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View Poll Results: $300k And You
I'm Doing Just Fine 8 6.56%
A Quarter Or Less 27 22.13%
Less Than Half 15 12.30%
Half 16 13.11%
More Than Half 6 4.92%
More Than Three Quarters 4 3.28%
All That Plus A Bag Of Chips 46 37.70%
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Old 03-18-2011, 01:57 PM   #141
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Well, just discussed the OP's question with the DW and our conclusion was that NO, we could afford to but would not spend the $300k because we thoroughly enjoy the lifestyle we have and that can be done on $100k or less. We are truly happy living a very carefree life and part of that depends on a sense of security for us and DD. We travel and stay places for a few weeks at a time, we are in some national park every month it seems like, we wander our city center and eat at very cool places for $10-15 breakfasts and lunches. We are happy. And the issue of expensive suits made me realize why I'm happy, don't have that kind of ego trip fueled work environment any more.

Someone will always have a bigger suit.
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Old 03-18-2011, 01:58 PM   #142
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Getting back on topic for a second, the author of Richistan has figured out a way to cover more than two years of that spending:

Chinese Millionaire Smashes His $700,000 Lamborghini - The Wealth Report - WSJ
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Old 03-18-2011, 02:54 PM   #143
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I think there are certain "requirements" of lawyers in the Loop area, one is that you dress for success, drive a luxury car, and belong to a country club. How else are you going to get clients in Chicago? It's amazing, I am 90 miles north of you, Milwaukee area, and I know some very successful lawyers that don't do any of that....probably due to cultural differences.

Of course, most of our lawyers up her and UW and Marquette grads, maybe they can't play ball with big city guys like you..........
Thank you for your civil response!

I agree that Milwaukee is culturally very different from Chicago even though it's only 90 miles away. Milwaukee business executives don't spend very freely. Maybe it's the "German" thing. So, in general, their lawyers don't spend freely, either. (As the client goes, so, too, the professionals who serve him.)

But I know, and know of, Milwaukee lawyers who conducted themselves very like the picture I shared earlier.

Lynford Lardner was one. Educated at Harvard, where he captained the golf team, he also won the Wisconsin amateur golf tournament more than once and eventually became President of the USGA (while practicing law in Milwaukee). He belonged to the University Club and the Milwaukee CC of course, and also the Links Club. With apologies to the Bohemian Club and my own city club (which shall go nameless), the Links Club is probably the most prominent mens' club in the United States. Not bad for a Milwaukee boy! Lardner parlayed his education, skills and contacts into what was clearly the best collection of clients in Wisconsin until he died tragically at a fairly young age. His children, one of whom I know pretty well, came up through the University School. Had anyone called him "an elitist" -- supposing that to be an insult -- he would have felt complimented and probably would have said "thank you" in reply.

Lardner is dead, as I mentioned, so he can no longer be consulted. But he can be admired and emulated.

Have a good weekend!
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Old 03-18-2011, 02:58 PM   #144
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Getting back on topic for a second, the author of Richistan has figured out a way to cover more than two years of that spending:

Chinese Millionaire Smashes His $700,000 Lamborghini - The Wealth Report - WSJ
Perhaps he witnessed a "Road Hog" and smashed his car into the offending vehicle.

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Old 03-18-2011, 03:00 PM   #145
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There are very many wealthy people in the US but not surprisingly they are a tiny minority here. Envy or disdain will not make such people feel very welcome. If you want a diverse set of ideas presented on this forum I would recommend a civilized and tolerant approach.
Thank you, Danmar. To the extent I revisit this domain, you won't see ME asking whether I can laugh at YOU (or anyone else). Have a great weekend.
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Old 03-18-2011, 03:03 PM   #146
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Had anyone called him "an elitist" -- supposing that to be an insult -- he would have felt complimented and probably would have said "thank you" in reply.
Have a good weekend!
You have to admire anyone who is genuinely comfortable with themselves and their position in society.
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Old 03-18-2011, 03:19 PM   #147
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You have to admire anyone who is genuinely comfortable with themselves and their position in society.
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Old 03-18-2011, 03:43 PM   #148
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I'm more used to drawing guffaws after making jokes than sincerely-intended statements. First time for everything I guess......
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Old 03-18-2011, 03:43 PM   #149
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Loop lawyer's list of needs demonstrate the problem of peering perfectly. I have no idea what a single thing on his list of needs costs. A few of them (the brand of wine, the brand of suit, the city club), I've never even heard of before.

I like to think I could be happy for him that he has something he enjoys, but I might struggle with being at a meal where he spends $XXX on a bottle of wine. I'd be thinking "man, he just drank my new tv..."

Radiohead - It's hard to belong to one class at work and another at home. A book that outlines this problem really well is Empowering Yourself, by Harvey Coleman:

Coleman Management Consultants, Inc.

This was a real eye opener for me. I used to follow my simple lifestyle and earnestly believe I could go as far as I wanted in my career. After running headlong into a brick wall, watching someone far less competent than me be put in charge, I had no idea what happened. This book explains it.

I changed companies, followed the rules and found doors opening. It turns out, I don't like what's behind them. Spending all my time around people that don't share my lifestyle is unpleasant. I changed companies again and this time I'm leaving the doors shut.
That is one thing I like about medicine, you don't have to "play a part" to be successful. Sure, lots of docs spend most (or all) of their money on a high end lifestyle, but it isn't "required". In private practice there aren't any rungs to climb like in a corporation. While there are a few predatory groups out there, in general when you join a group you can expect to be a full partner in a couple years or less...it is a given. As long as you take good care of your patients, nobody cares if you get all your clothes from Target and drive a 20 year old beater.

Compare this to business and law where it is very, very common for those on the top of the pyramid to make a killing off taking advantage of those below them. My SO has a friend whose first job out of law school was for a guy in the Chicago area who not only was mob connected and liked to fraudulently bill his clients, but was the only "partner" in a firm of ~15. Essentially no associate stayed for longer than a year. He lives VERY extravagently, but his whole life is a giant fraud. It seems like in law and business there is generally a lot of game playing and/or shadiness to advance. I prefer to stay away. I may still check out the book though.
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Old 03-18-2011, 03:52 PM   #150
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That's not a guffaw!
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Old 03-18-2011, 03:55 PM   #151
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That's not a guffaw!
ROFL (Rolling On Floor Laughing) doesn't = Guffaw?
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Old 03-18-2011, 04:00 PM   #152
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ROFL (Rolling On Floor Laughing) doesn't = Guffaw?
No, not even close.
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Old 03-18-2011, 04:07 PM   #153
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No, not even close.
Care to explain?
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Old 03-18-2011, 04:19 PM   #154
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Care to explain?
OK. Your quote was nearly exactly (as best I recall) the same sentence used by Johnny Carson to describe Leona Helmsley in about 1990 just after she was sent to jail. He was doing the routine where he would bring up current news and when he said it, he kept a very straight face and Ed literally cried himself dry trying to stiffle his laugh.

I was just laughing about the memory of that. Not guffawing, just laughing at the memory.
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Old 03-18-2011, 04:30 PM   #155
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OK. Your quote was nearly exactly (as best I recall) the same sentence used by Johnny Carson to describe Leona Helmsley in about 1990 just after she was sent to jail. He was doing the routine where he would bring up current news and when he said it, he kept a very straight face and Ed literally cried himself dry trying to stiffle his laugh.

I was just laughing about the memory of that. Not guffawing, just laughing at the memory.
My lack of TV viewing has caused me to miss out on many a popular culture reference. Thanks for the explanation
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Old 03-18-2011, 04:38 PM   #156
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Someone has to attend the pricey schools.
Well, not really.
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Old 03-18-2011, 04:46 PM   #157
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Getting back on topic for a second, the author of Richistan has figured out a way to cover more than two years of that spending:

Chinese Millionaire Smashes His $700,000 Lamborghini - The Wealth Report - WSJ
This Texan has that beat:

$1.6 Million Bugatti Veyron Crashes Into Texas Lake

I'm up to $30k/year in fixed expenses beyond what I have now if I wanted to keep two apartments, plus the trips to get to each one twice a year.

Then maybe $3,600/year in vehicle insurance, from having a sportier motorcycle and a higher class of car than I'd usually drive (say, a Lexus instead of a Toyota).

And $1,200/year for a phone with unlimited Internet.

But all that puts me at less than I was putting in my pocket the Navy, so I must try harder!
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Old 03-18-2011, 04:48 PM   #158
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Where is our porcine peacemaker these days?
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Old 03-18-2011, 04:58 PM   #159
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Where is our porcine peacemaker these days?
At the tailor getting fitted for a new suit...
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Old 03-18-2011, 04:58 PM   #160
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That is one thing I like about medicine, you don't have to "play a part" to be successful. Sure, lots of docs spend most (or all) of their money on a high end lifestyle, but it isn't "required". In private practice there aren't any rungs to climb like in a corporation. While there are a few predatory groups out there, in general when you join a group you can expect to be a full partner in a couple years or less...it is a given. As long as you take good care of your patients, nobody cares if you get all your clothes from Target and drive a 20 year old beater.
Agreed! And it's a very positive attribute of your chosen profession. I couldn't tell you anything about my radiologist, for example -- not even his or her name. And my radiologist need not "court me" at a club or over dinner: That doctor has my business without trying in the least. Just do the job, and do it well, and it's an annuity. How satisfying that must be!

The challenge for physicians, I have found, is making the right investments. Generally, this is not a field that they know well, so they need good advice. The smart ones realize their knowledge gap in finance and line up solid advisors.
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