What monetary goal/target are you telling yourself to hit before quitting big law?

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It keeps doubling every time I hit it

likefunny

Yeah that’s a great question, I have been looking for a way out since I was a fifth year and the right opportunity just never presented itself, and I felt like as long as I was getting good bonuses and promotions it was hard to justify leaving for alternatives that didn’t seem compelling. But if I got the right in-house offer with say a 30% paycut and good WLB I would take it today. I don’t think I could truly FIRE though, I have too much anxiety to live without a paycheck or health benefits.

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First it was to pay off my loans. Did that several years ago. Then I fell in love with Manhattan and now want to buy an apartment and raise a family here. So now I have the golden handcuffs and want to make partner.

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Pay off my loans. Will be done this year and then have to reevaluate

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$2M FIRE goal = $80k/year to live on.

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A2 - you seem like a real down to earth type of person.

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$10MM

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Yeah probably about, then retire

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First it was pay off loans (completed in year 4). Then it was buy a large (i.e. non-starter) house with 20% down (completed in year 6). Then it was 1 million net worth (completed in year 7, thanks to hot housing market). Now I am trying for 2.5 million in liquid assets.

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No more consumer debt. 6-8 months of cash reserves

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Would like to hit $1.5m NW by year 5 then take a really chill job until I fully retire

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Yes, includes spouse which is a big boost (he was at like 100k net worth when I met him whereas I was negative) but I’ve also put away plenty if you were to look at me individually. I grew up poor and had absolutely no assets coming out of law school. I planned out my finances before ever meeting my spouse and knew I was not going to NYC because COL is ridiculous.

Too many of my friends are focused on dumping all of their money into their loans and have missed incredible gains in the past few years. Leverage is your friend. I have not paid off my loans and am in no rush to because I can make more investing. Put 0 down on my car. 0 down on my house. Have a rental property and am cash flowing nicely on it (attorneys are exempt from real estate licensure in my state so have bought properties on my own and saved $$). Max tax-advantaged accounts (401k, Roth IRA, do mega backdoor if firm allows) and have recently dumped a good chunk into i bonds which are returning almost 10% over the next 6 months.

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No monetary goal. Not sure why I’m still here…?

funny

Are partners allowed to quit…? 🤔 also how did you even get there with that attitude lol

likefunny

$1.5 million in cash & investments

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Never. I want to make partner. If someone offered me $1m to run a start up, I'd take it

1m… to run a startup… 🤣

likefunny

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