Reflections of a Black American Princess

"A girl should be two things ... classy and fabulous." Coco Chanel " ... And smart and gorgeous and charming and lovely and well-read and cultured ..." Me

Monday, May 15, 2006

The Princess is a Pauper


I am worried about my future. I have tons of loans - more loans than my salary can handle. I mean technically, if I thought like most young people, I'd be content to spend all of my salary on a nice apt. in the city and still have enough to pay back my loans. But, I'm not most people. My boyfriend and I realize how important it is to save and to own instead of renting. So my dilemma is that on my current salary, how do I save aggressively but still have enough to take care of my loans and credit card payments? It's tough.

We actually saved $14K over the course of our 11 month relationship. Our intention was to start building so that we'd have a down payment for a home. That is chump change, but it's a start. We actually purchased a condo in his hometown - on a total whim. It was too beautiful to pass up - loft with floor to ceiling windows on two sides (we have the corner suite), penthouse, lake views, 10 minute drive and 15 minute subway ride to downtown. It's lovely. We never would be able to afford anything like that here. We are definitely moving back there in a couple of years --- maybe sooner. His mom is old and she needs us. We want to raise our kids there. Anyway, well we'll have to take out a 'bridge' loan to cover the rest of the down payment (approximately $23K more). I am really excited about this investment, but I don't know if that's a wise thing to do since I already have so much debt.

So, whatever, I have to come up with some type of part-time job to supplement my income until I can move on to a higher-paying position. I wonder what I can do? This is the absolute worst time of my life. I really wish I never went to law school. It's absolutely not worth it, especially since I am not even practicing. The only good thing about it is that I never would have met my honey if not for law school. So, I guess I shouldn't complain too much. Is honey worth my $100K + debt? Well, thought of in those terms ... Yes.

I'm really in a messed up situation. If I was rich I could handle all this debt. If I was poor, I most likely wouldn't have tried to achieve this much in life and even if I did the government would have covered my costs. Instead I am stuck in the middle of the middle class, with seemingly no way out. How the hell short of winning the lottery or getting a good cash settlement in my case do I get out of this predicament? This sucks royally. I don't feel like a princess today ... I feel like a pauper.

5 Comments:

  • At Wed May 17, 05:17:00 AM, Anonymous tee said…

    Dear Princess in pauper's clothing,
    I have confidence that if you had the wherewithal to make it through law school then you can make it through your current situation.
    A couple of suggestions:
    Have you considered renting out a room in your current house to someone responsible like a quiet law student or even better--a flight attendendant? Granted you have the incoveniece of sharing your house but it is an easy way to make some extra money. Have you considered putting your law degree to work? Consulting or working for the man?

     
  • At Wed May 17, 09:48:00 AM, Blogger ~Black American Princess~ said…

    Thanks tee. I know I'll make it somehow. I just don't want to be struggling. I didn't go to law school so that I can struggle, you know?

    As far as putting the law degree to work, I am looking into teaching on a part-time adjunct basis at area schools. We'll see. And I am barred, so if I could get some super, part-time court work, that would be great also. We'll see ... I gotta get creative here.

    I did have roommates (2) for the past two years and I am going to move in with a friend when my lease is up this month. Roommates really help out financially but are a pain sometimes.

     
  • At Wed May 17, 08:17:00 PM, Anonymous dash of sugar said…

    Congrats on starting your blog :) It's great to find more blogs that I can relate too.

    Your current financial situation though seemingly bleak seems to be ob the way of forming a great foundation.

    Maybe I should read the rest of the posts, but I'm guessing that you're in your mid to late twenties. As I'm sure you already know most black women living in NYC in your age group have not accomplished half of what you have. Many are not thinking about their future with as much thought and consideration u seem too. You are definitely ahead in the game.

    While these loans might suck, you will finish paying them off someday. You and your sweetie seem adept at saving, so I'm sure that (thought it might be tough) you guys will figure out a way for both of you to realize your dreams.

    In the meantime try to relax. Tee had some pretty good suggestions. Renting out the currently unused apartment would be a great way to help pay the mortagage. If at all possible and if subsidized by your employer taking classes here and there might postpone your loans while you try to regroup.

     
  • At Wed May 17, 11:08:00 PM, Blogger ~Black American Princess~ said…

    dash of sugar,

    thanks! yeah i am 27. me and honey are really good savers, so that's a great start. and we are on the same wave-length totally. you are right about my fellow young, black women. i should feel blessed, but i am just so scared. maybe i'm worrying too much.

    about the classes thing, i will def. look into that. if they'll pay for it and it will also defer my loans (with no interest) then it will be great.

    thanks for your comments! and i'm glad you can relate to my blog. hope you (and tee) visit again.

     
  • At Tue May 23, 04:19:00 PM, Blogger soc said…

    BAP - I am totally with you on the law school debt. I am making a decent salary but half of my take home pay is going to my rent and the interest only of my private loans! That makes it really hard to save, and you know I would get depressed if I didn't treat myself to good food & drinks, nice clothes, etc. I didn't move to NYC or go to law school so I would have to scrimp & save! But I have confidence that we'll both be able to make it through, and I am proud that you have been able to save. And congrats on starting the blog, it looks great!

     

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