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TheGeneral

Midlife Reflections/Prospering Post Covid-19

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So while my previous post was about 'Needing to Be Rich to Practice Law", my follow up discussion is about Lawyer Midlife Reflections and Prospering Post Covid-19.  So why have I been posting these topics?  Well, recently I have been talking with a middle age person whose legal career has not exactly flourished, is questioning aspects about their life, and wondering the direction to take.  I very much like talking with this person, as I feel they tell me like it is if I pursue law.  

   First off, my friend never really practiced law other than a student-at-law.  They were called to a Canadian Bar some time ago, but did not practice because they said as a law student their work was unpaid, and at the end of the process simply could not continue to 'set up shop'.  In fact, they said they were so short of cash at the end of process that they could not stay in that city anymore because they could not afford even half a months rent.  So that put off looking for any kind of employed legal career.  Now my friend does not believe in taking on debt, and so my friend went to work in another job in another city and has been there a number of years now.  They said they were fortunate to get Called without taking on any debts, but stated financially it was stressful.  

   Now my friend has a family, is middle age, and their non-law job has been affected by Covid-19 in that it will no longer exist in a few months.  As my friend now has to adapt, they were telling me that they were considering being in employed in 'Driving' type jobs as those seem plentiful across the country and in-demand and seem less competitive than law related careers or the job they are currently in now, which is in a corporation dealing with demanding clients/customers.  My friend is an introvert by nature and said they do not want to deal with people problems anymore so is thinking of driving jobs because they believe it will give them more free time to spend with family and pursue hobbies and work alone.  

My friend has said people seem shocked that they are even thinking this way.  My friend however, said that their sole goal with work is to save enough money to so they can get about $4000 in monthly passive income, and figures this can be done with about $300,000, which they think can be obtained in 3-4 years.  My friend has stated they just want a basic small townhouse, a basic Kia car, and the ability to take 1-2 vacations per year.  They also said they want to take up hobbies like Brazillian Jiu Jitsu, scuba diving, and focus on their music.  They said since the quarantine they have been watching a lot of MMA and Grappling videos of the Gracie family and want to get into shape.  They said they have been listening to a lot of Jordan Peterson and Joe Rogan.

So my question to all of you, is do you think my friend is having a midlife questioning?  Do you think their ideas to prosper post covid are practical?

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2 hours ago, TheGeneral said:

My friend however, said that their sole goal with work is to save enough money to so they can get about $4000 in monthly passive income, and figures this can be done with about $300,000, which they think can be obtained in 3-4 years. 

I just want to know where you friend is going to get a 16% return on their money month after month. 

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lol.

I think Jordan Peterson would tell your friend to take responsibility for their life and start fulfilling their goddamned potential for once! 

This really has almost nothing to do with law school or lawyering. I would advise not talking to this person about law school or lawyering ever again - they have nothing productive or helpful to offer you in that regard. 

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5 hours ago, OWH said:

I just want to know where you friend is going to get a 16% return on their money month after month. 

Yeah... I would say that you would need $1.2M to safely/dependably bring in that kind of cash (4% draw). 

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5 hours ago, setto said:

Yeah... I would say that you would need $1.2M to safely/dependably bring in that kind of cash (4% draw). 

4000 per month could be doable if no dependents and you have a home you've paid off. But even then, post tax, that is a scrimping lifestyle for retirement. Not pleasant.

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31 minutes ago, pzabbythesecond said:

4000 per month could be doable if no dependents and you have a home you've paid off. But even then, post tax, that is a scrimping lifestyle for retirement. Not pleasant.

Jesus. 

$4000/month is right around the median income in Canada. It’s not “scrimping”.

But also this whole thread is super weird. 

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1 minute ago, BlockedQuebecois said:

Jesus. 

$4000/month is right around the median income in Canada. It’s not “scrimping”.

But also this whole thread is super weird. 

For two people I said.

But yes, I've been raised middle to upper middle class and can probably expect to make six figures in the not distant future. I'm aware of my privilege.

Edited by pzabbythesecond

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4 minutes ago, pzabbythesecond said:

For two people I said.

But yes, I've been raised middle to upper middle class and can probably expect to make six figures in the not distant future. I'm aware of my privilege.

I feel like I’m missing something. You didn’t say two people, and nothing in OPs post suggests his “friend” has a partner? 

$4000/month is about 2/3rds of the median household income, so if we’re talking about two people, it’s a bit below median. 

That said, many people with dependents live on $4000 a month. And in some parts of the country, that’s quite good. $4000/month would put you above median household income in the Atlantic provinces, for instance. 

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2 minutes ago, BlockedQuebecois said:

I feel like I’m missing something. You didn’t say two people, and nothing in OPs post suggests his “friend” has a partner? 

Ah yes I didn't, sorry. This all seemed to be a retirement plan so I figured a spouse or partner was involved. Anyway, this is off track.

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Ever having the feeling you’re back in first year law school with that insufferable tool  (probably a 22 y/o virgin) who thinks he is “winning” a pointless debate on every single innocuous comment or subject? 

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15 hours ago, TheGeneral said:

  I very much like talking with this person, as I feel they tell me like it is if I pursue law.  

15 hours ago, TheGeneral said:

First off, my friend never really practiced law other than a student-at-law. 

Do you see the problem with these two statements? Your post reads like a 1L fact pattern. 

Too many new users have been posting drive-by streams of consciousness lately, and I don't know why. This forum is not your personal diary. 

Edited by Tagger
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This post is really weird. There are people who decide not to practice in every profession. I’m sure there are truck drivers who quit the profession after taking on debt to go to truck driving school because they couldn’t take the long hours on the road or being away from their family for days on end.

I understand being worried about taking on debt to go to school but ask yourself why you even want to be a lawyer. You’re not your friend or anyone else on this forum. Their stories or experiences would not be yours.

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15 hours ago, TheGeneral said:

My friend however, said that their sole goal with work is to save enough money to so they can get about $4000 in monthly passive income, and figures this can be done with about $300,000, which they think can be obtained in 3-4 years.

Your friend is bad at math.

Seriously though, this sounds like someone that's spent too much time listing to FIRE people. Almost anytime I hear about someone talking about living on "passive" income it's usually been based on a plan thats involve absurd returns or investing with loaned money, as well as MLM type bullshit. 

Also why would you get advice on a legal career from someone who hasn't had a legal career. I don't ask my mechanic what it's like to be a surgeon.

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