Kavanaugh's finances

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DC Circuit Court judges make $220,600, so I guess I'm not surprised of the lack of savings with a $1.2 Million house.

We just started making a combined $210,000 and have a $450,000 mortgage; even that with similar school expenses to Kavanaugh ($20k/yr for preschool) makes it hard (but not impossible!) to save. This just seems like bad financial planning on his part-- when he was 35 I'm sure he wasn't banking on being a Supreme Court Justice!

Yes, that is why a person with that income shouldn't buy a $1.2M house, particularly since the value of the house relates in large part to the local public schools, which the person in question doesn't use. WTAF

I am the same age as Kavanaugh, with a similar HHI. DH and I live in Silver Spring, in our paid-off house worth about $800K. Our combined retirement accounts have a current value of $2.5M and we have another $300K in college savings, plus $200K in mutual funds and $80K liquid for emergencies.

Isn't planning ahead and minimizing exposure to risk what lawyers are supposed to be good at?

His parents are well-off. Maybe he's counting on an inheritance. But yes, he is living beyond his means.

Where are you getting this from? His father was the head of a trade association. He would have made a nice living but he hardly would have been wealthy.

You know what a trade association is, right? His father was a lobbyist. If he had student loans from undergrad or law school I will eat my hat.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Property records for the purchase of their house in 2006 are publicly available (as is the address and the house is modest -- Zillow says it's only worth $1.35m now so barely any appreciation in 12 years).

Their 2006 mortgage was $980k. The Post reports their most recent refinance in 2005 was $865k. They didn't pay much down in 9 years.

At 2006, that was close to the top of the market. Prices have only recently recovered.

Not in th DC market. My house is worth three times what I paid for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Property records for the purchase of their house in 2006 are publicly available (as is the address and the house is modest -- Zillow says it's only worth $1.35m now so barely any appreciation in 12 years).

Their 2006 mortgage was $980k. The Post reports their most recent refinance in 2005 was $865k. They didn't pay much down in 9 years.

At 2006, that was close to the top of the market. Prices have only recently recovered.

Not in th DC market. My house is worth three times what I paid for it.

That’s not the case in Kavanaugh’s neighborhood. My sister paid $900K in 2005 a few blocks over and they’re at about $1.1-$1.2 now. The value never dipped dramatically lower though.

[Anonymous]

Rumors that Kavanaugh is indebted to the mob. Oops!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DC Circuit Court judges make $220,600, so I guess I'm not surprised of the lack of savings with a $1.2 Million house.

We just started making a combined $210,000 and have a $450,000 mortgage; even that with similar school expenses to Kavanaugh ($20k/yr for preschool) makes it hard (but not impossible!) to save. This just seems like bad financial planning on his part-- when he was 35 I'm sure he wasn't banking on being a Supreme Court Justice!

Yes, that is why a person with that income shouldn't buy a $1.2M house, particularly since the value of the house relates in large part to the local public schools, which the person in question doesn't use. WTAF

I am the same age as Kavanaugh, with a similar HHI. DH and I live in Silver Spring, in our paid-off house worth about $800K. Our combined retirement accounts have a current value of $2.5M and we have another $300K in college savings, plus $200K in mutual funds and $80K liquid for emergencies.

Isn't planning ahead and minimizing exposure to risk what lawyers are supposed to be good at?

His parents are well-off. Maybe he's counting on an inheritance. But yes, he is living beyond his means.

Where are you getting this from? His father was the head of a trade association. He would have made a nice living but he hardly would have been wealthy.

You know what a trade association is, right? His father was a lobbyist. If he had student loans from undergrad or law school I will eat my hat.

Not only do I know what a trade association is, I know the one he worked for VERY well. As a said, he would have made good money, but no more than a senior associate in BigLaw,

[Anonymous]

Only on dcum is a double Ivy with a lifetime $220k salary and platinum health care, six figures of retirement savings, six figures of home equity, and likely seven figure inheritance when the parents croak "poor".

My Lord, quit trying so hard.

[Anonymous]

Anonymous wrote:Only on dcum is a double Ivy with a lifetime $220k salary and platinum health care, six figures of retirement savings, six figures of home equity, and likely seven figure inheritance when the parents croak "poor".

My Lord, quit trying so hard.

You left out his wife's $60k salary.
You left out $30k adjunct pay.

Also will get pension matching salary whenever he wants.

Also gonna get a pay raise soon.

Also could have bounced to biglaw and made $1 million plus whenever he wanted but chose not to b/c didn't care.

But haters gonna hate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DC Circuit Court judges make $220,600, so I guess I'm not surprised of the lack of savings with a $1.2 Million house.

We just started making a combined $210,000 and have a $450,000 mortgage; even that with similar school expenses to Kavanaugh ($20k/yr for preschool) makes it hard (but not impossible!) to save. This just seems like bad financial planning on his part-- when he was 35 I'm sure he wasn't banking on being a Supreme Court Justice!

Yes, that is why a person with that income shouldn't buy a $1.2M house, particularly since the value of the house relates in large part to the local public schools, which the person in question doesn't use. WTAF

I am the same age as Kavanaugh, with a similar HHI. DH and I live in Silver Spring, in our paid-off house worth about $800K. Our combined retirement accounts have a current value of $2.5M and we have another $300K in college savings, plus $200K in mutual funds and $80K liquid for emergencies.

Isn't planning ahead and minimizing exposure to risk what lawyers are supposed to be good at?

His parents are well-off. Maybe he's counting on an inheritance. But yes, he is living beyond his means.

Are you by chance living near other Supreme Court justices, and high level journalists ?

Where are you getting this from? His father was the head of a trade association. He would have made a nice living but he hardly would have been wealthy.

You know what a trade association is, right? His father was a lobbyist. If he had student loans from undergrad or law school I will eat my hat.

[Anonymous]

How did he qualify for the mortgage and refis? His wife's top salary was 66,000.

[Anonymous]

Anonymous wrote:Only on dcum is a double Ivy with a lifetime $220k salary and platinum health care, six figures of retirement savings, six figures of home equity, and likely seven figure inheritance when the parents croak "poor".

My Lord, quit trying so hard.

Nobody says he’s poor, but his reported assets are low for his income level. He is not unique in the DC area. It’s too bad they got sucked into a 1+ million dollar house in 2006, at the top of the market. Would have been smarter to buy somewhere cheaper since they are paying for private school.

[Anonymous]

Anonymous wrote:How did he qualify for the mortgage and refis? His wife's top salary was 66,000.

In 2006 you could get a mortgage for anything. Their HHI is more than adequate to qualify for the refi’s.

[Anonymous]

Anonymous wrote:With his track record, he could very quickly start earning $$$ in the private sector if he chose to do so. I'm not sure how worried I'd be about my finances if I had that kind of outside option.

Right? Plus these judges work FOREVER. why would any beaurecrat save a ton (not saying this guy is a beaurecrat)? You get a pension Nd lifetime benefits, plus judges quite often work into their 70s. Now at the supreme court level, he will nearly die on the bench.

There is a huge difference between you, a paper pusher and a supreme court judge.

[Anonymous]

Anonymous wrote:

Anonymous wrote:They are probably members at Columbia CC too. Private school, 800,000 mortgage, expensive renovation etc. It all adds up. Lots of “wealthy” people live paycheck to paycheck here.

Their mortgage is insane at their income level. Especially since he should have been able buy before prices rose sky high. I’m guessing the home is like an [b]atm.

This. Said he has refinanced twice. You know that means he probably took cash out.

LOL! I've refinanced 2xs. Currently have an interest rate of 2.9. Started at 6. You people are so desperate and sad... and funny.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Life tenure is a pretty secure future income stream.

And the Federal courts retirement for both Supreme and appellate are still essentially defined-benefit along, I think.

If I were him I'd Stop entirely contributing to TSP. I'd YOLO with my money. Retiring U.S. Supreme Court justices are entitled to a lifetime pension equal to their highest full salary. Sooo, this guy, will be collecting a nearly 255k salary (or more) until the day he takes his last breath. He also is guaranteed a job until he takes his last breath if he so chooses.

You people need to stop freaking out. Hes not a commoner like the rest of us. He has a golden parachute and I'm guessing will be working, shaping US law for the next 30 years at least.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DC Circuit Court judges make $220,600, so I guess I'm not surprised of the lack of savings with a $1.2 Million house.

We just started making a combined $210,000 and have a $450,000 mortgage; even that with similar school expenses to Kavanaugh ($20k/yr for preschool) makes it hard (but not impossible!) to save. This just seems like bad financial planning on his part-- when he was 35 I'm sure he wasn't banking on being a Supreme Court Justice!

Yes, that is why a person with that income shouldn't buy a $1.2M house, particularly since the value of the house relates in large part to the local public schools, which the person in question doesn't use. WTAF

I am the same age as Kavanaugh, with a similar HHI. DH and I live in Silver Spring, in our paid-off house worth about $800K. Our combined retirement accounts have a current value of $2.5M and we have another $300K in college savings, plus $200K in mutual funds and $80K liquid for emergencies.

Isn't planning ahead and minimizing exposure to risk what lawyers are supposed to be good at?

His parents are well-off. Maybe he's counting on an inheritance. But yes, he is living beyond his means.

Why would he count on an inheritance when he will have a pension of 255k/yr for the rest of his life, plus healthcare? You would need your parents help if you were pulling in 255k/yr in retirement?