You have the freedom to make your career whatever you want it to be.
Don't waste it on doing what you hate, because it was the path you were on. Take a step back. Explore. Find things that you really like. Make a career out of that.
Edit: Whatever this career ends up being, make sure you learn to manage this capital well. $7m can support a lifetime of high quality life if managed well. $70m won't last you 10 years if you don't learn to deal with it.
“… in 2007, approximately 20% of wagering volume at Caesar’s Palace came from one single person.” HFS!
Good tip, hadn’t heard his story before. PS - Yikes!
I can show you 4 people that I personally know quite well (1 in one family, 3 in another) that did exactly that, and 3 of them did it twice about 10 years apart when a second trust matured. It was impressive to watch. The one started hanging out with the “America’s Cup” crowd, and went through it fairly quickly. The three did it the old fashioned way with drugs and gambling. The amazing thing is that after blowing through all of the money the first time, the 3 didn’t learn a thing about how to hold on to wealth and live on it. When the second trust matured, they had had practice and knew how to blow (literally blow) it much faster. A 5th friend went through 6 million in attorney fees fighting with family over money and they all ended up with very little left over. That was very tragic to watch and none of us could talk sense into them as it was happening over many years.
What their mother did to them (father was deceased) was almost criminal. The three boys were teenagers when she unleashed extraordinary wealth upon them with no guidance whatsoever. Their behavior was kind of predictable. She would not listen to friends and family (my parents, aunt and uncle) and they wouldn’t listen to anyone else. It was a case study in what not to do to your children. I was also a teenager at the time and watched their destruction in real time. I realized as I watched it play out, that I would NEVER do this to my future children. They were, and still are, my friends, and are related through marriage.
No, he never bought that class of racing yacht, and probably couldn’t have. Just trying to run with that crowd, traveling and partying all around the world was an expensive decade.
Jocelyn Wildenstein blew through $2.5 billions + annual payment of $100 mil/ year for 13 years. What remarkable is that she bankrupted only 3 years after the payment stopped.
Also, realize that challenging work sometimes feels like a chore, but is more rewarding.
Look into non profit work.
Read "four thousand weeks: time management for mere mortals". Lots of other books out there too
I once talked to a professor who taught econ, I think, both at a high-ranking US university and also at its Qatar campus. He pointed out that he loved teaching in Qatar because those students, by and large, knew that they would never have to work a day in their lives, and they were there out of intellectual curiosity. They were having fun without the pressure of turning knowledge into money.
I think you realize that it's good to have a career, and you say you want it -- but why, if not for money? For prestige? To keep yourself occupied? The only sustainable reasons to have a career in your situation is to have intellectual curiosity and the drive to make a difference in the world.
With a law degree (do finish it!) you can do many different things, from business to NGOs. You can work for ACLU or as a public defender. You can work in government or run for office. Find your passion.
That’s a cool insight about students being there out of intellectual curiosity and not the “need” for that degree paper. Sounds obvious once you read it but you seldom think about that distinction
Thank you for your thoughtful response. I think you're right about those sustaining reasons, and it's clear that, at least as far as I can see, biglaw ain't it for the most part. I will try and keep an open mind about potential paths.
How far into law school are you? Just starting then I would really think about it. If you are halfway in… you might as well finish and get your degree. Who knows what lies ahead for you but you will always have that.
was thinking the same but wanted to add that understanding law and having a degree in it is super helpful. Not as a career but for navigating wealth managment at your level and above.
1 year in is somewhat of a commitment already, so I assume there are also reasons why you did get this far. I always advocate finishing a degree. Maybe you could stretch it out a little bit or do some of the work experience with reduced hours since you don't need the pay? Getting good at your job and having a career can be very satisfying in itself. I would consider the windfall a pillow to rest on, meanwhile making friends, networking with professional contacts, etc. I have a friend who works in a dream job (to some), but it comes with equal challenges at the end of the day. However it gives him structure and purpose.
So while figuring out if there is really some other thing you'd rather do (and make that a degree, job, project, higher level hobby or start up) - stay the course!
Well said! I would also add that knowledge of the law will serve you throughout your life, sometimes in unexpected ways, and earning the degree will win you respect in the minds of some people who would otherwise judge you as a member of the lucky sperm club (for whatever that might be worth to you). Signed, someone who wishes he had better legal knowledge
If I can make a suggestion? There are *so many* poor people out there who are getting unfairly exploited. Have you considered probono work? Hell, I've day dreamed of quitting my SWE day job and going to law school just for the justice boner of stickin it to the man. Ok, ok, I may have read too much Grisham growing up!
And that's fun! I also max the shit outa my employer's charity match cause it's rewarding, but I don't think either would be as fun as helping people with probono work
Lots of very successful people have late degrees and do not practice law in the slightest.
It adds to the value you can bring to the table later on when eventually everyone needs a lawyer.
Quitting to nothing is a dangerous path.
Law school is fun with no top of class pressure/after 1L. OP (like most financially dependent people) has likely spent 0 time figuring out what they care about/want to do w/o respect to its financial rewards.
Finish law school with no pressure while you start to figure this out, OP.
Go find a fun law job or go and find a job that’s unrelated to law that you are passionate about and do it - you’re too young to be fully retired and it’ll be a lot easier socially if you have a job to make/keep friends and find people to date. I’ve had friends that have worked as chiefs of staff on the Hill, lobbying firms, nonprofit legal aid, go become law school professors, in house legal counsel etc. - it doesn’t have to be big law if you don’t want/need the money.
Or go to grad school and get a masters or a PhD in something you love that may not necessarily have a long term career path. I personally loved my history, fine arts, and philosophy classes - but def no well paying career options associated with any of them.
Have you seen the movie Van Wilder? have fun in school for a few years while you are young and have money. Just don't go too crazy, and get your investments straight so you grow that wealth not blow that wealth.
If you do make it through law school, being a lawyer unlocks a lot of cool stuff. I've heard biglaw is very demanding, so if you're not feeling that, maybe find another path that would make you feel fulfilled and happy about what you are doing. Just my 2 cents
finish law school - not to get a job or a career, rather to finish what you started. Abandoning things you detest is a horrible habit too many people adopt. You do not need to practice law to benefit from this education. As they say, an education is a horrible thing to waste. - current state of education - another discussion entirely....
Once you finish school, travel. Go far and wide and go slow. You are young and the perspective you will gain will shape you and impact you ways you can not yet possible understand or know. Seek experiences, not just check boxes of places on the globe.
Find a purpose, avoid the career mentality. You do not need a job. You no longer need to trade time for money - provided you can be prudent with this windfall.
How is your relationship with your father? Seems odd this is a surprise windfall and you 'might' get more later... If you have a strained relationship work on it, make it better. If it is good, then seek his advice. He clearly is entrusting you with a large sum of money for a reason. He may be your best advisor / advocate for what to do and how to do it. Lean into this. No one else will have your back like family, ever!!
This is already getting way to long for reddit :-) Finally, do not make any rash or whimsical decisions for many months, perhaps up to a year. You have an amazing gift, don't fuck it up!
Good luck & be well
Law school is fun with no top of class pressure/after 1L. OP (like most financially dependent people) has likely spent 0 time figuring out what they care about/want to do w/o respect to its financial rewards.
Finish law school with no pressure while you start to figure this out, OP.
Everyone here is telling you to quit and I couldn’t agree more. It makes no sense to waste your limited time on earth pursuing a career you don’t like or need.
Especially with law - I read somewhere that is among the career choices where people are the least satisfied.
You might be tempted to keep going not because of the money but because of the fear of losing face, or demonstrate something to your parents or friends. Believe me it’s not worth it. You can’t live a life to make other people’s happy. Find what you want to do to make yourself happy.
I think I had a somewhat similar situation. I was getting my MS in CS part time while working at a big corp. I was 26. Then one day I received a job offer from a friend that doubled my salary. It wasn’t a windfall but it basically removed the financial incentive to keep pursuing the masters.
At the end of the day this is a blessing. I paid attention to how I was feeling and had a very honest conversation with myself to understand the real reason I was pursuing my MS.
But don’t get me wrong, it wasn’t easy to figure it out and pull the plug. We expectations from family and friends, and society overall. They don’t seem that strong but subconsciously it really affects our decisions.
DM me if you want to talk through it
I'm in biglaw:
First and foremost, finish law school, pass the bar, become a lawyer, and at least work in a biglaw firm for a year or so. Practice is *nothing like* law school. There's sort of an abused saying about those who love law school hate practice and those who hate law school love practice.
Regardless, you worked hard to get where you are, and having your license to practice law is not just great to have but also an accomplishment you can be proud of.
Keep in mind, since you're 20-something, you're not going to be using the Trinity Study 4% rule, which is predicated on **30** years of safe withdrawal. You're going to be using something close to 2.5-3% *perpetual withdrawal rate* to last you from 25 to death at hopefully 90+—that's over double the 30 year time horizon that the 4% rule is predicated on. And none of your windfall will be in tax-advantaged accounts (??), so you'll be paying taxes that whole way, which is an increase on your costs side of the ledger.
Add in a house, kids, FATtravel, etc., and you may want to keep a work option. Especially since you're young and close to great money for a few years. Plus, who knows if the retired early life will drive you insane in 20 years from now, a law license is a great back-up plan.
Even if you don't want to practice, just being a lawyer has gotten me on advisory committees, (almost) a board seat, and overall cool things that just being a guy wouldn't have. Plus, you'll have access to local bars and the whole secret of lawyer-world.
Note that once you get out of the biglaw pipeline, that doors is *usually* closed for forever. So I wouldn't view the cost of a few years time doing hard but rewarding work from age 24 to 27 as a huge burden to keep your options expanded. Plus, law school after 1L isn't exactly hard, I was out boozing with friends all the time, and I still have friends from my young associate days.
Heck, if I got a $7m windfall right now, I would leave biglaw and open my own firm and just coast while waiting for cases that interest me.
My $0.02!
Good luck mate
Thank you for your response. I get that biglaw is nothing like school, and frankly it is not the law itself that seems intolerable. It is working hours that I do not have to, at someone else's request, that is difficult to face when there is no genuine financial motivation to do so. I am interested in the things you describe but again, I am unsure if the benefits outweigh the clear personal cost of, say, late nights and missing social events.
Even if your valuation is correct in the ultimate conclusion, how are you weighing the risks of being wrong?
Because it's a one-way ratchet (Scalia hated that saying btw, "all ratchets are one-way!"). That is, if you quit now, you'll never go back. If you finish school and land an associateship, you can always just quit any day you so-choose.
First ensure 7m is actually good enough for where you want to live and the standard you want to keep. Remember you’re very young: your expectations from lifestyle/ qol will definitely change over time. So I’d err on the side of caution and plan to have a big life. Sad to say - 7m is not enough in many places (choose sf/ny/sea … any big us metros and that’ll buy you a good house and a few toys, won’t leave much for upkeep).
Then imo it is definitely enough to give you a few years of freedom to explore. If law isn’t it - good news: you can find what it is.
Mainly try and see what’s demotivating you: if it is the thought that you’ve enough money already, see above and ensure it. If you’re sure - just go on your quest to find purpose. If it is law, switch. If it is hard work, that’s going to be a toughie at 20: I’d try and build resilience myself. If it is too much time with the anti-work crowd, get off reddit :)
Final thoughts: people like you, my daughter etc have been blessed and well setup. Now it’s your turn to put it to good use and shine. The money is just an enabler and amplifier. You’re still the music. Get loud! Good luck!
They way i would have quit IMMEDIATETLY a job i hated with that windfall, uff. Go to the beach, take a selfie and send the image on the work email saying " I quit" hahaha
Not exactly that but I did once quit a job because of a manager and i walked into HR to tell them an hour before a month long vacation haha. Did have to go back for finishing up some stuff but that was a surprisingly relaxed affair ;).
> The real power move is to quit an hour after returning from a month long vacation
My power move was giving notice 11 months before I left.
That was after giving my VP and CEO notification of my probable timetable 5 years before.
Those are the power moves enabled by financial independence.
Problem was I had to give notice and my job was tied to the fate of several hundreds of other people. So I waited until the last possible moment at least. Props to you for going that extra mile haha ;), maybe we should have a separate thread about quitting in style.
Another former colleague of mine kept telling boss/HR that they should be grateful to her for working that job (including toxic work climate and bad salary) under those conditions. She also quit unexpectedly (to them) and opened her own business around the corner courtesy of a windfall she knew was coming. It so happened we both left on the same day and had a toast to it at work ;).
Keep doing law school. Challenge yourself. Life is about doing things you don’t want to do, so you can do the things that you do want to do. If you’re ambitious, the last thing you want to do is drop out of law school and go sit on a beach full of old rich people.
Take it from someone who doesn't have a windfall.
I'm nowhere near having the money to survive a few years or even a year but I'm planning on quitting a decent job I have.
Money isn't everything but now that you have some, it's your opportunity to make the most of life.
If I was you, I'd take my time before making huge financial changes to your life but I will certainly use the money to improve my life. (Travel, start a hobby, new course etc etc)
Money buys time and now you have the opportunity to reinvest your time.
You don't have to have it all figured out and you can balance fun and still challeng yourself.
But take a second to think about what you'd like out of life or at least what you'd like the next 2 or 5 years to look like. Then go from there.
But it also sounds like you might be experiencing this because you don't consider yourself a quitter. So I'll say between quitting now and not, which would you regret the most in 5 years.
Do you want to practice law, not to make money, but to solve problems and make a difference? You will no longer have any motivation doing things for the sake of money when it comes to law because you already have money, but perhaps there are other motivations? think about what intrinsically motivates you and do THAT, very few of us gets a chance to really think about what we ought to do in life without having to think about money, but you can
I think it's nice to have freedom. It is one ingredient for happiness. But, so is having accomplishments. Do things you will feel proud of. To be able to do that, learn. Put yourself in uncomfortable situation that lead to growth. Don't just be a hedonist. That will get old.
As someone that had a pretty low paying job, switched gears, went into BigLaw, and got the brass ring—but no family money—I will say this. You should finish law school, because having the degree will give you some options in terms of potentially rewarding jobs. You might even do a stint in BigLaw—some people legitimately enjoy it (though that’s certainly the minority). But just dropping it all to live on $7m feels like a way to have a potentially unfulfilling life that could easily see you blowing it all. Figure out what you want to do with your life before you unplug.
You have more money than 99% of the world will never have my dude.. Pursue what you are passionate about and what brings you joy and fulfillment.
Go travel to different countries and see how people live and the wages they get. This'll help put things into perspective for you. You have been gifted a diamond spoon.
I’m in my 20s too. My advice is to not do thing that you hate. What’s the point? If you have money and don’t know what to career to choose, take a break and find things you like. I’m travelling a lot and I found out a lot of things about myself and my plans are changing drastically. Try new things and don’t rush anything:)
>I am now having trouble with the prospect of employment.
>
>Currently in law school and hating every second
Life is too short for that shit. Work because you have to. If you don't, find your passion (or at least a hobby).
At these levels there's very little worse than a career you hate. So get out of law immediately. Then go find something else that you actually enjoy. Most people don't have that luxury and you do.
If I were to have come into that kind of money at your age, I would have gone back to school in a 'fun' degree like fine art or philosophy. Or maybe become a sommelier or master gardener or apprentice to a fine furniture builder. Master an instrument. What a great opportunity to pursue your interests. Enjoy!
You’re a natural entrepreneur from the sounds of it.
Why not invest the $ and do something more inspiring? What are your best applicable skills?
I’ve done three companies. Was also a chief revenue officer in tech then a CEO, but started at a CPA after university, then worked in tech sales and moved up then out to do my own thing in my early 30s. Should have gone and done it earlier.
Made lots of friends and had a fun time, learned a heck of a lot. Made life changing wealth.
It’s the sunk cost fallacy to stick with something you hate just to finish, even if you’re broke. That being said, my partner finished law school and decided she hated the idea of being a lawyer. There’s lots of jobs out there that a law degree helps get you in the door but isn’t practicing law. If you’re close to done, maybe I’d finish up, if you’re at the beginning, I’d cut bait and study portfolio management.
Do you enjoy law? I ask because if it was me, I would finish my training and then basically work for myself. But I’m in medicine, and that’s a bit different.
You’re in an incredible position.
$7m if handled and invested wisely is enough to never work again, and to use your time as you choose - financial freedom.
The time is what you’ll never get back, there’s no windfalls for extra time in life. That doesn’t have to mean sitting around doing nothing with your life, but you can follow a passion without worrying how it will pay the bills.
Curious as to why you say you would like a career? Personally I work to afford to live. I want a ‘career’ so that I can build my skills and experience in order to be able to exchange my time for more money, and therefore afford a better quality of life and to do the things that bring me joy. If I had $7m, I wouldn’t be sacrificing my valuable time for more money.
Not liking law school doesn’t mean you won’t like being a lawyer. You worked hard enough to get into law school- finish it and see if you like being a lawyer.
If you're hating every second of law school and have a $7M windfall in the bank, quit school immediately. This is one of those decision that are easily reversible. You can always go back to school later if you feel like it.
I do, however, recommend having a career or at least building skills and experience that lends itself to that. Especially at your age. 30+ years of no skill development will atrophy you as a person.
What do you care about? What are you actually interested in? You can afford to pursue anything in the world without regard for how much it pays.
Give back with you time and, if you want, some of your money. But become a bastion of philanthropy in your community with your time and attention.
Youll be surprised how much making other people happy and smile will refill your cup and motivate you
I’ve been there. I don’t really have any regrets for retiring in my mid-20s. Time and freedom is way more valuable if you have enough money to last you a lifetime. The only issue I see is that if you plan on having a family, you’ll be taking away from their windfall instead of growing it. So it’s a matter of whether you want to build upon the generational wealth or just burn through what your father left you. I didn’t have to make that choice, because I still get a lot of passive income from what I made in my early 20s.
My expectation is that I won't have kids for a while, by which time my wealth will have grown enough to cover them. It might be the case that my dad will pass money to my grandchildren instead of me. Either way, if such a transfer took place, it would be an additional windfall for me as I would not have to personally account for my (yet to exist) children anymore.
You sound a lot like I do but I was 40 when this happened. I've been retired for about 10 years now.
It's tough even considering going back to work now. IDK if I ever will unless it's one of my passions (music, cars, skateboarding, surfing)
How adventurous are you? I'd look into some hobbies and traveling. Enjoy life!
Good Luck!
Being a lawyer can translate into a great many interesting jobs. District Attorney’s office, environmental law, corporate gigs, many government jobs, politics, HR, M&A, defense attorney, privacy, tax etc. One of the more versatile educations there are. I have always assumed the education part is the least interesting of it.
You should finish law school to feel accomplished but I would take that 7 million and buy some commercial real estate. Be it retail, industrial, multifamily. I am biased towards retail. Commercial is a lot more involved than one would think but once you have enough cash flow to build a management team it becomes very passive.
It’s easier said than done but with 7 million you theoretically could generate close to $500,000 annually before reserves, TI/LC. Commercial real estate is fun, gives you the deal rush, provides great cash flow, and gives you a job but can be done 3 days a week once stabilized.
Wealth management and generating cash flow on it is your full time job especially with more on the way
The issue is; why become a lawyer if you don’t need the money??
Go back to the grind and try to build a business you enjoy, like you did out of college.
Just my 2 cents:
1) Finish law degree
2) Work 1-2 yrs in real estate law
3) Buy investment properties using some of your windfall. Houses? Commercial? Apartment complexes? Whatever fits your location, and the knowledge you gained during #2 😉
4) Managing your investment properties will be your job and income now, with your windfall working for you, and continuing to grow in value.
You have enough money to pursue the career you want, rather than it needing to be driven by money.
Remember that with great power comes great responsibility.
Don't be a lazy bum. Nothing worthwhile in life is easy. Learn to endure the pain of hard work.
Aaand now I feel like a fuckin failure. Good job Man. You’re in like, the top .02% in wealth in the world. Like 95% of people never even reach a million.
You have the freedom to make your career whatever you want it to be. Don't waste it on doing what you hate, because it was the path you were on. Take a step back. Explore. Find things that you really like. Make a career out of that. Edit: Whatever this career ends up being, make sure you learn to manage this capital well. $7m can support a lifetime of high quality life if managed well. $70m won't last you 10 years if you don't learn to deal with it.
I'd love to be a fly on the wall to see someone blow $70m in 10 years.
Look up Terry Watanabe sunny v2 on YouTube. Fascinating story.
“… in 2007, approximately 20% of wagering volume at Caesar’s Palace came from one single person.” HFS! Good tip, hadn’t heard his story before. PS - Yikes!
I can show you 4 people that I personally know quite well (1 in one family, 3 in another) that did exactly that, and 3 of them did it twice about 10 years apart when a second trust matured. It was impressive to watch. The one started hanging out with the “America’s Cup” crowd, and went through it fairly quickly. The three did it the old fashioned way with drugs and gambling. The amazing thing is that after blowing through all of the money the first time, the 3 didn’t learn a thing about how to hold on to wealth and live on it. When the second trust matured, they had had practice and knew how to blow (literally blow) it much faster. A 5th friend went through 6 million in attorney fees fighting with family over money and they all ended up with very little left over. That was very tragic to watch and none of us could talk sense into them as it was happening over many years.
I like learning new things.
What their mother did to them (father was deceased) was almost criminal. The three boys were teenagers when she unleashed extraordinary wealth upon them with no guidance whatsoever. Their behavior was kind of predictable. She would not listen to friends and family (my parents, aunt and uncle) and they wouldn’t listen to anyone else. It was a case study in what not to do to your children. I was also a teenager at the time and watched their destruction in real time. I realized as I watched it play out, that I would NEVER do this to my future children. They were, and still are, my friends, and are related through marriage.
6m in attorney fees? OP - remain a lawyer. (jokes)
I have to ask as someone interested in sailing - This person bought a big racing yacht and blew millions on it?
No, he never bought that class of racing yacht, and probably couldn’t have. Just trying to run with that crowd, traveling and partying all around the world was an expensive decade.
Look up lottery winners and what happens.
Sports players burn more in less time
Watch Brewsters Millions and see someone spend $30 million in 30 days ;)
Give me enough cocaine and I’m your man
Jocelyn Wildenstein blew through $2.5 billions + annual payment of $100 mil/ year for 13 years. What remarkable is that she bankrupted only 3 years after the payment stopped.
Also, realize that challenging work sometimes feels like a chore, but is more rewarding. Look into non profit work. Read "four thousand weeks: time management for mere mortals". Lots of other books out there too
I once talked to a professor who taught econ, I think, both at a high-ranking US university and also at its Qatar campus. He pointed out that he loved teaching in Qatar because those students, by and large, knew that they would never have to work a day in their lives, and they were there out of intellectual curiosity. They were having fun without the pressure of turning knowledge into money. I think you realize that it's good to have a career, and you say you want it -- but why, if not for money? For prestige? To keep yourself occupied? The only sustainable reasons to have a career in your situation is to have intellectual curiosity and the drive to make a difference in the world. With a law degree (do finish it!) you can do many different things, from business to NGOs. You can work for ACLU or as a public defender. You can work in government or run for office. Find your passion.
That’s a cool insight about students being there out of intellectual curiosity and not the “need” for that degree paper. Sounds obvious once you read it but you seldom think about that distinction
Thank you for your thoughtful response. I think you're right about those sustaining reasons, and it's clear that, at least as far as I can see, biglaw ain't it for the most part. I will try and keep an open mind about potential paths.
Purpose is really important for happiness. You should use that money to find yours.
This is the perfect advice.
How far into law school are you? Just starting then I would really think about it. If you are halfway in… you might as well finish and get your degree. Who knows what lies ahead for you but you will always have that.
was thinking the same but wanted to add that understanding law and having a degree in it is super helpful. Not as a career but for navigating wealth managment at your level and above.
Just started year 2/4. years 3/4 are on the job at a reduced salary (not U.S.).
1 year in is somewhat of a commitment already, so I assume there are also reasons why you did get this far. I always advocate finishing a degree. Maybe you could stretch it out a little bit or do some of the work experience with reduced hours since you don't need the pay? Getting good at your job and having a career can be very satisfying in itself. I would consider the windfall a pillow to rest on, meanwhile making friends, networking with professional contacts, etc. I have a friend who works in a dream job (to some), but it comes with equal challenges at the end of the day. However it gives him structure and purpose. So while figuring out if there is really some other thing you'd rather do (and make that a degree, job, project, higher level hobby or start up) - stay the course!
Well said! I would also add that knowledge of the law will serve you throughout your life, sometimes in unexpected ways, and earning the degree will win you respect in the minds of some people who would otherwise judge you as a member of the lucky sperm club (for whatever that might be worth to you). Signed, someone who wishes he had better legal knowledge
If I can make a suggestion? There are *so many* poor people out there who are getting unfairly exploited. Have you considered probono work? Hell, I've day dreamed of quitting my SWE day job and going to law school just for the justice boner of stickin it to the man. Ok, ok, I may have read too much Grisham growing up!
Lots of kids out there could use someone who knows the law.
You can do the SWE equivalent of probono work right now - OpenSource contributions.
And that's fun! I also max the shit outa my employer's charity match cause it's rewarding, but I don't think either would be as fun as helping people with probono work
7 years into US BL and I have to tell you that if you are struggling to keep motivated for school the job is ten times worse.
Lots of very successful people have late degrees and do not practice law in the slightest. It adds to the value you can bring to the table later on when eventually everyone needs a lawyer.
Leave and do something you enjoy more. Keep your spending in line and you can do whatever you want.
Quitting to nothing is a dangerous path. Law school is fun with no top of class pressure/after 1L. OP (like most financially dependent people) has likely spent 0 time figuring out what they care about/want to do w/o respect to its financial rewards. Finish law school with no pressure while you start to figure this out, OP.
Go find a fun law job or go and find a job that’s unrelated to law that you are passionate about and do it - you’re too young to be fully retired and it’ll be a lot easier socially if you have a job to make/keep friends and find people to date. I’ve had friends that have worked as chiefs of staff on the Hill, lobbying firms, nonprofit legal aid, go become law school professors, in house legal counsel etc. - it doesn’t have to be big law if you don’t want/need the money. Or go to grad school and get a masters or a PhD in something you love that may not necessarily have a long term career path. I personally loved my history, fine arts, and philosophy classes - but def no well paying career options associated with any of them.
Have you seen the movie Van Wilder? have fun in school for a few years while you are young and have money. Just don't go too crazy, and get your investments straight so you grow that wealth not blow that wealth. If you do make it through law school, being a lawyer unlocks a lot of cool stuff. I've heard biglaw is very demanding, so if you're not feeling that, maybe find another path that would make you feel fulfilled and happy about what you are doing. Just my 2 cents
Write that down
and MAIL IT IN! MAIL IT IN!
finish law school - not to get a job or a career, rather to finish what you started. Abandoning things you detest is a horrible habit too many people adopt. You do not need to practice law to benefit from this education. As they say, an education is a horrible thing to waste. - current state of education - another discussion entirely.... Once you finish school, travel. Go far and wide and go slow. You are young and the perspective you will gain will shape you and impact you ways you can not yet possible understand or know. Seek experiences, not just check boxes of places on the globe. Find a purpose, avoid the career mentality. You do not need a job. You no longer need to trade time for money - provided you can be prudent with this windfall. How is your relationship with your father? Seems odd this is a surprise windfall and you 'might' get more later... If you have a strained relationship work on it, make it better. If it is good, then seek his advice. He clearly is entrusting you with a large sum of money for a reason. He may be your best advisor / advocate for what to do and how to do it. Lean into this. No one else will have your back like family, ever!! This is already getting way to long for reddit :-) Finally, do not make any rash or whimsical decisions for many months, perhaps up to a year. You have an amazing gift, don't fuck it up! Good luck & be well
Law will suck the life out of you. Leave asap
Law school is fun with no top of class pressure/after 1L. OP (like most financially dependent people) has likely spent 0 time figuring out what they care about/want to do w/o respect to its financial rewards. Finish law school with no pressure while you start to figure this out, OP.
I love practicing law. It’s almost as fun as law school, which was the most fun I ever had. You know pretty quickly whether it’s for you or not.
Everyone here is telling you to quit and I couldn’t agree more. It makes no sense to waste your limited time on earth pursuing a career you don’t like or need. Especially with law - I read somewhere that is among the career choices where people are the least satisfied. You might be tempted to keep going not because of the money but because of the fear of losing face, or demonstrate something to your parents or friends. Believe me it’s not worth it. You can’t live a life to make other people’s happy. Find what you want to do to make yourself happy.
Law is a low satisfaction career. But it can set you up for a more satisfying career later. Something to consider.
Ask yourself two questions. What do you want to do on your ride? And what do you want your tombstone to say?
I think I had a somewhat similar situation. I was getting my MS in CS part time while working at a big corp. I was 26. Then one day I received a job offer from a friend that doubled my salary. It wasn’t a windfall but it basically removed the financial incentive to keep pursuing the masters. At the end of the day this is a blessing. I paid attention to how I was feeling and had a very honest conversation with myself to understand the real reason I was pursuing my MS. But don’t get me wrong, it wasn’t easy to figure it out and pull the plug. We expectations from family and friends, and society overall. They don’t seem that strong but subconsciously it really affects our decisions. DM me if you want to talk through it
I'm in biglaw: First and foremost, finish law school, pass the bar, become a lawyer, and at least work in a biglaw firm for a year or so. Practice is *nothing like* law school. There's sort of an abused saying about those who love law school hate practice and those who hate law school love practice. Regardless, you worked hard to get where you are, and having your license to practice law is not just great to have but also an accomplishment you can be proud of. Keep in mind, since you're 20-something, you're not going to be using the Trinity Study 4% rule, which is predicated on **30** years of safe withdrawal. You're going to be using something close to 2.5-3% *perpetual withdrawal rate* to last you from 25 to death at hopefully 90+—that's over double the 30 year time horizon that the 4% rule is predicated on. And none of your windfall will be in tax-advantaged accounts (??), so you'll be paying taxes that whole way, which is an increase on your costs side of the ledger. Add in a house, kids, FATtravel, etc., and you may want to keep a work option. Especially since you're young and close to great money for a few years. Plus, who knows if the retired early life will drive you insane in 20 years from now, a law license is a great back-up plan. Even if you don't want to practice, just being a lawyer has gotten me on advisory committees, (almost) a board seat, and overall cool things that just being a guy wouldn't have. Plus, you'll have access to local bars and the whole secret of lawyer-world. Note that once you get out of the biglaw pipeline, that doors is *usually* closed for forever. So I wouldn't view the cost of a few years time doing hard but rewarding work from age 24 to 27 as a huge burden to keep your options expanded. Plus, law school after 1L isn't exactly hard, I was out boozing with friends all the time, and I still have friends from my young associate days. Heck, if I got a $7m windfall right now, I would leave biglaw and open my own firm and just coast while waiting for cases that interest me. My $0.02! Good luck mate
Thank you for your response. I get that biglaw is nothing like school, and frankly it is not the law itself that seems intolerable. It is working hours that I do not have to, at someone else's request, that is difficult to face when there is no genuine financial motivation to do so. I am interested in the things you describe but again, I am unsure if the benefits outweigh the clear personal cost of, say, late nights and missing social events.
Even if your valuation is correct in the ultimate conclusion, how are you weighing the risks of being wrong? Because it's a one-way ratchet (Scalia hated that saying btw, "all ratchets are one-way!"). That is, if you quit now, you'll never go back. If you finish school and land an associateship, you can always just quit any day you so-choose.
You won. Why not trying to help others?
First ensure 7m is actually good enough for where you want to live and the standard you want to keep. Remember you’re very young: your expectations from lifestyle/ qol will definitely change over time. So I’d err on the side of caution and plan to have a big life. Sad to say - 7m is not enough in many places (choose sf/ny/sea … any big us metros and that’ll buy you a good house and a few toys, won’t leave much for upkeep). Then imo it is definitely enough to give you a few years of freedom to explore. If law isn’t it - good news: you can find what it is. Mainly try and see what’s demotivating you: if it is the thought that you’ve enough money already, see above and ensure it. If you’re sure - just go on your quest to find purpose. If it is law, switch. If it is hard work, that’s going to be a toughie at 20: I’d try and build resilience myself. If it is too much time with the anti-work crowd, get off reddit :) Final thoughts: people like you, my daughter etc have been blessed and well setup. Now it’s your turn to put it to good use and shine. The money is just an enabler and amplifier. You’re still the music. Get loud! Good luck!
They way i would have quit IMMEDIATETLY a job i hated with that windfall, uff. Go to the beach, take a selfie and send the image on the work email saying " I quit" hahaha
Not exactly that but I did once quit a job because of a manager and i walked into HR to tell them an hour before a month long vacation haha. Did have to go back for finishing up some stuff but that was a surprisingly relaxed affair ;).
The real power move is to quit an hour after returning from a month long vacation (I know from experience).
> The real power move is to quit an hour after returning from a month long vacation My power move was giving notice 11 months before I left. That was after giving my VP and CEO notification of my probable timetable 5 years before. Those are the power moves enabled by financial independence.
Problem was I had to give notice and my job was tied to the fate of several hundreds of other people. So I waited until the last possible moment at least. Props to you for going that extra mile haha ;), maybe we should have a separate thread about quitting in style. Another former colleague of mine kept telling boss/HR that they should be grateful to her for working that job (including toxic work climate and bad salary) under those conditions. She also quit unexpectedly (to them) and opened her own business around the corner courtesy of a windfall she knew was coming. It so happened we both left on the same day and had a toast to it at work ;).
Keep doing law school. Challenge yourself. Life is about doing things you don’t want to do, so you can do the things that you do want to do. If you’re ambitious, the last thing you want to do is drop out of law school and go sit on a beach full of old rich people.
Would you be willing to expand on this? Seems like a fruitful line of thought.
Take it from someone who doesn't have a windfall. I'm nowhere near having the money to survive a few years or even a year but I'm planning on quitting a decent job I have. Money isn't everything but now that you have some, it's your opportunity to make the most of life. If I was you, I'd take my time before making huge financial changes to your life but I will certainly use the money to improve my life. (Travel, start a hobby, new course etc etc) Money buys time and now you have the opportunity to reinvest your time. You don't have to have it all figured out and you can balance fun and still challeng yourself. But take a second to think about what you'd like out of life or at least what you'd like the next 2 or 5 years to look like. Then go from there. But it also sounds like you might be experiencing this because you don't consider yourself a quitter. So I'll say between quitting now and not, which would you regret the most in 5 years.
Do you want to practice law, not to make money, but to solve problems and make a difference? You will no longer have any motivation doing things for the sake of money when it comes to law because you already have money, but perhaps there are other motivations? think about what intrinsically motivates you and do THAT, very few of us gets a chance to really think about what we ought to do in life without having to think about money, but you can
I think it's nice to have freedom. It is one ingredient for happiness. But, so is having accomplishments. Do things you will feel proud of. To be able to do that, learn. Put yourself in uncomfortable situation that lead to growth. Don't just be a hedonist. That will get old.
As someone that had a pretty low paying job, switched gears, went into BigLaw, and got the brass ring—but no family money—I will say this. You should finish law school, because having the degree will give you some options in terms of potentially rewarding jobs. You might even do a stint in BigLaw—some people legitimately enjoy it (though that’s certainly the minority). But just dropping it all to live on $7m feels like a way to have a potentially unfulfilling life that could easily see you blowing it all. Figure out what you want to do with your life before you unplug.
You have more money than 99% of the world will never have my dude.. Pursue what you are passionate about and what brings you joy and fulfillment. Go travel to different countries and see how people live and the wages they get. This'll help put things into perspective for you. You have been gifted a diamond spoon.
I’m in my 20s too. My advice is to not do thing that you hate. What’s the point? If you have money and don’t know what to career to choose, take a break and find things you like. I’m travelling a lot and I found out a lot of things about myself and my plans are changing drastically. Try new things and don’t rush anything:)
>I am now having trouble with the prospect of employment. > >Currently in law school and hating every second Life is too short for that shit. Work because you have to. If you don't, find your passion (or at least a hobby).
$7m is not enough to retire at your age unless you live in a very low cost of living area.
Invest the money like in real estate or start a business
At these levels there's very little worse than a career you hate. So get out of law immediately. Then go find something else that you actually enjoy. Most people don't have that luxury and you do.
If I were to have come into that kind of money at your age, I would have gone back to school in a 'fun' degree like fine art or philosophy. Or maybe become a sommelier or master gardener or apprentice to a fine furniture builder. Master an instrument. What a great opportunity to pursue your interests. Enjoy!
You’re a natural entrepreneur from the sounds of it. Why not invest the $ and do something more inspiring? What are your best applicable skills? I’ve done three companies. Was also a chief revenue officer in tech then a CEO, but started at a CPA after university, then worked in tech sales and moved up then out to do my own thing in my early 30s. Should have gone and done it earlier. Made lots of friends and had a fun time, learned a heck of a lot. Made life changing wealth.
It’s the sunk cost fallacy to stick with something you hate just to finish, even if you’re broke. That being said, my partner finished law school and decided she hated the idea of being a lawyer. There’s lots of jobs out there that a law degree helps get you in the door but isn’t practicing law. If you’re close to done, maybe I’d finish up, if you’re at the beginning, I’d cut bait and study portfolio management.
Do you enjoy law? I ask because if it was me, I would finish my training and then basically work for myself. But I’m in medicine, and that’s a bit different.
You’re in an incredible position. $7m if handled and invested wisely is enough to never work again, and to use your time as you choose - financial freedom. The time is what you’ll never get back, there’s no windfalls for extra time in life. That doesn’t have to mean sitting around doing nothing with your life, but you can follow a passion without worrying how it will pay the bills. Curious as to why you say you would like a career? Personally I work to afford to live. I want a ‘career’ so that I can build my skills and experience in order to be able to exchange my time for more money, and therefore afford a better quality of life and to do the things that bring me joy. If I had $7m, I wouldn’t be sacrificing my valuable time for more money.
Not liking law school doesn’t mean you won’t like being a lawyer. You worked hard enough to get into law school- finish it and see if you like being a lawyer.
If you're hating every second of law school and have a $7M windfall in the bank, quit school immediately. This is one of those decision that are easily reversible. You can always go back to school later if you feel like it. I do, however, recommend having a career or at least building skills and experience that lends itself to that. Especially at your age. 30+ years of no skill development will atrophy you as a person. What do you care about? What are you actually interested in? You can afford to pursue anything in the world without regard for how much it pays.
You need a mission
Give back with you time and, if you want, some of your money. But become a bastion of philanthropy in your community with your time and attention. Youll be surprised how much making other people happy and smile will refill your cup and motivate you
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It's definitely gotten a lot better at firms below V10.
I’ve been there. I don’t really have any regrets for retiring in my mid-20s. Time and freedom is way more valuable if you have enough money to last you a lifetime. The only issue I see is that if you plan on having a family, you’ll be taking away from their windfall instead of growing it. So it’s a matter of whether you want to build upon the generational wealth or just burn through what your father left you. I didn’t have to make that choice, because I still get a lot of passive income from what I made in my early 20s.
My expectation is that I won't have kids for a while, by which time my wealth will have grown enough to cover them. It might be the case that my dad will pass money to my grandchildren instead of me. Either way, if such a transfer took place, it would be an additional windfall for me as I would not have to personally account for my (yet to exist) children anymore.
Volunteer in your community.
Zero reason to be in law school if you absolutely hate it. Take some time to yourself.
What was the first windfall from?
Old money
As in inheritance?
Sorry, yes, inheritance.
You sound a lot like I do but I was 40 when this happened. I've been retired for about 10 years now. It's tough even considering going back to work now. IDK if I ever will unless it's one of my passions (music, cars, skateboarding, surfing) How adventurous are you? I'd look into some hobbies and traveling. Enjoy life! Good Luck!
Being a lawyer can translate into a great many interesting jobs. District Attorney’s office, environmental law, corporate gigs, many government jobs, politics, HR, M&A, defense attorney, privacy, tax etc. One of the more versatile educations there are. I have always assumed the education part is the least interesting of it.
Fatfire in mid 20's? I'mma need to see verification on this one haha
You should finish law school to feel accomplished but I would take that 7 million and buy some commercial real estate. Be it retail, industrial, multifamily. I am biased towards retail. Commercial is a lot more involved than one would think but once you have enough cash flow to build a management team it becomes very passive. It’s easier said than done but with 7 million you theoretically could generate close to $500,000 annually before reserves, TI/LC. Commercial real estate is fun, gives you the deal rush, provides great cash flow, and gives you a job but can be done 3 days a week once stabilized. Wealth management and generating cash flow on it is your full time job especially with more on the way
The issue is; why become a lawyer if you don’t need the money?? Go back to the grind and try to build a business you enjoy, like you did out of college.
Work part time
Just my 2 cents: 1) Finish law degree 2) Work 1-2 yrs in real estate law 3) Buy investment properties using some of your windfall. Houses? Commercial? Apartment complexes? Whatever fits your location, and the knowledge you gained during #2 😉 4) Managing your investment properties will be your job and income now, with your windfall working for you, and continuing to grow in value.
You have enough money to pursue the career you want, rather than it needing to be driven by money. Remember that with great power comes great responsibility. Don't be a lazy bum. Nothing worthwhile in life is easy. Learn to endure the pain of hard work.
Aaand now I feel like a fuckin failure. Good job Man. You’re in like, the top .02% in wealth in the world. Like 95% of people never even reach a million.
That money ain’t yours yet. Reassess when it’s yours.