...anyone reading these posts will know I'm studying to go to law school. At age 28 and 9/10ths (29 in two weeks!) with a masters degree and a fairly stable job in government, some might say there's no point. And indeed, in the field I'm in, most people don't leave (which is why I want to, because all the dead weight and incompetent schmucks are really getting to me). Plus, I think I'd make a great prosecutor, not in a Law and Order sense of the term but in the real sense. So here I am, studying for the LSATs...
...and my brother, who's a finance geek/analyst, is ready to fillet me. He's saying accumulating any kind of debt in the next 4-5 years is the worst possible thing one can do, because the US is heading for a Depression that will put 1929 to shame (the link is to a lively article that articulates what many are saying in little-read articles and blogs on this topic - google "coming depression"). My bro has been saying this for years at dinner and it's been pretty easy to ignore him. However, he is now saying it is coming faster than predicted and the preceding boom may happen as early as next year. Full caveats, I'm no economist or finance guru, but it's all about demographics and as the baby boomers retire - and stop spending - there are not enough people to spend enough to keep things going at the current rates of spending. So there will be a 12-15 year depression as the economy re-adjusts, and times will be pretty tough. Some, but not all are also predicting that the combination of a depression with the Peak Oil phenomenon (and my own view, the coming effects of climate change such as the potential for conflict over water and compensation for pollution, etc) may lead to another world war. All of which is about as scary to me as staying in government with the wankers I currently have to put up with.
Now, granted, working for the government takes a certain kind of person, and I often wonder how I ended up there - people seem (caveat - making generalizations here!) to get married and have kids younger; be more conservative - not just politically, but generally; and to value things like home ownership, etc. Me, I rent, I own NOTHING (except shoes) but I owe nothing, either, because of repeated warnings from my brother against buying property and my own aversion to settling down and being boring and having to fix anything. When I say I've had knock-down, drag-out arguments with people at work about home ownership, I wish I was exaggerating, but it seems to be de rigeur - turn 24, buy some condo out in Reston or Fairfax or Silver Spring, mortgaged up to your eyelids with debt, especially after factoring in loans, etc. But hey, you own that 600 square feet, until you sell it in two years for something bigger - because that's the mentality with people my age at work, and older - the notion that home ownership (an old school concept) jives with today's fast-moving way of life is absurd to me. If one was planning on staying in that condo for 20 years then sure, it's a good investment. But everyone knows someone who sold their crap condo for a slightly larger crap condo and made a ton of money within 2 years, and they think that's what'll happen. Everyone's a real estate genius.
Except now, who knows what's going to happen - several people I know are lamenting the fact that they are stuck in their crap condos, while I still don't have furniture. But taking on $100K in debt - and becoming a lawyer, the occupation of everyone and their mother - when we may be heading into a depression makes me feel incredibly nervous and then like Chicken Little. Especially because I already sank $1400 big ones into this ridiculous prep course. Think of the shoes, won't someone?
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