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Author Topic: omg im screwed-  (Read 11917 times)

sharky

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #50 on: May 28, 2007, 10:18:30 AM »
Stay away from credit cards?  There's a whole world of free money out there for savvy credit card users (0% APRs, cash back, sign-up bonuses, statement credits, checks for Chase credit protector products, promotions).  It doesn't take an MBA to read fine print and show some self-restraint.  Unless you're a) the OP, b) the kind of guy who will sign up for a 25% APR credit card in exchange for an XXL t-shirt with Bob Marley and a bong on it or c) a girl with an addiction to Coach purses, there's no real need to be afraid of credit cards. 


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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #51 on: May 28, 2007, 10:24:52 AM »
Stay away from credit cards? There's a whole world of free money out there for savvy credit card users (0% APRs, cash back, sign-up bonuses, statement credits, checks for Chase credit protector products, promotions). It doesn't take an MBA to read fine print and show some self-restraint. Unless you're a) the OP, b) the kind of guy who will sign up for a 25% APR credit card in exchange for an XXL t-shirt with Bob Marley and a bong on it or c) a girl with an addiction to Coach purses, there's no real need to be afraid of credit cards.



I think BigSwitch is just saying that the best way to win with credit cards is not to play the game (or at least as little as possible). Resisting the temptation to buy on credit and being savvy enough to keep a handle on all the fine print is great, but the majority of people (the OP included) simply aren't that savvy and don't have that much self restraint.
quote Stanley J. Watson III
you are doomed in the fated sense, but that's completely irrelevant because that's only from the viewpoint of someone who is not constrained by time. since you are temporal, for all intents and purposes you have the power to change your future

ě

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #52 on: May 28, 2007, 10:28:03 AM »
Are there any Coach purses with Bob Marley pictures on ?

BigSwitch

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #53 on: May 28, 2007, 10:29:27 AM »
Blanket statements are rarely correct, but I will stand by the statement. For those that can handle it, go for it. I like my AA Citi Miles Card as well as my Amex for getting my $100 Brooks Brothers certificates. They do have their benefits, but really, they aren't that big of a bonus.

If you can exercise self restraint, you are above the curve.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #54 on: May 28, 2007, 10:50:51 AM »
Blanket statements are rarely correct, but I will stand by the statement. For those that can handle it, go for it. I like my AA Citi Miles Card as well as my Amex for getting my $100 Brooks Brothers certificates. They do have their benefits, but really, they aren't that big of a bonus.

If you can exercise self restraint, you are above the curve.

I have to know, what kind of law do you plan to go into? Something finance related?
quote Stanley J. Watson III
you are doomed in the fated sense, but that's completely irrelevant because that's only from the viewpoint of someone who is not constrained by time. since you are temporal, for all intents and purposes you have the power to change your future

BigSwitch

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #55 on: May 28, 2007, 10:56:41 AM »
Right now I am studying for a partnership taxation test, and it is not that much fun. Might stay away from Tax Law (Although, having the background of a CPA would definitely make those classes a lot easier). I plan on doing a few years at a Big 4 and get my CPA. I am looking at the possibility of Corporate / Securities Law. I am still on the fence with law school. I am about 90% sure that I want to do it, and hopefully the remaining 10% will be dispelled over the next year or so.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #56 on: May 28, 2007, 11:02:25 AM »
Right now I am studying for a partnership taxation test, and it is not that much fun. Might stay away from Tax Law (Although, having the background of a CPA would definitely make those classes a lot easier). I plan on doing a few years at a Big 4 and get my CPA. I am looking at the possibility of Corporate / Securities Law. I am still on the fence with law school. I am about 90% sure that I want to do it, and hopefully the remaining 10% will be dispelled over the next year or so.

Ah I see, interesting. I have a tax background myself but I don't think I'd want to do tax law. I think getting the CPA first is the right idea, CPA/Attorney is a very useful combo if you end up going to law school. What is the 10% that is holding you back?
quote Stanley J. Watson III
you are doomed in the fated sense, but that's completely irrelevant because that's only from the viewpoint of someone who is not constrained by time. since you are temporal, for all intents and purposes you have the power to change your future

BigSwitch

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #57 on: May 28, 2007, 11:15:18 AM »
Letting go of a safe, six-figure career that allows me after 5 years to manage my own schedule and be on partner track and make pretty much the same as BigLaw Partners. (Potentially, I think starting distribution is about $250,000, and I did a loan for a seniored partner once who had a distribution of near a million) I know exactly what the career path holds.

Not exactly knowing what working in a legal career would be like. Sure people post on the message boards saying that it is terrible, but people said that about auditing and I didn't find working 8-10 during busy season to be that big of a deal.

Pretty serious g/f that I enjoy spending time with and will probably be marrying in the next few years. Will a legal career prevent me from being the Dad that I want to be?

The Debt

I don't have visions of grandeur and I wouldn't be doing it for the flashiness. I have only had business law on the undergrad and grad level and my tax classes. As boring as it may appear, I enjoy the difficulty of the tax issues and application of those laws. I believe those would translate to other legal issues that I would learn about in law school.

I suppose the bottom line, is I have to let go of so much. Then there is the reality that if I have Big 4 experience and a CPA license, it will increase my chances with getting jobs. Also, if law didn't work out, I would easily find work.

plex

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #58 on: May 28, 2007, 12:03:34 PM »
I feel the same as Bigswitch, I followed a similar career path and have always been extremely financially responsible. That is why I can talk about credit card arbitrage with a straight face. The majority of people should not even remotely consider it, in the worst case scenario, a person could dig themselves into such a large whole that it would take them most of their lives to dig themselves out. So, if anyone has any trouble with CC's or really any trouble with money at all, stay as far away as possible from complicated personal finance decisions, just try to stay out of debt and save as best you can.

As to career path options, I chose IP law as my main path. I am not afraid of hard work, but I would like to retire as humanely possible, so I have tried to diversify my schools as much as possible. Even in law school, I will have more options that just firm work, I will be able do contract patent drafting work or as a last resort engineering work, both of which pay better than anything other than a large general law firm or an fairly large IP law firm pays a part-time law student. I do not know if someone with an engineering background is able to become a financial planner, but I will do it if I can, and if not, I will still have been researching every financial trick I can uncover.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #59 on: May 28, 2007, 12:22:54 PM »
Letting go of a safe, six-figure career that allows me after 5 years to manage my own schedule and be on partner track and make pretty much the same as BigLaw Partners. (Potentially, I think starting distribution is about $250,000, and I did a loan for a seniored partner once who had a distribution of near a million) I know exactly what the career path holds.

Not exactly knowing what working in a legal career would be like. Sure people post on the message boards saying that it is terrible, but people said that about auditing and I didn't find working 8-10 during busy season to be that big of a deal.

Pretty serious g/f that I enjoy spending time with and will probably be marrying in the next few years. Will a legal career prevent me from being the Dad that I want to be?

The Debt

I don't have visions of grandeur and I wouldn't be doing it for the flashiness. I have only had business law on the undergrad and grad level and my tax classes. As boring as it may appear, I enjoy the difficulty of the tax issues and application of those laws. I believe those would translate to other legal issues that I would learn about in law school.

I suppose the bottom line, is I have to let go of so much. Then there is the reality that if I have Big 4 experience and a CPA license, it will increase my chances with getting jobs. Also, if law didn't work out, I would easily find work.

Wow, sounds like you are doing more than alright for yourself then. If you are happy doing what you are doing and going in that direction then stay in it for sure. But, law school isn't always about the money. I know I'm not going there to get rich and I left a perfectly good job too (though nowhere near as good as yours). You should talk to some tax attorneys or CPA/attorneys and get their input to see what their job is really like. Whatever you do, get the CPA first for sure.

An anecdotal story for you...my former boss, who passed away in his 70's two years ago, was, back in his mid-30's a CPA at some big Boston firm who decided to go to law school, nights, while still sticking with his CPA job during the day. He also had a wife and four kids at the time, one of whom grew up to go to law school too, get a masters of law in taxation and practiced law with his father. The father left the big CPA firm after a while and struck out on his own offering his unique brand of services as a CPA/Attorney. He built up a huge client base over the years that his son was able to take over when he passed away. These people did pretty well for themselves; not a million dollars a year to be sure, but the flexibility of having their own business allowed them to take month long vacations during the off season and spend plenty of time with their families. That isn't for everyone mind you, but I figured that story might have some relevance to you. There is a big difference between small time and big time work for sure, but the tradeoff can be worth it.
quote Stanley J. Watson III
you are doomed in the fated sense, but that's completely irrelevant because that's only from the viewpoint of someone who is not constrained by time. since you are temporal, for all intents and purposes you have the power to change your future