2017 Investing Thread

[Spurminator]

Pay the minimum on the student loans until they're paid off. Your monthly payment will seem like pennies once you're making real money.

Max out your 401K as much as possible starting now.

[spurraider21]

Homie, you need to get some plaintiff’s cases. If you’re in a job that is paying considerably below the Cravath-scale, you need to sure-as- be assured that there is some upward mobility in terms of salary, if not equity. Otherwise, I’d seriously consider looking at another firm. There’s something to be said about taking a pay cut to get experience, but 75k is too far below market to justify that kind of hit. Especially in California.

It's just the job I'm in line for right now, not what I plan to be doing for any significant period of time. A recent bar taker is just in a very awkward time period to be job hunting. I'd get more aggressive on the hunt once I get results. This job will keep bills paid for the time being, and the pay reflects the work. Boring as and out of the office by 6. I'm ultimately looking to get into PD work but it's hyper compe ive in LA county. We'll see.

And I wouldn’t worry too much about taking another state’s bar. You can waive-in your MBE score for up to 2-3 years (I think). I took and passed the NY bar while a first year at a biglaw firm in Dallas. It can be done, you’ll just hate life for 3 months.

Yeah I'm willing to deal with any state besides Louisiana tbh. With any luck she'll get into a CA school. She has the grades and a strong CV, it's up to her performance on the mcat this spring tbh.

Pay the minimum on the student loans until they're paid off. Your monthly payment will seem like pennies once you're making real money.

Max out your 401K as much as possible starting now.

Will having a loan around my neck, virtually in perpetuity, be a significant drawback on my credit or ability to qualify for mortgages later on?

[SpursforSix]

It's just the job I'm in line for right now, not what I plan to be doing for any significant period of time. A recent bar taker is just in a very awkward time period to be job hunting. I'd get more aggressive on the hunt once I get results. This job will keep bills paid for the time being, and the pay reflects the work. Boring as and out of the office by 6. I'm ultimately looking to get into PD work but it's hyper compe ive in LA county. We'll see.

Yeah I'm willing to deal with any state besides Louisiana tbh. With any luck she'll get into a CA school. She has the grades and a strong CV, it's up to her performance on the mcat this spring tbh.

Will having a loan around my neck, virtually in perpetuity, be a significant drawback on my credit or ability to qualify for mortgages later on?

I don't know your situation but I'd say that the student loans affect your credit less than anything else. Creditors are going to look at your monthly payment more than your overall debt. Additionally, if you build up a nice 401K, you have some borrowing power regardless of your credit check.

[Spurminator]

Will having a loan around my neck, virtually in perpetuity, be a significant drawback on my credit or ability to qualify for mortgages later on?

As far as mortgage qualifying, that depends on your monthly loan payment, I believe.

As long as you're current on payments, having that debt is actually good for your credit score.

It never hurt us... But we didn't have near the loans you have.

[RandomGuy]

Pay the minimum on the student loans until they're paid off. Your monthly payment will seem like pennies once you're making real money.

Max out your 401K as much as possible starting now.

+1. Solid advice.

My student loans clock in at around 3%, with ONE exception at about 6.7%. I am in no hurry to pay any of it back.

[RandomGuy]

Will having a loan around my neck, virtually in perpetuity, be a significant drawback on my credit or ability to qualify for mortgages later on?

No. Making payments on student loan debt gets you a credit history, which is a big plus. Having a history of paying timely also helps.

It might hurt you if it ate up too high a % of income.

[RandomGuy]

If you have the opportunity:

Get a VA guaranteed loan as a vet. It is a sweet deal.

[vy65]

It's just the job I'm in line for right now, not what I plan to be doing for any significant period of time. A recent bar taker is just in a very awkward time period to be job hunting. I'd get more aggressive on the hunt once I get results. This job will keep bills paid for the time being, and the pay reflects the work. Boring as and out of the office by 6. I'm ultimately looking to get into PD work but it's hyper compe ive in LA county. We'll see.

Yeah I'm willing to deal with any state besides Louisiana tbh. With any luck she'll get into a CA school. She has the grades and a strong CV, it's up to her performance on the mcat this spring tbh.

Will having a loan around my neck, virtually in perpetuity, be a significant drawback on my credit or ability to qualify for mortgages later on?

I wouldn’t suggest even thinking about another job until you get your bar results, but you’ll know in a week or two as they always come out the first week of November (at least for NY and TX).

I’m with you on having a job to pay the bills, but keep in mind that once you start practicing, school matters less and less and experience (and an eventual book) matters more and more. You’re years away from needing to have a stable of clients, but assuming you want to do litigation (PD? Personal defense?), being able to tell a prospective employer that you’ve taken X many depositions, have argued Y many motions, and tried Z many cases is what will distinguish you from everyone else. Again, this starts mattering after a year or two of practice, but it may take that long before you can get some bites on another job. In the meantime, I’d try focusing on getting the most out of your job experience wise and not necessarily treating it as an 9-6.

And I wouldn’t sleep on Lousiana. It’s a niche area because of the Civil Code bull , and there is a ton of work to be had there. Not that I’d wanna practice in a place like Baton Rogue, but I think it more useful than say, Wisconsin or Tennessee.

[vy65]

+1. Solid advice.

My student loans clock in at around 3%, with ONE exception at about 6.7%. I am in no hurry to pay any of it back.

Can’t you also deduct student loan interest too? Or did I make that up?

[spurraider21]

I wouldn’t suggest even thinking about another job until you get your bar results, but you’ll know in a week or two as they always come out the first week of November (at least for NY and TX).

I’m with you on having a job to pay the bills, but keep in mind that once you start practicing, school matters less and less and experience (and an eventual book) matters more and more. You’re years away from needing to have a stable of clients, but assuming you want to do litigation (PD? Personal defense?), being able to tell a prospective employer that you’ve taken X many depositions, have argued Y many motions, and tried Z many cases is what will distinguish you from everyone else. Again, this starts mattering after a year or two of practice, but it may take that long before you can get some bites on another job. In the meantime, I’d try focusing on getting the most out of your job experience wise and not necessarily treating it as an 9-6.

And I wouldn’t sleep on Lousiana. It’s a niche area because of the Civil Code bull , and there is a ton of work to be had there. Not that I’d wanna practice in a place like Baton Rogue, but I think it more useful than say, Wisconsin or Tennessee.

PD being public defense. It's the best way to get trial work besides doing bull unlawful detainers for deadbeats. Much rather get my paycheck from the state than chasing some broke with a lien

[vy65]

PD being public defense. It's the best way to get trial work besides doing bull unlawful detainers for deadbeats. Much rather get my paycheck from the state than chasing some broke with a lien

Public defense as in you’ll be a public defender? Why not flip onto the other side as a prosecutor? Don’t want to start by trying DWI’s?

I don’t know much about that side of the practice other than you can break over onto the civil side pretty easily in a couple of years. You’ll have a load more experience than some random third year Latham associate. And you can make your money then, assuming that’s what you wanna do.

[vy65]

If not,

[spurraider21]

Public defense as in you’ll be a public defender? Why not flip onto the other side as a prosecutor? Don’t want to start by trying DWI’s?

I don’t know much about that side of the practice other than you can break over onto the civil side pretty easily in a couple of years. You’ll have a load more experience than some random third year Latham associate. And you can make your money then, assuming that’s what you wanna do.

Prosecution definitely has its advantages. Better political connections, and an easier path to the bench for those that want it. I prefer the defense side though, just personally.

And don't get it twisted, public defenders start with dwi's too

[InRareForm]

Amazon up a cool $122..no big deal

[Spurtacular]

I personally wouldn't invest money I planned on spending in 12 months just in case the market goes down. Now if it was 3 years or more, sure.

I can see that. I still may take the risk in a diversified manner.

[Spurminator]

Amazon up a cool $122..no big deal

Pretty good NASDAQ day all around. Amazon, Google, Apple, Facebook...

[RandomGuy]

Can’t you also deduct student loan interest too? Or did I make that up?

It is currently deductible yes.

[rmt]

This is my take:

1. Under no cir stances, do you have a child until you're financially stable.
2. I would put away $10k for emergencies - if your car breaks, etc.
3. Study very hard and pass that bar exam.
4. Stay in Texas - you have excellent medical schools in TX and med school tuition is VERY cheap compared to everywhere else.
5. Once you pass the bar, find a higher paying job. I don't think easy and stable is good in this situation.
6. Eat at home (cheap and healthy) - brown beans and rice, whole wheat bread and peanut butter, etc.
7. I suggest that you start following bit coin - it is VERY volatile but I think it's here to stay and will only go up (look at its history) but because it is volatile, trying to time it is very difficult but I don't think it's gonna disappear or anything like that. It went over $6k and will most likely get back there. Study the ebbs and flow of it eg. on 8/31, it was at $4745 - dropped to $3530 on 9/15 and hit $6006 on 10/21. Don't try to hit the highs and lows and don't get greedy but you can definitely do better than 5-8% and keep your money "liquid" (meaning working for you instead of paying off a small part of your loan). Keep track of what you start with and as long as you make a better % (accounting for the tax that you must pay), keep on investing.

This is what I would do if I were in your position. Take or leave whatever you like - good luck.

From a day before this post to today - $5615 to $6585 today - a 17.3% increase in 8 days - just more wow.

[rmt]

From a day before this post to today - $5615 to $6585 today - a 17.3% increase in 8 days - just more wow.

And it hits $7k!

[RandomGuy]

Pretty good NASDAQ day all around. Amazon, Google, Apple, Facebook...

Stock buy backs.

The ed up thing about this trend is they are gradually removing shares from the overall system. Meaning the ultimate correction, when it comes, will be worse, because fewer shares sloshing around means that any given unit has more of an effect on the index. Thinner market = more volatility

Might be interesting to see just how many shares out of the total at these companies have been bought back in the last 10 years.

[RandomGuy]

This is my take:

1. Under no cir stances, do you have a child until you're financially stable.

Disagree. Wife and I waited until we were in our early 30's, and still in school. Waiting too late gets you into the territory of increasing risks to the child from all sorts of things, as well as risks to the health of the mother in carrying the child.

When the decision is "money" or "risk to health", the decision is a lot harder to make. How do you price out the risk of life long harmful mutations to offspring?

"no cir stances" is too narrowly put.

Put it off as long as you can, while you are too young to afford them. But don't wait too long. My kids got to know what it was like being pretty poor as we were working our way through school, which was probably a good eye-opener for the value of education.

[rmt]

Disagree. Wife and I waited until we were in our early 30's, and still in school. Waiting too late gets you into the territory of increasing risks to the child from all sorts of things, as well as risks to the health of the mother in carrying the child.

When the decision is "money" or "risk to health", the decision is a lot harder to make. How do you price out the risk of life long harmful mutations to offspring?

"no cir stances" is too narrowly put.

Put it off as long as you can, while you are too young to afford them. But don't wait too long. My kids got to know what it was like being pretty poor as we were working our way through school, which was probably a good eye-opener for the value of education.

Look, you do what you want - he asked for advice and I gave it. I didn't have my first until I was 34. My 2nd and 3rd they wanted me to take that amnio test and I refused. My dh's cousin took the amnio test, it punctuated whatever and she's childless today. My neighbor had a severely autistic child when she was 25 years old. You don't know what's going to happen but being financially stable while having kids sure takes a lot of stress off a marriage.

[Xevious]

I think emotional maturity is a better measure of when you're ready for kids than money. Contrary to popular belief, kids aren't that expensive.

[RandomGuy]

I think emotional maturity is a better measure of when you're ready for kids than money. Contrary to popular belief, kids aren't that expensive.

+1

Expensive enough.

[Xevious]

+1

Expensive enough.

It depends on the parents more than anything. If you use daycare, buy expensive clothing, sign them up for pricey activities, etc then yeah they're expensive. My oldest knows what it's like to be poor, we are in a completely different situatiin now, but still live frugally.