Anonymous
Post 07/12/2018 09:50     Subject: Kavanaugh's finances
He could say "screw it all" today and make $3MM+ per year at a dozen different law firms.
Anonymous
Post 07/12/2018 09:49     Subject: Kavanaugh's finances
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.
Anonymous
Post 07/12/2018 09:45     Subject: Kavanaugh's finances
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?
Anonymous
Post 07/12/2018 09:43     Subject: Re:Kavanaugh's finances
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.


The private school tuition is Catholic School for 2 kids, so only around $10,000 for each kid so $20,000. His mortgage is less than 900,000 on a house he bought 12 years ago.
Anonymous
Post 07/12/2018 09:42     Subject: Kavanaugh's finances
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.
Anonymous
Post 07/12/2018 09:42     Subject: Kavanaugh's finances
Thanks for posting this! I just got in a debate with a friend who doesn’t live in this area, and who thinks Kavanaugh has tons of savings. I’m close in age to Kavanaugh and make less, but in the same ball park. I can’t fathom getting a loan from our TSP. And we have much more in retirement. Maybe he did start saving later.

I would not feel very financially secure in his situation, at this age. Considering the income he’s had for awhile.
Anonymous
Post 07/12/2018 09:37     Subject: Kavanaugh's finances
He is a financial stooge.
Anonymous
Post 07/12/2018 09:36     Subject: Re:Kavanaugh's finances
Yikes. I’m 34 in government and have over 500k. I have been worried I only have over 500k at my age!

I think A LOT of people are house poor. We have an inexpensive house for our income and still have to go out of your way to save. If you have an expensive home, nice cars, private school, vacations etc there is no way you can save a lot of money.
Anonymous
Post 07/12/2018 09:34     Subject: Re:Kavanaugh's finances
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.



Agreed.
Anonymous
Post 07/12/2018 09:31     Subject: Re:Kavanaugh's finances
He’s fine. Plus he’ll be a Supreme Court, Justice which no one here will ever be.
Anonymous
Post 07/12/2018 09:28     Subject: Re:Kavanaugh's finances
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.
Anonymous
Post 07/12/2018 09:15     Subject: Re:Kavanaugh's finances
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.
Anonymous
Post 07/12/2018 09:14     Subject: Re:Kavanaugh's finances
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.
Anonymous
Post 07/12/2018 09:09     Subject: Re:Kavanaugh's finances
Life tenure is a pretty secure future income stream.
Anonymous
Post 07/12/2018 09:01     Subject: Kavanaugh's finances
https://www.washingtonpost.com/investigations/supreme-court-nominee-brett-kavanaugh-piled-up-credit-card-debt-by-purchasing-nationals-tickets-white-house-says/2018/07/11/8e3ad7d6-8460-11e8-9e80-403a221946a7_story.html?utm_term=.48e5ef4cce2c

What does DCUM have to say about this, from a purely financial standpoint? He's been in public service his whole career, but doesn't seem to have much savings except for the value of his house. Seems pretty standard for DC, but definitely not in line with typical DCUM advice.