? ;p

Donating anything under 100k is for idiots

Are we talking for the whole election cycle or for individual candidates?

ETA You may be trolling, but still, I'd like to see where this goes.

[09042014]

There's a non-profit I volunteer with I'd like to donate money to. I've heard that lawyers donate a lot to political candidates. Do you guys buy politicians too? ;p

Donating anything under 100k is for idiots

Are we talking for the whole election cycle or for individual candidates?

Whatever gets you special favors.

[NYSprague]

One thing I don't understand. I've seen 0Ls arguing that living near campus is super important because 1L is so crucial. But when it comes to a job that is an actual physical and mental slog, commuting is fine. I don't have a solution but there does seem to be an inconsistency there.

[Pragmatic Gun]

There's a non-profit I volunteer with I'd like to donate money to. I've heard that lawyers donate a lot to political candidates. Do you guys buy politicians too? ;p

Donating anything under 100k is for idiots

Are we talking for the whole election cycle or for individual candidates?

Whatever gets you special favors.

In NYS, individual contributions are limited to around $5,000, depending on the office. Although there are ways around it, like contributing to the party's house keeping funds, which is ostensibly used for non-campaign administrative purposes. They'll just put the money in the line item called "Other". These "housekeeping" funds are in the millions, and it's pretty obvious they're used to fund campaigns. Since they're not audited nor are there limits on this, anybody could give as much as they want.

I think a few state senators are up for grabs in my area. Two for the price of one.

[rad lulz]

One thing I don't understand. I've seen 0Ls arguing that living near campus is super important because 1L is so crucial. But when it comes to a job that is an actual physical and mental slog, commuting is fine. I don't have a solution but there does seem to be an inconsistency there.

"I will get so much done on the train!"

[Pragmatic Gun]

One thing I don't understand. I've seen 0Ls arguing that living near campus is super important because 1L is so crucial. But when it comes to a job that is an actual physical and mental slog, commuting is fine. I don't have a solution but there does seem to be an inconsistency there.

I knew someone who lives in the outer boroughs, but was willing to pay for a dorm at Columbia to have a small advantage in being able to study and do extracurricular activities like LR. I thought it was a good idea, but if I get in, I would NOT do this.

I could see that the advantage in making it easier to study and get good grades is fine. But if it increases your COL, I'm not sure if it pays in the long run.

[moonman157]

This is what people are talking about when they say that even if you "win" you lose if you're paying sticker

[BruceWayne]

I don't even succeed live cheap on a paralegal salary LOL at me trying to live cheap in three years after I (hopefully) get a 400% raise and work double the hours

I was just about to say this. I'm living in a low COL city on a low salary and to be honest, even being in a situation where I HAVE to live cheaply it's difficult. Life is just expensive in general. Rent, utilities, car payment, car insurance, cell phone bill, internet + cable. By the time you are done just paying for those essentials you're already in a situation where you are going to have a hard time keeping your monthly expenses low. Do people really think they're going to be OK with working brutal hours, after going through 3 awful years in a high competition environment, to then live WORSE than their typical college classmates? Hell no. You're going to want to go out on the weekends. Go to a bar, go to the movies, go on dates, have at least a few nice things for your apartment/house and your family is going to expect you to be able to pick up things here and there when you're together because they know you're working a six figure job. Food alone is going to hit you hard because you aren't going to have the time/energy to cook day in and day out to save money. Not that cooking is really that cheap anyway. I'm starting to realize that by the time you buy all the things you need to cook, especially when you're just cooking for yourself, it's not even worth it. Unless you're eating ramen and frozen meals over and over--and again lol at people thinking they're going to be able to stomach this while working 60 hours a week in a big corporate environment where most of their co workers will be eating out on the reg' spending money on going out etc.

First: I'll never get this kind of comparative attitude. Basing your happiness on the extravagance of your lifestyle relative to your peers is an easy way to always be unhappy.

Second: crockpots, yo.

DF this is like your third thread this past week on this issue. I enjoy the schtick normally but give it a rest, dawg.

Lol at paying 250K for a degree, spending 3 years in an intensely academically competitive environment, taking the bar exam and then expecting to be able to live at least as well as someone with only a college degree as a "comparative attitude". I don't even know what to say about that. In fairness I guess that would be a good line for the CSO at a lot of the top 14 to give to their sub median students who paid sticker and are frustrated that they're lucky if they get a 40K a year job.

[NYSprague]

One thing I don't understand. I've seen 0Ls arguing that living near campus is super important because 1L is so crucial. But when it comes to a job that is an actual physical and mental slog, commuting is fine. I don't have a solution but there does seem to be an inconsistency there.

I knew someone who lives in the outer boroughs, but was willing to pay for a dorm at Columbia to have a small advantage in being able to study and do extracurricular activities like LR. I thought it was a good idea, but if I get in, I would NOT do this.

I could see that the advantage in making it easier to study and get good grades is fine. But if it increases your COL, I'm not sure if it pays in the long run.

Minimizing debt is very important. I don't think that living away from school inhibited me at all. I'm not sure why someone would assume that it would. I wouldn't recommend it if you are moving to a new place, but if you are near home it is an easy way to save money.

My point was more that people think being near school, when they have complete control of their time is very important, but when going to be working long and stressful hours at their actual career, when they have zero control over their hours, they can easily add in a long commute. Just another way of being unrealistic.

[Pokemon]

Why would someone want to pay that kind of a debt in four years. IBR-it (pay some extra here and there) and save the money you would pay on it on a bank account.

If you get fired from biglaw, you would have savings to last you for sometime + IBR with no job = 0$ monthly payments.

If you get gov job after 3-4 years of biglaw = profit because of the ten year public service rule.



If you are not able to pay it all in 25years, but you have been saving on the side = profit cause the tax bomb will only be like 1/3 or 1/4 of what will be forgiven.