Reply to Yes, tiny violin - did anyone else struggle first years of law partnership?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is an equity partnership at top 50. All partners start at $800k. Retirement is around $70k, overhead around $130k. Monthly payout is around $20k. Draws about 55k, three times a year. Then end payout. Tax bills for quarterly payments about $80k, fed and state. That’s the gist of it. [/quote]

So you can’t live on 280k/yr? Sounds like a you problem. [/quote]

Well, categorically, yes. It is. We have set expenses of schools plus mortgage that make it tough. And it’s not 280 - it’s 240. [/quote]

I’ll play a duet with you. My DH will probably lose his job. This brings us to only my income which is about 290k. With one kid about off to college it’s definitely not as comfortable as it used to be. Plus I’ll be the first to admit we like our vacations and like our comfortable life. I’m sure he’ll find something, but I’m not gonna lie, I quite enjoy living off 600-700k/yr vs less than half that. 
Of course we can do it.

My advice to you is you really need to ditch the private school. Unless you are in a terrible school district it is only a status symbol. Reason why college is so expensive for us is because my son got into Duke. Public school did him well. [/quote]

Really interesting that you’re telling the OP to ditch private school in the same post where you say your kid is going to Duke.  I’d never pay for a private college either. [/quote]

That’s great! My son graduated top of his class and had a buffet of options laid in front of him. He didn’t want to attend UMD and I can’t blame him for not wanting to go to school 15 min from home with half his high school class.

I also consider the state of Maryland a “terrible” school district for state universities. [/quote]

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