Reply to Advice for a 1st year associate attorney?

Forum Index » Money and Finances

Reply to "Advice for a 1st year associate attorney?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Live cheaply! My DH is a BigLaw associate (he's in year 3 right now and clerked for a year right out of law school) and we watch so many of his colleagues living paycheck to paycheck because they are renting luxury apartments in Dupont, Logan Circle, Georgetown, Foggy Bottom, etc. It is crazy. I'm talking rent to the tune of $3,500/mo. They are paying the minimum on their loans, drive nice cars, eat out ALL THE TIME and go on expensive vacations when they travel.

DH and I aren't the most frugal people out there, but we enjoy a very nice quality of life and save a good bit and also aggressively pay down the loans. We should be finished with the loans in another 3 years. He borrowed 100k (and interest rates weren't great), we are happy with our plan to knock out the loans in 6 years. We also max out on 401(k), have a 6 month emergency savings, though we'd like to get that up to one year.

One of the things that helps the most is not being single. DH and I have been together since college, so we've been sharing living expenses for all of our adult lives (we've been out approx 10 years). We have so much more freedom with two incomes than his single counterparts at his firm. My income isn't huge, my salary is $50k, but with him as a 4th year associate, our HHI is $250k. That "extra" $50k I bring to the family is huge in terms of allowing us to save more, put more on loans, etc.

So, my advice - live cheaply, ignore your colleagues who are living large and find a partner sooner rather than later! [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics