Punching my student loans in the face

[fsohn]

I've been lucky enough this year to get two raises.  My base salary has gone from $190,000 to $250,000, through literally none of my own work, thanks to the magically irrational market for legal talent.

But it literally cannot last.  I like the folks I work with, but it is a soul-crushing job in more ways than I care to recount.

So I've decided that the time has come to buy my freedom.  I have refinanced my loans with SoFi, and got their lowest rate (2.2% variable with autopay, down from 4.96% fixed), and my total remaining balance on all my student loans is $98,956, out of original disbursements of $177,425 that ballooned to over $220,000 due to deferments caused by difficult finding a job.

I have decided that I will pay it all by the time I turn 31 -- 275 days from today.  I will do it while fully funding my 401K, and I will do it while punching all the stupid crap in my life in the face.

Wish me luck!  I'm documenting it all at the blog in my signature.

[clarkfan1979]

Good luck!

[boyerbt]

Good Luck - what are your other reoccurring expenses? How much are you able to cut back to make this happen?

[Nick_Miller]

Sounds like a plan to me! I'm a decade older than you (also an attorney) with still sizable student loans and you do not want to be me.

Punch the loans in the face (assuming they have a face) and then sweep the leg (again, assuming legs) for good measure!

[hucktard]

Good luck. At your salary, you will be FI quick if you really try. You could probably have a 75% savings rate if you wanted to.

[fsohn]

Thanks for the support, folks.

My recurring monthly expenses are all fairly low (at least for Chicago, where I live).

$925 rent
~$125 for all utilities (gas/electric/internet -- phone bill is paid by my job)
~$250 for food
~$45 for dry cleaning and laundry
~$30 for car insurance
~$100 for eating out (only with friends!)
~$100 for commuting via public transit (pre-tax)
~$50 for books (bad habit I can't and don't want to kick)
~$50 a month on random doodads I find interesting on Amazon or elsewhere

Other than that, the occasional splurge on random things (tennis court fees when it is too disgusting to play outside, gifts/charitable donations), but I've really got it pretty much dialed down.  And the more I dial it down, the more I realize that I need very little.