Reply to DH is a new big law partner and I have no clue how to budget

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Keep in mind / we made way less the first year my husband was partner at a top 20 firm - medical is HUGE. It was like 4-5k less per month. We also owed a ton in federal taxes for the year before and had to pay estimated taxes that first April. It sucked. Also the firm was totally ridiculously opaque about the whole thing. I was so bitter. Oh and there is no bonus, which we had used every other year to pay federal taxes for the year before. [/quote]

I am a pp and this was us. We owed $18,000 for federal taxes somehow this year and then in April also owed our first quarterly taxes of $30,000. That was a hard pill to swallow. Thankfully we had budgeted this and saved part of his bonus and also saved from his paycheck. I work and get health insurance for our family thank god as well. I can’t imagine if you went from having subsidized health insurance to having to pay the full amount. [/quote]

I also work but went part time so wasn’t an option. And we didn’t have the option of saving for it because the firm failed entirely to explain what would happen and was vague when asked. So, yeah. It blew. We had just bought a house, too. We weren’t expecting partnership that year. And we had contracted to send our kid to a $$ school. It was a really rough year financially.[/quote]

How many years out are you now? Was it worth it? [/quote]

Ask me next year! We haven’t even got the big end of year pay out yet lol. I guess I meant it has been a really rough 8 months! Sigh. I asked my husband if he could be demoted. [/quote]

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