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Author Topic: payback time  (Read 4205 times)

The Pookie

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Re: payback time
« Reply #10 on: April 08, 2007, 08:28:00 PM »
tag,

::hypervelinates::

what have i gotten myself into? this whole law school racket ain't a good deal

The Pookie

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Re: payback time
« Reply #11 on: April 08, 2007, 08:35:28 PM »
you're right deedee, bubble tea cures all....what's your favorite flavor?

i'm partial to taro myself.

togbra

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Re: payback time
« Reply #12 on: April 08, 2007, 08:38:09 PM »
I like taro too, but I'd say redbean is my favorite, and I can't find it anywhere here in chinatown. I was so excited they had it.

The girls in front of me got flavored tapioca balls--they had lychee and pinapple. Which I'm totally trying next time I go back.

Much better than talking about debt!

what happened to living like a hermit to pay off debt?  ;)

The Pookie

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Re: payback time
« Reply #13 on: April 08, 2007, 08:48:18 PM »
I like taro too, but I'd say redbean is my favorite, and I can't find it anywhere here in chinatown. I was so excited they had it.

The girls in front of me got flavored tapioca balls--they had lychee and pinapple. Which I'm totally trying next time I go back.

Much better than talking about debt!

what happened to living like a hermit to pay off debt?  ;)

oh, bubble tea is food...it's like, totally, like, nutritious...like, yeah.

::shifts eyes:

Drew P. Bottom

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Re: payback time
« Reply #14 on: April 08, 2007, 11:03:22 PM »
Tax deductions for suits is not allowed, even if required for work.

From MSN money http://articles.moneycentral.msn.com/Taxes/AvoidAnAudit/The9WeirdestTaxWriteOffs.aspx?page=2
"
8. Clothes (deductions) make the man
Here's a line of thought we've all tried on at one time or another: I have to look professional at work, so why shouldn't I deduct the cost of my suits, shoes and ties? And of course that is perfectly allowable -- on Uranus!

Here on Earth, however, a less generous tax rule applies, as one of Barghini's clients found out: "I was dealing with a male model who wanted to write off his entire wardrobe because he needed to look good all the time. There are very strict rules about writing off clothing. Basically, if you are required to wear a uniform of a nature that you're not going to wear it out in public socially, such as an auto mechanic's blue jumpsuit with a patch that says 'John' or nursing clothes, you can write them off. It's basically clothes that you're only going to wear at work; you'd be embarrassed to go to the bar in them. If it's clothes that you can wear on a daily basis, you cannot write them off. Businessmen or businesswomen trying to write off their suits will not fly."
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yanno

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Re: payback time
« Reply #15 on: April 08, 2007, 11:40:32 PM »
Tax deductions for suits is not allowed, even if required for work.

From MSN money http://articles.moneycentral.msn.com/Taxes/AvoidAnAudit/The9WeirdestTaxWriteOffs.aspx?page=2
"
8. Clothes (deductions) make the man
Here's a line of thought we've all tried on at one time or another: I have to look professional at work, so why shouldn't I deduct the cost of my suits, shoes and ties? And of course that is perfectly allowable -- on Uranus!

Here on Earth, however, a less generous tax rule applies, as one of Barghini's clients found out: "I was dealing with a male model who wanted to write off his entire wardrobe because he needed to look good all the time. There are very strict rules about writing off clothing. Basically, if you are required to wear a uniform of a nature that you're not going to wear it out in public socially, such as an auto mechanic's blue jumpsuit with a patch that says 'John' or nursing clothes, you can write them off. It's basically clothes that you're only going to wear at work; you'd be embarrassed to go to the bar in them. If it's clothes that you can wear on a daily basis, you cannot write them off. Businessmen or businesswomen trying to write off their suits will not fly."

ouch! Nice research, though.

Booyakasha2

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Re: payback time
« Reply #16 on: April 09, 2007, 08:28:58 PM »
thanks for the links guys.

According to the loan calculator, I'd be needing to making about 400k a year to pay back 105k in loans. But 10 percent of your gross income would be a small amount to put towards loans, right?

Every time I start to think about loan repayments, it seems clear it'd be really difficult to do it in a short amount of time, especially considering interest.

A new attorney at my office said that she and many other of her classmates are on a 30yr plan now.  Of course she has 120k of debt though and wouldnt be able to afford a 10 yr without living in a shack.
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yanno

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Re: payback time
« Reply #17 on: April 10, 2007, 12:08:17 AM »
thanks for the links guys.

According to the loan calculator, I'd be needing to making about 400k a year to pay back 105k in loans. But 10 percent of your gross income would be a small amount to put towards loans, right?

Every time I start to think about loan repayments, it seems clear it'd be really difficult to do it in a short amount of time, especially considering interest.

A new attorney at my office said that she and many other of her classmates are on a 30yr plan now.  Of course she has 120k of debt though and wouldnt be able to afford a 10 yr without living in a shack.

Is this a biglaw firm you're working at?

Booyakasha2

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Re: payback time
« Reply #18 on: April 10, 2007, 10:44:55 AM »
yea, v100.  She went to IU-Bloom.
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The Pookie

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Re: payback time
« Reply #19 on: April 10, 2007, 05:21:44 PM »
god, i'm depressed now. might as well live it up during LS when i can