Money Goals for Exiting Big Law

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you aren't donating to charity, start doing so. Most here will tell you not to because they're greedy parasites. Don't be a greedy parasite.

Lol

Funny but true. This forum is ridiculous sometimes in its vitriol toward anything besides hoarding.

[Anonymous]

Anonymous wrote:Ive been think about this question too. Im 44 with a couple of kids. $1.5 million in retirement. $5 million in real estate equity and $400k a year in positive cash flow.

Congratulations, you have enough money to exit Biglaw. Is that what you're looking for?

[Anonymous]

The one thing we did (other than save for retirement and not buy too much house) was to fund our kids' college when they were young and we were more money than we needed. I'm so glad we did. Now that we are approaching 50 our income is less but we'd still not get any financial aid whatsoever. Yes, our first kid could have gone to UMD but DS also had some other really great options and it was so nice to have it all taken care of in advance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:i am 39 and NW (excluding home equity) is 640k right now. once that hits 2 million, i may leave law and work part time or something.

Do you mean nw excluding home value?

I've never heard of someone counting the entire value of their home in net worth - if your home is worth 1m and you owe 500k, it doesn't make sense to count 1m toward net worth.

I don't even count home equity in my net worth. Although my house has appraised for X, I have no idea whether someone would actually pay that so I don't believe it's a reliable number.