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Author Topic: Occupational Outlook for Attorneys  (Read 1571 times)

jgruber

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Re: Occupational Outlook for Attorneys
« Reply #10 on: April 16, 2004, 10:41:11 AM »
It's an old guy thing.  We all receive frugality lessons at age 40.

I did, but we used up her $1,500 about 28 years ago. 

Hehe... My wife's father is LOADED. He paid 100% to send her through ugrad and then NYU for her masters (well over 200K) but then cut us off. He believes that we should earn our money ourselves to appreciate it more. What's up with that? I would appreciate some free money right about now pops.

nathanielmark

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Re: Occupational Outlook for Attorneys
« Reply #11 on: April 16, 2004, 10:44:25 AM »
Well you can look on the bright side and see that you are no worse off then most americans, but unless you are expecting a windfall from an aging relative, i would say it is time to start taking some drastic measures.  70K wouldnt last 2 years.


Yes, I put some money away for retirement, but I wasted way too much money on luxuries like children to accumulate very much.  How long will 70K will last me?

Of course, there's always social security.   :-\


I have my doubts.  I'm a baby boomer and I expect to be working to the day I die.


Have you been putting away money for retirement? if not you still have time.

jgruber

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Re: Occupational Outlook for Attorneys
« Reply #12 on: April 16, 2004, 10:49:01 AM »
I'm not really complaining though.  If I retired, what would I do?  I'd take on some kind of 'hobby' which would be unpaid work, sooooooo

In other words, I don't think I'd want to retire anyway. 

thechoson

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Re: Occupational Outlook for Attorneys
« Reply #13 on: April 16, 2004, 11:44:20 AM »
On balance, I agree with you.  you have to figure areas of law involving tax, financial services, and medicine will benefit most from the retirees.  this country is going to undergo some major changes in the coming years.  regardless of what happens, everyone will benefit from the extra options a law degree will bring.

its also worth noting that the workforce will be getting a lot smaller, which should improve the employment market (or offset jobs going overseas). But there will also be a huge burden of entitlement funding on working people.  The government may tweak the tax code to encourage workers to work longer or do numerous other things, but as it stands now there are big problems ahead.

if you want to see a similar model of what could happen, look at japan which has an aging population and has been suffering for several years as a result.

Japan's problems were based on other issues.  Mainly their monetary system was corrupt, and their economy lacked diversification and too geared towards consumer goods and export oriented. These factors led to their economic problems and recession, which led to more unemployment and decreased real wages.  You add the fact that, yes their population is aging, so people WORK LESS and make LESS MONEY, and yet have to support those old people. It just made things worse.  Their economy was not diversified to the point where they could actually take advantage of the old people retiring or being a market force.

Yes, the old people in this country will soon become a burden.  Health care, social security taxes, etc. will burden the young people in the form of rising costs and increased taxes.  Yet I also would argue that because these people can be clients and also because of the new economy that can emerge because of these wealthy people spending money in retirement, lawyere will make more money and have more jobs, thus being able to take on the extra burden of "paying" for the elders.  Of course, the only problem I see is that the potential problems above could lead to inflation, as costs go up and wages will struggle to keep up with the majority of jobs. Though I think lawyers and other skilled occupations will be fine and even benefit, there might be an increasing gap between the haves and have nots in the future...

dsong02

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Re: Occupational Outlook for Attorneys
« Reply #14 on: April 16, 2004, 12:14:11 PM »
Well you can look on the bright side and see that you are no worse off then most americans, but unless you are expecting a windfall from an aging relative, i would say it is time to start taking some drastic measures.  70K wouldnt last 2 years.


[

70K wouldnt last 6 months in nyc. 

thank god for the dollar menu.[/quote]
'why does it hurt so much when i poke it?'

jgruber

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Re: Occupational Outlook for Attorneys
« Reply #15 on: April 16, 2004, 12:17:22 PM »
You live on the dollar menu, you won't live long enough to worry about using the 70K



Well you can look on the bright side and see that you are no worse off then most americans, but unless you are expecting a windfall from an aging relative, i would say it is time to start taking some drastic measures.  70K wouldnt last 2 years.


[

70K wouldnt last 6 months in nyc. 

thank god for the dollar menu.
[/quote]

dsong02

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Re: Occupational Outlook for Attorneys
« Reply #16 on: April 16, 2004, 12:28:36 PM »
You live on the dollar menu, you won't live long enough to worry about using the 70K


my point exactly :)
'why does it hurt so much when i poke it?'