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Law

As a first year associate making a little above average pay , who did not have scholarships, how the F do you deal with the reality that you are literally bleeding interest money

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Denial has been working for me.

likeuplifting
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Income based repayment and lots of alcohol to blur the numbers after the dollar sign.

likeupliftingfunny
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I’m confused as to why you think law firms would be obligated to peg their salaries to inflation. The salaries increased over two tranches in the last five years merely because a firm decided to raise their rate to attract better talent and most others correspondingly raised to keep up with the joneses. Paid my way through school = a combination of working, working hard for grades and an lsat score that earned a good scholarship at a target school, and loans to cover the remainder. Full sticker is not worth it for the vast majority of law schools outside of the top schools, but that is a story for another time. My overarching point was simply the absurdity of an individual making 200k+ claiming they would have hardship making 3% loan payments and accusing others of privilege, while in the same breath emphatically stating they must live in a $2,600 apartment without roommates. That is ludicrous. Live within your means for a couple of years, pay off your huge debt with your huge salary, then go bonkers afterward. Just remember, nobody forced you to take on that debt.

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Wait for the income tax after the dismissal in 20 years. Oh the question was how do I live with it. Hope for new policies or a meteor.

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LOL. Well thank you for the comedic relief.

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Ignore it. I’m not paying anything more than the bare minimum. They will never get that money from me. I have had a couple opportunities to pay my balance in full and opted to invest or save that money instead. Great Lakes can kick rocks.

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OP that is precisely the book that led to me deciding to always pay myself first. I read it between taking the bar and waiting for results . One of the most helpful books I have ever read. Oh and trust me it gets better. Do your best to soak up as much as you can from more experienced attorneys for now and then go out on your own. That’s when I started to feel like it was all worth it.

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Refi down to 3%ish

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Yeah i understood. But i am not a person who sees only debt as a bad investment when the possibility of making more than the expense could happen. A "bad" investment for one person is a "good" investment for someone else as it relates to this topic, i suppose.

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What is the interest rate?

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Thanks for that. If you were on a straight repayment plan you and you couldn’t afford to pay rent, you would have more to deal with than some extra interest payments. Just think of the low payments as a means to pay for necessities.

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