Law Career Alternatives

ucsd_ucla_dad
Thu, 06 Oct 2011 17:27:12 +0000

Mr Big time lawyer talked her out of going to law school.
He explained, that ultimately, IT IS ALL ABOUT THE MONEY. It just costs way too much for an uncertain future. And that 20 years out of law school he is still paying off his student loans…which were only $40,000 at the time

This doesn’t add up. Unless this ‘big time lawyer’ is making peanuts, which seems doubtful if he’s been a big time lawyer for 20 years, he certainly should have been able to pay off that $40K in loans well before now since that’s only $2K/year (not accounting for interest - another reason not to stretch it out). It shouldn’t take more than 20 years to pay off unless he simply is stretching it out as long as possible or he has other big financial issues. My guess is that in that timeframe he’s probably already paid off multiple new cars that sum to well over the $40K. Given this, I don’t think this statement he made has any relevance.