Law School Discussion

Home Ownership and Wealth Building

Re: Home Ownership and Wealth Building
« Reply #520 on: May 21, 2007, 07:24:17 AM »
cool.  additional question open to all:
what are people saving for?

Law school!  Once I've exhausted that money I don't expect to have any significant savings (other than summer money which will be used the next school year) until after I graduate.

I, too, am saving for ls.  Not to pay for it--but mainly to buy my laptop and furniture and stuff.  I'll still have quit a bit of money left over for my first year, so i guess that will be emergency money--or when i'm stressed and just need to shop money. :)

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Re: Home Ownership and Wealth Building
« Reply #521 on: May 21, 2007, 07:26:16 AM »
cool.  additional question open to all:
what are people saving for?

Law school!  Once I've exhausted that money I don't expect to have any significant savings (other than summer money which will be used the next school year) until after I graduate.

 ??? you have a Darrow.  ok what is next on your list post law school?

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Re: Home Ownership and Wealth Building
« Reply #522 on: May 21, 2007, 07:30:19 AM »
cool.  additional question open to all:
what are people saving for?

Law school!  Once I've exhausted that money I don't expect to have any significant savings (other than summer money which will be used the next school year) until after I graduate.

 ??? you have a Darrow.  ok what is next on your list post law school?

Living expenses don't pay themselves, and intl status means that loans are mostly out of the question.  I should have enough for the first two years if I can find a paying job for next summer and from what I hear my 2L summer job will hopefully cover 3L.

Post ls, a house would prolly be my first priority, apart from retirement savings and emergency savings.  What other major purchases do people save for?

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Re: Home Ownership and Wealth Building
« Reply #523 on: May 21, 2007, 07:32:36 AM »
HSBC gets on my nerves in terms of their timing, but you certainly do get the "bang" of having all the ATMs worldwide.  i'm a bit of a rate-chaser but maybe you are right that hunkering down and sticking to one gives you more peace of mind.

I've never used the atm card that comes with the account

What do you do with it?  transfer funds when you need it into a local bank?

I don't spend it--I'm saving it.  I have a checking account and a savings account--i only use the money in of BofA checking account.

Which I hope is interest-bearing...

i don't think it is...the reason i have that account is bc when it was fleet, that was the only bank here in nyc and also in providence.  so i just kept the account after graduation.    regardless, for most checking accounts you need to maintain a high amount of money, and i never do that bc that is the money i spend to shop and pay bills and stuff.

Yeah I have BOA too.  But I recently opened a checking account at Everbank...no minimum balance and you earn 6.01% for the first 3 mos (then 3.something% afterward...I might switch to something else then).  They also rebate $6/month in foreign ATM fees if you need to withdraw.  Alternatively, you could just transfer into BOA when you think you'll need the money.

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Re: Home Ownership and Wealth Building
« Reply #524 on: May 21, 2007, 07:33:40 AM »
you will save 25k easy in one summer which should be enough for 2 years living expenses.  which means the other summer or two is just play money...I mean the downpayment on your first home.

Re: Home Ownership and Wealth Building
« Reply #525 on: May 21, 2007, 07:35:48 AM »
HSBC gets on my nerves in terms of their timing, but you certainly do get the "bang" of having all the ATMs worldwide.  i'm a bit of a rate-chaser but maybe you are right that hunkering down and sticking to one gives you more peace of mind.

I've never used the atm card that comes with the account

What do you do with it?  transfer funds when you need it into a local bank?

I don't spend it--I'm saving it.  I have a checking account and a savings account--i only use the money in of BofA checking account.

Which I hope is interest-bearing...

i don't think it is...the reason i have that account is bc when it was fleet, that was the only bank here in nyc and also in providence.  so i just kept the account after graduation.    regardless, for most checking accounts you need to maintain a high amount of money, and i never do that bc that is the money i spend to shop and pay bills and stuff.

Yeah I have BOA too.  But I recently opened a checking account at Everbank...no minimum balance and you earn 6.01% for the first 3 mos (then 3.something% afterward...I might switch to something else then).  They also rebate $6/month in foreign ATM fees if you need to withdraw. Alternatively, you could just transfer into BOA when you think you'll need the money.

see that wouldn't work---my BoA debit card is my best friend  :D

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Re: Home Ownership and Wealth Building
« Reply #526 on: May 21, 2007, 07:36:07 AM »
I don't think you necessarily have to have a reason to save.  I just like to save.  And you never know what might strike your fancy one day.  I got behind a black Mercedes SL55 AMG on my drive down the other day.   Yeah, I could definitely use some of my savings on that!

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Re: Home Ownership and Wealth Building
« Reply #527 on: May 21, 2007, 07:37:43 AM »
see that wouldn't work---my BoA debit card is my best friend  :D

Oh goodness, you're a debit-carder??  You're throwing your money away!  What does that debit card give you?  Nothing.  You should get a credit card that gives cash back, then pay it off every month.  That both helps your credit history AND actually gets you something in exchange for using the card.  Win-win.

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Re: Home Ownership and Wealth Building
« Reply #528 on: May 21, 2007, 07:39:44 AM »
you will save 25k easy in one summer which should be enough for 2 years living expenses.  which means the other summer or two is just play money...I the downpayment on your first home.

Good to know!  I'd definitely splurge on travel too.

I don't think you necessarily have to have a reason to save.  I just like to save.  And you never know what might strike your fancy one day.  I got behind a black Mercedes SL55 AMG on my drive down the other day.   Yeah, I could definitely use some of my savings on that!

Yeah, I'm a saver too.  I was saving a big chunk of each salary even before I decided to go to law school.

see that wouldn't work---my BoA debit card is my best friend  :D

Oh goodness, you're a debit-carder??  You're throwing your money away!  What does that debit card give you?  Nothing.  You should get a credit card that gives cash back, then pay it off every month.  That both helps your credit history AND actually gets you something in exchange for using the card.  Win-win.

I must admit I'm a debit carder too, though I always use my American Airlines cc when I travel.

Re: Home Ownership and Wealth Building
« Reply #529 on: May 21, 2007, 07:41:27 AM »
see that wouldn't work---my BoA debit card is my best friend  :D

Oh goodness, you're a debit-carder??  You're throwing your money away!  What does that debit card give you?  Nothing.  You should get a credit card that gives cash back, then pay it off every month.  That both helps your credit history AND actually gets you something in exchange for using the card.  Win-win.

I do use my credit card occasionally--only for big things tho (books, airline tickets, online shopping). Been using it since senior year hs, I have very good credit (got a credit report for ls loans).  I've just never gotten into the habit of using my credit card when Ihave the money readily availible.