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Is $250,000 not enough?
By A.S. Pradhan


By now most people who follow the news have read the article written by Todd Henderson, a Chicago law professor, where he claims that while he and his wife make a little over $ 250,000 a year, it does not make them rich. The professor quickly found a lot of support by columnists online but most of the comments left on various news websites show that most people think he is rich.

Since the guy’s a law professor and this is something a lot of law students will end up doing, what do most law students think of the professor? Is he rich or just upper-middle class or even just regular middle-class? A typical law student is going to graduate with a debt of around $150,000 for his J.D. This amount will have to be repaid since student loans cannot be wiped away even by declaring bankruptcy.

Most of the $150,000 jobs can be found in New York and there certainly aren’t 40,000 of them, which is the number of new J.Ds created every year. In fact, most of the entry-level law jobs pay around $50,000 per year and most of these jobs are in medium-sized cities and smaller towns where the cost of living is quite cheaper, especially the real estate prices.  So do you think earning 250,000 a year still keeps you in the middle-class bracket?




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