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When would you realistically retire if you were me? (CSLG)

Given the growth my firm has had, I don't anticipate making ...
learning disabled stirring personal credit line
  02/19/18
just retire now. you can always turn the spigot back on in 5...
Heady base cuck
  02/19/18
Seems like bad advice lol. I have the ability to pretty much...
learning disabled stirring personal credit line
  02/19/18
you will miss spending time with them while they're young
Heady base cuck
  02/19/18
I spend a lot of time with my son now. Like a ton. He is onl...
learning disabled stirring personal credit line
  02/19/18
I have similar HHI in a lower COL city and I’m not going to ...
bateful nudist newt casino
  02/19/18
I don't see the point of working if your passive income exce...
learning disabled stirring personal credit line
  02/19/18
I like working. Hobbies aren’t the same. Some of us, probabl...
bateful nudist newt casino
  02/19/18
i would hire some lawyers to work on percentage and then mov...
Aromatic abusive office
  02/19/18
Can't move. Have a kid and another on the way soon most like...
learning disabled stirring personal credit line
  02/19/18
seems like you can move and you're selfishly making your wif...
Aromatic abusive office
  02/19/18
Makes no sense. My wife and I are on the same page. Anyone f...
learning disabled stirring personal credit line
  02/19/18
it's mind-boggling people can live with someone more than 2-...
Aromatic abusive office
  02/19/18
We've been together 15 years in June. Still super happy.
learning disabled stirring personal credit line
  02/19/18
how old are you? early 30s?
blathering locale prole
  02/19/18
focus on getting passive income, either as a slumlord or thr...
Cowardly hall
  02/19/18
this
Slimy aqua bbw
  02/19/18
...
adulterous national therapy
  02/19/18
I would want at least about 5 million in invested assets if ...
Obsidian boistinker
  02/19/18
Somewhere between 10-15. 10 would be 7 in mostly zero risk ...
Cracking flirting parlor regret
  02/19/18
Ya, I would never give up my practice. I would just hire peo...
learning disabled stirring personal credit line
  02/19/18
If you hire and train well you could make more money with le...
Cracking flirting parlor regret
  02/19/18
What's your position on leaving stuff for your kids? The wor...
Rusted beady-eyed trailer park
  02/19/18
...
Rebellious Autistic Sanctuary
  02/19/18
I want to leave my kids as much as possible. I want them to ...
learning disabled stirring personal credit line
  02/19/18
Very cool. I think $10 million is still a reasonable amount ...
Rusted beady-eyed trailer park
  02/19/18
I'm getting a vasectomy after the second kid. I don't want a...
learning disabled stirring personal credit line
  02/19/18
how much do you expect to spend a month? work until you get ...
Onyx Filthpig
  02/19/18
I expect 10k or less. I have no mortgage, no student loans, ...
learning disabled stirring personal credit line
  02/19/18
can you lay out a sample monthly budget? that seems high
indigo crawly hissy fit idiot
  02/19/18
I'll just lay out the big items: - $1,500/month (property t...
learning disabled stirring personal credit line
  02/19/18
$10 million seems like a good target But youre obviously ...
Rebellious Autistic Sanctuary
  02/19/18
Immediately. But you like lawyering more than me. I'd start ...
dashing rigor ladyboy
  02/19/18
CSLG if I were you I wouldn't retire until something happens...
fantasy-prone nighttime business firm
  02/19/18
id retire immediately
razzle-dazzle ivory milk property
  02/19/18
id retire immediately but retain a small stake in your shitl...
indigo crawly hissy fit idiot
  02/19/18
I'm not sure this is CR. At a minimum, since he likes spendi...
Rusted beady-eyed trailer park
  02/19/18
Retire immediately and then retire from talking about how mu...
frozen house
  02/19/18
Anyone with the drive to create your level of success would ...
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  02/19/18
I wouldn't ever retire in the sense of not working again. I ...
learning disabled stirring personal credit line
  02/19/18
Flipping real estate is how people go broke bro, especially ...
Titillating Shimmering Fortuitous Meteor Library
  02/19/18
I've been doing it for like 15 years. I'm not some random du...
learning disabled stirring personal credit line
  02/20/18
"What would your retirement strategy be if you were me?...
Confused abnormal parlour
  02/19/18
1. invest in passive income producing stuff, like apartments...
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  02/19/18
I'm never going to retire 100%. Practicing law, especially ...
Sienna Rambunctious Box Office
  02/19/18
I thought you hustled hard for some kind of worker's compens...
Pea-brained Pervert
  02/19/18
??? There's nothing wrong with our WC system, and I'm sayin...
Sienna Rambunctious Box Office
  02/19/18
I see. That is classic shitlaw general practice and seems li...
Pea-brained Pervert
  02/19/18
First IP - yup, pretty much. Second IP - ???
Sienna Rambunctious Box Office
  02/19/18
Why retire 100%? You can work increasingly less and stil...
Pea-brained Pervert
  02/19/18
make as much moneyh as you can over the next 5 years. Find ...
Canary fiercely-loyal liquid oxygen
  02/19/18
This is probably more credited. Make enough to buy passive i...
Pea-brained Pervert
  02/19/18
Jfc, shut the fuck up. Financial planners? Lmao. Good way to...
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  02/19/18
He is a smart, outgoing guy with a large network. No offense...
Pea-brained Pervert
  02/19/18
Financial planners are not "reliable experts." The...
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  02/19/18
Brother I am not talking about the guy from Wells Fargo who ...
Pea-brained Pervert
  02/19/18
This has been what my thinking is.
learning disabled stirring personal credit line
  02/19/18
I recommend you give all of your cases immediately to chandl...
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  02/19/18
Sure, I'll have Amy and Daniel show up at your house tomorro...
learning disabled stirring personal credit line
  02/19/18
Thank
Underhanded Mischievous Clown Orchestra Pit
  02/19/18
Lmao
Arousing Field
  02/19/18
Keep running law biz until you have $5m in net worth. You ha...
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  02/19/18
Sounds like the consensus is about 10mil net worth (which wa...
learning disabled stirring personal credit line
  02/19/18
"Sounds like the consensus is about 10mil net worth (wh...
Confused abnormal parlour
  02/19/18
I have an eight figure case in my pipeline and several seven...
learning disabled stirring personal credit line
  02/19/18
$10m if 2 kids, $15m if 3, with goal of living off passive i...
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  02/19/18
You guys know that life insurance policies can provide legac...
irradiated range
  02/19/18
"You guys know that life insurance policies can provide...
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  02/19/18
Not to turn this into a life insurance discussion, but I bor...
irradiated range
  02/19/18
Hope all is well with you and your gaggle of children! I ha...
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  02/20/18
I lost your IRL contact. my email is ptbarnum666@yahoo.com....
irradiated range
  02/20/18
Accumulate a few multifamily or small commercial properties ...
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  02/19/18
this afternoon
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  02/19/18
I would get a few million liquid. Not your house, LIQUID. ...
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  02/19/18
As soon as you quit or slow down the people working with you...
Yellow rigpig school cafeteria
  02/19/18
lol the people working for him are a couple of paralegals wh...
Rebellious Autistic Sanctuary
  02/19/18
As soon as he brings in other lawyers they will find ways to...
Erotic curious dog poop gay wizard
  02/19/18
This is actually my biggest concern with bringing in other l...
learning disabled stirring personal credit line
  02/19/18
the solution seems to be to hire non-lawyers with the right ...
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  02/20/18
One thing that happens is that in 20 years the next version ...
Arousing Field
  02/19/18
This isn't bad but seems kind of foolhardy when he is clear ...
Pea-brained Pervert
  02/19/18
I think you're gonna find, when all this shit is over, I thi...
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  02/19/18
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  02/19/18
Id prob just work 10-15 hours a week Always good to have...
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  02/19/18
I retired at near your current net worth and it was great - ...
irradiated range
  02/19/18
I don't remember monikers for a lot of people, but I'm prett...
learning disabled stirring personal credit line
  02/20/18
Yes we did talk. And you referred me to another lawyer for ...
irradiated range
  02/20/18
He sent you an e-mail back I think (I believe I was cc'ed). ...
learning disabled stirring personal credit line
  02/20/18
I'm on top of all of my stuff - his assistant said he would ...
irradiated range
  02/20/18
Stay in the office as much as possible until your kids are 7...
hot chapel party of the first part
  02/19/18
If I were in your situation, I would keep going until your k...
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  02/19/18


Poast new message in this thread



Reply Favorite

Date: February 19th, 2018 10:51 AM
Author: learning disabled stirring personal credit line

Given the growth my firm has had, I don't anticipate making less than 1 million every year as long as I choose to practice. However, I can't see myself practicing law forever and once my kids get a little bit older I would like to spend as much time with family as possible. I would probably find an attorney or two to take over my firm and I would take a residual for life. What's the point of making that kind of money if you can't get what you want, right?

I live in the San Fernando Valley in LA. I have one kid (7 months) and plan on trying for another one in April. So I'll have two kids in the next year (then I'm done). Wife makes 120K/year and gets our PPO health insurance through her work. My monthly expenses are about 8k (will be 10k once I have the second kid). Once they are out of daycare in 5 years, expenses should drop back to about 6k.

How much would you want to have in investable assets before you would retire if you were me? I need enough money to raise two kids, pay for their college, have a couple nice family vacations every year, and not have to worry about money for things like eating out at nice restaurants or getting my kids a car when they turn 16.

Right now I have a significant net worth (3mm) but no passive income. Most of that is my paid off primary residence, a house that I rent to my MIL for the cost of the mortgage (because she takes care of my kid), a significant SEP IRA, and mid six figures in cash (I have crypto too but it is under 100k and too speculative to rely on).

What would your retirement strategy be if you were me? Any steps you would take now?

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436245)



Reply Favorite

Date: February 19th, 2018 10:52 AM
Author: Heady base cuck

just retire now. you can always turn the spigot back on in 5 or 10 years if you decide you want a more lavish lifestyle.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436252)



Reply Favorite

Date: February 19th, 2018 10:56 AM
Author: learning disabled stirring personal credit line

Seems like bad advice lol. I have the ability to pretty much hit any net worth I want prior to retiring. Why would I want to not work now while my kids are young and I don't need to spend as much time with them? It will be a lot harder in 5-10 years to work this hard when my kids are 5-10 years old.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436282)



Reply Favorite

Date: February 19th, 2018 11:10 AM
Author: Heady base cuck

you will miss spending time with them while they're young

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436399)



Reply Favorite

Date: February 19th, 2018 11:13 AM
Author: learning disabled stirring personal credit line

I spend a lot of time with my son now. Like a ton. He is only 7 months and he's already been to 3 hockey games, the zoo, universal studios, and I just took him to Disneyland yesterday. I also go and visit him at daycare during lunch every day. I just want more when they get older. I don't want to stress about leaving work to see their sports games, or going on vacation with them and having to work when we go somewhere fun.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436452)



Reply Favorite

Date: February 19th, 2018 10:54 AM
Author: bateful nudist newt casino

I have similar HHI in a lower COL city and I’m not going to retire until I’m dead. I’ll simply work less.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436263)



Reply Favorite

Date: February 19th, 2018 10:55 AM
Author: learning disabled stirring personal credit line

I don't see the point of working if your passive income exceeds your foreseeable expenses. I have a lot of hobbies that I could fill my day with and family is the most important thing to me.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436271)



Reply Favorite

Date: February 19th, 2018 10:58 AM
Author: bateful nudist newt casino

I like working. Hobbies aren’t the same. Some of us, probably most, aren’t wired for retirement. Seems boring. Many of the partners at my firm are worth mid eight figures. I wouldn’t call what they do work but very few hang it up entirely, they just pull back and work when they want.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436297)



Reply Favorite

Date: February 19th, 2018 10:56 AM
Author: Aromatic abusive office

i would hire some lawyers to work on percentage and then move to new zealand or austrailia for a year. if after a year i want to work, then okay; if not, then stay retired stateside.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436279)



Reply Favorite

Date: February 19th, 2018 10:57 AM
Author: learning disabled stirring personal credit line

Can't move. Have a kid and another on the way soon most likely.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436287)



Reply Favorite

Date: February 19th, 2018 10:59 AM
Author: Aromatic abusive office

seems like you can move and you're selfishly making your wife's issues into yours.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436298)



Reply Favorite

Date: February 19th, 2018 11:17 AM
Author: learning disabled stirring personal credit line

Makes no sense. My wife and I are on the same page. Anyone from XOXO who has met her will tell you she is super chill.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436492)



Reply Favorite

Date: February 19th, 2018 11:22 AM
Author: Aromatic abusive office

it's mind-boggling people can live with someone more than 2-3 years.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436527)



Reply Favorite

Date: February 19th, 2018 11:26 AM
Author: learning disabled stirring personal credit line

We've been together 15 years in June. Still super happy.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436571)



Reply Favorite

Date: February 19th, 2018 10:59 AM
Author: blathering locale prole

how old are you? early 30s?

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436299)



Reply Favorite

Date: February 19th, 2018 11:00 AM
Author: Cowardly hall

focus on getting passive income, either as a slumlord or through some dividend generating tax advantaged vehicle like PRFHX.

when you can reasonably live the life you want on your passive income alone, unwind yourself from your business. you are unfortunately never going to want to "retire" retire and will go insane without something going on, so maybe drop to part time and hand the reins over to someone else.

the reality is you're never going to retire. you are wired the same as we are: anyone who has built a growing successful business. when I sold out of my partnership in December I thought I'd take like 3-6 months off (I could reasonably be a sloth on a beach for 3-5 years without blinking an eye at my current point in life), and I was taking projects and in-house interviews 3 weeks later out of soul crushing boredom. The motor works independently of your conscious thought.



(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436311)



Reply Favorite

Date: February 19th, 2018 11:30 AM
Author: Slimy aqua bbw

this

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436605)



Reply Favorite

Date: February 19th, 2018 12:47 PM
Author: adulterous national therapy



(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437067)



Reply Favorite

Date: February 19th, 2018 11:02 AM
Author: Obsidian boistinker

I would want at least about 5 million in invested assets if I were you. In other words, 5 million excluding the house. That should be enough to fund 150K/yr easily in perpetuity, which presents for you an increase in your standard of living.

You would never worry about running out of money at a 3% withdrawal rate which is the #1 priority if you are retiring young

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436322)



Reply Favorite

Date: February 19th, 2018 11:02 AM
Author: Cracking flirting parlor regret

Somewhere between 10-15. 10 would be 7 in mostly zero risk interest bearing stuff that would allow you to bank half the interest earned plus a million per kid in trusts/529s to pay for education, maybe make a donation to grease skids into a college and give them a safety net/base to build their own portfolios when they’re in their 20s and having to make their ways in their chosen fields. But I would also want at least a million to play with for riskier investments and I personally would want another 2 million or so to start one or more of my pipe dream businesses that I fantasize about on my way to and from wagecucking.

Seems like you just need a few grinder, wagecucky associates you can run into the ground. Make them be on call for clients 24x7 and do all the shitty parts you currently do. Then you can show up from 10-2 and “supervise” like biglaw rainmakers and bank an obscene amount of cash every year for decades. Your kids will be in school 40 hours a week. Their demands on your time aren’t an adequate justification to sell a golden goose.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436327)



Reply Favorite

Date: February 19th, 2018 11:10 AM
Author: learning disabled stirring personal credit line

Ya, I would never give up my practice. I would just hire people to run it and collect passive income. I could probably make a couple other attorneys partners for 20% each and have them run it all while still collecting the majority of the cash flow. But I'll be honest, firm income would almost certainly drop if I wasn't running day to do. I am hyper organized and have good people skills.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436395)



Reply Favorite

Date: February 19th, 2018 11:21 AM
Author: Cracking flirting parlor regret

If you hire and train well you could make more money with less work.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436520)



Reply Favorite

Date: February 19th, 2018 11:07 AM
Author: Rusted beady-eyed trailer park

What's your position on leaving stuff for your kids? The world could be a pretty tough place in 25 years and having the cash to ensure they won't be screwed if they fail could be worthwhile. Of course, you may feel that leaving them too much would spoil them, too. I will say that I have a job I really like and don't get support from my parents, but I probably wouldn't have taken the risk of doing journalism if I didn't know I'd have a reasonably prosperous family to fall back on if I failed.

Otherwise, $10 million seems like a reasonable target.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436366)



Reply Favorite

Date: February 19th, 2018 11:09 AM
Author: Rebellious Autistic Sanctuary



(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436387)



Reply Favorite

Date: February 19th, 2018 11:11 AM
Author: learning disabled stirring personal credit line

I want to leave my kids as much as possible. I want them to have the choice to pursue anything they want career-wise. Spoiling your kids isn't a bad thing, it's just bad when shitty parents don't teach them responsibility and hard work too.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436426)



Reply Favorite

Date: February 19th, 2018 11:18 AM
Author: Rusted beady-eyed trailer park

Very cool. I think $10 million is still a reasonable amount (can finance your current lifestyle in perpetuity, plus have a large fund for each kid), though maybe I'd get a few million more just to guard against major economic shocks and the like. Plus, you may eventually reconsider and want a third kid or something.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436500)



Reply Favorite

Date: February 19th, 2018 11:19 AM
Author: learning disabled stirring personal credit line

I'm getting a vasectomy after the second kid. I don't want an accident and I am 100% certain on 2 kids.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436509)



Reply Favorite

Date: February 19th, 2018 11:13 AM
Author: Onyx Filthpig

how much do you expect to spend a month? work until you get that amount of passive income and then retire

sounds like your house is paid off already so the only change in your life costs will be in like 20+ years when no more kid expenses, so it'll be time to start booooming away

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436447)



Reply Favorite

Date: February 19th, 2018 11:16 AM
Author: learning disabled stirring personal credit line

I expect 10k or less. I have no mortgage, no student loans, no CC debt, no debt of any kind. My wife doesn't really spend much money. In fact, her salary can almost cover all our expenses right now.

There are always uncertainties though. Crazy inflation, unforeseen home/medical expenses, things that don't exist now that we may want later, etc. So I would want to have a higher cash flow than I think I would need.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436478)



Reply Favorite

Date: February 19th, 2018 11:20 AM
Author: indigo crawly hissy fit idiot

can you lay out a sample monthly budget? that seems high

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436515)



Reply Favorite

Date: February 19th, 2018 11:31 AM
Author: learning disabled stirring personal credit line

I'll just lay out the big items:

- $1,500/month (property tax, earthquake and homeowners insurance, HOA fees) - No mortgage but even a paid off house has expenses.

- $1,950/month (daycare) - will be double when I have two kids. I think I get a multikid discount but it's only a few hundred.

- $1,000/every 2 months (LADWP)

Then there is food, entertainment, 529 contributions, vacations, etc.

Pre-kids my monthly expenses were 5k, now they are about 8k with the first kid and probably 10k with the second. Expenses will drop a lot when they are out of daycare.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436607)



Reply Favorite

Date: February 19th, 2018 11:15 AM
Author: Rebellious Autistic Sanctuary

$10 million seems like a good target

But youre obviously a very driven person so you're going to get bored in retirement without any challenges.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436471)



Reply Favorite

Date: February 19th, 2018 11:16 AM
Author: dashing rigor ladyboy

Immediately. But you like lawyering more than me. I'd start building flexibility now tho, bringing in someone toy could hand a bunch of things of to and just get your cut, so when the time comes you can just bounce.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436481)



Reply Favorite

Date: February 19th, 2018 11:17 AM
Author: fantasy-prone nighttime business firm

CSLG if I were you I wouldn't retire until something happens that sort of forces my hand.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436488)



Reply Favorite

Date: February 19th, 2018 11:17 AM
Author: razzle-dazzle ivory milk property

id retire immediately

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436493)



Reply Favorite

Date: February 19th, 2018 11:21 AM
Author: indigo crawly hissy fit idiot

id retire immediately but retain a small stake in your shitlaw firm. If you get bored out of your skull in 5 years you can come back. Don't you run a well oiled machine?

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436521)



Reply Favorite

Date: February 19th, 2018 11:23 AM
Author: Rusted beady-eyed trailer park

I'm not sure this is CR. At a minimum, since he likes spending so much time with his kids, it may be CR to work a few more years until the oldest kid is 3-4 and more capable of spending quality time with. Then if he decides he needs to work he can start again while they're both in school.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436544)



Reply Favorite

Date: February 19th, 2018 11:24 AM
Author: frozen house

Retire immediately and then retire from talking about how much money you supposedly have

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436551)



Reply Favorite

Date: February 19th, 2018 11:26 AM
Author: Gaped ratface famous landscape painting

Anyone with the drive to create your level of success would never "retire". If it were me, I would be retired already. But that's one reason why I'm not you.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436566)



Reply Favorite

Date: February 19th, 2018 11:33 AM
Author: learning disabled stirring personal credit line

I wouldn't ever retire in the sense of not working again. I would just be a rainmaker/figure head with my firm. I would probably also flip real estate with my cash for fun. I have flipped several properties before and have been an agent and then broker since 2003.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436625)



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Date: February 19th, 2018 10:53 PM
Author: Titillating Shimmering Fortuitous Meteor Library

Flipping real estate is how people go broke bro, especially in the current market

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441778)



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Date: February 20th, 2018 11:16 AM
Author: learning disabled stirring personal credit line

I've been doing it for like 15 years. I'm not some random dumbass who just put his feet in the water because prices are high right now lol.

I own a brokerage with friends. I am the broker officer. I get a percentage of all the revenue. They do hundreds of shortsales and modifications. When the good deals fall through, we buy and flip them. I've done a lot of them.

I've also been an agent since 2003 and a broker since 2010. If you find the right deals it doesn't matter where the market is at. Also, if you buy a good deal you can always rent it and hold if the market goes south.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35444414)



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Date: February 19th, 2018 11:28 AM
Author: Confused abnormal parlour

"What would your retirement strategy be if you were me?"

Because you don't seem to hate your work, I'd shoot for around $3.5 million in investable assets and then scale back lolyering to a few shorter days per week.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436581)



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Date: February 19th, 2018 11:32 AM
Author: Slimy aqua bbw

1. invest in passive income producing stuff, like apartments

2. why not just cut down to part time, like only work 10am-3pm or something? Pick and choose your best cases, farm the rest out to chandler and your other associates. This seems chill as fuck.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436616)



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Date: February 19th, 2018 11:44 AM
Author: Sienna Rambunctious Box Office

I'm never going to retire 100%. Practicing law, especially contingent Plaintiff's work, is an amazingly fun and exciting way to make money.

That being said, if I could, I would reduce the number of cases I take and the hours I work.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436678)



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Date: February 19th, 2018 1:08 PM
Author: Pea-brained Pervert

I thought you hustled hard for some kind of worker's compensation practice, or at least whatever version of that exists in southern states where workers are treated like second-class citizens. I realize you get some PI and employment lawsuits out of that practice but the people who do volume like that in small firms seems like they work harder than anyone.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437223)



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Date: February 19th, 2018 1:38 PM
Author: Sienna Rambunctious Box Office

??? There's nothing wrong with our WC system, and I'm saying that as a Plaintiff's guy.

I do PI, family, employment, and DUI. The practices complement each other and I'm pleased with the firm's growth.

The hard cases are usually not the good cases, 80/20 rule.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437461)



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Date: February 19th, 2018 1:56 PM
Author: Pea-brained Pervert

I see. That is classic shitlaw general practice and seems like the way to go if you want anything approximating a 9-5 lifestyle while making money that can support a family.

I don't know about the WC system in X Southern state, I'm just a braindead coastal dweller who assumes anything that involves treating workers fairly in the South is severely compromised. Shit like 'right to work' laws against collective bargaining seriously fuck people over in at least a few states.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437614)



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Date: February 19th, 2018 4:37 PM
Author: Sienna Rambunctious Box Office

First IP - yup, pretty much.

Second IP - ???

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35438724)



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Date: February 19th, 2018 1:05 PM
Author: Pea-brained Pervert

Why retire 100%?

You can work increasingly less and still get richer. You need to start looking at merging with some of the other upwardly mobile car wreck kings. You won't have to hustle for business on nearly the same level and your equity will continue to expand. You'll probably struggle with not being able to micromanage in your day-to-day so you will have to consider it quasi-retirement. You can get out whenever you want at that point but you'll find that life as a rich person raising a family is awfully expensive.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437204)



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Date: February 19th, 2018 1:07 PM
Author: Canary fiercely-loyal liquid oxygen

make as much moneyh as you can over the next 5 years. Find a couple attorneys to run your firm and semi-retire just as your kids are old enough to do cool shit with.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437218)



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Date: February 19th, 2018 1:12 PM
Author: Pea-brained Pervert

This is probably more credited. Make enough to buy passive income straight-out, like apartment buildings, which you have mentioned several times. Work with a financial planner. I am sure you have some bros. I know it hurts, especially for an entrepreneurial guy like you, but they truly are more knowledgeable than you are. Grind like hell for 7-8 years and get to $10m net worth, which is more than attainable of you. You'll collect some kind of residual or decade-long buy-out from your firm that will pay for the insane expenses of your kids while they grow up and hit college. Your other passive income and equity will keep you secure.

You will, however, be bored as fuck just being a family stay-at-home guy who handles 3-4 hours of 'business' a week. This will cause you to be attracted to stupid investment and other professional ideas that will ultimately come down to you staking you security. I strongly urge you to remain involved in your practice to some extent for this reason. Guys like you aren't able to just untether from their professional identities.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437262)



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Date: February 19th, 2018 1:54 PM
Author: Erotic curious dog poop gay wizard

Jfc, shut the fuck up. Financial planners? Lmao. Good way to end up in a bunch of shitty funds with high hidden fees that murder your return over the long run.

Either this guy knows enough to pick his stocks and actively invest, or he's best off with a classic 3 fund portfolio. There is no time, ever, that getting a "financial planner" involved makes sense.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437604)



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Date: February 19th, 2018 1:58 PM
Author: Pea-brained Pervert

He is a smart, outgoing guy with a large network. No offense brother but you're an angry and admittedly aspie person who take a lone wolf approach to everything. Having a reliable expert orchestrate your personal and business planning can really make your life easier and you'll be more secure.

You don't know every smart thing you can do with your money and if you think you do then you deserve less. And if you think all that financial planning entails is deciding what kind of risk tolerance you have relative to growth, then no fucking wonder you're confused.

What's your net worth and the most you've earned in a year? $200K for both? He's going to be worth upward of $5 million in a few years with significant assets and years of high-revenue on the horizon. You wouldn't be able to get his taxes done adequately.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437627)



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Date: February 19th, 2018 2:13 PM
Author: Erotic curious dog poop gay wizard

Financial planners are not "reliable experts." They are salesmen. Why do you think they run around mewling anytime fiduciary rules are floated?

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437705)



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Date: February 19th, 2018 2:20 PM
Author: Pea-brained Pervert

Brother I am not talking about the guy from Wells Fargo who calls you when you have more than $80K sitting in an account. It's no different than having someone do your taxes if you have complicated finances.

The aspie arrogance of lawyers thinking they understand money the best has pwned millions of us over the decades. You sound like you're next in line.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437762)



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Date: February 19th, 2018 1:32 PM
Author: learning disabled stirring personal credit line

This has been what my thinking is.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437411)



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Date: February 19th, 2018 1:12 PM
Author: Underhanded Mischievous Clown Orchestra Pit

I recommend you give all of your cases immediately to chandler and Kenny

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437256)



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Date: February 19th, 2018 1:28 PM
Author: learning disabled stirring personal credit line

Sure, I'll have Amy and Daniel show up at your house tomorrow for work.



(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437374)



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Date: February 19th, 2018 1:36 PM
Author: Underhanded Mischievous Clown Orchestra Pit

Thank

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437437)



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Date: February 19th, 2018 1:48 PM
Author: Arousing Field

Lmao

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437554)



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Date: February 19th, 2018 1:29 PM
Author: slippery turquoise place of business native

Keep running law biz until you have $5m in net worth. You have kids and you live in California. Seems like building your empire is personally rewarding too.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437387)



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Date: February 19th, 2018 1:37 PM
Author: learning disabled stirring personal credit line

Sounds like the consensus is about 10mil net worth (which was my original thought). I also agree that I would probably not stop working completely. Maybe put in 10-20 hours a week rainmaking/running my firm. I work mostly from home (and my staff come here) so I would probably need to redo my firm set up to make it work.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437452)



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Date: February 19th, 2018 2:01 PM
Author: Confused abnormal parlour

"Sounds like the consensus is about 10mil net worth (which was my original thought)."

12 (more) years a slave.



(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437637)



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Date: February 19th, 2018 2:35 PM
Author: learning disabled stirring personal credit line

I have an eight figure case in my pipeline and several seven figure cases. I don't think it will take me more than 5 or 6 years to get there.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437868)



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Date: February 19th, 2018 9:46 PM
Author: aphrodisiac buff theater incel

$10m if 2 kids, $15m if 3, with goal of living off passive income/helping your kids along the way and and leaving each one at least $5m inheritance.

I realized in my 20s and 30s that the majority of my peers had family help with tuition through grad school, down payments, in addition to inheritance of at least some valuable property in the future. Earl and I have talked before how everybody we know mutually had parental help with purchasing first home. This doesn’t just impact your own life but the lives of your children and grandchildren to be able to build on this sort of safety net.

You can provide that safety net easily for your kids and grandkids. I also think that you and your wife should have 3, esp given how much you love family. Yes 3 is extremely hard and your wife and I were talking about even 1 can feel overwhelming (of course it is where they’re young), but you get the reap the benefits when your children are older. I’m 36 so 2 is really the max I can do given my age, but you and your wife are a little younger so you have more time.

You’re in an enviable position that you can basically retire by 40 and do nothing but manage some properties while I’m looking at 55ish the earliest to get to $10m. A real estate market collapse would hopefully push that to an earlier age though. I keep waiting.



(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441070)



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Date: February 19th, 2018 10:22 PM
Author: irradiated range

You guys know that life insurance policies can provide legacies to your kids right? Not like you have to straight up save all that cash at once and then hand it to them the moment before you die.

I own a ton of life insurance and am licensed to sell it as well so you can discount my opinion if you want.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441505)



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Date: February 19th, 2018 10:40 PM
Author: Confused abnormal parlour

"You guys know that life insurance policies can provide legacies to your kids right?"

Yeah, if you meet an unexpected end.

If you're paying out premiums over the course of a normal life expectancy, that's just an expensive way to invest.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441674)



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Date: February 19th, 2018 10:42 PM
Author: irradiated range

Not to turn this into a life insurance discussion, but I borrow out all the cash value at favorable interest rates to invest in other stuff so I am not really losing that much liquidity over the course of my life.

I've also never had any luck in the stock market at all throughout my entire life, so I have a huge preference for assets that have low downside volatility even if I give up upside.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441692)



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Date: February 20th, 2018 12:04 PM
Author: aphrodisiac buff theater incel

Hope all is well with you and your gaggle of children! I haven’t considered life insurance since the idea of paying premiums until a payout at expected death seems like a huge cost. I don’t know what rates you can borrow against your policy are though. I’ve just been conditioned to think life insurance is a scam but I’m open to ideas.

I’ve realized just index fund investing is fine for funding my own life in the long term, but isn’t going to cut it for the long haul in terms of meaningful money for my children. I have one apt that my mother currently lives in rent free but would easily rent out for $3000/mo. I’d like to buy more at the next downturn but also looking at other investment opportunities in businesses that would be less capital intensive. The hard part of course is identifying a good opportunity when it comes along.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35444680)



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Date: February 20th, 2018 1:11 PM
Author: irradiated range

I lost your IRL contact. my email is ptbarnum666@yahoo.com. You can borrow at LIBOR + 1.5% to 3% or Prime against life insurance policies. I make an arbitrage within my policies since I am earning about 5% on the cash value whereas I am borrowing at 4.5% (prime currently).

in addition to regular life insurance, you ought to also consider long term care insurance for yourself and your parents/inlaws. that risk is very hard to self-insurance against properly and I have know a fair number of people who have really paid quite a lot of money on nursing care facilities for their aged parents.

i have stakes in local businesses that are in retail, real estate services, real estate investments, manufacturing, transportation and logistics. they all came up fairly haphazardly. they did not beat the s&p 500 last year though, and I'm totally fine with that.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35445124)



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Date: February 19th, 2018 1:43 PM
Author: Red boyish stage

Accumulate a few multifamily or small commercial properties over the next 5-6 years. Retire and turn that into your "family business" so you won't be bored as fuck. Also, it leaves you with a great, scalable business that you can leave to your kids so they don't need to wagecuck but won't be worthless RSFers either. Creating an inter-generational real estate investment/development business would be 1800000 and a nice transition out of law.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437505)



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Date: February 19th, 2018 1:43 PM
Author: Excitant silver hospital toaster

this afternoon

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437509)



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Date: February 19th, 2018 1:49 PM
Author: Erotic curious dog poop gay wizard

I would get a few million liquid. Not your house, LIQUID.

Don't put too much trust in what you'll get from your firm after you're out of the game. The problem is that all the effort of keeping tabs on whoever is running it to make sure you don't get fucked defeats the purpose of retiring.

I would help with this when you're ready to do it. I haven't done much PI lately but I am a good litigator.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437564)



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Date: February 19th, 2018 1:50 PM
Author: Yellow rigpig school cafeteria

As soon as you quit or slow down the people working with you will just walk away with a lot of your clients. I have seen it a million times. You need to make sure the good/big ones are your clients and they come to you not some associate or junior partner.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437575)



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Date: February 19th, 2018 1:53 PM
Author: Rebellious Autistic Sanctuary

lol the people working for him are a couple of paralegals who wouldn't be able to do shit with his clients. he's running entirely on reputation and networking

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437602)



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Date: February 19th, 2018 2:06 PM
Author: Erotic curious dog poop gay wizard

As soon as he brings in other lawyers they will find ways to self-deal and within 5 years "his" part of the firm will be a shell of what it was when he retired.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437661)



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Date: February 19th, 2018 2:46 PM
Author: learning disabled stirring personal credit line

This is actually my biggest concern with bringing in other lawyers. People who are worker bees with no personality will cause my firm to crash and burn, and people with personalities with mine would steal all my business.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437942)



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Date: February 20th, 2018 9:29 AM
Author: sticky iridescent public bath potus

the solution seems to be to hire non-lawyers with the right personality since they can’t steal your clients. You’d still have to be involved more than you’d like though.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35443757)



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Date: February 19th, 2018 1:51 PM
Author: Arousing Field

One thing that happens is that in 20 years the next version of CSLG will come around and he’ll be banking $5 million a year and if you retire with a residual share and $10 million it’ll gnaw at you if you’re a competitive person.

My recommendation for someone with your personality is to find ONE LAST BIG SCORE. You’ve got the PI game down but why not angle for a giant wrongful death or products or business breach/TI type case so you can get a $300 million trial verdict. Then money doesn’t matter and you’ve climbed the highest peak our “profession” has to offer.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437588)



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Date: February 19th, 2018 2:11 PM
Author: Pea-brained Pervert

This isn't bad but seems kind of foolhardy when he is clear that he's trying to prioritize family and lifestyle. Chasing some kind of moonshot jury verdict might fuck him up. He's not a trial lawyer and he doesn't develop cases with substantial legal issues.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437683)



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Date: February 19th, 2018 2:18 PM
Author: Erotic curious dog poop gay wizard

I think you're gonna find, when all this shit is over, I think you're gonna find yourself one smiling motherfucker. The thing is, right now you got ability. But painful as it may be, ability don't last. And your days are just about over. Now that's a hard motherfuckin' fact of life, but that's a fact of life your ass is gonna have to get realistic about. See, this business is filled to the brim with unrealistic motherfuckers. Motherfuckers who thought their ass would age like wine. If you mean it turns to vinegar, it does. If you mean it gets better with age, it don't. Besides, how many verdicts do you think you got in you anyhow? Two? Lawyers don't have an Old Timers Place. You came close but you never made it. And if you were gonna make it, you would have made it before now. Night of the settlement, you might feel a slight sting. That's pride fuckin' with you. Fuck pride! Pride only hurts, it never helps. You fight through that shit. 'Cause a year from now, when you kicking it in the Caribbean, you gonna say to yourself, "DDC was right."

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437744)



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Date: February 19th, 2018 11:03 PM
Author: Olive corner



(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441859)



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Date: February 19th, 2018 1:57 PM
Author: Insecure exciting bawdyhouse

never

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437620)



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Date: February 19th, 2018 2:14 PM
Author: galvanic chocolate mad cow disease

spin, ratfucks

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437710)



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Date: February 19th, 2018 10:24 PM
Author: fragrant effete preventive strike

Id prob just work 10-15 hours a week

Always good to have something to do, in small doses

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441526)



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Date: February 19th, 2018 10:26 PM
Author: irradiated range

I retired at near your current net worth and it was great - my biggest regret was not retiring sooner and I blame my wife for being so conservative with money (but I had a real corporate job working for a boss which is different than what you have). However, I have been, am able to and expect to be able to earn a 10 to 20% return on investments in my real estate business (which is fairly passive) where I am able to minimize my risks so I am not messing around with a 3% or 4% withdraw rule or anything like that.

However, you seem to enjoy spending time with your young kid more than I do. I am only able to spend substantial amounts of time with my oldest kid (without wanting to bang my head against the wall) and even then I wish she were 3 years older.

I have massive amounts of life insurance which will be providing huge inheritances to my kids/grandkids - I hope I live forever, but don't get to control that. I have 4 kids and have a shot at 2 more.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441552)



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Date: February 20th, 2018 11:12 AM
Author: learning disabled stirring personal credit line

I don't remember monikers for a lot of people, but I'm pretty sure you were one of the guys I spoke with on the phone. We had a long conversation about your financial set up and life insurance strategy.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35444394)



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Date: February 20th, 2018 11:21 AM
Author: irradiated range

Yes we did talk. And you referred me to another lawyer for a potential matter, but he hasn't gotten back to me (after he and I had a short discussion).

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35444444)



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Date: February 20th, 2018 11:27 AM
Author: learning disabled stirring personal credit line

He sent you an e-mail back I think (I believe I was cc'ed). Check your e-mail again.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35444468)



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Date: February 20th, 2018 11:28 AM
Author: irradiated range

I'm on top of all of my stuff - his assistant said he would call me back. He didn't. That's okay, don't worry about.

I do think you should see if you could invest in other businesses (that aren't real estate). I know you like apartment buildings but for instance in my local area, those are horrendous investments in the current cycle and it's always good to be diversified.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35444476)



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Date: February 19th, 2018 10:31 PM
Author: hot chapel party of the first part

Stay in the office as much as possible until your kids are 7 or 8. Then re-assess.

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441598)



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Date: February 19th, 2018 10:55 PM
Author: filthy floppy karate pisswyrm

If I were in your situation, I would keep going until your kids are teenagers to help instill a good work ethic into them. However, that doesn't necessarily mean remaining in law; you're disciplined enough to approach pretty much anything the same way you approach your practice.

Personally, I'd feel comfortable checking out of law and working on my hobbies full-time if my net worth exceeded $10M. That way, I could live very comfortably off the returns from a somewhat conservative portfolio (e.g., 15-20% cash, 40-50% stocks, and 35-45% bonds)

(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441803)