The Bledsoe Firm - April 2019

The Bledsoe Firm - April 2019

The Bledsoe Firm JustFamilyLaw.com | 949.363.5551 apR | 2019

T he F oundations of S uccess A Look at Warren Buffett’s Early Years A few months ago, I gave a talk on the life and times of Warren Buffett. I ended up learning quite a bit about one of the richest people alive. I was curious about what made him so successful and how his thought processes worked.

But Howard was an entrepreneur and eventually

opened a brokerage firm with a friend. Despite his father’s success, Warren says that he needed to be financially successful on his own. He witnessed how the Depression had affected his family and never wanted to be in that situation again.

As you may know, Warren is known as the “Oracle of Omaha,” but he has another nickname: “Snowball.” In fact, that’s the title of the 2008 biography written by Alice Schroeder, “The Snowball: Warren Buffett and the Business of Life.” This month, I want to share some of what I learned from reading about him. Today, Warren is 88 years old. He’s led a life of monumental success. My question going into this was why did Warren succeed? What set him down the path to making billions of dollars? Well, like many of us, a lot of it can be traced back to childhood. The foundation for who Warren Buffett would become was laid very early. He had a strict mother, and she wasn’t always the kindest person. There were times when Warren wouldn’t come home from school right away to avoid her. Instead, he’d go to friends’ homes and find other ways to occupy his time. Warren’s father, Howard, worked at a bank. This was during the Great Depression in the 1930s. The family lived in Omaha, and they were considered fairly prominent. Regardless, they still struggled, like most during that time, especially when the banks closed, including the one where Warren’s father worked.

As a child, his first job was selling packs of gum. Once, someone asked for a single stick of gum instead of a pack. Warren refused and explained that he only sold gum in packs. He quickly formed a mindset about how he wanted to conduct business. It wasn’t long before he began selling Coca-Cola, starting a lifelong love affair with the drink. In fact, his drink of choice today is Cherry Coke. He loves the drink so much that he helped the Coca-Cola Company launch Cherry Coke in China. As part of the initial marketing campaign, Warren’s face actually appeared on the soda cans. ( Interestingly, Warren cites Cherry Coke as the secret to staying young. Even to this day, he has an curious diet, always touting that the sweeter or saltier, the better. At one point, he said he looked into which groups of people had the lowest mortality rates, and the results pointed to 6-year-olds. So, he thought, why not eat the diet of a 6-year-old? In one interview in 2015, he said he drinks five cans of Coke every day. ) Warren bought his first stock at 11 years old. When he sold that stock, he made a profit (buy low, sell high). Then, when he was about 12, he started yet another venture. This time he was selling a horse racing tip sheet. It was handwritten and people bought it. He even filed a tax return and wrote off his $35 bike as a business expense that same year. Of course, like many of Warren’s ventures, he was always on the lookout for something bigger and better. He and a friend once found a broken pinball machine. They fixed it up and took it to a barber in town. There, they made a deal

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Whether you were the star player or the kid who picked flowers in the middle of the field all game, almost everyone has memories of being on a sports team when they were young. Some lose interest over time and pursue other activities, while others find they really enjoy their sport, maybe have a real talent for it, and continue playing until they are young adults. Whatever the case, parents should take a couple of factors into consideration when determining if their child is ready for sports. If they begin playing too early, it might turn them off to the sport before they really understand it. It could also result in premature wear on muscles and bones that prevents them from playing their sport later on. Most experts believe that the proper age for introducing your child to sports is somewhere between 6 and 9 years old. When they are younger than 6, it is important for them to be active, but their motor skills are not yet developed enough to play most competitive sports. Trying to get them to understand this fact at that age might only make them frustrated with the sport and make them dislike it before they can even give it a try. Even when children are between the ages of 6 and 9, they might not be ready for sports that require higher forms of coordination, like football or hockey. Instead, try sports like T-ball, soccer, or karate. They won’t be ready for more intensive sports until they are 10–12 years old.

If your child does not seem to enjoy team sports, you might see if they may like more individual sports, like running or swimming. Their personality can be just as significant as their age when it comes to choosing the right sport. Some children might not show interest in organized sports at all. If your child does not seem interested in any sports, even though they are old enough to understand the rules and are coordinated enough to play, you might want to consider other activities, like art or music classes. Still, it is essential that they are active for at least an hour every day, no matter their interests. Sometimes kids will get frustrated with the sports they play (even if they like playing them), and they might want to quit. If your child doesn’t seem to like the sport you signed them up for, encourage them to at least finish out the season. They might just need a little more time to warm up to it. However, if they still aren’t enjoying it at the end of the season, help them find other activities that they might like better. Ultimately, when a child is ready to play sports, it is important to stay in tune with what brings them joy and what keeps them mentally and physically healthy.

ACTIVE SEARCHING FOR ACTIVE PASTIMES Finding the Right Time to Get Your Children Into Sports

Full Disclosure Part 2

3 M ore T hings Y ou N eed to S hare with Y our D ivorce L awyer

The more you share with your divorce attorney, the better they can represent you during a divorce. Last month, we looked at three things you need to share with your lawyer as you work through a divorce. This month, we will go over three more things you can expect your attorney to ask you as you make this major life change. What do your kids know? It’s likely the most sensitive conversation you have with your children. It is helpful for your lawyer to understand your family dynamic and parental relationship before stepping into a divorce hearing or mediation. Questions about custody, child support, and visitation can be difficult and complicated, but they need to be out on the table. Did you sign a prenuptial agreement? Often, a valid prenuptial agreement dictates the direction of divorce proceedings. As these contractual agreements become more popular, they are also becoming more sophisticated and encompassing. Some divorces will unfold in direct alignment to prenuptial terms and conditions. This can increase the efficiency of your divorce, but it can also raise complications.

to negotiate for an alternative outcome, hiding a prenuptial agreement only puts your lawyer at a disadvantage.

Are you and your spouse on the same page? Traditionally, many divorces are handled in a contested and challenging environment — spouses are not usually on the same page. Negotiations are fraught with arguments, hurt feelings, strong disagreements, and opposing perspectives. That said, the number of uncontested divorces is on the rise and a greater number of spouses are finding they can agree on the various issues of a divorce. The Bledsoe Firm is at the forefront of assisting couples through these alternative processes. If you want to split from your spouse without the fighting, we can help. The first thing we need to figure out is if your spouse agrees with this approach.

For more articles like this one, be sure to visit our blog at justfamilylaw. com/family-law-expert-blog for more insight!

Your attorney needs to know early on if you have a valid prenuptial agreement. Even if you disagree with some of the terms or want

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with the barber: They’d split the profits with him if he agreed to host it. He did, and the two boys quickly had several pinball machines up and running. For a time, they were making serious money for a pair of teenagers in the 1940s. About a year later, Warren sold his pinball enterprise for over $1,000. He continued to have a number of other jobs throughout high school, from selling newspapers to washing cars. By the time he graduated from high school, he had savings of about $5,000. Counting for inflation, that’s about the equivalent of $52,000 today. Warren always had the mindset of a serial entrepreneur and investor. In a few short years, he made a lot of good deals. It took a lot of work, but it paid off. Of course, this only represents a small part of his life, and next month, I’ll dive into what really set him up to become one of the richest people in the world.

Child Custody Basics C an V isitation R ights B e C hanged ? Visitation is an integral part of the custody agreement that is defined when custody arrangements are made in the courtroom. When children are involved, a custody agreement will be drafted, and as part of this agreement, visitation rights will be defined with custody arrangements for each parent. Here's one question a lot of parents have: Can visitation rights be changed? The answer is not a simple yes or no. If you do want to change visitation, you must modify the overall custody agreement. In circumstances wherein the other parent has been granted visitation rights with the child or children, as laid out by the agreement, the custodial parent cannot withhold those visits without serious legal ramifications. The only circumstance in which a parent could potentially withhold visitation is if the child were in danger. However, if, as the custodial parent you suspect your child is in danger, you should first request a protective order and then request to make changes to the custody agreement. In some instances, the court may decide to allow supervised visitation if a child might be in danger, but it is highly unlikely the court will completely deny one parent’s visitation. This does vary from case to case. Keep in mind that parents cannot simply make a decision regarding visitation without court approval. It doesn’t matter what the circumstances are. When either or both parents want to make changes to the custody agreement and visitation, they must go back to court. Even then, visitation might not be changed unless concrete evidence suggests visitation rights need to be changed. For example, if the environment at one parent’s home may not be suitable for the child and one parent offers proof of this, the court may determine a change is needed. Alternatively, if a parent’s schedule changes or a parent moves, they may jointly agree to modify the agreement to make visitation easier for everyone involved. Again, every situation is different, and it may be beneficial to discuss the situation with a family law attorney before making any decision that will impact the daily life of the child.

—John Bledsoe

Opening Day Hamburgers

Inspired by Saveur Magazine

With no fancy sauces, no frills, and no cheese, these all-American burgers are perfect for the start of baseball season.

INGREDIENTS

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1 pound ground chuck, 80 percent lean 4 soft, white hamburger buns, split 4 1/4-inch-thick tomato slices

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4 small leaves iceberg lettuce 4 1/4-inch-thick yellow onion slices 1 teaspoon vegetable oil Salt and pepper, to taste Condiments of your choice

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12–16 pickle rounds

DIRECTIONS

1. Lightly grease a small nonstick skillet with oil. Heat over medium-high. 2. While heating, gently shape meat into four patties 3 1/2 inches in diameter. Be careful to handle the meat as little as possible to prevent tough burgers. Season liberally with salt and pepper. 3. Sear patties on each side, about 1 minute per side. Reduce heat to medium-low and continue cooking until desired doneness, about 1 more minute per side for medium-rare, 2 more per side for medium-well. 4. Let meat rest for a minimum of 3 minutes. 5. To assemble, place patty on bottom bun and top with tomato, pickles, lettuce, and onion (in that order). Spread condiments on top half of bun and place on top of onion. Serve.

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Inside

The Early Years of Warren Buffett

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Letting Your Kids Have Fun With Some Healthy Competition

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3 MORE Things You Need to Share with Your Attorney

Custody Agreements and Visitation Rights

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Opening Day Hamburgers

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3 Travel Myths Debunked

Paris on a Budget?

3 T ravel M yths Y ou S hould S top B elieving that is approved by travel guides. Visit places you feel comfortable in, and do your research by reading travel blogs, websites, and books to find places that have been vetted by others. Traveling in groups can also be a great way to lower your risk of danger. As long as you plan ahead, you will have a safe trip.

Traveling has many social and educational benefits, but some people have hesitations that prevent them from jetting off on new adventures. Below are three debunked travel myths to give you some ease as you plan your summer vacation! Myth: Vacations are expensive. Fact: You can travel anywhere on a budget. Tracking flights to score the best deal, setting spending limits, and packing meals are a few ways to save money. Hostels and Airbnbs are great alternatives to spendy hotel stays. Additionally, you don’t have to cross the country to have a great trip. Every state has museums, unique roadside attractions, historical sites, and a booming nightlife. When you know your price limits and what you want to do, traveling can be a fun and inexpensive venture. Myth: Traveling is dangerous. Fact: If you’re smart about what you do and where you go, traveling can be safe. Go with your gut and only stay somewhere

Myth: Jet lag is caused by a lack of sleep. Fact: While jet lag can make you sleepy, it’s actually caused by a disruption in your circadian rhythm. Our bodies are cyclical, and the circadian rhythm is set by both a natural need for your body to reset and outside forces, such as your job, time zone, and diet. Travel can disrupt this rhythm and routine, which leaves you lethargic during and after your vacation. Sticking to water before and during your flights and staying physically active during and after traveling are great ways to fight jet lag and get back into your normal rhythm. Don’t let these travel myths keep you from seeing the world. Set a budget, go with your gut, and prepare for a shifting rhythm to make your next adventure the best one yet.

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