You guys are totally wrong about salaries!

[jacy85]

I agree with VivaLaMuerte.  At first I was really tenative about looking for work in a small firm in a smaller town.

The older I get though, i really feel "city life" is overrated for me.  I'll be excited to move to the suburbs and into a quieter life.  And the more I think about it, working in a small firm seems the way to go.  I grew up with my dad making about $30-35k, and we did very well with that.  There were many stressful times, however, when things "came up" and we needed to come up with extra money for this and that.  I don't want that stress.  I want to be able to take vacations when I want (even if they're on a budget!).  I want that little bit of freedom that my dad never had.

And I'm curious what the OP does for a job, if he plans on living in an area cheap enough for a $200k house, yet will "choose not to have a car."  This seems pretty impossible to me.

[DESI]

Jacy, if you come to Emory, you can have my outlines...

[jacy85]

Awesome! I'll def take you up on that!   

[vmersich]

And I'm curious what the OP does for a job, if he plans on living in an area cheap enough for a $200k house, yet will "choose not to have a car."  This seems pretty impossible to me.

Portland, Oregon or any random large college town.  Both have great public trans.

[Ninja]

I've been reading a lot of your posts and you guys have it all wrong about salaries. I don't know what your certain expectations or needs are, but for me at least, 50 k is more than enough to live luxuriously. Let me explain amd if anyone wants to argue with me, please do. I'm interested in hearing what you all have to say about this.

Let's assume for example that I make 50 k a year. I currently live in San Francisco and a comfortable 1-bedroom here costs around 1100 including utilities. I know, I know - it is generally more expensive than that here but I am talking about a middle-class neighborhood and not the elite part of the City.

Let's also say I live with my girlfriend and we split the rent. If I live VERY generously, I will spend about $1000 per month ($500 for half the rent and $500 for food and fun). I don't drive a car and don't ever plan on buying a car. I don't even use public transportation - I walk everywhere for the fun of it. I also don't plan or currently eat at LAVISH restaurants and am perfectly OK with that. I also don't have many super-rich material possessions, and I'm even more OK with that.

Now, at the end of the year, after taxes (let's assume 15% of my 50 k gets taken away), I will have a total of $42,500 for the year. Subtract $12 k for the $1000 I spend each month and I have a total of $32,500 for the year. Let's assume my girlfriend makes exactly as much as I do - and thus we have a combined yearly income of $71,000.

I plan on buying a great home for only about 200 k in Atlanta after a few years. If I wanted to, after only about a year's worth of work, my girlfriend and I can put in 50 k for the down payment of a house and save the rest of the 21 k. That's ONLY after one year! Check out these gorgeous homes in the ATL:

http://atlanta.craigslist.org/rfs/44734623.html
http://atlanta.craigslist.org/rfs/44139231.html

As far as kids go, I plan on having 1 at most and I would want my kid to go to public schools etc for diversity etc. Plus, I just think private schools are a waster of money. If you combine both of our salaries, we can take very nice vacations and go to nice restaurants if we choose. Personally, I just don't spend my money on SUPER-RICH cars, vacations, tv's etc.

Yes, 50 k will not be enough to buy a home in the Bay Area or other expensive places, but I don't plan on living here in the future.

My point is, don't become a lawyer for the money! You can do what you love and follow your dreams and if you can make at least 50 k, you can easily live very well and comfortably if you just choose wisely where you want to live.

Have you ever actually had any expenses?  You've forgetten a lot of expenses in your estimates, and are banking hard on your discipline to not buy anything ever.  Also, you're not really making 50K in your scenario, it's more like 100K because of the live in girlfriend.  I make 50K, but only bring home about 30K after taxes.  Also, I do live a comfortable life, but I don't come anywhere close to banking 25K a year.

[jacy85]

Yeah, but the kid said he doesn't even use public transportation, he walks.  AFter all, public transportation is another expense.

And I'm curious what the OP does for a job, if he plans on living in an area cheap enough for a $200k house, yet will "choose not to have a car."  This seems pretty impossible to me.

Portland, Oregon or any random large college town.  Both have great public trans.

[Corsair]

"By the way, anyone who grew up in a smaller town will also probably agree:  BigLaw is not where the money is at.  It's in small private practice:"

what do you mean by small private practice? to get into some law firm or start your own law firm?

[vmersich]

Actually, my words could interpreted either way.  If we're talking about one's own private practice, that takes some time to develop, plan, execute, and gain success.  If we're talking about joining a smaller firm and working your way up the ladder, it is much more easily done, and is probably the more common route for graduates of TTTs. 

[Corsair]

and working in a small firm means you do smaller things, talk to clients, sign papers, etc. right? while BigLaw is more towards Court and working for a large corporation and putting in many hours of work? how much money can i expect on making in each at the start? after 10 years?

[vmersich]

and working in a small firm means you do smaller things, talk to clients, sign papers, etc. right? while BigLaw is more towards Court and working for a large corporation and putting in many hours of work? how much money can i expect on making in each at the start? after 10 years?

Probably too many variables here to give a proper prediction.