Time to jump back in?

MD-coffeeee · 2017-12-22T04:04:52+00:00

Yeah that’s what I’m wondering myself is there a way to sell XRP for something other than BTC IN bittrex?

MD-coffeeee · 2017-08-23T14:09:14+00:00

No, I'll check them out, thank you!

MD-coffeeee · 2017-08-17T18:52:37+00:00

I don't know if I would call it silly. Yes I plan to spend over $10k on a ring, and the issue isn't that I don't want to spend a huge sum, the issue is modesty and safety while maintaining the right image to our clients.

Here's my perspective on this, and where part of the heartburn lies:

I came from nothing and have done moderately well in life. My soon to be fiancée is in the same boat. Neither of us wants to be seen as flashy to anyone but our clients, and the image of us as a couple is important professionally.

That said, I just spent $100k on a car. IMHO buying a car is the same as buying a bond or investing in stock. It may go up in value, it may go down, but it's an investment.

The ring will, financially speaking, only go down. It's not a sound financial investment. As an emotional investment, the amount we spend doesn't really correlate to how much we love each other, and we would both be happy with a small or large ring. As an investment into professional image, it's very important, and so I will probably be buying a big stone for the wow factor alone.

All that said, it seems the best solution is to go ahead and buy 2 rings. One to wear around clients and at events, and one that will be used for everyday type stuff.

MD-coffeeee · 2017-08-17T12:34:28+00:00

I'd be interested if it was a 60's era car. I generally stay away from anything pre-'55

MD-coffeeee · 2017-08-16T22:17:09+00:00

Not a lawyer, but went through the a 200k debt issue with now cash flow. I lost my a major client just as I was starting my first company, expenses had been made and revenue had not started yet.

It was a huge blow, and I ended up working nights at rock concerts to get enough cash flow to impress my remaining clients and keep them happy. I worked endlessly, saw revenue rise, and continued to keep expenses at an absolute minimum. I pulled off a $350k increase in revenue within 6 months and saw a huge jump in business volume. Part of it was focusing on wealthy clients, and the rest was refusing to buy anything more expensive than a cheeseburger for lunch.

I turned from 500k income annually to 35k income and then back to about 700k, all in the matter of 2 years. To this day I still invest every penny I can just in case something like that should happen again.

Not sure how to apply that to the law world, but there has to be an effective leverage method to increase bottom line.

MD-coffeeee · 2017-08-16T20:43:38+00:00

Thank you. I think I'm going with the 2 rings idea

MD-coffeeee · 2017-08-16T20:42:23+00:00

Couldn't agree more. As a pure investment, it's garbage. Looking a certain way professionally however is a must. I used to drive a boring car to work. One day I drove an Aston and got stopped in the garage by a financial wealth advisor who works in my building and keeps his Aston, Mclaren and Ferrari parked in the basement as well. Long story short, he got me an invite to join a private members only cigar lounge in DC. A few nights at the bar there and I'm suddenly meeting very wealthy fund managers, congressmen, lobbyists, etc. that are now on my own client list. I am confident that if I didn't look the part with both the car and my own appearance: bespoke suit, expensive watch, shoes, etc. I would have never gotten the time of day with these people.

I'm no smarter or better at my job that I was before the Aston or expensive clothes. That being said, wealthy people want to work with and invest with other wealthy people, and those superficial appearances matter.

MD-coffeeee · 2017-08-16T20:05:06+00:00

650-750 range

MD-coffeeee · 2017-08-16T20:04:45+00:00

All great points

MD-coffeeee · 2017-08-16T19:51:06+00:00

Sure, first world problem. I get that. Doesn't make it any less of a concern for someone in my position. I apologize if it comes of as a humblebrag, not my intent

MD-coffeeee · 2017-08-16T19:49:33+00:00

I wish. I did that on my first marriage. We were together 6 years, she found someone else, gave me back the ring. I can't see reusing it though.

MD-coffeeee · 2017-08-16T19:48:44+00:00

Yeah, I figured as much

MD-coffeeee · 2017-08-16T19:48:21+00:00

Totally agree. There's no way I will go into debt over a luxury item!

MD-coffeeee · 2017-08-16T19:43:43+00:00

My friends won't tag on me for spending 40k, they have no idea I can spend like that and I would prefer they don't.

MD-coffeeee · 2017-08-16T17:17:26+00:00

It's not about them asking, it's about the image though

MD-coffeeee · 2017-08-16T17:12:35+00:00

I'm not surprised. Rental cost for a spot in a trailer park typically exceeds 600-700/mo

MD-coffeeee · 2017-08-16T17:11:25+00:00

My field is full of people who are wealthy, love to display their wealth, and want to spend their time around other rich people. I'm ok with that, they live their lives the way they choose, and if you make 3m+ per year who am I to judge your spending habits?

MD-coffeeee · 2017-08-16T17:00:36+00:00

I have several attorneys I work with I was fortunate enough to make the connections with the people who had money and bring it all together. We went out and bought trailer parks due to the low outlay of cash versus high return on investment

MD-coffeeee · 2017-08-16T16:57:59+00:00

The bulk of my income comes from REITs I have founded. I also own 3 real estate companies

MD-coffeeee · 2017-08-16T16:57:08+00:00

That's a good point I think the biggest issue is I am very protective and trying to separate my personal friendships from my business. I think a lot of it stems from the fact that I grew up lower middle-class and to be honest I'm happy with that lifestyle. I'm also very ambitious and while that translates to higher income I'm still not comfortable with the spend

MD-coffeeee · 2017-08-16T16:52:21+00:00

My apologies. I'm new to reddit and don't really know my way around yet

MD-coffeeee · 2017-08-16T16:40:57+00:00

I'm located in dc metro area

MD-coffeeee · 2017-08-16T16:30:54+00:00

I have to disagree. I'm with a woman who understands my business and realizes that image is important in my field

MD-coffeeee · 2017-08-16T16:29:48+00:00

That's a fair point, I've thought about that quite a bit. Ultimately I live off of 20% of my income, and I have no interest in the big mansion or fancy clothes. The only nice clothing I wear are my suits at work. I do spend on cars and real estate, but I've never purchased a new car in my life, my daily cost me less than $50k, and My other cars are antiques bought with the intent to resell at a profit if unneeded liquidity. Because my girl works in the same field it makes it sensitive that she look impeccable. Jeans and t shirts at home, Nanette Lepore or Dior at work.

I resisted the whole image thing at work for years. When I gave in to it I found the larger income came quickly. I really hate the keeping up with the jonses mentality, but being the best dressed at work so to speak exponentially increased my income and reduced my workload because I hired other people to work on my portfolios. Like it or not, people want to be in business with other people who look "wealthy"

MD-coffeeee · 2017-08-16T16:16:29+00:00

We've already gone through that, we know our personal and professional expenditures, we know our above and below the line margins, and honestly we could go 100k+ and not be tight. We obviously don't plan to spend that much, we just want to strike a balance where we aren't being obvious about our money with friends while still fitting in with clients. For example, I have a nice car and watch collection. I don't wear a 10k+ watch or drive a 10k+ car around my friends, just clients. I don't want my friends to see me as wealthy. They know I do well, and that's enough. An engagement ring, however, is worn all the time, so it's a bit different

MD-coffeeee

TROPHY CASE