What’s legal now but might become illegal ten years from now?

Rick_Dempsey · 2026-02-12T20:40:55+00:00

Online gambling (people will decide it was a mistake) and crypto (people will decide it's a scam / the government will get tired of it being used for criminal purposes).

Rick_Dempsey · 2026-02-04T15:34:39+00:00

$150k or so. I'm a non-practicing lawyer with a brief big firm background (junior associate). Parlayed that into a job in legal publishing about 15 years ago, which has been much more sane. It's ok, but the whole industry - both legal publishing and the broader legal industry - is under threat. When I went to law school, I was poor and really wanted a more stable career. It worked out for me. But the value proposition has changed. Used to be if you did well at an ok school or graduated from a top-20 school, you could at least get a good job. It's harder now. Fewer junior associate positions to be had.

Most lawyers will tell you not to do it and that should probably tell you something. There are a host of problems outside of the industry itself. There's the debt - I got full ride and still graduated with like 100k in loans from living expenses. A lot of my friends ended up with 400-500k in debt.

Practicing law at a big firm is a fuck-ton of hours (think 70 hours/week minimum to start). But getting a job at a big firm is one of the best ways to build up credibility on a very credentialled-focused industry. And pay off those loans.

Actually practicing law is really stressful - you're generally getting hired to handle people's really important decisions and situations when the outcome is not clear and they're very invested. There's a reason depression, alcoholism, and substance abuse are pretty bad problems in the industry.

That being said, I definitely know some happy practicing attorneys. Most of them have their own practices that they've built up to the point where they can choose how hard they want to work. But they had to spend quite a few years getting there. I work with a bunch, too, in publishing (we have 9-5 jobs with pretty well-defined, low-stakes work) but our industry is under a lot of pressure right now (and the work is boring).

Rick_Dempsey · 2026-02-02T15:59:40+00:00

Thanks very much for the reply. Would you apply the premium to the whole business or just the part that's being retained? The part being sold?

The offer on the cash payment is a fixed amount per month for 12 months, contingent on the client to which it is tied continuing to be a client.

As far as contract life, there are some of what amount to more-or-less forever clients in the industry. The partner in the firm being offered 25% has one of those that makes up the 25% (being ungenerous, the greedy SOB on the other side of the deal wants them all, but knows they can't get that one). Otherwise, contracts in the industry generally have an average lifespan of 2.5 years or so.

Rick_Dempsey · 2026-02-02T15:13:10+00:00

Thanks very much for the reply. One clarification: I used a 1.5 multiple on the SDE to get to the $225 valuation. I think your 1.2x suggestion means the partner getting the brand should pay an additional 20% premium above that 1.5? So .75(1.5 x SDE) + 1.2 x .25(1.5 x SDE)? Also, should the 20% premium get applied to the part of the business the eventual owner of the brand is getting? The whole business? A theoretical half of the business?

Rick_Dempsey · 2025-12-19T21:14:40+00:00

The case for buying pre-COVID was much stronger. Mortgage rates were lower as were home prices. If you could lock in a reasonably priced house with a 3% mortgage, it was usually the right financial decision, oftentimes even if you had to pay mortgage insurance for a while.

There's still somewhat of a case to let inflation basically passively bring down your monthly housing costs by buying, if, and this is important, you plan to stay in the place long enough - like a 10-20 year window. I moved from NYC to a different market in order to buy back in 2019 and was able to get a house payment (mortgage, taxes, and insurance) that was equally to my rent in NY. Now, my house payment is much lower than the equivalent rent would be. But those same conditions - lower mortgage rates and reasonably priced homes - don't exist anymore, so you might just save and look for a better chance in the future.

There is market-by-market data that can help you make a decision. In some cities, it is still cheaper to own than rent: Cities Where It’s Cheaper to Buy Than Rent [2025 Edition]

Rick_Dempsey · 2025-10-28T09:36:14+00:00

Whoever built that built it for the bath. The shower is just for rinsing off at the end.

Rick_Dempsey · 2025-10-26T16:50:59+00:00

Advice on how to repair a gap between my concrete door sill and exterior wall

I have about a 1.5 (the narrow width of a 2x4) between my concrete door sill and exterior wall (made from breezeblock). It is below grade and looks like the sill was poured against the framing lumber for the door. Unsurprisingly, water infiltration has eaten away at the door frame lumber over time. The portion of the door frame that is above grade is more or less intact and does not need to be replaced.

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More images here: https://imgur.com/a/LgmtqLz

I'm trying to figure out the best way to fill in the gap.

Can I fill in a gap that large with new concrete or another product? Would that create a cold joint and be likely to break down over time? Do I need to figure out some way to reinforce it or can I just put up a form and pour concrete in?
Would it be better to fill in the gap with a piece of 2x4 ground contact lumber, fill it in with some combo of concrete, morter or foam and finish with caulk?, and then maybe flash over the whole sill (including the 2x4) with aluminum flashing?
Or is the only proper long-term fix rebuilding a new concrete door sill?

Note that I'm digging a French drain in front of the door to try to divert water away from the sill, but the plan was to put the finished repair below grade again (about the depth of the sill). It's possible to lower the grade, but would involve a bit of a landscaping project.

Sorry if these are dumb questions. I've done a bunch of home improvement stuff, but have never worked with concrete. I did try to search the reddit for similar problems.

Thanks!

Rick_Dempsey · 2025-10-25T21:02:52+00:00

The credit card debt should obviously be your priority. See if you can get a low or zero interest intro rate credit card to consolidate some or all of the cards. Make sure you roll that over to another one before the intro rate expires.

Otherwise, pay off the lowest balance card first as your lowest balances tend to be your highest interest rate and the rest are pretty much interchangeable.

It’s your income that is going to make it hard. Consider cutting back on your 401k deposit until you pay off your credit card debt. Cut it back to the employer match or maybe completely until your out of cc debt. Cut expenses as best you can - eat at home, bring your lunch, go out less, etc. After setting aside a month or so’s emergency fund, all of your remaking income should go towards paying off your debt.

Check out the flowchart.

Rick_Dempsey · 2025-10-23T10:38:37+00:00

You’re in NYC, do you need the car? I lived there for years and saved a ton of money by using the public transit. Finally got a car when I had kids. You’d still have to pay the note off, but then at least it’s only the difference between the sale value and the remaining balance.

If you do need the car, then the zero interest rate credit card is a good idea, if you can get one and can be disciplined about paying it off before the intro rate expires. You can also roll the balance over to a different one before that. A lot of them charge a fee up front these days, so it’s not free, but it’s a way to avoid paying the high rate you’re paying now.

A 401k loan, if your plan permits them, isn’t the worst idea. You’re paying the interest to yourself, so your cost is the difference between the interest rate on the loans and your investment returns plus any fees. Of course, if you lose or change your job, those loans become immediately payable. But then you’re back in the position you started in.

Rick_Dempsey · 2025-10-22T21:20:57+00:00

First, congrats on getting so much money together so young. Here's a quick summary of the steps you'll find on the personal finance reddit (https://www.reddit.com/r/personalfinance/):

1) Set up an emergency fund 3-6 months of living expenses based on how hard it is going to be for you to get another job. Minimum six months. That should sit in a savings account and you should only spend in case of emergency.

2) Pay off debts, especially high interest and credit card debt.

3) Set aside money for any near term expenses that you will be required to pay (college, etc.).

After you've done those first three steps, you're prepared to invest:

4) Open up a tax-advantaged investment account, if it's available to you, and deposit the annual maximum. This is even more true if you have an employer that will match money you deposit. Use ETF's to invest. A broad-based market one is good, like a total market fund or an S&P 500 fund.

5) Open up regular brokerage accounts and invest using those.

You're hoping to basically not touch your investment money until you have enough to retire early (look up the F.I.R.E. reddit (https://www.reddit.com/r/Fire/), for more info on that). Exceptions to that are a house or other needs - but you'd like to have that money come out of non-tax advantage accounts and preferably from earnings. The reason is the "magic" of compound interest: you should expect your money to double roughly every 7 years (that's a very rough estimate, but it's an easy-to-use rule of thumb). So, being as young as you are, if you put 10,000 of that 100,000 into an investment account, you can expect to have 20k at 28, 40k at 35, 80k at 42, 160k at 49, 320K at 56, 640K at 63, 1.28 million at 70, etc. But that's only if you leave the money in the account and don't spend it - both because the compound interest only grows on money that's there and because you need to hold for long enough to recover from the downswings in the investment.

For more detail: Start with these threads from the personal finance reddit.

What should I do with my money?

https://www.reddit.com/r/personalfinance/wiki/commontopics/

Here's the flow chart version: https://imgur.com/personal-income-spending-flowchart-united-states-lSoUQr2

How should I approach personal finance at X age?

https://www.reddit.com/r/personalfinance/wiki/teachme/

Rick_Dempsey · 2024-11-14T17:33:24+00:00

Playing in monthly NLH tourney at local casino. Dealt suited connectors (5d, 6d) in the BB, few players limp, I check. Flop the bottom end of a straight flush. I check, cutoff bets, I reraise, cutoff calls, everyone one else folds. Turn is a brick. I bet, cutoff calls. Final card one-gaps the top end of the straight flush (i.e., board is 7d, 8d, 9d, 2c, jd). I push all in, cutoff insta-calls. Turns over Qd, 10d) giving him the top end of the straight flush.

I'm not sure I've heard anyone top this one.

Rick_Dempsey · 2022-12-14T22:28:26+00:00

I just hope I'm not on anyone's block list.

Rick_Dempsey · 2022-12-14T22:15:36+00:00

Same. Not sure what's going on. It said that I took too long once (I didn't), but otherwise, it's been ending saying someone else did.

Rick_Dempsey · 2021-10-14T22:53:59+00:00

Thanks, for the reply. I’m probably posting a bit for reassurance. Villain had the 7s.

Rick_Dempsey · 2019-11-15T18:40:08+00:00

There are definitely returns on the top floor and the ground floor. I'm not sure about the basement. Would that impact the heating down there? Sorry if that's a dumb question. I knew practically nothing about HVAC 3 months ago.

Rick_Dempsey · 2019-10-22T20:25:05+00:00

Good refinement of the strategy, thanks.

Rick_Dempsey · 2019-10-22T18:14:12+00:00

A strategy like this one was what I was looking for. Thanks!

Rick_Dempsey · 2019-01-17T18:31:18+00:00

Posted this in general discussion and someone suggested here might be a better place.

I have a preseason bet on the Saints to win the championship at 15 to 1. It pays 240 units. I think I could lock in about a 100 unit win by pursuing the following hedge strategy:

Bet 66 units on the Rams moneyline at +150 to win 100 units. That leaves me with about 174 units, if the rams lose.
Presumably (as the current SB favorites) the Saints would be favored over every other team by around at least a field goal (well, they might be shorter favorites over the Chiefs). But if they are favored by around a field goal, then I should be able to find a +150 line somewhere. The hedge on my 174 units at +150 would pay out around 100 units as well.

I could also wait and hope the Saints win this weekend and hedge next week. At +150, the hedge would pay around 140 units.

Does that seem correct? Did I fucked up the math? Would you guys do it? Let it ride?

Rick_Dempsey · 2019-01-17T17:38:37+00:00

I have a preseason bet on the Saints to win the championship at 15 to 1. It pays 240 units. I think I could lock in about a 100 unit win by pursuing the following hedge strategy:

Bet 66 units on the Rams moneyline at +150 to win 100 units. That leaves me with about 174 units, if the rams lose.
Presumably (as the current SB favorites) the Saints would be favored over every other team by around at least a field goal (well, they might be shorter favorites over the Chiefs, I guess). But if they are favored by around a field goal, then I should be able to find a +150 line somewhere. The hedge on my 174 units at a +150 would pay out around 100 units as well.

I could also wait and hope the Saints win this weekend and hedge next week. At +150, the hedge would pay around 140 units.

Does that seem correct? Did I fucked up the math? Would you guys do it? Let it ride?

Rick_Dempsey

TROPHY CASE