Kavanaugh's finances

[Anonymous]

Anonymous wrote:

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Anonymous wrote:I think he's more the norm than people would like to admit in DC. $300K income but house-poor with a $1.2 MM home in Chevy Chase and private school tuition. His parents were typical white-collar in CC as well. He likely had student loans that were paid off, so he didn't start saving for retirement until later (thus the $500K TSP). He has wealthy friends and a slight desire to keep up with the Joneses (see said house and the expensive baseball tickets). I think he's pretty typical.

“Kavanaugh has a government retirement account worth nearly half a million dollars.” At age 53, he doesn’t even have $500k in his TSP—“nearly” means anything from $450k to $499k. This guy has been doing it all wrong.

Yes, that's piss poor TSP management / performance

He quit paying into TSP 12 years ago. That amount gets added to his judicial pension. Once he had a pension as a judge, that amount does not matter as much.

It would not make sense to pay into TSP after getting into a define pension regime. The TSP amounts should only reflect contributions from his time spent in TSP eligible service which I assume ended years ago.

I’m 10 years younger than this person and I have jerky 650k in TSP. Friends say that’s not that great, and I agree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think he's more the norm than people would like to admit in DC. $300K income but house-poor with a $1.2 MM home in Chevy Chase and private school tuition. His parents were typical white-collar in CC as well. He likely had student loans that were paid off, so he didn't start saving for retirement until later (thus the $500K TSP). He has wealthy friends and a slight desire to keep up with the Joneses (see said house and the expensive baseball tickets). I think he's pretty typical.

“Kavanaugh has a government retirement account worth nearly half a million dollars.” At age 53, he doesn’t even have $500k in his TSP—“nearly” means anything from $450k to $499k. This guy has been doing it all wrong.

Yes, that's piss poor TSP management / performance

He quit paying into TSP 12 years ago. That amount gets added to his judicial pension. Once he had a pension as a judge, that amount does not matter as much.

It would not make sense to pay into TSP after getting into a define pension regime. The TSP amounts should only reflect contributions from his time spent in TSP eligible service which I assume ended years ago.

I’m 10 years younger than this person and I have jerky 650k in TSP. Friends say that’s not that great, and I agree.

^ nearly

[Anonymous]

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Anonymous wrote: No college savings for the kids?

Why so nosy?

This is funny. You must be new here.

[Anonymous]

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Anonymous wrote:What I think bothers some people here is that it doesn’t fit their narrative that a couple whom see themselves in aren’t as rich as they ‘should be.’ Surely this man could have obtained more than your combined 350k pay or whatever, or your husband’s pay at a second tier law firm. The Judge chose to have intellectually challengeing jobs that will place him in the history books. By contrast, you will toil away in obscurity, worrying about things like OBX decals and what they mean.

I don’t think anyone is critizing his career choice. The issues are his stupid financial decisions to live beyond his means and the question of who paid off the debt he was carrying for years. We expect more from a Supreme Court nominee.

No, the issue is you are an idiot and won't acknowledge that he as of 2006, at age 41, he was appointed to a golden parachute retirement. He knew that even if he simply maintained the status quo, he could spend what he wanted because his retirement was in the bag. He didn't even need the TSP. That's a bonus and perfectly reasonable to borrow from in his enviable position of financial security.

Why would he save more and be a penny pincher? Is this virtuous to you? Hoarding money you dont need? Did he run up debt he couldn't pay back? Nope. Did he have to go on welfare to feed himself? Nope. Did he use the public school system? Nope. Did he pay his taxes? Yes. What makes you think he lives beyond his means? We are reading the same article, correct? It says he paid off all his revolving debt. Do you have insider information that this debt is in collections?

Starting in 2006, he was on a fixed income and he lived beyond it. He's still on a fixed income. Let's see if he can live within his means. He hasn't shown that yet.

This exactly. His HHI is $300K+ now and they're spending well beyond it. How is he going to survive on a $250K fixed pension? He has proven that he can't live within his means.

I'm sure at the average retirement age for a supreme court judge at age 80, and kids out of the house he will manage just fine.

You can sleep soundly now.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think he's more the norm than people would like to admit in DC. $300K income but house-poor with a $1.2 MM home in Chevy Chase and private school tuition. His parents were typical white-collar in CC as well. He likely had student loans that were paid off, so he didn't start saving for retirement until later (thus the $500K TSP). He has wealthy friends and a slight desire to keep up with the Joneses (see said house and the expensive baseball tickets). I think he's pretty typical.

“Kavanaugh has a government retirement account worth nearly half a million dollars.” At age 53, he doesn’t even have $500k in his TSP—“nearly” means anything from $450k to $499k. This guy has been doing it all wrong.

Yes, that's piss poor TSP management / performance

He quit paying into TSP 12 years ago. That amount gets added to his judicial pension. Once he had a pension as a judge, that amount does not matter as much.

It would not make sense to pay into TSP after getting into a define pension regime. The TSP amounts should only reflect contributions from his time spent in TSP eligible service which I assume ended years ago.

I’m 10 years younger than this person and I have jerky 650k in TSP. Friends say that’s not that great, and I agree.

Your age is not the relevant measure, it’s time served in a TSP eligible position. If he only served 6 years and saved that much, it is much different than if he had served for 18 years or so or whatever you have. You also have to account for the amount of money he was making back then (some Admins are very cheap, even with senior staff, paying only 90-125k).

Moreover, unlike you, he has the 500k plus his pension. You are not comparing apples to apples at all.

[Anonymous]

Anonymous wrote:I think he's more the norm than people would like to admit in DC. $300K income but house-poor with a $1.2 MM home in Chevy Chase and private school tuition. His parents were typical white-collar in CC as well. He likely had student loans that were paid off, so he didn't start saving for retirement until later (thus the $500K TSP). He has wealthy friends and a slight desire to keep up with the Joneses (see said house and the expensive baseball tickets). I think he's pretty typical.

Agree. I never realized how many people manage their finances this way until our oldest applied to college. Then, suddenly, people who had been spending lots of money they didn't really have had to tell their kids they couldn't afford to go to private colleges or even more expensive OOS publics unless they got merit money. Ugh.

[Anonymous]

Anonymous wrote:Look, I very much dislike Kavanaugh's politics (as an aside let's please dispense with the notion that judges aren't political), but this kind of personal finance mismanagement (while personally embarrassing and really kind of pathetic) in no way affects his qualification or character to sit on the bench. The people talking about bar discipline for character & fitness or security clearances are a bit much.

That said, it is really pathetic for a 50+ year old with these incomes to have such poor finances. Funny that the conservative "old soul" (as I've seen him described in the press) is really stretched so thin on credit card debt and very little savings.

Agree with everything here; would only add that an "old soul" who also wants to hang with the bros will tend to rack up a bunch of credit card debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Didn’t Sotomayor have only like 30k in savings and a few real estate related assets when she filed?

Yup, but she grew up poor and had student loans. A little more expected than with Kavanaugh who is the kid of judges/high level govt officials.

And she doesn't have children. My guess is that Kavanagh's parents pay his daughters' tuition and have promised to help with college. Not surprising since he's an only child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m not sure, but it looks like he’ll get his Suoreme Court full salary, for life, with 15 years service on the Court (plus his other pension, I guess). By then, I would guess the salary will be close to 300k and more of he’s Chief. If he retires then, and assuming the US is still a functioning country with its institutions and democratic values intact (I assume nothing in life) he can seek employment with a firm and take care of any and all money needs in a couple years.

Good financial planning then, to plan to be a Supreme Court justice. We should all emulate him.

Well he became a judge with a lifetime pension at age 41. He didnt need to plan to be on the high court. Even then a man of his background would have done quite fine in the private sector.

So many bitter grapes. You people are grasping. It s funny!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Didn’t Sotomayor have only like 30k in savings and a few real estate related assets when she filed?

Yup, but she grew up poor and had student loans. A little more expected than with Kavanaugh who is the kid of judges/high level govt officials.

And she doesn't have children. My guess is that Kavanagh's parents pay his daughters' tuition and have promised to help with college. Not surprising since he's an only child.

Yikes! No kids and only 30k saved? What an irresponsible mornon.

[Anonymous]

Anonymous wrote:I think he's more the norm than people would like to admit in DC. $300K income but house-poor with a $1.2 MM home in Chevy Chase and private school tuition. His parents were typical white-collar in CC as well. He likely had student loans that were paid off, so he didn't start saving for retirement until later (thus the $500K TSP). He has wealthy friends and a slight desire to keep up with the Joneses (see said house and the expensive baseball tickets). I think he's pretty typical.

That’s what our financial advisors told us as well, stating she fidn’t Know how people could sleep at night with so much debt. Guess he is counting on an inheritance...his parents must be well off, and of course he played the career hand well.

[Anonymous]

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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.

+1

If he really needed money, he could go to the private sector and instantly double, or triple(?), his income overnight. If he socked away the difference, he would be all caught up in a few years based on DCUM standards.

Plus, he could ask his wife to get a better paying job and she could easily double or triple her income. Some people want to enjoy life as they go through it. Looks like he's made some choices that allow his family to do that - good for him.

Are you sure about this?? He has CREDIT CARD debt or did. Seems stressful.

Some people are not stressed about credit card debt if they can pay it off. He basically has a stay at home wife. His kids go to catholic school. He probably gets home at a reasonable time and has dinner with his family every night. I don't see his family being a harried two family income life, with demanding jobs that require a nanny, that is characterized so much here on DCUM. That's enjoying life - for him. YMMV.

You don’t know Chevy Chase, do you? His wife is town manager. That is a stressful job.

[Anonymous]

Anonymous wrote:People, HE BORROWED FROM HIS RETIREMENT to buy baseball tickets.
Does that not strike you as insane? If any of us did it we'd get crucified on this board. Or if any of us only had $400K in our 401K at age 53 despite a HHI of $300K+.

No, he didn’t!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Didn’t Sotomayor have only like 30k in savings and a few real estate related assets when she filed?

Yup, but she grew up poor and had student loans. A little more expected than with Kavanaugh who is the kid of judges/high level govt officials.

And she doesn't have children. My guess is that Kavanagh's parents pay his daughters' tuition and have promised to help with college. Not surprising since he's an only child.

Yikes! No kids and only 30k saved? What an irresponsible mornon.

Indeed. If I didn’t have kids, i’d be have a 3rd home instead of just having two. At least they are both paid off!

[Anonymous]

There are 300 million people in the US. With his new job, I expect he and his family will begin accumulating wealth at a rapid pace. He will do what is expected of him by the wealthy and they will be compensated in ways that will break no laws.

Of those 300 million Americans, I think his finances will be better than 90% of them. Wish I could say the same for myself.