Reply to Getting out of the rat race at 35 (biglaw)

Forum Index » Money and Finances

Reply to "Getting out of the rat race at 35 (biglaw)"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Why is everyone questioning the OP's facts? Who cares whether he makes 550 or 650? He also said that he lives in a VHCOL area that is not DC so the salaries may be higher there too. In any event, here is my opinion, fwiw (as former biglaw): 1. You do not have enough money to retire at 35. But don't rely on my anonymous internet post. Talk to a financial advisor. The $30,000 that your portfolio is going to give you is not going to be enough - especially if you have a kid or two or have a medical emergency that isn't covered by your ACA plan. 2. There is nothing wrong with taking a year to travel but see if you can take a leave of absence from your firm rather than quitting. You may still want to quit afterward (nothing wrong with that) but at least it will give you some flexibility if your job search takes longer than you expected. 3. Don't assume that you can buy a house in your target area for the low end of the average. You have $2M and you make $650,000 now. I assume that you are used to nice things and if you have kids you are going to want them to go to one of the top school districts in your target area (again, nothing wrong with that). So, just because you can buy a house in XYX area for $100,000, doesn't mean that you actually will buy a house for $100,000 (BTDT). 4. But you may not have to make $650,000 in the new area either to have the quality of life you want in one of the top school districts. Since you'll have your nest egg, you can probably buy a house for cash or a low mortgage and either start your own practice or get a job that you really enjoy. That $2 million will give you flexibility. Good luck![/quote]

because when posts aren't internally consistent, they are usually made up.   So, OP makes a salary that is inconsistent with what non-equity partners generally make, but he also spends only $50,000 a year in the same unidentified VHCOL?  Doesn't seem likely.

[/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