Reply to Ever wonder about the backstory when people talk about money??

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[quote=Anonymous]Potential backstory - the 4 yrs she was in biglaw, every bonus and every extra dollar went into med and law school loans. So now here she is a yr or two out of biglaw at a lower salary (where it's harder to save) realizing that she doesn't have biglaw bonuses laying around to fund a downpayment bc those were used up to pay of student debt for her and DH. I have seen lawyers do this before. Sometimes it's a good decision, sometimes if you have a low interest rate, it would've been better to put money into market and generate a return and pay some extra into loans but don't focus on paying off every last $ of debt asap. Just depends on whether your student loan interest rate is more or less than potential market returns.

I've seen responsible lawyers do this while in biglaw so as not to have debt hanging over them so they can take non biglaw jobs, but then when they get out of biglaw they realize it is MUCH harder to save in regular jobs bc you aren't usually getting a 50k or 100k bonus at the end of the yr.[/quote]

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