Debt Dumpers - 2018

[Jen and Ashwin]

Step One: Stop reading our horror stories about the bar exam

Congrats on your upcoming graduation! I think most of us here are in public interest. I also have six figures in student loans and am participating in the public service loan forgiveness program. If you have any questions about it, I'm happy to help! I'm up to month 33 of my 120 payments.

I agree with @DisneyMandC, stop reading our horror stories. The bar exam is definitely not a cake walk, but I think most people that can make it through law school with decent grades can also pass the bar exam on the first try.

And congrats on your impending graduation! I was really happy to finally be finished. My boss and I have a little joke. We don't trust anyone who says that they enjoyed law school. It isn't meant to be fun. But I do love my job. I just got off a webinar where I presented on developing data use agreements for public health agencies with a group of national public health practitioners. The questions were great and I like to think that what I presented will be useful in improving data sharing and as a result, improving the health of their communities.

 

[Ngwira]

Hi! I have lurked on here for awhile. I didn’t realize so many of you were lawyers. I will be graduating law school in a few months with six figures of debt and I got 120k in scholarships for law school. My parents also paid for my undergrad along with scholarships. I hope to get a public interest job and get on income based repayment and have my debt forgiven in 10 years. Still looking for a job though. I am super nervous about the bar; I’m taking it in July. Thankfully, my parents covered the cost of a review program.

Good Luck on your upcoming bar exam. In which state will you be sitting for the bar exam? I'm also in public interest law, although I'm not doing the PILF program.

 

[Eureka]

Never so happy after reading these stories to NOT be a lawyer, lol. No qualifying exams to pass for what I do .

 

[Sarah'sMomfrom PA]

I feel your pain even though my daughter isn't a lawyer, she is a pharmacist and has a doctorate in Pharmacy (6 years) and got a job at a major chain in Virginia (we live in PA)--she took the exam in Roanoke and we stayed at a hotel in Roanoke so that she could relax and not stress....didn't happen....she was a nervous wreck and sat for the 6 hour exam the next day and when she walked out of the exam, I asked her how she thought that she did and she started to cry and said that there was no way that she passed the exam and what was she going to do since she has $249 K in student loans and she wouldn't be able to work as a pharmacist and how was she going to pay her loans. It was a long ride home to her apartment from Roanoke (well only 1 hour) because she cried the entire way home and when she got back to her apartment, she shut the bedroom door and I didn't see her until that night. I just gave her the space she needed and told her that I thought it would be fine (even though she disagreed). She had to wait a few days for the results and they were supposed to be posted in the morning of a certain day and they never got posted until late afternoon. I was never so glad to get the phone call from her! Then she had to take the Virginia law exam 2 weeks later but she said that this part wasn't that bad.

My point is to enjoy the rest of your college experience because I am sure that you will do fine. Congratulations on your accomplishments!

 

[DisneyMandC]

she took the exam in Roanoke and we stayed at a hotel in Roanoke

This is where I took my bar exam as well. My non-lawyer friends think I'm joking when I say I'm never setting foot in Roanoke ever again!

 

[speedyfishy]

I agree with @DisneyMandC, stop reading our horror stories. The bar exam is definitely not a cake walk, but I think most people that can make it through law school with decent grades can also pass the bar exam on the first try.

And congrats on your impending graduation! I was really happy to finally be finished. My boss and I have a little joke. We don't trust anyone who says that they enjoyed law school. It isn't meant to be fun. But I do love my job. I just got off a webinar where I presented on developing data use agreements for public health agencies with a group of national public health practitioners. The questions were great and I like to think that what I presented will be useful in improving data sharing and as a result, improving the health of their communities.

Thank you! I have hated law school. I am still trying to decide if I want to actually practice law. It is encouraging to hear stories where people did not enjoy law school, but are doing meaningful and enjoyable work.

Good Luck on your upcoming bar exam. In which state will you be sitting for the bar exam? I'm also in public interest law, although I'm not doing the PILF program.

Thank you! I am planning to take the bar exam in my home state which is NY. However, I am a visting student for my last semester in the DMV area because my significant other moved here for a job. I hope to waive into DC after passing the NY bar.

 

[DisneyMandC]

We don't trust anyone who says that they enjoyed law school. It isn't meant to be fun. But I do love my job.

Thank you! I have hated law school. I am still trying to decide if I want to actually practice law. It is encouraging to hear stories where people did not enjoy law school, but are doing meaningful and enjoyable work.

Seconded, to all of this. I hated law school. The only part I actually enjoyed was law review because I was writing and editing all the time. I got a job where all I do is write appellate briefs and edit other motions and never actually appear in court. I love it, and honestly hope I can stay here until I retire!

 

[Sarah'sMomfrom PA]

This is where I took my bar exam as well. My non-lawyer friends think I'm joking when I say I'm never setting foot in Roanoke ever again!

We go to Roanoke quite a bit because my daughter lives outside of Lynchburg (Forest, VA) and we either go to Roanoke or Charlottesville (love Trader Joe's) but at least I got to stay at the hotel that looks like a castle in Roanoke and they had a huge front porch with rockers so I sat out there and that particular day, the Miss Virginia pageant was being held at the convention center so I enjoyed watching all of the divas strolling in and out. We drove over to the testing site and I figured that I would only be there for a little while so I brought a book to read and little did I know that I would be sitting in that darn car for over 6 hours in the hot and humid summer that is June in Virginia. Do you live in Virginia?

 

[bababear_50]

Oh my gosh I am like a fish out of water right now.......
swim said the mama fish just swim...
I do wish I had paid more attention in math class.
Ok I went to see a financial advisor at RBC Royal Bank Canada.....
You know when I am teaching my kids something and they get that glazed look about them....like they are inside their video game and haven't heard a word I've said....well that is what happened to me///...I kept zoning out,,,thank goodness he gave me some written info but I still don't understand 3/4 of what he said.
When I considered buying my DVC (Disney vacation Club) timeshare it took me 2 1/2 years of research before I bit the bullet.
And then I only bought resale and paid cash and only small contracts till I got the hang of it. Partly because my dad was dead set against timeshares...I've never looked back and love my DVC.
All I know is I want NO RISK to any of the principal I have and would be ok with a small % of interest,,,,look I am 58 and think I'd like my stuff to be a bit fluid,,(as cash)....but he kept talking about inflation and the future.
I really don't want to pay someone a (MER) fee to handle my portfolio.
Thoughts and ideas are welcome
I will take it slow and learn...........
Hugs Mel

 

[Jen and Ashwin]

Oh my gosh I am like a fish out of water right now.......
swim said the mama fish just swim...
I do wish I had paid more attention in math class.
Ok I went to see a financial advisor at RBC Royal Bank Canada.....
You know when I am teaching my kids something and they get that glazed look about them....like they are inside their video game and haven't heard a word I've said....well that is what happened to me///...I kept zoning out,,,thank goodness he gave me some written info but I still don't understand 3/4 of what he said.
When I considered buying my DVC (Disney vacation Club) timeshare it took me 2 1/2 years of research before I bit the bullet.
And then I only bought resale and paid cash and only small contracts till I got the hang of it. Partly because my dad was dead set against timeshares...I've never looked back and love my DVC.
All I know is I want NO RISK to any of the principal I have and would be ok with a small % of interest,,,,look I am 58 and think I'd like my stuff to be a bit fluid,,(as cash)....but he kept talking about inflation and the future.
I really don't want to pay someone a (MER) fee to handle my portfolio.
Thoughts and ideas are welcome
I will take it slow and learn...........
Hugs Mel

He probably was giving you some reasonable advice. You don't want to keep your nest egg in cash because it will basically loose value to inflation over time.

This is a simplistic example, but it gives the general idea. If you put $100 into a money market that earns 1% per year, then you would have $101 at the end of the year. But if inflation goes up by 2% per year, then your buying power has decreased. What might have cost $100 at the start of the year could cost $102 at the end of the year. You no longer have enough money to purchase that item because you lost value to inflation.

You want to invest in things that will, at the minimum, hold value with the inflation rate. But generally, this isn't a great strategy either since most people need to earn above inflation in order to ensure that their nest egg lasts throughout their retirement. At your age, you will definitely want a more conservative mix of assets, with more invested into bonds than stocks, with some cash reserves. But I would definitely not keep your entire nest egg in cash. You will end up running out of money too quickly once you do retire and would be solely dependent on government pensions or assistance.

 

[DisneyMandC]

We go to Roanoke quite a bit because my daughter lives outside of Lynchburg (Forest, VA) and we either go to Roanoke or Charlottesville (love Trader Joe's) but at least I got to stay at the hotel that looks like a castle in Roanoke and they had a huge front porch with rockers so I sat out there and that particular day, the Miss Virginia pageant was being held at the convention center so I enjoyed watching all of the divas strolling in and out. We drove over to the testing site and I figured that I would only be there for a little while so I brought a book to read and little did I know that I would be sitting in that darn car for over 6 hours in the hot and humid summer that is June in Virginia. Do you live in Virginia?

I know exactly where Forest is! I actually have a couple friends who live there. And I know exactly which hotel you're talking about, though I didn't stay there. Our bar exam is actually held in the convention center. 600 of us in one room, 400 in another (or thereabouts). I'm in Richmond!

 

[bababear_50]

He probably was giving you some reasonable advice. You don't want to keep your nest egg in cash because it will basically loose value to inflation over time.

This is a simplistic example, but it gives the general idea. If you put $100 into a money market that earns 1% per year, then you would have $101 at the end of the year. But if inflation goes up by 2% per year, then your buying power has decreased. What might have cost $100 at the start of the year could cost $102 at the end of the year. You no longer have enough money to purchase that item because you lost value to inflation.

You want to invest in things that will, at the minimum, hold value with the inflation rate. But generally, this isn't a great strategy either since most people need to earn above inflation in order to ensure that their nest egg lasts throughout their retirement. At your age, you will definitely want a more conservative mix of assets, with more invested into bonds than stocks, with some cash reserves. But I would definitely not keep your entire nest egg in cash. You will end up running out of money too quickly once you do retire and would be solely dependent on government pensions or assistance.

Thanks Hon
This should be a happy good time but I am struggling with it.
The "simplistic" formula you provided is great and helps.
I do have other retirement savings and a good work pension so I am trying to include everything.
I hadn't really considered CPP (Canada Pension Plan)and OAS(Old Age Security),into the mix but I guess I should.
I think I need a Disney vacation to unwind and relax (my countdown to Spring break starts tomorrow).Old Key West here we come!
Thanks for caring and sharing
Hugs Mel

 

[dayvewc]

Good news. Ish. Saw my deposit for my February check. With the tax change, I'm getting about $75 more a month. Now to decide what the best way to use this windfall will be ...

 

[MamaBelleRN]

Hi Debt Dumpers! If you would be so kind to send pixie dust and prayers my way tomorrow, I have my interview at 9:30am. I am confident that I have a lot to offer, but feeling nerves nonetheless. I’ll let you all know how it goes!

 

[dayvewc]

*Exasperated sigh*

Trying to file my taxes.

"The IRS hasn't finalized one or more of your forms. Once forms are finalized, you will be able to access this section."

Really wish I could just get this over with. I'd like to manage to buy mom's ticket while UCT still has some left at last years prices, and that is one of the earmarks for the refund.

 

[bababear_50]

Hi Debt Dumpers! If you would be so kind to send pixie dust and prayers my way tomorrow, I have my interview at 9:30am. I am confident that I have a lot to offer, but feeling nerves nonetheless. I’ll let you all know how it goes!

Hi Hon
You are going to shine tomorrow. Best wishes!!

here's a little Pixie Dust just for you!

Hugs Mel

 

[bababear_50]

Good news. Ish. Saw my deposit for my February check. With the tax change, I'm getting about $75 more a month. Now to decide what the best way to use this windfall will be ...

Hmmmm...... I am the worst one to suggest the use of a windfall cause I have "I need more DVC points" on my brain right now.
But congrats on your windfall Hon!
Hugs Mel

 

[dayvewc]

Hmmmm...... I am the worst one to suggest the use of a windfall cause I have "I need more DVC points" on my brain right now.
But congrats on your windfall Hon!
Hugs Mel

Oh, I definitely suffer from "add-on-itis". Luckily, it's not an acute case (yet). But, I met with the state retirement representative today. Planning for that day in 13-17 years when I can hang up my chalk stick, and I may need many, many more points then.

 

[belleelc77]

Hi Debt Dumpers! If you would be so kind to send pixie dust and prayers my way tomorrow, I have my interview at 9:30am. I am confident that I have a lot to offer, but feeling nerves nonetheless. I’ll let you all know how it goes!

Good luck.

 

[mommy2mrb]

Able to make extra payment on CC yesterday!


Excited that I signed all the paperwork last week on our new home in MA. Got everything picked out.
Getting a few things packed up today in my condo to make cabinets and closet more spacious. 6 weeks to go before putting it on the market.

Next 3 1/2 months are going to be crazy between the condo prep, packing DD graduation, party and oh yeah, work! Also quick get away this weekend TO Portland OR and spring break in MA.