You should also listen to Warren Buffet, who is, with the utmost certainty, richer than you, and no doubt a better investor when playing with million dollar bills, although he never made the wise decision to pick up a law degree (just think, he'd be even RICHER). As Jacobson explains:
“Buy when everyone else is selling.”
From Warren Buffett on down, it’s a time tested approach to investing. It doesn’t mean purchase anything that comes along, or overpay, but it’s a contrarian approach to the madness of markets which tend to drive valuations to extremes for relatively short periods of time.
Yeah, like that time everyone was selling GM stock. I said "whoa! this is CHEVY and BUICK" and bought bought bought. Now the company has rebounded and I am the proud owner of some really cool foresight and a stack of paper. People think I'm quite clever when I pass them out as coasters for drinks.
Oh! Law school! How does this apply? Let the Big Red investing maestro from Ithaca explain:
Buy law school in this downturn with all the caveats applied to investing. Understanding what you are purchasing from a school in terms of job prospects. Do not overpay by going heavily into debt at a school from which you have little realistic prospect of obtaining the employment necessary to handle that debt.
Yeah, buy buy buy!
And if you need any help about understanding your "job prospects" or the "employment necessary to handle that debt," please contact your nearest career services office, who will be MORE than HAPPY to explain to you that you have a 90% chance of making a median $100k salary. Of course, your mileage might vary. You might only make $80k working in legal aid or as a public defender. Or you might make $150k. Either way, your one-way ticket to the upper middle class is at will-call, and you should RUN THERE when you see everyone else RUNNING AWAY.