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Money and Finances
Reply to "50% of my compensation is paid at the end of the year."
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[quote=Anonymous][quote=Anonymous]Line of credit or home equity line. If you are at a law firm the firm often has banking relationships that will set these up for partners. You should really try though to switch the cycle so you use your year end money to pay expenses in the following year. That's what I do and its a better discipline.[/quote] yes, you are correct of course. This is the first year so I don't have the benefit of the last year's bonus to get me through the year. Plus the buy-in tapped my credit. Yes, I am a partner at a small law firm. Draw is about $160K, bonuses during the year maybe another $40K, and then hopefully get a check for $150K - $200K+ in December. Going forward I will live off $75K of my bonus or so during the next year and bank the rest.[/quote]
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