Law School Discussion

How much debt will you be in after LS?

SleepyGuyYawn

Re: How much debt will you be in after LS?
« Reply #120 on: January 06, 2005, 02:43:07 PM »
Here's my pet peeve.  When an American, no matter whether their parents are rich or poor, makes a lot of money and then says that they deserve it, b/c of how hard they worked.

It's really quite common.  I have a friend who's recently finished a residency and is now a radiologist.  She did work hard, and her parents are middle class, but she really seems to look down on poor people now, as if they just didn't work hard enough to be successful.

I think if most Americans had the opportunity to live in the developing world (e.g. Nepal, Ivory Coast, Chile, place like this) they would be a lot less likely to buy luxury items, and spend money without thinking.  B/c at some point you realize that many, many people in this world work hard and never get ahead.  If you're an American with a loving family, a good education, and a great job you are so lucky -- you might work hard, but you're lucky too.

My grandparents (as far back as I know) were all farmers.  My grandpa woke up at 6:00 for the morning milking (all four seasons) and went to bed at 11:00 after the evening milking.  He worked (hard, physical labor) most of the time in between.  He got one vacation a year, hunting for a week.  He never especially wanted to be a farmer -- he very much wanted to go to college, but it was out of the question, especially with WWII, and considering he was the oldest son.  

Point is that a lot of people work hard -- try not to ever assume that b/c you've "put in your time" you deserve to be living in luxury. Especially when $25 can buy a person clean water for life in the developing world, or when $1000 would be the budget for an entire school for a semester in some countries. 

I just had to rant a bit, sorry.  

SleepyGuyYawn

Re: How much debt will you be in after LS?
« Reply #121 on: January 06, 2005, 02:44:36 PM »
BTW, I just added up what I think my debt will be after law school... first time I've really taken the time to do this.

I'm thinking $120-$140 k (not counting 20k from UG)

TDPookie1

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Re: How much debt will you be in after LS?
« Reply #122 on: January 06, 2005, 02:49:48 PM »
sleepy, i liked your rant, and it certainly makes me appreciate what i have much more, but i don't think that means that financially successful people don't deserve to live in luxury.  most of them do earn all that money.  that doesn't mean they're the *only* ones who deserve money.  i agree that the very rich shouldn't look down on poor people and make assumptions about them based on their financial situation, though, and i think that's a bigger message of your rant.

AmbitV

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Re: How much debt will you be in after LS?
« Reply #123 on: January 06, 2005, 03:05:08 PM »
You know what really gets on my nerves though?  People who go into public interest law (which I'd like to do) who got their LS paid by mum and dad, and then they act like they're holy for doing it (okay, I'm just jealous b/c I really want to work in public service, but I know I won't be able to).  Arrgh!!!

WTF do you want them to do then, go into Biglaw and make even more money?

SleepyGuyYawn

Re: How much debt will you be in after LS?
« Reply #124 on: January 06, 2005, 03:06:05 PM »
but i don't think that means that financially successful people don't deserve to live in luxury.  most of them do earn all that money.  

I would agree with you, but I can't reconcile the suffering and poverty of the world with fufilling my own desire for personal pleasure.  

I'm not saying that there's anything wrong with being financially secure, don't get me wrong.

I used to work at a country club (started caddying when I was 11 and worked summers until I was 21).  I would see people with cars that cost $80 k (BMW 7-series and such).  I did a lot of thinking about how much was too much.  And even though everybody does it, I think it's immoral to have a car that costs that much.  Think about it, you could buy a Honda Accord instead of a BMW -- a Honda Accord is a great car (and more reliable than a BMW).  With the $55,000 you just saved you could lot of good.  Even in our own country 20% of minors (under 18) live in poverty.  With 55,000 you pay for an entire college education and much of the living expense for an impoverished kid to go to the Univ of Michigan.  Or you could buy a couple of thousand people clean water for the rest of their lives (no access to potable water kills many millions of people every year -- in fact, a significant percentage of people in the third world live with parasitic worms living inside them b/c of unclean water).

No -- I think there's a big difference between earning money and deserving money.  I don't argue that Americans earn a lot of money, but by living in luxury yourself, and being aware of other living in poverty, I think it's the same as if you were the cause of the poverty.  Like watching someone get hit by a bus who you could have saved.

SleepyGuyYawn

Re: How much debt will you be in after LS?
« Reply #125 on: January 06, 2005, 03:12:22 PM »
WTF do you want them to do then, go into Biglaw and make even more money?

No, it's fine that people go into public interest law.  I'm just jealous.

Re: How much debt will you be in after LS?
« Reply #126 on: January 06, 2005, 03:29:50 PM »
If the housing market holds up well and we sell our condo for what our neighbor got last summer, my wife and I should have about $300K in the bank to begin law school (when you add in our savings). We are both going, so hopefully that amount will mean no debt for either of us to complete.

I'm deciding whether it is worth going part-time and working part-time so that when we emerge we have some $$ in the bank, but its really an opportunity-cost question: is one year of work after law school worth 4 years part-time during law school?

We are mulling over a 3-month summer backpacking trip through Europe before law school starts (i'm budgeting $20K, maybe a bit high). I figure if we have to take on some debt during the last year because of our trip it won't be a big deal, and Europe sounds awesome...

:)

SleepyGuyYawn

Re: How much debt will you be in after LS?
« Reply #127 on: January 06, 2005, 03:45:35 PM »
See if you can swing by Nepal on your way to Europe.

Just an idea...

 :)

Re: How much debt will you be in after LS?
« Reply #128 on: January 06, 2005, 03:51:22 PM »
See if you can swing by Nepal on your way to Europe.

Just an idea...

 :)

One of my graduate profs visited there and loved it too. I'll keep it in mind! :)

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Re: How much debt will you be in after LS?
« Reply #129 on: January 06, 2005, 07:17:26 PM »
I'm thinking about 100k-120k plus 15k from undergrad
.

As corney as it sounds, one of my "life goals" is to go to a clothing store, pick up something I really like, and buy it without even looking at the price tag.

AWWW! Me too! When I saw your post I realized how ... liberating,really ... that would be.


I definitely feel the same way.

When I graduate law school, I'm supposed to take my parents out to dinner.