How long will it take to make real money again.... Forum
- reasonabledoubt
- Posts: 516
- Joined: Thu Jan 21, 2010 3:24 pm
How long will it take to make real money again....
Tonight I think: Woe to me.
The full realization of how long it'll take to make real money again hath set in during this application process. Post apocalyptic financial crisis I was making around 130k/year in sales. Now I make 0. I'll be starting LS in the fall, accumilating debt, and will most likely, if lucky, garner a (correct me if I'm wrong) 75k salary upon graduation.
It might be 7 years or so until I enjoy a similar lifestyle and level of income as I previously had. This is assuming a relative economic recovery of sorts in the interim which is, of course, not a definite possibility.
Who else has experienced a similar plight???
The full realization of how long it'll take to make real money again hath set in during this application process. Post apocalyptic financial crisis I was making around 130k/year in sales. Now I make 0. I'll be starting LS in the fall, accumilating debt, and will most likely, if lucky, garner a (correct me if I'm wrong) 75k salary upon graduation.
It might be 7 years or so until I enjoy a similar lifestyle and level of income as I previously had. This is assuming a relative economic recovery of sorts in the interim which is, of course, not a definite possibility.
Who else has experienced a similar plight???
- Lonagan
- Posts: 338
- Joined: Mon Oct 26, 2009 12:03 pm
Re: How long will it take to make real money again....
Given that I am currently making 50/yr and have never made more, I'm feeling pretty good about my earning potential, especially given that the law is what I really want.
- pleasetryagain
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- reasonabledoubt
- Posts: 516
- Joined: Thu Jan 21, 2010 3:24 pm
Re: How long will it take to make real money again....
All "Glens" are probably too pricey for me right now.DCD wrote:
- Mroberts3
- Posts: 300
- Joined: Sat Oct 03, 2009 10:10 pm
Re: How long will it take to make real money again....
Drink straight from the barrel, that glass middleman is for suckers.
Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.
Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.
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- reasonabledoubt
- Posts: 516
- Joined: Thu Jan 21, 2010 3:24 pm
Re: How long will it take to make real money again....
I don't know about that brotha - 50k after taxes equates to roughly 750/week.... if you live in a city, want a car, nice place, etc, well.... you might need several roommates. Also, if you have a student loan vig to cover.... "fugetaboutit." You need six figures to live in a big city.Mroberts3 wrote:Drink straight from the barrel, that glass middleman is for suckers.
Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.
- najumobi
- Posts: 1054
- Joined: Thu Apr 24, 2008 12:36 pm
Re: How long will it take to make real money again....
at least here in the south (excluding DC), 50k/yr for a single person is probably more than enough for most people living in cities like charlotte, nashville, atlanta, miami, houston, dallas. most people probably already own cars prior to law school and 700-800 rent is enough for a decent apartment in a nice/safe neighborhood. i actually think a budget of $2000/month alone is enough to cover neccesities like food, rent, utilities, gas, car insurance, and life insurance. and also 50k/yr after taxes in DC (has one of the highest taxes in the country) equals 1k/week.reasonabledoubt wrote:I don't know about that brotha - 50k after taxes equates to roughly 750/week.... if you live in a city, want a car, nice place, etc, well.... you might need several roommates. Also, if you have a student loan vig to cover.... "fugetaboutit." You need six figures to live in a big city.Mroberts3 wrote:Drink straight from the barrel, that glass middleman is for suckers.
Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.
in short, i think 50k/yr is not a bad salary to start a legal career at. of course i wouldn't be taking a pay cut like OP would be (that really sucks).
Last edited by najumobi on Sun Jan 24, 2010 2:17 am, edited 1 time in total.
- reasonabledoubt
- Posts: 516
- Joined: Thu Jan 21, 2010 3:24 pm
Re: How long will it take to make real money again....
najumobi wrote:at least here in the south (excluding DC), 50k/yr for a single person is probably more than enough for most people living in cities like charlotte, nashville, atlanta, miami, houston, dallas. most people probably already own cars prior to law school and 700-800 rent is enough for a decent apartment in a nice/safe neighborhood. i actually think a budget of $2000/month alone is enough to cover neccesities like food, rent, utilities, transportation, car insurance, and life insurance. and also 50k/yr after taxes in DC (has one of the highest taxes in the country) equals 1k/week.reasonabledoubt wrote:I don't know about that brotha - 50k after taxes equates to roughly 750/week.... if you live in a city, want a car, nice place, etc, well.... you might need several roommates. Also, if you have a student loan vig to cover.... "fugetaboutit." You need six figures to live in a big city.Mroberts3 wrote:Drink straight from the barrel, that glass middleman is for suckers.
Of course I've only been out of UG for a year so the idea of making even 50k sounds like riches beyond my wildest dreams.
in short, i think 50k/yr is not a bad salary to start a legal career at.
Huh? 50k/year = 1k/week, post taxes? I'll give you a moment with this one.
- vanwinkle
- Posts: 8953
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Re: How long will it take to make real money again....
najumobi wrote:i actually think a budget of $2000/month alone is enough to cover neccesities like food, rent, utilities, gas, car insurance, and life insurance. and also 50k/yr after taxes in DC (has one of the highest taxes in the country) equals 1k/week.
in short, i think 50k/yr is not a bad salary to start a legal career at.
When people talk about salaries it's usually pre-tax. I made $50k/yr before coming to law school, but a chunk of that came out every year for The Man. If you have loans (which you will if you're going to law school) you'll have to factor in loan payments as well. And then there's having to put a certain amount into your 401(k) so you get the match and have something to retire on 30 years from now...
You're overestimating the value of "50k/yr" right now.
- najumobi
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Re: How long will it take to make real money again....
hahah.... now i'm second guessing myself.reasonabledoubt wrote:
Huh? 50k/year = 1k/week, post taxes? I'll give you a moment with this one.
according to paycheckcity.com
50k/yr in DC, comes to $35,516.25.
- najumobi
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- Joined: Thu Apr 24, 2008 12:36 pm
Re: How long will it take to make real money again....
wow...i'm calculating this all wrong....50k/yr in DC paid weekly is ~700/week
Last edited by najumobi on Sun Jan 24, 2010 2:26 am, edited 1 time in total.
- knickfan
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Re: How long will it take to make real money again....
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Last edited by knickfan on Thu Apr 22, 2010 9:59 pm, edited 2 times in total.
- najumobi
- Posts: 1054
- Joined: Thu Apr 24, 2008 12:36 pm
Re: How long will it take to make real money again....
ughh....you're right. i could live off of 2k/month. but if i had to put money into 401/k and make loan payments it would barely be enough....i wouldn't be able to save any of it.vanwinkle wrote: You're overestimating the value of "50k/yr" right now.
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- Joined: Wed Jan 14, 2009 4:39 pm
Re: How long will it take to make real money again....
This is somewhat off topic, but for what it's worth, I make 40k salary. I live in DC, so after taxes, insurance, retirement, etc., my take home pay is $1100 every other week. I live in a chi chi neighborhood (split a one bedroom with my significant other) and am paying my undergrad loans (and some unfortunate credit card debt). It's doable, people. My best advice is to quit eating out so much. Wait to go to the fancy restaurants during restaurant week, and cook at home the rest of the time. Take your sandwich to lunch.
- thesealocust
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Re: How long will it take to make real money again....
edit: never mind
Last edited by thesealocust on Wed Jun 30, 2010 11:03 pm, edited 1 time in total.
- neskerdoo
- Posts: 545
- Joined: Sat Apr 14, 2007 9:13 am
Re: How long will it take to make real money again....
reasonabledoubt wrote:Tonight I think: Woe to me.
The full realization of how long it'll take to make real money again hath set in during this application process. Post apocalyptic financial crisis I was making around 130k/year in sales. Now I make 0. I'll be starting LS in the fall, accumilating debt, and will most likely, if lucky, garner a (correct me if I'm wrong) 75k salary upon graduation.
It might be 7 years or so until I enjoy a similar lifestyle and level of income as I previously had. This is assuming a relative economic recovery of sorts in the interim which is, of course, not a definite possibility.
Who else has experienced a similar plight???
don't worry... at least you already know that you will be smarter than your professors
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