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Reply to "Money Goals for Exiting Big Law"
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[quote=Anonymous][quote=Anonymous]Yes, 401K is $18K per year. I had 401K savings from prior jobs though and my DH has some too (maybe $250K for him? Maybe a total of $150K for me?) We do some additional savings, but I agree retirement can be bumped up. I estimate when we move we would move to a house that is about $1.2M to $1.3M. (current house would likely sell for $1 to $1.1) I have about $50K left in student loans but the interest is 2.75% so I am in no hurry to pay it off. We have a small car loan at 2.78%. No other debt. As to why we don't have more savings, I paid off all of my higher interest school debt my first year at the firm, saved up for a house the second, and my DH had a job loss and then a business venture that failed over 18months. We also had two kids in the last 4 years, so our childcare expenses were high. We will still need a nanny for the next year or two, but I am hopeful that we can move to more part-time care or an au pair in 2 years. [/quote] I would pay off both of those loans (student loans and car loan) before leaving biglaw. The fewer fixed expenses you have, the more flexibility you will have (both mentally and actually) in your next steps.[/quote]
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