Okay, this is just a little bit of me thinking out loud.
According to the Direct Loan site, my current payoff amount (that’s principal outstanding balance plus interest) is $89,178.15. Starting next month, I’m going to start paying down my interest. I’ll be able to do this since I have a part time job as a research assistant, and I have a loan surplus because I really borrowed too much in the first place. Before I begin this little endeavor, though, it’s important that I be aware of my past financial mistakes so that I can put everything in perspective.
Now, I’d love to have financial records stretching back into my toddler years, but as far as I’m concerned the day I started law school is the day my financial life started. Everything before that is a dark and brutal prehistory.
Financial Prehistory
College was a mess; I had plenty of work-study income coming in, but I also had plenty of alcohol to drink and inconsequential shit to buy. Fortunately my $160k+ undergrad tuition was taken care of by financial aid, a college savings account, and my Dad. I did work at a relatively normal job for a year after college, if normal means growing bacteria and neurons, dissecting rodents, and using things too small to see under a microscope to mess with more things too small to see. And that normal job paid; not super well, but well enough. Of course, over the course of that year and the subsequent year of traveling and studying abroad I spent the entirety of that salary.
So I considered myself at net zero worth at the start of law school. Loans, of course changed that. But I had nevertheless entered into a more stable financial time and the matter of borrowing and spending started to claw at corners of my awareness. Rather then my accounts being a sort of black box, I would note my statements and try and keep aware of what I was doing, even if I wasn’t changing my behavior. Eventually, I joined Mint.com (before it was acquired!) and got everything centralized (by everything I mean my loans and my one checking account).
The Grand Total Thus Far
Despite all this, I’d never really gone through my overall financial situation step by step. Well, I have now, and here’s the big picture, the Total indicated below is the total spent aside from school tuition:

So on the positive side, about a third of the tuition (which more or less comes out to $45k a year) was paid for through my school scholarship and a few other school related credits. Also, over the course of two years I have had a small $8k income that came in through my research assistant gig and gifts.
Nevertheless, the huge problem here is that I spent $31k in these two years. That may not be a lot, compared to some average middle class or upwards person, but I think that in my position thirty grand is excessive. Now, not all of that was waste. I had books to buy, rent to pay, a summer program to attend, plane tickets, patent bar prep materials, and so on. But I am more than certain that a painfully wasteful amount of it could have been avoided had I adopted a more frugal mindset earlier on.
In the Upcoming Year
As for this final year’s tuition and loans, I’ve taken out a total of ~$42,500, which will kick back a sum of about $12,000 for living expenses and such. According to my calculations for rent, I will spend at least $5,200 on rent, and will probably have to add a thousand dollars or so to that in order to cover utilities.
I’ll have to work out a budget for food, books, etc., but overall it looks like I’ll have a couple thousand left over at the end of the year. Part of that will be an emergency fund for post-graduation, or I’ll used a chunk of it to pay off more interest. We’ll see.
So, to sum up, I’ve got my big picture finances squared away, I’m working on a rough yearly budget for next year, and I’m planning on starting to pay down the interest once a month, with any and all income that comes into my bank account.
Ted Olsen: “…I’m sorry if I interrupted you.”
2010/08/08 by Jack Tego
Sourced from Think Progress. Ted Olsen on Chris Wallace’s show, discussing Judge Walker’s Prop 8 decision.
Boom, lawyered!
Definitely, my favorite bit started at the 3:45 mark. What an awesome technique, and his delivery of it was timed perfectly. Overall that was a pretty impressive display on Olsen’s part, although I’m not particularly surprised at the quality of the performance. After all, he was the plaintiff’s lawyer for the case, so all of that was probably sitting fresh in his mind, honed with practice and infused with zealous advocacy. No mere news anchor would have stood a chance.
For more amusement, if you click through to the Youtube comments you’ll find that there are three flavors of responses to the clip. Here’re some examples:
There’s also a sprinkling of a fourth:
Amen.
Posted in Social Commentary | Tagged chris wallace, fox news, judge walker, proposition 8, ted olsen, think progress, video, youtube | Leave a Comment »