Update Time
When I last posted here I was seeking advice and had no clue what I should do. My how a few months can change things...
I just received my financial aid package and it contains a >$32k/yr grant (WOW!) as well as an $8k/yr Perkins Subsidized loan. My savings has also nearly doubled since we last spoke, up from $56k to $110k. By the time I leave for school this should be at ~$120k! With my frugality, savings, grant, and future summer earnings I should be able to graduate pretty damn close to debt free!
Needless to say I will be attending law school in the fall and couldn't be more excited!
In the spirit of this forum, I decided to get creative with my employer this week. I proposed going part time when school starts in order to manage an ongoing project that no one else wants to do, but I can practically complete in my sleep. Fingers crossed that my proposal is accepted because that would be an extra $30k/yr in wages, not to mention the benefits!
My longterm goals have also come more into focus more since my original post (as much as possible for an 0L), and while being a professor is certainly still a longterm goal of mine, there are a number of potential legal careers that excite me if that doesn't pan out.
I can't thank you all enough for helping me think clearly about this decision, as well as taking the time (in other threads) to teach me efficient financial strategies.
[end edit]
[OP]
Hi Mustachioed Folk,
I need to decide between attending law school v. staying at what is a pretty incredible first job. The law school is one of the Top 3. While I’m very fortunate (...lucky/fully understand I’ve effectively hit the life lotto multiple times) to be in this position, the decision itself is really stressing me out. I’d appreciate your input on how you’d make this decision and your opinions on what to decide.
The background: I applied to both jobs and law schools my senior year of college in hopes of landing one, and ended up landing both. My law school granted me a 2 year deferral to work and save money.
My job: I was very fortunate to be selected for a program where I get to try different jobs over ~3 years before settling in. The pay is more than I thought I could command out of college and the benefits are incredible. My employer provides a litany of pro-mustachian benefits without me having to work insane hours.
My finances: Current net worth: $56,000, no debt. I invest/save $4,000/month net, excluding year end bonus and company stock which are roughly $7,000-$10,000 (gross) yearly and $15,000 (gross) yearly at the current stock price, respectively. I max all tax advantaged accounts except my HSA, since if I decide to leave for school I will need access to money for expenses. My gross base salary is around 60k and I receive a generous 401k match, which, in combination w/ frugality is how I’m able to save ~80% of my gross base salary.
My goals: 1. Be happy 2. Maintain a healthy work-life balance during my working years 3. Become a professor (preferably a law professor, which is why I initially applied to law school). (note: becoming a law professor is incredibly competitive and far from guaranteed even if a hopeful applicant does everything right)
My apprehensions: 1. A fear of being laid off during the next downturn and looking back with regret at not furthering my education in a subject I find interesting at a widely respected/competitive program. 2. Alternatively if I choose to attend, I will be 30 y/o with a net worth similar to what I already have, but with a kid on the way, and facepunching myself for taking out debt for school instead of supersaving my way into an early retirement spent with my soon-to-be kid. 3. That if I go to law school, due to debt, which I foresee being in the low $100,000s (since I will have ~100,000 saved by the time I’d start), I will either have to take a soul-sucking corporate law job because it pays enough to service my debt, or take a job that pays less than the one I currently have in order to get loan forgiveness after 10 years - both of which sound incredibly depressing given my current life.
Other options: Keep working for ~the next decade then apply for a funded PhD that interests me, since I will likely be FI by then, and start the path to academia a bit later. My issue w/ this option is given that I know I ultimately want to be a professor, why put it off given how quickly life’s circumstances can change.
So, what would you do in my position and how would you arrive at your decision? Thanks! This site and forum have already improved my life and increased my knowledge so thanks for that too!