I've been employed here for 5 years but I still view what I do as a job because even though I've been promoted I don't want to stay here for the remainder of my working life or in the insurance field.
I doubt I'd make enough to pay both mortgages but I really don't want to let money deter me from pursuing my goal.
I've put off school for a long time because I always thought it wasn't the right time for me to go. Now I know that there isn't a right time. Maybe a better time but not a right time. However I want to go now because I've waited long enough. If I wait any longer I probably won't do it.
These are good sentiments--and exactly so as to "right" v. "better"--but they point in the opposite direction. While the answer might have been different in 2006, this year it is almost certainly better to wait a year or two, given the market and also your current earning and savings potential. The market will take some time to absorb a pent-up supply, much less catch up to a healthy equilibrium, and while that's not determinative neither should it be dismissed.
If it's important enough to you and you set a goal for admission in year 201x, and plan like the dickens for a stellar LSAT and careful preparation, that is time well spent. A dream deferred need not be a dream denied; it can be all the better with the right approach.
If you do decide to go ahead, here's to avoiding naysayers. = : ) Seriously. Sometimes it is good to follow one's gut, and that is one of the markers for a good decision. If so, your LSAT and preparation will be even more important.