Getting your house in order?

NY Times - Business
Economy Fitful, Americans Start to Pay as They Go
By PETER S. GOODMAN
Published: February 5, 2008
Analysts say a shift toward thrift could have huge implications for an economy driven largely by consumer spending.


A related scripture:

50 Come, my brethren, every one that thirsteth, come ye to the waters; and he that hath no money, come buy and eat; yea, come buy wine and milk without money and without price. 51 Wherefore, do not spend money for that which is of no worth, nor your labor for that which cannot satisfy. Hearken diligently unto me, and remember the words which I have spoken; and come unto the Holy One of Israel, and feast upon that which perisheth not, neither can be corrupted, and let your soul delight in fatness. (Book of Mormon 2 Nephi 9:50-51)

I am definitely not an expert at managing my finances properly. I think it took me a year at college before I realized that student loans existed and I'd be better off with those than financing my education on a credit card. Money in college was ephemeral. What little I earned from part-time jobs hopefully covered my rent and food. There was simply not enough for books, medical or dental expenses, car repairs and the like.

One of the greatest things about graduating and getting a job is the ability to start putting things back in order. I do not make a lot of money, in fact, I'm more or less certain that I make less than most of my peers. Nevertheless, I have enough to sustain life (a life that I still enjoy) and to meet my financial obligations including paying down my loans. I think one of the most difficult questions I have to face in the coming months is: "How much debt am I willing to incur for a legal education?" While I am not certain, the present state of our economy makes me inclined to err on the side of financial caution and choose a school that will not leave me with a six-figure debt in a weak job market.

On a related note, I am not convinced that lawyers deserve all of the money they earn. I don't care how good you are; charging hundreds of dollars an hour seems almost criminal when you think of the other jobs that are essential to the day-to-day existence of people on this planet and yet earn minimum wage or less. These kind of disparities in income cannot continue forever. It's only a matter of time until one of the core needs of humanity trumps that of paying for a lawyer or other professional who is so supremely confident in his/her own estimation of personal value. What things do people really need to sustain life? Faith, food, shelter, clothing, basic health care, protection from external violence. We need to have other usable skills, perhaps trades or vocations, to rely on in the face of economic uncertainty.

I guess that begs the question: "What basic skills do I have/want to develop?"