Quote: (02-22-2019 07:52 PM)SlickyBoy Wrote:
Quote: (02-15-2019 05:56 AM)the.king Wrote:
Examples would be to study law, pass the bar, gain 5 years of experience, and open your own law firm.
I'm assuming you just listed a bunch of ideas in areas where you have no experience.
Ok, brainstorming is fine, but I think he's asking about millionaire potential in terms of potential revenue, not debt. In America at least, going to law school and hanging a shingle is an unbelievably inefficient (read: impossible) way to make any money at all, let alone become a millionaire. This is particularly true when student loans are factored into the plan.
Whoever told you this was a good idea graduated three or four decades ago and probably didn't start without some kind of a leg up. Even then they're probably exaggerating whatever success they managed to earn as a true solo practitioner.
I live outside of the US.
To be honest with you I don't see how starting a law firm in the US can put you in significant debt? The main expense of an advisory firm is salaries (variable cost). It's not a capital intensive business, ie you don't need the kind of up-front capital you'd need to start a real-estate business or even something like a restaurant. I understand someone opening his own firm and not earning enough, but I don't see any huge risk of going under?
Starting your own law firm (at least where I come from) requires minimum starting capital - monthly rent of office space, a laptop, business cards, relevant licence costs, and thats about it.
I don't know anything about tuition fees in the USA but getting a law degree from a UK university is not a big deal.