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Just crossed $1M net worth, 33 y/o biglolyer, taking Qs
Poast new message in this thread
Date: November 24th, 2019 11:20 AM Author: primrose motley patrolman Approx 300k is in retirement accounts so only 700k ish is liquid. Taking qs. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164571) |
Date: November 24th, 2019 11:22 AM Author: well-lubricated bipolar point Congratulations on this accomplishment. What are your plans for the future? Will you stay in BIGLAW or move? Married? Children? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164584) |
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Date: November 24th, 2019 11:24 AM Author: primrose motley patrolman Probably will stay my options outside Biglaw aren’t great Married, 2nd kid on way. (NYCj (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164593) |
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Date: November 24th, 2019 11:30 AM Author: French Know-it-all Kitchen Community Account public school? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164628) |
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Date: November 24th, 2019 11:43 AM Author: primrose motley patrolman Have to make that decision soon. Currently shelling out 20k for preschool. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164693) |
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Date: November 24th, 2019 11:35 AM Author: Doobsian Selfie Temple That's impressive savings if you've been in NYC the whole time (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164650) |
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Date: November 24th, 2019 11:36 AM Author: Stirring liquid oxygen it doesn't add up, tbh (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164658) |
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Date: November 24th, 2019 11:40 AM Author: fighting swashbuckling station Only works if wife worked and is also high earning. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164680) |
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Date: November 24th, 2019 11:45 AM Author: primrose motley patrolman Wife worked for part of it in a not high earning job, not working any more. We lived very frugally until debt paid off (150kish at graduation) but now are not really doing so. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164702) |
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Date: November 24th, 2019 11:40 AM Author: misanthropic dopamine theater I'm 33 in NYC, not a lawyer, and closing in on $1M too ($945k) (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164681) |
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Date: November 24th, 2019 11:42 AM Author: fighting swashbuckling station So you didn't eliminate 3 years of earnings going to law school? Got it. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164685) |
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Date: November 24th, 2019 11:44 AM Author: misanthropic dopamine theater I was in grad school getting a PhD for 5 years (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164698) |
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Date: November 24th, 2019 11:46 AM Author: fighting swashbuckling station Right. You understand that OP is not particularly believable because we know exactly what he earned in the 8 years since law school, right? It's not that hitting 1M net worth is just generally unbelievable. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164704) |
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Date: November 24th, 2019 11:48 AM Author: misanthropic dopamine theater I only started earning $160k/yr in September (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164716) |
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Date: November 24th, 2019 11:53 AM Author: Poppy school cafeteria how'd you get so high then (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164740) |
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Date: November 24th, 2019 11:59 AM Author: misanthropic dopamine theater Made $65k/yr for first three years out of college, saved a shitload by renting a $800/month bedroom (first in hells kitchen, then up on 135th & broadway) and eating seamless dinners at work for those three years and plowed almost all of my savings into the stock market in 2008-2011.
went to grad school and made $45k/yr during grad school through research assistantships, TAships, and summer tech internships. Was even more frugal than when i was working. Ate rice & beans or lentils nearly every day. Still managed to save $30k/yr, all into S&P ETFs.
after grad school got a $120k/yr job and became slightly less frugal, but still somewhat frugal. found a super-cheap apartment really close to the subway and MFH. had to beat all the other applicants to the rental office, but did it. more saving, putting into ETFs. make most of my meals and eat at home. married my wife 3 years ago, we had a kid 2 years ago.
second kid was on the way last year, so we bought a row house for $650k. it was falling apart, but was able to fix it up. a lot of the issues were cosmetic (drop ceilings, painted woodwork, crumbling plaster walls) that actually turned out to be easy fixes. got some illegal from South America to do the kitchen for $2500. skim coated all the walls to make them look like new for $3500. |
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Date: November 24th, 2019 12:01 PM Author: Poppy school cafeteria very nice (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164765) |
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Date: November 24th, 2019 12:10 PM Author: misanthropic dopamine theater thanks man. being frugal for those years was worth it to me. now i have a 9 to 5 job, will probably make $185k in the next year including bonuses, and don't have to worry about money again in my life. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164801) |
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Date: November 24th, 2019 3:47 PM Author: azure stead death wish that is very tight butthole (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165632) |
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Date: November 25th, 2019 2:21 AM Author: Indecent razzle-dazzle university twinkling uncleanness (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39167953) |
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Date: November 24th, 2019 11:51 AM Author: primrose motley patrolman What is this nonsense? Biglawyers in my class year pull 430k with bonus. To not hard to get to 1m. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164728) |
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Date: November 24th, 2019 11:56 AM Author: fighting swashbuckling station This year, sure. What have your total pre tax earnings been in the last 8 years? 2.5, maybe? And you live in NY? It's not super likely, chief. Not impossible either. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164748) |
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Date: November 24th, 2019 12:01 PM Author: primrose motley patrolman Just over the last two years I’ll have made more than 800k. We don’t even live a particularly frugal life anymore (spend at least 20k on Tavel the last two years) (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164767) |
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Date: November 24th, 2019 3:16 PM Author: French Know-it-all Kitchen Community Account In MFH, that’s 400 take home.
Excluding investment returns, you’ve made what, 1-1.2m take home? |
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Date: November 24th, 2019 3:47 PM Author: primrose motley patrolman I just looked at my bank account and it’s 226k BEfORE bonus, which will be 100k gross. Then you can do 401k. MFH taxes aren’t THAT bad. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165635) |
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Date: November 24th, 2019 11:41 AM Author: laughsome bawdyhouse scourge upon the earth makes sense if he had no student loan debt (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164682) |
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Date: November 24th, 2019 12:03 PM Author: Stirring liquid oxygen He had $150k. This math doesn't work.
Nice flame, OP. |
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Date: November 24th, 2019 12:08 PM Author: primrose motley patrolman This is dumb. Show your work as to why it doesn’t work. I’m going to have made more than 800k in the last two years. As I said elsewhere I don’t even live that frugally anymore/I could be significantly ahead of where I am now without paying so much to travel. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164792) |
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Date: November 24th, 2019 12:48 PM Author: saffron shrine feces I’m 37 and just crossed 1m and I did 2 clerkships and lost about 150k in a bad real estate choice. So I think it’s possible. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164940) |
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Date: November 24th, 2019 11:22 AM Author: fighting swashbuckling station Breakfast? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164585) |
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Date: November 24th, 2019 11:46 AM Author: primrose motley patrolman No, not yet. Will make partner but not at all clear if equity or non-equity. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164703) |
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Date: November 24th, 2019 11:48 AM Author: Dull locale doctorate Flame (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164717) |
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Date: November 24th, 2019 11:52 AM Author: primrose motley patrolman Odd case. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164730) |
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Date: November 24th, 2019 11:23 AM Author: Khaki stock car just crossed 40k net worth heading toward zero here (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164587) |
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Date: November 24th, 2019 11:23 AM Author: Shimmering Comical Quadroon cslg shits all over you (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164588) |
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Date: November 24th, 2019 11:26 AM Author: primrose motley patrolman Agree, but he shits on all of us. I dream of being my own boss hwill never happen) (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164602) |
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Date: November 24th, 2019 11:28 AM Author: Shimmering Comical Quadroon TBF, he's Jewish and probably had help from the tribe (something every Jew denies but IRL it's very much there).
http://xoxohth.com/thread.php?thread_id=2983551&mc=104&forum_id=2
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Date: November 24th, 2019 11:23 AM Author: low-t hall Is all this money from biglaw? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164589) |
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Date: November 24th, 2019 11:47 AM Author: primrose motley patrolman Yep. And investments (but I’m a Bogle type index fund investor) (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164709) |
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Date: November 24th, 2019 11:50 AM Author: low-t hall What investment advice would you give to someone starting out?
No interest in buying property? |
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Date: November 24th, 2019 11:56 AM Author: primrose motley patrolman Bogleheads. Low cost investing. Fees on many funds are absurd.
Investment property? No. I think you need an ‘in’ to make good returns doing it (people I know who have had success either do the work themselves on repairs, etc or have some othe ‘in’ (eg family member a realtor who turns them on to deals).
Re buying an apartment in NY, no, still rent as the maintenance fees in NYC are fucking stupid and I need flexibility to be zoned for a decent school if we do public school. |
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Date: November 24th, 2019 11:27 AM Author: Stirring liquid oxygen Nice how much support did your parents give you? MFH? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164608) |
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Date: November 24th, 2019 11:48 AM Author: primrose motley patrolman MFH. Parents paid for UG (no loans from UG). (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164714) |
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Date: November 24th, 2019 11:32 AM Author: clear dead legal warrant heaven Insane, congrats (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164634) |
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Date: November 24th, 2019 11:53 AM Author: primrose motley patrolman Tyty (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164733) |
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Date: November 24th, 2019 11:33 AM Author: laughsome bawdyhouse scourge upon the earth did you have student loans (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164638) |
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Date: November 24th, 2019 11:48 AM Author: primrose motley patrolman Yep, 150k ish. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164715) |
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Date: November 24th, 2019 11:45 AM Author: Multi-colored twinkling den Just about the same age. Left biglaw after 1 year. Almost exact same net worth.
I'm sorry you had to live a life of torture the past 8 years to reach our medeocre NW. My past 8 years have been 180. |
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Date: November 24th, 2019 11:49 AM Author: low-t hall What did you do after (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164719) |
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Date: November 24th, 2019 11:51 AM Author: Multi-colored twinkling den Dat in-house life brej.
A good chunk of my NW is from a few good real estate investments. I'n the next few years you will pull ahead quickly. I've been stuck in the $250k range for a while. |
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Date: November 24th, 2019 11:55 AM Author: low-t hall Did you invest locally or out of market? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164741) |
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Date: November 24th, 2019 11:56 AM Author: Multi-colored twinkling den Investment is the wrong word. All apartments I've lived in and tented out instead of selling when ioved on. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164746) |
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Date: November 24th, 2019 11:49 AM Author: primrose motley patrolman What’s you do?
My last 18 months have been insane (2700 hour pace). |
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Date: November 24th, 2019 11:53 AM Author: Multi-colored twinkling den Why would you waste a precious human life by going through such degrading torture in biglaw?
What would you tell your son if he told you this?
Quit tomorrow. |
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Date: November 24th, 2019 11:57 AM Author: primrose motley patrolman Honestly I actually kind of like the work when there is a manageable amount of it (problem is that is never) and I’m good at it. I don’t really have any other skills that would translate to anything close to this earning potential. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164751) |
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Date: November 24th, 2019 11:59 AM Author: Multi-colored twinkling den There's no reason to do 2700. If you wanted to I PROMISE you could do 2200 with no negative impact on your career if you played your cards right politically. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164761) |
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Date: November 24th, 2019 1:01 PM Author: primrose motley patrolman Three people hold my career in their hands at the firm. Right now they all really like me and use me as the number one person to run/manage their deals. I’ll start to say no more once they make me a partner but is not easy to do that now. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164958) |
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Date: November 24th, 2019 1:20 PM Author: misanthropic dopamine theater lol you're too far gone
you're just a shell of a human being now |
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Date: November 24th, 2019 1:43 PM Author: primrose motley patrolman I mean, pretty much everyone has to eat some shit to advance at some point. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165072) |
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Date: November 24th, 2019 11:50 AM Author: abnormal abode Sorry to hear that but keep your head down and keep striving you will make it one day if you’re lucky (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164723) |
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Date: November 24th, 2019 12:46 PM Author: Dashing Really Tough Guy Old Irish Cottage Lol @ the proles itt convinced the math doesn't add up. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164933) |
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Date: November 24th, 2019 12:46 PM Author: Lavender odious dog poop stage Congrats. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39164934) |
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Date: November 24th, 2019 12:48 PM Author: submissive boyish meetinghouse therapy Congrats.
How is the $700k liquid allocated? How much is cash in savings accounts and how much is in stocks/funds/etfs?
Do you own a home? |
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Date: November 24th, 2019 12:59 PM Author: primrose motley patrolman I have 70k in cash now. I usually keep around 25k in cash, but for a number of reasons haven’t gotten around to investing it yet.
All of the 700k is in investments. It’s essentially all stocks (maybe 2% bonds), split probably 60/40 international vs IS. My retirement accounts bring that closer to 50/50, with some specific fund allocation (probably 10% in small cap value funds). I should probably invest in more bonds but when I was really getting into investing rates were so low and my investment horizon so long I just went with equities. Many people have been telling me that 100%stocks really doesn’t make sense so I need to look into changing it.
No home ownership. Renting. If we go oublic, need to be able to move into a good district. |
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Date: November 25th, 2019 2:48 AM Author: Poppy school cafeteria i thought the advice was buy bonds if you're old and retired (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39167995) |
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Date: November 25th, 2019 8:47 AM Author: stimulating deranged state legend Good rule is buy your bonds in age, so if 33 then 33% bonds (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39168403) |
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Date: November 24th, 2019 3:29 PM Author: talented dingle berry circlehead Associate salaries are too damn high! (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165565) |
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Date: November 24th, 2019 3:33 PM Author: honey-headed knife $1M together with spouse? If so, that's reasonable (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165579) |
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Date: November 24th, 2019 3:44 PM Author: primrose motley patrolman Yeah, but wife never made more than 50k and has been home with kid for the last three years (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165623) |
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Date: November 24th, 2019 3:48 PM Author: Arrogant Sneaky Criminal Institution are you guys gonna be 2 and done? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165637) |
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Date: November 24th, 2019 4:54 PM Author: primrose motley patrolman Well see. I would have said yes, but 2 boys. Might try one more to see if we could get a girl but wife is getting long in tooth to be pregnant again. (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39165843) |
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Date: November 25th, 2019 8:42 AM Author: Splenetic Idiot Regret congrats. u ate rice and beans for a decade and threw all ur excess shekels into low-risk investments controlled by other men so u could paost anonymously on a racist message that u attained the NW of a boomer. instead of announcing the genesis of freedom and adventure, u told us ur life is now safely in the hands of whatever bravo-inspired decision ur wife makes nexts and whatever the 60-40 portfolio implications may be of the next great jewish scheme. the great irony of ur post, is u made it as a pumo faggot, revealing that ur relationship with ur 160k boss and 160lb wife is more important to u than ever before. the broke honduran delivering ur celebratory seamless meal has taken more risk, and knows greater freedom, than u
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Date: November 25th, 2019 10:08 AM Author: misanthropic dopamine theater my wife weighs 105 lbs after two kids
u mad?
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Date: November 25th, 2019 10:56 AM Author: abnormal abode agwwg? (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39169077) |
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Date: November 25th, 2019 11:55 AM Author: misanthropic dopamine theater gross
nope, white |
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Date: November 25th, 2019 10:29 AM Author: Maize address (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39168928) |
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Date: November 25th, 2019 10:55 AM Author: abnormal abode haha woah (http://www.autoadmit.com/thread.php?thread_id=4387931&forum_id=2#39169076) |