Author Topic: Buys New Car in Anticipation of Getting a Job  (Read 2201 times)

MsChewieBear

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Buys New Car in Anticipation of Getting a Job
« on: September 09, 2015, 01:08:21 PM »
A friend of mine graduated from law school in May. She had no desire to be an attorney; she just went to law school because her mother is the type who wants to be able to brag that her kid is a doctor or lawyer. My husband and I attended the graduation ceremony. Afterward, we all decided to go to lunch (her mom paid for everyone, so no cost to us), and we agreed we would follow her to the restaurant since we weren't familiar with the area. We walk out to the parking lot, and here she has a new (used) car sitting there. She says, "I figured if I'm going to get a high-paying job, I might as well have a new car."

She hadn't interviewed or had any job offers yet, but she bought a used car for $21,000. Today, four months later, she said she's going to take a job as the sample lady at a local grocery store for $8 per hour to make some money while she looks for a better job. If she'd just kept the paid-off car she had, her monthly expenses would be so much less!

MgoSam

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Re: Buys New Car in Anticipation of Getting a Job
« Reply #1 on: September 09, 2015, 01:16:35 PM »
SMH. Did she take out loans to go to law school? I had an aunt of mine who's a magistrate demand that I go to law school a few years back because she thought law would be perfect for me. When I mentioned that it was $100k and 3 years her comment was to make my parents pay for it.

OF course, this is a women who lives off her parents who are extremely wealthy. They have 4 children that have all gone to private schools, live in a post part of town, and her husband drives  Tesla. They say they make good money off their daycare centers, but let's just say that I don't listen to their financial advice.

Oh, and their daughter that went to law school after college just dropped out for unknown reasons (I'm not going to pry into her affair so I haven't tried to find out) and is now working for her father's daycare center as a "supervisor."

MgoSam

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Re: Buys New Car in Anticipation of Getting a Job
« Reply #2 on: September 09, 2015, 01:19:46 PM »
Oh, I was at my cousin's wedding and hung out with two of her friends that I knew and one of them went to law school and works at a pretty good firm. She went to an out-of-state school and then law school and was joking with her fiance and another friend (who's getting her PHD in clinical psychology while her fiance is 30 and 5 years into getting his undergraduate degree in polisci) about how they should enjoy life because they won't ever be able to pay off their student loans.

The lawyer's fiance was asking me about how much things cost in Minnesota and mentioned that they are spending about $1600 a month in rent for a downtown Miami one bedroom apartment. Don't know if it is very close to their work, but I doubt it. I wish I gave them some unsolicited advice about finances because they are all very nice people, but I was rather tipsy at the time.

MsChewieBear

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Re: Buys New Car in Anticipation of Getting a Job
« Reply #3 on: September 09, 2015, 03:00:47 PM »
Yes, she took out some loans. I'm not sure of the exact amount, but I know it was more than $30K (which I realize is much less than many people take out for law school). She borrowed the rest from her mom. Her mom is not one to forget a debt, either!

* Sorry for the double post. I clicked Post, but the page wouldn't load for several minutes. I clicked it again, and apparently, the same post went up twice.

MgoSam

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Re: Buys New Car in Anticipation of Getting a Job
« Reply #4 on: September 09, 2015, 03:13:44 PM »
Yes, she took out some loans. I'm not sure of the exact amount, but I know it was more than $30K (which I realize is much less than many people take out for law school). She borrowed the rest from her mom. Her mom is not one to forget a debt, either!

Yikes, this is trainwreck. OF course, she may get a great job and find that law is her calling, but statistically that is unlikely, especially in today's job climate for new law school grads.

This is a reason why I made a decision long ago to live my life and ignore what family says (for the most part). My sister has 3 kids and is married to a famous professor that has tenure at a very well-known school. He earns a bundle consulting and knows a few world-famous people on a first-name basis, and my parents are very proud of him. My brother just became a parent, got a MBA from a top 10 program and his wife has a MBA from another. My parents are very proud of him. I don't know if my parents are as proud of me, but oddly they don't seem to be putting any pressure on me. They seem to be happy that I am happy.

They know of my plans to have enough to retire off of and seem relived that I don't plan on asking them for money, that I didn't hint for help in buying a house (they didn't offer and I didn't ask for any help other than for the couches that they have in a porch that they don't use), and also seem happy that I don't plan on having kids as they understand how much a commitment they are nowadays and know how little interest I have in children. I consider myself very fortunate to have the parents I have. They didn't even protest when I converted religions even though they felt a little shame in the family.