Law School Discussion

$1060.06/mo For 10 Years or $250/mo for 6 Years? --Find Out Your Slavery Term

Try living in NYC/Boston/LA on $100k/yr.  You'll be in a 300sq ft studio apt eating ramen noodles and cutting your own hair. 


Two caveats about this calculator:

1) If you think you need to earn $100,000 to comfortably pay $1,000 a month then you must have an extraordinarily extravagant lifestyle.  Assume 40% effective tax rate: $100,000 becomes $60,000 per year which is $5,000 per month.  Excluding savings, my current cost of living (Food, rent, entertainment, and all other expenses) is less than $1,800.  If I earned $5,000 take home every month,  that would leaves $3,200 of extra, "discretionary" income.  Even if I put $1,000 of that straight into the bank, I would still be left with $2,200 to spend on loan payments.  And my $1,800 per month budget is VERY comfortable.  It would be easy to live on far less than that if you didn't eat out and go to the bars as often as I do.

But what about all the BIGLAW jobs that pay $125,000/yr that every idiot on this forum fawns over? You mean they won't be RICHER THAN GOD!?!?!??!?!

OMFG!

Try living in NYC/Boston/LA on $100k/yr.  You'll be in a 300sq ft studio apt eating ramen noodles and cutting your own hair. 

If you're dumb enough to live someplace so over crowded that your rent is more than $1,000 a month, then you deserve to be broke :)

Reason 101 that I'm glad I live in Chicago.

Chicago: The Big City Where You Don't Have to Be Rich to Live Comfortably!

But don't everyone move here at once.  We're trying to keep the rents low (ex. I pay 1200 a month for a 3 bedroom apt. with @ 1200 sq feet).

So Chicago isn't that bad?  I'm glad to hear that.  I live in a 1100 square foot 2 bedroom, 2 bathroom apartment right now and I think the rent is a little ridiculous at $950/month.  State College real estate prices have skyrocketed in the past 5 years.  How much would I be paying in Chicago?  Less than twice that?

Javert

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Try living in NYC/Boston/LA on $100k/yr.  You'll be in a 300sq ft studio apt eating ramen noodles and cutting your own hair. 

Yes, if *only* there were cities in this country other than NYC, Boston, and LA. That would be sweet!

ElizaB

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I'd say 5.25% is a reasonable estimate.  I guarantee loan rates will increase over the next 18 months--they already have this year by about a tenth of a point.



Really? My loans from undergard are locked in at 3.5% and my loans from grad school are at 2.5%...the 2.5% might be variable, but I know the 3.5% isn't.  5.25 seems high to me.  Is that for stafford loans or for independant non-educational loans from banks?  I ask because the interest rate on my car loan isn't even that high...

ElizaB

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manserunt

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Try living in NYC/Boston/LA on $100k/yr.  You'll be in a 300sq ft studio apt eating ramen noodles and cutting your own hair. 

That's true in NYC and Boston, certainly, but LA?  Come on.  At the $40,000 I currently make, with the student loan and other debt payments I currently have, I live in a cute little apartment (way more than 300 sq. ft. - what the hell is that?), I have never once eaten ramen noodles, make my car payment every month, and have a very sweet British man cut my hair.  Sure, there's not a lot left over, especially for savings, but it's not that dire.