Anonymous wrote:

Anonymous wrote:Yes, 401K is $18K per year. I had 401K savings from prior jobs though and my DH has some too (maybe $250K for him? Maybe a total of $150K for me?) We do some additional savings, but I agree retirement can be bumped up.

I estimate when we move we would move to a house that is about $1.2M to $1.3M. (current house would likely sell for $1 to $1.1)

I have about $50K left in student loans but the interest is 2.75% so I am in no hurry to pay it off. We have a small car loan at 2.78%. No other debt.

As to why we don't have more savings, I paid off all of my higher interest school debt my first year at the firm, saved up for a house the second, and my DH had a job loss and then a business venture that failed over 18months. We also had two kids in the last 4 years, so our childcare expenses were high. We will still need a nanny for the next year or two, but I am hopeful that we can move to more part-time care or an au pair in 2 years.

I would pay off both of those loans (student loans and car loan) before leaving biglaw. The fewer fixed expenses you have, the more flexibility you will have (both mentally and actually) in your next steps.

Anonymous wrote:Yes, 401K is $18K per year. I had 401K savings from prior jobs though and my DH has some too (maybe $250K for him? Maybe a total of $150K for me?) We do some additional savings, but I agree retirement can be bumped up.

I estimate when we move we would move to a house that is about $1.2M to $1.3M. (current house would likely sell for $1 to $1.1)

I have about $50K left in student loans but the interest is 2.75% so I am in no hurry to pay it off. We have a small car loan at 2.78%. No other debt.

As to why we don't have more savings, I paid off all of my higher interest school debt my first year at the firm, saved up for a house the second, and my DH had a job loss and then a business venture that failed over 18months. We also had two kids in the last 4 years, so our childcare expenses were high. We will still need a nanny for the next year or two, but I am hopeful that we can move to more part-time care or an au pair in 2 years.

Anonymous wrote:i am 39 and NW (excluding home equity) is 640k right now. once that hits 2 million, i may leave law and work part time or something.

Anonymous wrote:I plan to leave Big law in a couple of years. My loans are pretty much paid off, I max out retirement, and own a home with a 575k mortgage. I have two young kids and employ a nanny. I'm not sure what my next job will be but I will most likely take a pay cut. I currently make around $250-275 with bonus annually. My husband makes about the same (not a lawyer). We plan to send our kids to public school but will likely move in a couple or of years. Our current home will likely sell for between 1 and 1.2m.

I'd love to hear financial goals of others who left big law or a similarly lucrative job. Or just give me your advice on what my goals should be.

Anonymous wrote:Thanks-this is helpful. A few more facts about our situation: husband recently moved to $250K but he is in sales/marketing and has had some job losses in the not too distant past. So his income is not super stable (though has steadily climbed over the past 10 years). We have a full-time nanny and pay for my son's half-day pre school (would estimate that we spend about $5K a month on nanny plus school; most of it for nanny obviously). I have about $50K in liquid savings and another $20K in municipal bonds. I'm not sure how much we have in retirement right now. My husband has not had a 401K option at his prior job or at his new job (he is trying to get them to open one). I am at a firm so obvs. no match for my 401K contributions.

My husband's parents contribute the max amount to college savings for each of our kids every year so our financial advisor told us not to worry about making college contributions.

I've been at my firm for 5 years this fall and have been fine here. However, I want a more meaningful career and more regular work hours. My splurges are living in a city, childcare, and travel (though nothing super crazy; our travel budget is probably about $10-12K per year for a winter vacation and a summer vacation and lots of weekend trips).

I am very lucky to be in the situation I am in, but I want to take advantage of it and plan for the future and am thankful for your advice.

Anonymous wrote:Thanks-this is helpful. A few more facts about our situation: husband recently moved to $250K but he is in sales/marketing and has had some job losses in the not too distant past. So his income is not super stable (though has steadily climbed over the past 10 years). We have a full-time nanny and pay for my son's half-day pre school (would estimate that we spend about $5K a month on nanny plus school; most of it for nanny obviously). I have about $50K in liquid savings and another $20K in municipal bonds. I'm not sure how much we have in retirement right now. My husband has not had a 401K option at his prior job or at his new job (he is trying to get them to open one). I am at a firm so obvs. no match for my 401K contributions.

My husband's parents contribute the max amount to college savings for each of our kids every year so our financial advisor told us not to worry about making college contributions.

I've been at my firm for 5 years this fall and have been fine here. However, I want a more meaningful career and more regular work hours. My splurges are living in a city, childcare, and travel (though nothing super crazy; our travel budget is probably about $10-12K per year for a winter vacation and a summer vacation and lots of weekend trips).

I am very lucky to be in the situation I am in, but I want to take advantage of it and plan for the future and am thankful for your advice.