Net Worth 2007

[windsurf]

Another lawyer here. 25 years in practice on the defense side (hourly billing, no mammoth contingent fees). At 45, told my wife 10 more years. At 55, I put in my two year notice with my partners. Lots said they wish they could do it but most have an addiction to clubs, bmw's, and the need to hang onto the professional image. Some in their fifites also have new wives and young kids. Hope to not have to touch my mil until it's, hopefully, 2 mil in 10 years. The house may or may not have market value beyond what I have in it but at least it's all mine. My advice to ayoung lawyer. Maintain impeccable ethics, always overprepare, find some things to feed your soul that don't have anything to do with practice, and keep sight on your goal of FI. It will help you fend off the impulse to spend your way into conformity.

 

[Gumby]

..

 

[Nords]

[
It's still a heckuva long way from the bottom rack, the midwatch EOOW, and the weekend duty... but those experiences are what give you the sense of perspective to stay in the same house and to drive a 14-year-old car.

 

[justin]

It's a recurring theme among my 20- and 30-something coworkers. Pretty much all of them either just sold their houses and built/bought new (much larger more expensive) homes, or they are planning on it soon. I think the thought process is "I can do it, why not? A house is a great investment, right?". They live in their old house 3-5 years, pay down the mortgage a little (maybe make some extra payments), the house appreciates a bit, and all of a sudden they are sitting on $50000-75000 in equity. This equity is viewed as prime material for a downpayment on the next house. After all, with that kind of money, you can get a $250000-375000 house with 20% down. Around here that gets you a nice house (on the low end) or a McMansion on the high end of the range.

 

[kcowan]

Both dad and mom were frugal. Dad had 5 cars during my lifetime. Same house and cottage. RE was their best (only) investment. But over 55 years, the annual returns were modest.

As the youngest son, I had the benefit of a Masters degree and a great job with a successful US multinational. Four houses (relocation paid by the company) until last one. 7 cars (plus DW at 6).

I had bigger houses (and mortgages) and fewers cars, toys and memberships than my peers. We get our identity out of who we are not what we have. I think this is the one apsect that can enable FIRE.

 

[Jake46]

Zman, Lex & Windsurf offer good advice to young lawyers. I practiced for 15 years as a partner with a heavy litigation practice. I made great money and spent all I made trying to emulate the lifestyles of my partners. I had a hard time leaving the confrontational lifestyle at the office and was divorced. 10 years ago, I re-married and moved in-house as general counsel of a Fortune 1000 company. I spend a heck of a lot more time with my family, live well below my means and saved the proceeds of stock options . I will be retiring in a few months at 60.

 

[mickeyd]

I think that there should be a metric that measures all of your assets, but not your residence, its contents, nor your automobiles. This, I believe , would indicate a more realistic way to measure if your spendable assets increased and by how much (ever the bull, I never think it can go down).

Maybe there is such a metric and I am just not aware of it.

 

[Moemg]

I'm an R.N.. Top salary $55,000 .My six years as a single Mom taught me to save ,save ,save .
Have always lived below my means . Retired two months ago with a seven figure net worth.

 

[wabmester]

I think that there should be a metric that measures all of you assets, but not your residence, its contents, nor your automobiles. This, I believe , would indicate a more realistic way to measure if your spendable assets increased and by how much (ever the bull, I never think it can go down).

Maybe there is such a metric and I am just not aware of it.

You could start another poll to measure "liquid net worth" if you want, but I figure all assets are available if you really need to liquidate. And downsizing is certainly popular, which frees up a bunch of home equity. Of course, you could always pull a Nords -- borrow against your home equity to invest in stocks.