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Really, how bad is 200k of debt?
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Date: July 31st, 2012 10:43 AM
I dont' get why most people here are concerned with that. And yes even if you don't get biglaw, IBR is there and most people who buy houses technically have 800k or more of debt (if buying a standard 1million condo/apt in a large city).
Not to mention doctors who finish residency in their THIRTIES are fine with paying off their debt so why are you mid to late 20s dudes so scared of debt?
I know a girl who graduated from George washington law school with 200k of debt and she is just fine making 70k a year. She even goes out and drops a hundred or two on drinks/food at clubs. |
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Date: July 31st, 2012 10:46 AM |
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Date: July 31st, 2012 10:48 AM
It really doesn't affect you. You live just as well with a few debt payments as you do without debt payments. You'll just blow that money elsewhere and probably on something dumb.
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Date: July 31st, 2012 11:10 AM |
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Date: July 31st, 2012 12:29 PM |
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Date: July 31st, 2012 11:00 AM |
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Date: July 31st, 2012 11:01 AM |
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Date: July 31st, 2012 11:04 AM
You get nuked with a taxbomb at the end though. |
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Date: July 31st, 2012 10:51 AM
With a law degree you have 200k in debt and the potential to get a good job. |
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Date: July 31st, 2012 10:52 AM |
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Date: July 31st, 2012 12:10 PM |
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Date: July 31st, 2012 2:02 PM |
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Date: July 31st, 2012 7:58 PM |
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Date: July 31st, 2012 10:47 AM
And they also know they will need more loans to open up a practice, a mortgage, etc.
They just understand that they will have to be careful with money until 40 and then they can make shitloads of money for 20 years after that. |
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Date: July 31st, 2012 11:54 AM
where are the clients for law grads? |
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Date: July 31st, 2012 1:19 PM lol do you know how many dental grads have to go work at shitty dental places where they literally get paid by UPSELLING unnecessary services and LYING and CONVEYOR BELTING clients? I went to one once, unknowingly. Had a cavity. Told I needed a root canal. Was told, MID-CLEANING with my mouth full of spit and me lying down under a light, to sign some shit so they could do an additional procedure. Saw the actual dentist for about 10 minutes. Changed dentist to a good dentist, went again, the dentist LOLled at the root canal diagnosis, filled my cavity, shot the shit w/me for 30 minutes, and told me I didn't need an oral cancer screening because I'm only in my 20s. |
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Date: July 31st, 2012 8:02 PM |
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Date: July 31st, 2012 10:50 AM |
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Date: July 31st, 2012 10:52 AM
vs.
35 year old doctor not scared of 400-500k of debt when starting salaries for generalists are 100k and specialists 200-300k.
You're the flame. |
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Date: July 31st, 2012 11:14 AM |
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Date: July 31st, 2012 1:53 PM
vs.
160k for 3-6 YEARS, at 70 hrs a WEEK |
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Date: July 31st, 2012 11:02 AM
for some 3.8+ GPA Ivy undergrad person (and these people make up the majority of HYS) they definitely fucked up by not doing finance and going into LS instead. Granted a good number of them probably don't have the charisma to get through the interviews, but banks are very forgiving with that pedigree. To them 200k debt is a horrible choice.
To your 3.4 splitter who lands in UVA, 200k debt is probably a much better choice. To them it wasn't a 100k banking job they were turning down, it was a 25k shitconsulting job. |
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Date: July 31st, 2012 11:04 AM
You can't assume everyone is an ibanker or buyside dude who got there from ibanking. In this economy I have plenty of 3.9 harvard/yale/princeton/stanford kids who couldn't get those jobs and take accounting or back office roles. |
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Date: July 31st, 2012 11:08 AM |
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Date: July 31st, 2012 11:09 AM
I think you're out of touch with what's going on in the finance industry right now. |
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Date: July 31st, 2012 11:11 AM |
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Date: July 31st, 2012 11:17 AM
So you basically have to be top 5% at a top .1% school? What about all the other bright kids? |
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Date: July 31st, 2012 11:21 AM |
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Date: July 31st, 2012 8:26 PM |
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Date: July 31st, 2012 11:10 AM |
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Date: July 31st, 2012 11:11 AM |
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Date: July 31st, 2012 11:21 AM |
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Date: July 31st, 2012 8:17 PM
i'm graduating with only $50k debt so everyone seems to say i can still live a (relatively) 180 life with my glorious federal gov't salary and benefits. |
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Date: July 31st, 2012 11:11 AM |
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Date: July 31st, 2012 11:18 AM |
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Date: July 31st, 2012 11:20 AM |
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Date: July 31st, 2012 11:21 AM |
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Date: July 31st, 2012 12:21 PM |
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Date: July 31st, 2012 11:12 AM |
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Date: July 31st, 2012 11:14 AM
also 7.9% is not low. |
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Date: July 31st, 2012 11:17 AM |
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Date: July 31st, 2012 1:20 PM Except lawyers don't have to retire since they are a knowledge profession. Link to a lawyer retiring before 70 and actually living beyond 75? |
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Date: July 31st, 2012 11:19 AM
Even if u do get laid off, just go to midlaw and make 80-100k. |
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Date: July 31st, 2012 11:47 AM |
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Date: July 31st, 2012 11:50 AM |
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Date: July 31st, 2012 11:57 AM |
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Date: July 31st, 2012 11:58 AM
The big deal about ITE was that even that wouldn't save you. There just wasn't enough work to go around. |
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Date: July 31st, 2012 12:07 PM |
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Date: July 31st, 2012 12:00 PM |
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Date: July 31st, 2012 12:07 PM |
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Date: July 31st, 2012 12:02 PM |
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Date: July 31st, 2012 11:51 AM |
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Date: July 31st, 2012 12:06 PM |
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Date: July 31st, 2012 11:52 AM |
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Date: July 31st, 2012 11:18 AM |
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Date: July 31st, 2012 11:33 AM
Have 150k in SL debt, make 150k and it is still soul crushing paying $1,500 a month.
To think otherwise is just plain foolish!! |
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Date: July 31st, 2012 11:59 AM
i know too many people with better jobs than biglaw to think its a good deal to buy into |
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Date: July 31st, 2012 12:14 PM
BIGLAW or IBR, 200k is NBD. |
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Date: July 31st, 2012 12:17 PM |
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Date: July 31st, 2012 12:20 PM
at least your job and your degree never depreciates. |
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Date: July 31st, 2012 12:22 PM |
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Date: July 31st, 2012 12:23 PM |
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Date: July 31st, 2012 12:23 PM |
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Date: July 31st, 2012 2:06 PM |
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Date: July 31st, 2012 12:28 PM
it buys you a ticket into upper middle class salary for 3-8 years but there may be better ways to get there than 3 years and $200k out of pocket.
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Date: July 31st, 2012 12:26 PM |
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Date: July 31st, 2012 12:29 PM |
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Date: July 31st, 2012 12:48 PM |
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Date: July 31st, 2012 8:16 PM |
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Date: July 31st, 2012 1:46 PM
there is no low interest. but for sake of argument i would agree, if there was low interest, then debt would be NBD as far as being debt. of course, there would still be the issue of PAYING TWO HUNDRED THOUSAND FREAKING DOLLARS for something, debt or no debt. that's a very very serious and life altering thing to do unless you are quite rich and have a lot of free time. |
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Date: July 31st, 2012 1:57 PM |
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Date: July 31st, 2012 1:57 PM |
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Date: July 31st, 2012 2:03 PM |
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Date: July 31st, 2012 8:01 PM
The key is also to last in BIGLAW for at least 5 years. This goal varies in difficulty by practice area. If you're a patent litigator you can probably take more risks with your money because you'll always have a job. |
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Date: July 31st, 2012 8:23 PM
All that happened in between is a massive financial crisis but now you capitalist tools are saying 200k is all cool. In 5 years it will be 300k. You guys are tools. America is raping you. Protest |
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Date: July 31st, 2012 8:25 PM |
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Date: July 31st, 2012 8:28 PM |
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Date: July 31st, 2012 8:32 PM |
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Date: July 31st, 2012 8:34 PM
You don't know how many people would murder their own countrymen to have a 6 figure job |
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Date: July 31st, 2012 8:15 PM
feels good. |
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Date: July 31st, 2012 8:36 PM |
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Date: July 31st, 2012 8:39 PM |
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Date: July 31st, 2012 8:30 PM |
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Date: July 31st, 2012 8:35 PM
$200k is really nothing, I'm about to put in a deposit on a 3.2 million dollar condo here, so basically my student loans were the equivalent to the ".2" knawmean? |