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Future plans...Law School??! Sound advice welcome. - Page 3

post #31 of 41
Thread Starter 
I think we've established how you have zero loan debt; multiple internships at $20/hour. As the other poster stated, this makes you the exception not the rule my friend. And judging by your suggestion I move in with parents to pay down my loan debt, I'm going to take a shot in the dark that this is what you've done. Which is fine, but I remind you that moving in with parents is not an option for a lot of people, including myself.

I've worked full-time out of necessity since 19 years old; no help from parents; no subsidization from anyone, including the U.S. government. I'd rather starve than take a welfare check. When you factor in the cost of rent, food, and transportation on a less than $20/ hr salary, while I've attended school, I think you can easily see how I have loan debt and you do not.

I say all this just to offer you a broader sense of what's happening in the world. Your perspective appears limited to a "me, my, mine" philosophy. Like I said, marginally useful.
Edited by MonMornQB - 10/24/12 at 8:33am
post #32 of 41

Graduated with 64k in debt, that's after parents paying for 25k and half covered by scholarship. Worked 20 hours a week part time through school, got a shit job right out of school, was able to hop to a good one, and paid of my debt in 3 years and did a lot for my CV research wise. I worked my ass off.

 

I'm lucky in my genetics (parents with a phd and a masters), and I'm lucky I met certain people with certain connections, and I'm lucky to come from an upper-middle class household which encouraged independent thought. I'm lucky I was put in circumstances which required me to develop a work ethic.

 

People who work their asses off and are intelligent tend to be luckier, and that's not a coincidence. People make their own luck often enough.

 

OP, good luck with that debt. If moving in with your parents is a possibility, I'd do that and get it to a manageable level. I would not take on more debt. There are some PhD programs out there that'll give you 30k+ as a stipend, but unless you've managed to publish, those will be a reach. I also wouldn't pursue a PhD unless you are really sure you are academically inclined (as in, you want to teach and research for the rest of your life), in which case just make sure you get into a program that offers you a tuition waiver...any program lacking the funding to waive their tuition is not a program you want to attend.

 

As far as MBAs, CC is right. Your sister might have awesome GMAT scores and got a rec letter from a well connected prof or just got lucky. But I wouldn't count gamble on that happening a second time. For the top MBA programs, work experience is all but a requirement (there are some exceptions). If you really want to get an MBA, I'd look at it as a long term project. Don't plan on attending a program in the next two years...instead work on making yourself the kind of candidate that the program of your choice would want. Attempt to find work abroad...I think that's the biggest thing.

post #33 of 41
Quote:
Originally Posted by Mon
I think we've established how you have zero loan debt; a $20/hour internship two years in a row folowed by a gig making $24/hr. As the other poster stated, this makes you the exception not the rule my friend. And judging by your suggestion I move in with parents to pay down my loan debt, I'm going to take a shot in the dark that this is what you've done. Which is fine, but I remind you that moving in with parents is not an option for a lot of people, including myself.
I've worked full-time out of necessity since 19 years old; no help from parents; no subsidization from anyone, including the U.S. government. I'd rather starve than take a welfare check. When you factor in the cost of rent, food, and transportation on a less than $20/ hr salary, while I've attended school, I think you can easily see how I have loan debt and you do not.
I say all this just to offer you a broader sense of what's happening in the world. Your perspective appears limited to a "me, my, mine" philosophy. Like I said, marginally useful.


nope.  My school was much more expensive than any school in Kansas, most likely even back then than how much your school costs now.  It was CHOICES and SKILL, not luck that made me debt free within a year.  Multiple internships paying at least $2X/hr.  Also, you have to factor in that this is $2X an hour in an area where the cost of living is MUCH MORE than in Kansas.  $2X is good for a student even where I was, but keep in mind this was not in Kansas.  Upon graduation, I could have lived in the Bay Area or Washington state for a job.  Given that most of my family and friends were in California, I wanted to be in California.  But the cost of living in Washington is much cheaper, and I could save a lot of money living there.  Coupled with the fact that my first job upon graduation paid me $7XXXX a year, I was able to pay off my debt in less than a year.  I did not move in with my parents after graduation.

 

By the way, what business school did your sister attend?  Did anyone you know without work experience get into a top 20 b school?

 

But yeah, me and everyone I know is a complete idiot.  We don't know jackshit, so don't listen to us.  Post your ill researched questions on a style forum.  Go pay six figures for law/business school.  Hey, it doesn't matter that you'll probably end up at a second/third rate business or law school, you'll be making tons of money straight out due to luck right?  You'll be working at the likes of Latham & Watkins or Bain Capital!  And by the way, the partners and managing directors at those firms?  All luck.  Hard work and intelligence are WAY overrated.


Edited by CushyCouture - 10/24/12 at 8:49am
post #34 of 41
Somebody has a huge ego. I'm surprised it can fit on the internet
post #35 of 41
Regardless, CC is also right in that he chose a field with high demand. That isn't luck, that is brains. Choosing law, even four years ago, maybe not the right choice.
post #36 of 41
Thread Starter 
I think CC's last paragraph was the most useful advice he's offered. Thank you. Feel free to leave the stage at any time. The lights are off sir.
post #37 of 41
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post #38 of 41

These days, if you do not have job prospects already in place before you attend law school, there is no point in going down that road unless you can go to a top 10-15 school.  This does not mean that you cannot do well (either in terms of getting a job you want and/or a high-paying job otherwise), but the odds of this decline pretty precipitously outside a top 20 or so law school.  And no matter how much you plan to study to get the grades, law school grades are based on a single final exam for each course and therefore one cannot plan on getting mostly A's simply by studying a lot.  Almost everybody will be studying a lot.  There are almost certainly better ways to spend that tuition money.  If you are interested in law-types of things, I would highly suggest obtaining a CFE (Certified Fraud Examiner) credential and apply for bank compliance jobs. The CFE isn't necessary, but it would help someone without any prior experience.  This field has exploded since 9/11 -- especially Anti-Money Laundering compliance -- and banks continue to be served with C&D (cease and desist) orders, which necessitates more restructuring and more hiring in their compliance departments.  You won't make as much money as an attorney, obviously, but base salaries start around $55-60K and can go up to around $150K-$170K at the Sr. VP level.


Edited by urgo - 10/28/12 at 10:14pm
post #39 of 41
How much do you think 90% of Attorney's make at entry level? The answer: 50-60K
post #40 of 41
Quote:
Originally Posted by MonMornQB View Post

II'm a 28-year-old college student who graduates next year with a degree in Legal studies.

What type of employment would best utilize the skills I do have and allow me to earn a decent living? Thanks.

Any college counselor that advises someone to major in "Legal Studies" is an idiot.

It's a useless degree.

Spend some more time in school and get a degree that's useful. There is no type of employment that will best utilize the "skills" obtained through a Legal Studies degree.
post #41 of 41
I would skip law school altogether given the various reasons already stated and focus on building a resume. Every company has some form of a legal, compliance, or contracts department where a law background would appeal to the work being done there. Alternatively, any sort of white collar job in this economy would do you well. Most people fall into their career by chance, by taking whatever they get, rather than following some discreet plan like you're trying to do. The JD will always be there if you want it but the iron is pretty cold so don't be so keen to strike.
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