Kavanaugh's finances

[Anonymous]

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+.

[Anonymous]

The difference in public vs. private sector.

Seems typical of my friends in the public sector.

[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+.

He's not good with money, it's true. He came from a upper middle class background and from this writeup, he's slipping down from the level where he was born...With all that debt, he would probably have a hard time getting a security clearance.

[Anonymous]

Anonymous wrote:The difference in public vs. private sector.

Seems typical of my friends in the public sector.

I have dozens of friends in the public sector and exactly zero of them would raid their retirement for an entertainment expense. Give me a break.

[Anonymous]

Anonymous wrote:

Anonymous wrote:He could say "screw it all" today and make $3MM+ per year at a dozen different law firms.

Curious to know what he would need to do to pull in that type of income. It's clear that he would need to bring in business but how much to earn $3M? What would his hours be like? How long could he stay in that game before he gets tired of the rat race?

He would need to work harder than he currently does, but not as hard as he's worked in the past. He would have his pick from many of the firm on this list:
https://en.wikipedia.org/wiki/List_of_US_law_firms_by_profits_per_partner

Or perhaps Plan A:
http://www.globallegalpost.com/corporate-counsel/revealed-americas-highest-paid-general-counsel-47371320/

Basically, he is doing us a favor (and spending quality time with his kids) by acting as a federal judge and living well in Chevy Chase Section 5 as opposed to raking it in in the private sector. And for this some idiots are questioning his choice of first name and his love of baseball.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:He could say "screw it all" today and make $3MM+ per year at a dozen different law firms.

Curious to know what he would need to do to pull in that type of income. It's clear that he would need to bring in business but how much to earn $3M? What would his hours be like? How long could he stay in that game before he gets tired of the rat race?

He would need to work harder than he currently does, but not as hard as he's worked in the past. He would have his pick from many of the firm on this list:
https://en.wikipedia.org/wiki/List_of_US_law_firms_by_profits_per_partner

Or perhaps Plan A:
http://www.globallegalpost.com/corporate-counsel/revealed-americas-highest-paid-general-counsel-47371320/

Basically, he is doing us a favor (and spending quality time with his kids) by acting as a federal judge and living well in Chevy Chase Section 5 as opposed to raking it in in the private sector. And for this some idiots are questioning his choice of first name and his love of baseball.

This is the Money & Finances forum, not Politics. Take this nonsense back where you came from.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Or he just uses credit cards for living expenses or a large debt people paid him back for. There's no evidence that he has sustained large credit card debt. He had a large credit card balance at some point. I have $15k on credit cards right now and zero credit card debt that will carry over the month

Is this really how credit reporting works for credit cards? I thought it was only reported if it’s a balance past 30 days. In other words if I charge $100 today it doesn’t show up on my credit report until I receive a bill and don’t pay the $100 in full and start paying interest for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:He could say "screw it all" today and make $3MM+ per year at a dozen different law firms.

Curious to know what he would need to do to pull in that type of income. It's clear that he would need to bring in business but how much to earn $3M? What would his hours be like? How long could he stay in that game before he gets tired of the rat race?

He would need to work harder than he currently does, but not as hard as he's worked in the past. He would have his pick from many of the firm on this list:
https://en.wikipedia.org/wiki/List_of_US_law_firms_by_profits_per_partner

Or perhaps Plan A:
http://www.globallegalpost.com/corporate-counsel/revealed-americas-highest-paid-general-counsel-47371320/

Basically, he is doing us a favor (and spending quality time with his kids) by acting as a federal judge and living well in Chevy Chase Section 5 as opposed to raking it in in the private sector. And for this some idiots are questioning his choice of first name and his love of baseball.

LOL. Delusional.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:He could say "screw it all" today and make $3MM+ per year at a dozen different law firms.

Curious to know what he would need to do to pull in that type of income. It's clear that he would need to bring in business but how much to earn $3M? What would his hours be like? How long could he stay in that game before he gets tired of the rat race?

He would need to work harder than he currently does, but not as hard as he's worked in the past. He would have his pick from many of the firm on this list:
https://en.wikipedia.org/wiki/List_of_US_law_firms_by_profits_per_partner

Or perhaps Plan A:
http://www.globallegalpost.com/corporate-counsel/revealed-americas-highest-paid-general-counsel-47371320/

Basically, he is doing us a favor (and spending quality time with his kids) by acting as a federal judge and living well in Chevy Chase Section 5 as opposed to raking it in in the private sector. And for this some idiots are questioning his choice of first name and his love of baseball.

LOL. Delusional.

You disagree with which part?

[Anonymous]

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.

+1

Idiotic.

[Anonymous]

Anonymous wrote:Even as an appeals court judge, he never would retire so didn’t really need retirement savings except to support his wife after he is gone. But I would never be that far in debt on credit cards. We pay off every month. Unless he was buying a big block of tickets for friends and waiting for them to pay him back, it’s stupid to buy tickets you don’t have cash for.

I sort of assumed he had family money—what did his dad do?

None of us can count on that. Senility, dementia, chronic disease - it is downright stupid to forgo retirement savings based on "never retiring."

I am boggled that anyone with his education would be so stupid. It tells us that he has terrible, terrible judgment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:He could say "screw it all" today and make $3MM+ per year at a dozen different law firms.

Curious to know what he would need to do to pull in that type of income. It's clear that he would need to bring in business but how much to earn $3M? What would his hours be like? How long could he stay in that game before he gets tired of the rat race?

He would need to work harder than he currently does, but not as hard as he's worked in the past. He would have his pick from many of the firm on this list:
https://en.wikipedia.org/wiki/List_of_US_law_firms_by_profits_per_partner

Or perhaps Plan A:
http://www.globallegalpost.com/corporate-counsel/revealed-americas-highest-paid-general-counsel-47371320/

Basically, he is doing us a favor (and spending quality time with his kids) by acting as a federal judge and living well in Chevy Chase Section 5 as opposed to raking it in in the private sector. And for this some idiots are questioning his choice of first name and his love of baseball.

LOL. Delusional.

You disagree with which part?

Having worked in biglaw for many years, all of it. And he isn’t doing anyone any favors. Some of you are just nuts. Dude just doesn’t know how to manage money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Even as an appeals court judge, he never would retire so didn’t really need retirement savings except to support his wife after he is gone. But I would never be that far in debt on credit cards. We pay off every month. Unless he was buying a big block of tickets for friends and waiting for them to pay him back, it’s stupid to buy tickets you don’t have cash for.

I sort of assumed he had family money—what did his dad do?

None of us can count on that. Senility, dementia, chronic disease - it is downright stupid to forgo retirement savings based on "never retiring."

I am boggled that anyone with his education would be so stupid. It tells us that he has terrible, terrible judgment.

+1. Also he hasn’t been forgoing saving because he thinks he will work forever. Please. It’s bevause he’s bad at managing money and had to buy a nice home, kids in private school etc. There are MANY people like this in DC.

[Anonymous]

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.

+1

Idiotic.

What is the present value of a guaranteed $220,600 annual salary (federal circuit judge) over the next 15-20, plus guaranteed retirement, with summers off and huge prestige? I'd take that deal today, thank you, including the $450k in savings at 53.

[Anonymous]

Anonymous wrote:

Anonymous wrote:He could say "screw it all" today and make $3MM+ per year at a dozen different law firms.

Curious to know what he would need to do to pull in that type of income. It's clear that he would need to bring in business but how much to earn $3M? What would his hours be like? How long could he stay in that game before he gets tired of the rat race?

He was at Kirkland and Ellis in the mid nineties for a few years between his clerkship and the Starr investigation.