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Is 1400/mont on rent too much?
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Date: March 6th, 2010 1:44 PM Author: Boyish Keepsake Machete 2-bed apt in a secondary market, say: houston/atlanta/chicago. should be affordable while employed but thinking about saving money in preparation for unemployment. thoughts?
Edit: not just myself, also my wife and my baby boy. Edit: ok, guys, chicago is not a secondary market. let's assume it is for the sake of argument. and the col of chicago is comparable to the other two, right? |
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Date: March 6th, 2010 1:48 PM Author: Fragrant slate stage people who are hurt $1400/month on rent isn't outrageous if you are making $145k at a biglaw gig in one of those markets. You certainly don't need to spend that much, but I'm sure it's not unusual. But you could get an extra $5000/year if you get a $1k/month apartment... that's a lot of extra savings for when you burn out! (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313311) |
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Date: March 6th, 2010 1:53 PM Author: Tan mood Yeah, it's affordable. But if you're living alone, you can get a decent 1BR for 1000 in those markets. Spend the other $400/month on your student loans. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313366) |
Date: March 6th, 2010 1:48 PM Author: Thriller theater stage Subtle LA trolling.
Seriously though. Chicago is not a "secondary" market using the popular meaning of the term. 1400 a month in Chicago would not be bad, but a little high for the other 2 cities. |
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Date: March 6th, 2010 2:18 PM Author: Boyish Keepsake Machete how much is good for the other two cities? (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313612) |
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Date: March 6th, 2010 2:53 PM Author: Provocative Quadroon please explain how this was subtle LA trolling. thanks. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313947) |
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Date: March 6th, 2010 1:48 PM Author: Chestnut National Do you need that much space? (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313316) |
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Date: March 6th, 2010 1:52 PM Author: Multi-colored sound barrier cr. why the need to 2 bedrooms dooder? (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313361) |
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Date: March 6th, 2010 1:56 PM Author: Thriller theater stage Maybe for an office/guest bedroom?
If I could get one for 1400 a month, I would pay for the extra space. On a Biglaw salary (assuming 160), that's less than 15% of gross monthly income. That's WELL below the amount one is supposed to budget for housing. |
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Date: March 6th, 2010 2:09 PM Author: dull tattoo range lol @ this. The "supposed to budget for housing" number comes from people who WANT TO SELL YOU AS MUCH AS YOU CAN PAY. It's also part of the culture of consumerism in this country that started the whole sub-prime bullshit in the first place. The correct amount to spend on housing is NOT "as much as you can afford at this very second without going broke."
The percent you're "supposed to budget" for housing generally assumes a few things: 1) that your salary will stay the same and not decrease, 2) that your chances of being laid off are no greater than average chances in an average economy, 3) that you don't have more than average debt.
Which of those three things applies to you?
I'm a big fan of spending money on what you want. Personally, I spend more on vacations than I probably "should spend" because that's what I like to do. I realize that and take the hit in my savings or slower rate of paying student loans or whatever. But I don't try to delude myself that it's a smart financial decision.
Pay what makes you happy. But don't try to fool yourself about what you're doing. You're paying more than you should. |
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Date: March 6th, 2010 2:10 PM Author: Bateful fuchsia filthpig parlour 1400 a month on a biglaw salary isn't bad. If it actually makes him happy it's worth it not to live in a small apt. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313511) |
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Date: March 6th, 2010 2:14 PM Author: Thriller theater stage Even so, OP will not get off paying less than $1,000 in a good neighborhood. The extra $400 a month is less than $5,000 a year. On a first-year biglaw salary it is exactly 3%.
Hardly a bad financial decision. |
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Date: March 6th, 2010 2:17 PM Author: Chestnut National 5K would be more than 3% after taxes though, correct? (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313600) |
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Date: March 6th, 2010 2:18 PM Author: Thriller theater stage Obv. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313609) |
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Date: March 6th, 2010 2:19 PM Author: Dead casino STFU. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313621) |
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Date: March 6th, 2010 1:49 PM Author: Bateful fuchsia filthpig parlour That sounds normal for a 2 bedroom in a good part of town. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313321) |
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Date: March 6th, 2010 1:51 PM Author: Hot Big Pervert Space i assume this is for two people? if not, then why the fuck would you get a 2 bedroom? (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313342) |
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Date: March 6th, 2010 1:53 PM Author: slippery sadistic whorehouse preventive strike lol (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313364) |
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Date: March 6th, 2010 1:53 PM Author: exciting locus wtf @ Chicago being a secondary market (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313365) |
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Date: March 6th, 2010 2:16 PM Author: Aphrodisiac Institution Friendly Grandma i thought 50% of biglaw jobs were in nyc, then a chunk on the west cost, and then just a sprinkling in texas, illinois, etc. what % of biglaw jobs does chicago realistically have? (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313587) |
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Date: March 6th, 2010 2:31 PM Author: Thriller theater stage Really? Chicago, 3rd biggest city in the country, with just a "sprinkling" of biglaw? 30+ v100 firms have offices there, 6+ v50 firms are headquartered there. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313724) |
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Date: March 6th, 2010 2:39 PM Author: Aphrodisiac Institution Friendly Grandma yes, third biggest city in the us. 6/100 firms headquartered there. how many biglaw associate positions are realistically offered from chicago each year? (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313800) |
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Date: March 6th, 2010 2:48 PM Author: Thriller theater stage That's 6/50, not 100. Don't know about the NLJ250 firms. 40+ firms with over 100 lawyers.
If your argument is that NYC has more biglaw jobs, congratufuckinglations captain obvious. But in terms of comparing number of big firms/biglaw lawyers in a city to its population, Chicago is certainly not a "secondary market."
In fact, if you look at NALP, the number firms with 100+ lawyers in Chicago almost outnumber the number of firms with 100+ lawyers in ALL of California.
So your argument would really have to be that anything outside of NYC is a "secondary market." Then we'd know that you're an arrogant, annoying, retarded NYC troll who undoubtedly pays far too much money to live in a broom closet shared with 10 rats in a filthy overpriced shithole of a city. |
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Date: March 6th, 2010 2:09 PM Author: Ruddy unholy rehab jewess Dunno...chicago's the cheapest out of those three right? Can get pretty good deals in the midwest. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313508) |
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Date: March 6th, 2010 2:12 PM Author: Dead casino What an inane question. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14313530) |
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Date: March 6th, 2010 4:09 PM Author: hairraiser disturbing stag film pistol yes. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14314606) |
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Date: March 6th, 2010 4:32 PM Author: painfully honest senate There's some shockingly cheap people on this site. (http://www.autoadmit.com/thread.php?thread_id=1242783&forum_id=2#14314825) |
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Date: March 7th, 2010 2:18 PM Author: Disrespectful address partner And in law school.
They're called teh Jewz |