Reply to s/o--so how did you afford a 2 million dollar home?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I am the pp you quoted.  According to my husband he made nearly a million last year.  I used to be an associate at a big firm for several years and my DH is govt employee, and we saved $500k in a few years before we had kids so considering he had like 3 more years as an associate before he had kids (likely making $300 base by the end) and another 4 years as a partner at $700-950k/year I'd say the numbers add up quite nicely.  I doubt they have a $3 million mortgage.  I would bet he paid a huge chunk of cash.[/quote]

Here's one thing that doesn't make sense to me: You say your husband was making $300 base at least 4 years ago as an associate.  But current top-end associate salaries in DC (even for firms based in NY) are all less than $300 -- often far less. http://www.infirmation.com/shared/search/payscale-compare.tcl?city=Washington&usps_abbrev=DC Four years ago, those base salaries were even lower.

In my experience, a partner making close to $1 million either has a $4-5 million personal book of business herself (which is not too common), or else is working her ass off as high level point person for another partner who has a $10-20 million book of high-paying clients (also not too common).  These situations definitely occur, but they're certainly not common.  [/quote]

First of all, i never said it was my husband at biglaw.  Women are sometimes the major breadwinner.  I also never said I was making $300 base.  I was making $265k base by the end, and I know the classes above me were making 275 and 285.  Add to that between $30k-$100k bonuses in the last few years I was there and we very comfortably saved a huge chunk of cash to buy an over $1m house by the time I was 32 with a VERY managable mortgage on our current (significantly lower) hhi.

Now, our friend, biglaw partner, is by the way a partner in the dc office if a top tier NYC firm.  $1 million is not unheard of in your early partner years. At my (also ny based) firm, I don't think any partner made less than $700k.   And given that 9th years at my old firm made $285, I assume he made at least the same by the end.  Our friend is an equity partner. That said, I think if someone is making $1million (or close to that), and has been for the past 15 years successively making an increasing salary (at a prestigious established firm, not one of those that is constantly merging and goes belly up), $3 million in real estate is not a big deal at ALL.  I would bet they have enough cash flow to pay off a good portion of it just within the first couple years.[/quote]

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