Applied Research Project

Cam Migdol

Position: Reporter/Correspondent

• Location 1: Washington, DC– Starting salary: $44,500

• Location 2: Winston-Salem, NC– Starting salary: $34,100

Living ExpensesWashington, DC Winston-Salem, NC

Apartment Rent $2,000 per month$48,000 annually$24,000 split w/ roommate

$647 per month$7,764 annually$3,882split w/ roommate

Utilities $175 per month$2,100 annually$1,050 split w/ roommate

$135 per month$1,620$810 split w/ roommate

Groceries $70 per month$840 annually

$83 per month$996 annually

Health Insurance $215 (monthly)$2,580( annually)

$211 (monthly)$2,532 (annually)

TransportationWashington, DC Winston-Salem, NC

Car $13,800 $12,985

Car insurance $2,127 (annually) $1,060 (annually)

DC Metro: $2,900 (annually)

Taxes

Washington, DC Winston-Salem, NC

Income tax rate 4% on first $10,0006% on next $10,000 to $40,000

7%

Amount in taxes $2,470 $2,387

After taxes and expenses

Remaining Income:

• Washington: $10,660• Winston-Salem: $9,448

Which city?

• Washington would be a better place to live and work. Washington would provide me with more job opportunities for my future in terms of available positions as well as networking. While housing is far more expensive in Washington than WS, I would save a lot by using the metro rather than owning a car. Most other expenses are relatively equal, including taxes, healthcare, groceries, and utilities. I would also have around $10,000 of income remaining after all my expenses, though I would have slightly more money working in Washington.

Part 2 – Earning a graduate degree

• To work as a lawyer a JD is required, though one could work without a graduate degree as a paralegal/legal assistant

• A JD program usually takes 3 years and costs an average of $34,300 per year at a private school

Costs and BenefitsLawyer Paralegal

Cost of Graduate School $34,300 x 3 years=$102,900

Not required

Average Starting Salary $82,560 $41,700

High earning salaries $244,650 $105,680

Is grad school worth it?

• In the field of law, a graduate degree is definitely beneficial. While I can work as a paralegal or legal assistant without a graduate degree, lawyers earn nearly twice the amount of paralegals.

• The cost of law school is high, though one year’s starting salary can nearly pay off those costs.