“The Las Vegas City Council will consider a proposal next week to enter into a negotiating agreement for a downtown stadium and to make a pitch to the MLS to turn the Las Vegas Lights FC into an expansion team…” [Las Vegas Sun]
Ironic that the top 2 headlines here involve Kephart and Herndon who have taken 2 very different trajectories.
Guest
Anonymous
May 30, 2019 6:56 pm
Does anyone have any thoughts about scaling back lifestyle creep? (Besides the obvious). I am not a materialistic person and yet I am struggling to push back against the creep. I am killing myself with work. I want to keep and save more of it.
Drive a 10 year old Japanese car that last forever, continue living in your starter home after paying off the mortgage, never dine on the strip, avoid cosmetic home remodeling, don't travel outside the US, do your own yard work, pack a lunch most days, invest your spare cash into buying mutual funds on TD Ameritrade (rather than paying a full service broker), buy all your clothes from Men's Warehouse, Joseph A. Banks, or the Rack, keep your furniture and clothes until they develop holes or grotesque stains, and most importantly, don't spend needless cash just because your neighbors and friends are.
I've had a remarkably unsuccessful legal career from a financial perspective – no one would be more qualified to host a CLE on how not to make it rain than me. But thanks to those simple tips, I'm doing ok and (so far) likely won't have to be a Wal-Mart greeter after retirement.
Dave Ramsey has a really good book called Total Money Makeover.The basic idea is you would have a shitload of money if you didn't have to make monthly payments for mortgage, credit cards, student loans, cars etc. I would focus on paying off all your debt and maybe one day you can afford to leave this shitty profession and go into something more fulfilling.
in response to 12:37 p.m., much of your advice is sound, except the part about packing a lunch every day, and that also explains why you aren't making it rain. Never eat alone. Take people out to lunch for the love
I think I'm in the minority here when I say – holy crap – only $1900 in combined mortgage, car payment and student loan debt??? You're doing good my friend. My mortgage is $2600, student loans are $1400 but am about to be car payment free. Student loans will be paid in full in 2021. I also see a mortgage as secured debt and as potential investment. My home is worth more than 2x's what we paid for it so that's something. I hear Dave Ramsey's book is great. But I'm never going to live by his rules. I'm too worried I'll die young having never lived life. I certainly don't regret my travels or my nice dinners.
A couple months ago I got a new car and ended up with a $900 monthly payment. In hindsight, I feel like that was a mistake. I can afford it, but every once in a while it hits me that I'm paying more than $30/day just to own the thing, before maintenance, insurance, gas, etc. Ugh.
Buying a brand new car is not a wise financial decision. The car substantially depreciates in value the minute you drive it off the lot. And ouch at that payment.
+1 to mrmoneymustache.com If I'd read that 10 years ago, I would be retired by now (at under 40).
+1 also to what 2:59 said: you (the OP) are already doing better than a lot of people, so that is good.
Also: rule 1: track all your expenses and discretionary spending, every month, down to the penny. (If you aren't already.)
Rule 2: make a budget.
You can't really make a meaningful or realistic budget until you have a realistic idea of where all your money goes. Also, if you've tracked your money correctly, it should be blatantly obvious where you can cut back. Then the budget reflects that.
It is also critical that when you track your money and make your budget, that you are honest with yourself about what is a real "expense" and what is discretionary spending. For example, an expenses for "food" means groceries, not eating out. Ever. I disagree with 1:22 – eating out is bad for your wallet and your waistline, and I'm not convinced it does much for business. I've had better business results from going to the gym, a class, etc.
Your budget MUST contain some savings. Not everything left over after paying the bills is disposable income. Easiest is to take advantage of your 401K, etc., where you don't see the money first. But also look at an IRA if you don't already have one, and a taxable brokerage account that is separate from your "day to day" bank accounts. It's harder to get money out of, and thus easier to save.
It is also critical that you budget for some fun too.
As mentioned above, cars are a giant waste of money. 3:08 drives the point home (pun intended). If you can (and odds are you can, but you won't want to), get rid of your current car and get an older/cheaper one that you won't have to pay on, or pay very little. Your insurance and registration will be cheaper too.
TL;DR: The most important thing I think is who you hang out with. You will tend to want to adopt the same lifestyle as them. I almost made a huge mistake and bought a Tesla once, because I was hanging out with people who drove Teslas and stuff like that. Thank God I didn't, but boy did I want one… really almost felt like I *needed* it. In other words, it was totally warping my sense of reality.
So, if you do hang out with "high lifestyle" people, just remind yourself periodically that you don't need any of that stuff. Just be mindful of it. Also, for at least half of them you can figure they're actually in debt past their eyeballs, so that lifestyle is coming at a terrible cost.
Guest
Anonymous
May 30, 2019 8:16 pm
MGM is the worst. Aren't they getting ready to add a housekeeping charge to guest rooms? I hope Bob Eglet takes them for 100 Billion and then Jim Murren gets fired.
Gee MGM is the worst for laying off people for financial issues but also want MGM to be bankrupted by Bob Eglet. You are truly an advocate for those workers.
Guest
Anonymous
May 30, 2019 8:40 pm
I happen to have a high opinion of Judge Herndon in general, but I can compartmentalize that and separate that out from thee fact that what he did may be almost unforgivable in my estimation.
He can, and should, be forgiven, for prosecuting a man (subsequently found to be factually innocent) if he was reasonably persuaded of the man's guilt at the time of the prosecution.
But problem is that he, and the other prosecutor, withheld exculpatory evidence–evidence that was strong to the point that it either should have persuaded Herndon that the man was not in fact guilty, or at least that there is now a strong possibility, or even a likelihood, that he is not in fact guilty.
But if I am wrong, and what he did should be viewed as forgivable, it would be because he owns it all and has complete remorse. But I'm still having trouble because this prosecutorial win at any cost approach, even when it is contrary to new and exculpatory evidence, did not merely result in a year or two of incarceration–but instead a quarter century of someone's life. That's huge.
So, complete forgiveness becomes more appropriate if he, beyond just discussing this case, does what he can to speak up and in his own way(and he is an influential, highly intelligent and principled jurist) cause people to reflect on certain prosecutorial approaches in general. Do what he can to encourage the climate to change in this area, even if only a little. For starters, tolerate none of this conduct from the prosecutors who appear in his court, and insist on complete honor, and even transparency when appropriate.
And being a man of such honor, he seems to be the only one taking the bullet on any of this. I don't believe that the co-prosecutor, now also a judge, is expressing any of the deep remorse Herndon has. And I will not hold my breath expecting him to do so.
We disbar people for the theft of $10,000 missing from a Trust Account. Herndon and Kephart cost this man 20 years of his life. What is the theft of 20 years of life wrongfully consigned in a dungeon worth? His atonement is noteworthy. I like Judge Herndon personally. However he deserves to have his legal life ruined as penance for the sins he committed. There is no statute of limitations in mind for these sins.
Guest
Anonymous
May 30, 2019 10:02 pm
Completely agree with 1:40. The culture of the Clark County DA is win at any cost. That will continue until judges step up.
Ironic that the top 2 headlines here involve Kephart and Herndon who have taken 2 very different trajectories.
Does anyone have any thoughts about scaling back lifestyle creep? (Besides the obvious). I am not a materialistic person and yet I am struggling to push back against the creep. I am killing myself with work. I want to keep and save more of it.
Are you completely debt free?
No. Combined debt (mortgage, car payment, student loan) is $1900 a month.
Drive a 10 year old Japanese car that last forever, continue living in your starter home after paying off the mortgage, never dine on the strip, avoid cosmetic home remodeling, don't travel outside the US, do your own yard work, pack a lunch most days, invest your spare cash into buying mutual funds on TD Ameritrade (rather than paying a full service broker), buy all your clothes from Men's Warehouse, Joseph A. Banks, or the Rack, keep your furniture and clothes until they develop holes or grotesque stains, and most importantly, don't spend needless cash just because your neighbors and friends are.
I've had a remarkably unsuccessful legal career from a financial perspective – no one would be more qualified to host a CLE on how not to make it rain than me. But thanks to those simple tips, I'm doing ok and (so far) likely won't have to be a Wal-Mart greeter after retirement.
Dave Ramsey has a really good book called Total Money Makeover.The basic idea is you would have a shitload of money if you didn't have to make monthly payments for mortgage, credit cards, student loans, cars etc. I would focus on paying off all your debt and maybe one day you can afford to leave this shitty profession and go into something more fulfilling.
in response to 12:37 p.m., much of your advice is sound, except the part about packing a lunch every day, and that also explains why you aren't making it rain. Never eat alone. Take people out to lunch for the love
If you didn't have that debt and saved those monthly debt payments for 10 years you would have $228,000. Imagine how different your life would be.
I think I'm in the minority here when I say – holy crap – only $1900 in combined mortgage, car payment and student loan debt??? You're doing good my friend. My mortgage is $2600, student loans are $1400 but am about to be car payment free. Student loans will be paid in full in 2021. I also see a mortgage as secured debt and as potential investment. My home is worth more than 2x's what we paid for it so that's something. I hear Dave Ramsey's book is great. But I'm never going to live by his rules. I'm too worried I'll die young having never lived life. I certainly don't regret my travels or my nice dinners.
A couple months ago I got a new car and ended up with a $900 monthly payment. In hindsight, I feel like that was a mistake. I can afford it, but every once in a while it hits me that I'm paying more than $30/day just to own the thing, before maintenance, insurance, gas, etc. Ugh.
There are countless ways to avoid lifestyle creep. Buying suits at Jos. A Bank is not an acceptable one.
Buying a brand new car is not a wise financial decision. The car substantially depreciates in value the minute you drive it off the lot. And ouch at that payment.
https://www.mrmoneymustache.com/
+1 to mrmoneymustache.com If I'd read that 10 years ago, I would be retired by now (at under 40).
+1 also to what 2:59 said: you (the OP) are already doing better than a lot of people, so that is good.
Also: rule 1: track all your expenses and discretionary spending, every month, down to the penny. (If you aren't already.)
Rule 2: make a budget.
You can't really make a meaningful or realistic budget until you have a realistic idea of where all your money goes. Also, if you've tracked your money correctly, it should be blatantly obvious where you can cut back. Then the budget reflects that.
It is also critical that when you track your money and make your budget, that you are honest with yourself about what is a real "expense" and what is discretionary spending. For example, an expenses for "food" means groceries, not eating out. Ever. I disagree with 1:22 – eating out is bad for your wallet and your waistline, and I'm not convinced it does much for business. I've had better business results from going to the gym, a class, etc.
Your budget MUST contain some savings. Not everything left over after paying the bills is disposable income. Easiest is to take advantage of your 401K, etc., where you don't see the money first. But also look at an IRA if you don't already have one, and a taxable brokerage account that is separate from your "day to day" bank accounts. It's harder to get money out of, and thus easier to save.
It is also critical that you budget for some fun too.
As mentioned above, cars are a giant waste of money. 3:08 drives the point home (pun intended). If you can (and odds are you can, but you won't want to), get rid of your current car and get an older/cheaper one that you won't have to pay on, or pay very little. Your insurance and registration will be cheaper too.
TL;DR: The most important thing I think is who you hang out with. You will tend to want to adopt the same lifestyle as them. I almost made a huge mistake and bought a Tesla once, because I was hanging out with people who drove Teslas and stuff like that. Thank God I didn't, but boy did I want one… really almost felt like I *needed* it. In other words, it was totally warping my sense of reality.
So, if you do hang out with "high lifestyle" people, just remind yourself periodically that you don't need any of that stuff. Just be mindful of it. Also, for at least half of them you can figure they're actually in debt past their eyeballs, so that lifestyle is coming at a terrible cost.
MGM is the worst. Aren't they getting ready to add a housekeeping charge to guest rooms? I hope Bob Eglet takes them for 100 Billion and then Jim Murren gets fired.
Gee MGM is the worst for laying off people for financial issues but also want MGM to be bankrupted by Bob Eglet. You are truly an advocate for those workers.
I happen to have a high opinion of Judge Herndon in general, but I can compartmentalize that and separate that out from thee fact that what he did may be almost unforgivable in my estimation.
He can, and should, be forgiven, for prosecuting a man (subsequently found to be factually innocent) if he was reasonably persuaded of the man's guilt at the time of the prosecution.
But problem is that he, and the other prosecutor, withheld exculpatory evidence–evidence that was strong to the point that it either should have persuaded Herndon that the man was not in fact guilty, or at least that there is now a strong possibility, or even a likelihood, that he is not in fact guilty.
But if I am wrong, and what he did should be viewed as forgivable, it would be because he owns it all and has complete remorse. But I'm still having trouble because this prosecutorial win at any cost approach, even when it is contrary to new and exculpatory evidence, did not merely result in a year or two of incarceration–but instead a quarter century of someone's life. That's huge.
So, complete forgiveness becomes more appropriate if he, beyond just discussing this case, does what he can to speak up and in his own way(and he is an influential, highly intelligent and principled jurist) cause people to reflect on certain prosecutorial approaches in general. Do what he can to encourage the climate to change in this area, even if only a little. For starters, tolerate none of this conduct from the prosecutors who appear in his court, and insist on complete honor, and even transparency when appropriate.
And being a man of such honor, he seems to be the only one taking the bullet on any of this. I don't believe that the co-prosecutor, now also a judge, is expressing any of the deep remorse Herndon has. And I will not hold my breath expecting him to do so.
We disbar people for the theft of $10,000 missing from a Trust Account. Herndon and Kephart cost this man 20 years of his life. What is the theft of 20 years of life wrongfully consigned in a dungeon worth? His atonement is noteworthy. I like Judge Herndon personally. However he deserves to have his legal life ruined as penance for the sins he committed. There is no statute of limitations in mind for these sins.
Completely agree with 1:40. The culture of the Clark County DA is win at any cost. That will continue until judges step up.