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    How I spent my $200k lawyer salary #shorts

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    How I spent my $ 200k lawyer salary #shorts

    Making a $ 200,000 salary as a first-year lawyer may seem like a significant amount, but after various deductions and expenses, the actual take-home amount is substantially lower. Let's break down how this salary was allocated:

    I contributed $ 5,400 pre-tax towards my 401k, resulting in $ 132,000 after taxes, which translates to around $ 11,000 per month. A minimum student loan payment of $ 3,323 had to be made monthly, along with an additional $ 6,000 payment to prevent interest accumulation on a $ 200,000 student loan taken for law school. Rent was covered by the law firm due to the office location being outside the US, leaving around $ 1,500 for other expenses like utilities, medical co-pays, food, transportation, and savings.

    Keywords:

    Salary, Lawyer, Expenses, 401k, Taxes, Student Loans, Rent, Savings, Budgeting.

    FAQ:

    1. How much of the $ 200,000 lawyer salary was actually retained after taxes and deductions?
      After contributing $ 5,400 towards the 401k pre-tax, the take-home amount after taxes was $ 132,000, translating to around $ 11,000 per month.

    2. What major expenses did the first-year lawyer face with a $ 200,000 salary?
      Apart from student loan payments totaling $ 9,323 per month, additional payments of $ 6,000 were made to prevent interest accumulation. Rent was covered by the law firm, leaving around $ 1,500 for other expenses.

    3. How did the lawyer manage to allocate the remaining income for utilities, medical co-pays, food, transportation, and savings?
      With a budget of $ 1,500 per month after major expenses were covered, the lawyer balanced these costs for daily living while ensuring some funds went towards savings.

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