Law School Discussion

Nine Years of Discussion
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Poll

Got one thats law related?

Yes
 32 (40.5%)
Not Yet
 1 (1.3%)
Dont want one
 4 (5.1%)
Cant get one
 2 (2.5%)
Other/View
 40 (50.6%)

Total Members Voted: 79

Author Topic: 1L Summer Jobs  (Read 20481 times)

The Poster

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Re: 1L Summer Jobs
« Reply #80 on: June 17, 2007, 03:49:30 PM »
well you get $8.5k/yr in temporary free money anyway. im not financially literate enough quite yet to get the 9% guaranteed, and 6.8% to get 9% is a wash after taxes anyway. you can only write off interest, and ill be damned if i ever accumulate that much in interest in a single year.

Yea the subsidized loans will get paid off in bulk before the grace period ends. As long as I can write all of the interest of the unsubsidized loans, and still earn more money on my money, itís wash to me. Its free money. I could either take the money I have and pay the tuition in full or get the money from the g-ment and roll my money into my investments.

This year sucks, so its averaging 9%, but in the past I have had ROIís as high as 50% in 12 months or less. I invest in real-estate, rental houses and condos and apartments as well as fix and flip. The market for the fix and flip has tanked (and that is where you see your fastest ROI jumps), but the market for rentals is surging forward like we have not seen since the late 90Ēs (before any one could get a home loan regardless of credit).

I take what I can and put it all back into my properties, try to get them owned outright as soon as possible. Then the rent is pure profit, on top of that you get the natural (or un-natural appreciation like the last few years). If you buy a apartment property that has a rental income of $600 per unit and for just a few grand of renovations you can increase the market rents to $1200 per unit, you have doubled the value of the property based just on the ROI, plus any natural appreciation that has happened since you bought it.

So to me all that is better than spending it on school when I can get free $ from the g-ment to do that.

eh. nice. i'm a lot younger than you. I'm slowly figuring these things out. For now, I keep most of my money in high interest savings accounts. There won't be any left by the end of 1L. :D

matthies is only 12.

LOL, I was watching TV the other night and it was one of those how to make millions in real-state w/o no money down infomercials (those are all rip-offs btw). And the guy was interviewing a kid who borrowed money from his patents to do his first fix and flip. He was talking about making 50k his first year. I think he was like 10.

hahaha, matthies jr.!
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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

queencruella

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Re: 1L Summer Jobs
« Reply #81 on: June 17, 2007, 04:07:37 PM »
I think this is a good plan, but be sure you can stick with it. I only know a few people with big salary summer jobs well enough o see differences in their spending habits. But from what I have seen they spend a lot of the money they are making, new cars, new clothes, new laptop or TVs. I of course donít know how much they are saving to pay down tuition, but they seem to be spending a lot on big ticket items.

I would assume this is the same for most people, the more you make the more you tend to spend. So it becomes a cycle, make more, borrow more for bigger house, nicer car etc. You make more, but you increase more what you owe to other people. But, if you can live under your means for a few years, pay off any debt, and set aside money for future debt, you can live really well on a lower salary later.

As to aid, you canít get any? How does that work? I can get fed loans, and my assets are pretty big. I thought everyone could get the $18.5 k from the g-ment?


I'm about to make my first big purchases (a laptop and a nice suit) since I got my current (decently paying) job.  Which was over a year ago.  So I think I can.

Screw unsubsidized loans.  I was talking about get real financial aid.  Like free money, or at least subsidized loans which are temporary free money.  I'll have to probably take the full $20.5k 2L and 3L  :(, the rest from SA jobs and other sources.

LOL. yea no one is gonna give me free money for sure. I am not even eligible for grade related scholarships at school, because they still look at your income. But borrowing at 6% and earning over 9% on my money makes sense to me. Plus you can write off up to %2500 in student loan intrest each year. Not a big deal now, but when you start making money all those little write-offs help.

If you can budget well, and resist the urge to spend what you make, you will be way ahead of most people. When I first started working I did not. I spent everything I made, I had nice cars, a big house, and even a big boat by the time I was 25, but the bank owned more of it than I did. After that I said I would never borrow again, I would save till I could buy it cash. Now Iím just in the habit of spending less than I make, so its never a big deal. If you can start thinking like that now, in the face of making big money when you get to school, your life later on will be much more enjoyable, and allow you to spend money on the things you want to. It just takes living frugally for a few years, getting completely out of any debt, always paying cash and paying yourself first.
 


I agree with this. I've always had jobs that paid crap but never got into CC debt and was able to save quite a bit with my last real job before law school. I probably put 1/3 of what I made into savings and I was not making that much at all. I was still able to go on lots of vacations and spent way too much on food, but the savings was still there. I just think once you get into the habit of trying to save a percentage of what you make each month, it's not really that hard to switch over to paying off more than the minimum for loans.

Special Agent Dana Scully

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Re: 1L Summer Jobs
« Reply #82 on: June 17, 2007, 06:30:16 PM »
Me too.  But that's just not possible at a UPenn, Brown, Dartmouth, HYPS, Cornell, etc if you're not planning on ibanking or something matsci related afterwords.  Even if you're set on law school, you can't gamble on getting a high enough LSAT to be able to pay off UG loans in addition to non-T20ish law loans.

And planning on LS out of high school is pretty stupid in most cases anyway IMO.

What about Brown?  :D

oh and tag
Columbia 3L

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Re: 1L Summer Jobs
« Reply #83 on: June 19, 2007, 11:00:28 AM »
bump
Do you really believe in free speech, or just in speech you agree with?

Astro

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Re: 1L Summer Jobs
« Reply #84 on: June 19, 2007, 04:39:01 PM »
fart
J, if you didn't bring enough penis for everyone, you shouldn't have brought any penis at all. 

The Poster

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Re: 1L Summer Jobs
« Reply #85 on: June 19, 2007, 07:50:39 PM »
::ß::

when do you change your name back to Prince?
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

bubDread

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Re: 1L Summer Jobs
« Reply #86 on: June 19, 2007, 08:09:32 PM »
so you experienced 1Ls maybe can answer a question for me.

What % of T14 1Ls can get a SA position at a big law firm? 

What percentile do you need to be for 14-10, 10-5, and top schools?

i am having a hard time finding good info on this.

I guess I know vicariously a guy from NU (I think he rocked his grades) who got a 1L SA position.

Vapid Unicorn

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Re: 1L Summer Jobs
« Reply #87 on: June 19, 2007, 08:28:47 PM »
so you experienced 1Ls maybe can answer a question for me.

What % of T14 1Ls can get a SA position at a big law firm? 

What percentile do you need to be for 14-10, 10-5, and top schools?

i am having a hard time finding good info on this.

I guess I know vicariously a guy from NU (I think he rocked his grades) who got a 1L SA position.

I don't think I understand the question.  If you're asking what I think you're asking: Many 1L SA positions are filled before grades come out, so I don't get the percentile part.  As for how many can get them, I can't say.  Among my circle of friends, I tend to think that more can get one than wanted one.  Most of us chose not to apply for them.  I doubt any data exists that answers the question you are asking, becuase it rests on an assumption that isn't true for too many students to make the result meaningful. 
Just another 2L.

bubDread

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Re: 1L Summer Jobs
« Reply #88 on: June 19, 2007, 08:50:39 PM »
very true.

Basically, I am just trying to figure out my chances of getting a 1l SA position, assuming I go to one of the T14s.  I think this will come into my decision of schools, because I would like to get the experience and maybe pay off some of my undergrad debt.

aerynn

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Re: 1L Summer Jobs
« Reply #89 on: June 19, 2007, 09:37:42 PM »
1L SA positions, at least at my school, are very network-based and pre-law experience based.  What did you do before school?  But then, I don't go to a T14.
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