I’ve been spending some time with friends over the New Year. Most of them are attorneys a few years older than me. Many of them are very successful, e.g., newly-minted equity partners or on the fast track to partner. One female friend just had her second kid and is talking about buying a 3 BR condo in an expensive part of the city. Another male friend who made partner just bought $1.5M condo. Another friend bought a $70,000 weekend car. Meanwhile, I’m here in my low cost rental w/ roommate.
My friend who made partner is not sure if he wants to be partner for the long-run. Too much stress, I suppose. I suggested that a partner who makes $600K a year could probably save a ton of money after five years. I mean just limit spending to $50K, right and you can live off the savings. Everyone laughed. Really! Someone said that was basically impossible — he’s the guy with the two nice cars and a vacation home. The gal with two kids said I was dreaming. Someone else brought up taxes…even at 50%, you’re still saving $250K a year! I didn’t ask, but I assume that means they spend wayy over $50K a year. I didn’t mention that I only spend $27K — I guess they don’t notice, which is a good thing.
Anyways, this background brings me to my point. I used to be really close with these folks — still am — but really started to feel like we were going our own separate ways.