The Bledsoe Firm - May 2019

The Bledsoe Firm JustFamilyLaw.com | 949.363.5551 MAY | 2019

T he E ducation of W arren B uffett

The day Warren Buffett graduated high school, he already had a considerable amount of money in the bank. But it wasn’t the $5,000 (or $52,000 in today’s money) that was remarkable. It was something else. Last month, I shared the first part of a three-part series on Warren Buffett. This series is based on a talk I gave on Warren Buffett earlier this year. Warren is an interesting person to study, and I want to share a little more of what I learned. Warren’s childhood set the stage for what he would become next. As a child, he developed a mindset that allowed him to graduate with thousands of dollars saved up. Interestingly enough, when he did graduate, he didn’t see the point in attending college. After all, he believed that he was already setting himself up for success without it. Warren’s father, Howard, disagreed. Howard was determined to see Warren attend college — and so he did. For two years, Warren attended the Wharton School at the University of Pennsylvania, a preeminent business school. Then, he moved back to Nebraska to attend the University of Nebraska, and by age 19, he graduated with a Bachelor of Science in business administration. While Warren had initially decided against college, he became determined to continue his education. He applied to Harvard Business School but was rejected (he was considered too young). After that rejection, he turned his attention to Columbia Business School at Columbia University, where one Benjamin Graham taught.

Ben Graham was the author of “The Intelligent Investor” — a book that was highly influential on Warren. The book, in part, helped form Warren’s philosophy on investing. Ben taught students that good investors should look at the value of the company and not just the price of the stock.

In other words, if the stock price is not below the book value of the business, don’t bother with it. A business should be worth every dime of the stock price.

As it happened, Warren received the only A+ grade Ben gave out. You could say Warren was "fully invested" in Ben’s classes. He went on to earn his Master of Science in economics before returning to Nebraska once again. There, Warren began working at Buffett-Falk & Co. — his father’s investment firm — as an investment salesman. But he ran into a few challenges, the biggest being that no one would buy from him. People seemed to appreciate his investment insight, but due to his young age, people hesitated to commit. Of course, that wasn’t much of an obstacle for Warren. Warren moved back to New York, where he had attended Columbia. In New York, he took a position at Graham-Newman Corp., an investment firm founded by Ben Graham. At about the same time, Warren also taught at Columbia. He was really getting his feet wet in the investment world. Though, considering his starting salary was $12,000 a year (or about $114,000 today), you could say he had dived into the investing world headfirst. But Warren’s life at this time wasn’t all business. In the interim, he had gotten married to Susan Thompson and started a family. To say the least, Warren was a busy man. And he would remain a busy man all the way. Next month, as this series on Warren Buffett continues, I’ll get more into his family life and what he did to become one of the world’s wealthiest people. —John Bledsoe

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POPULAR STREAMING SERVICES

Finding that perfect streaming service for your family can cause parents some stress. There are so many options, and it can be difficult to determine which services provide child-appropriate content AND won’t cost you an arm and a leg. Luckily there are plenty of affordable platforms that have family- friendly content. Netflix and Hulu Known as two of the most popular streaming services that offer family-friendly content, Netflix and Hulu feature plenty of shows and movies that are perfect for kids. For families who own smart TVs or a digital media device, like Roku or Apple TV, both services are available after a quick app download. Both of these platforms have parental controls, allowing parents to set up accounts and restrictions for what their children can watch. You’ll never miss an episode of “Ninjago” or “Sesame Street” again! Their prices are reasonable as well, with Netflix plans ranging from $8.99–$15.99 a month and Hulu being slightly cheaper at $5.99–$11.99 a month. Amazon Prime Video For parents who are already Amazon Prime members, Amazon Prime Video is included with

their membership. Those who aren’t can enjoy this streaming service by itself for $8.99 a month.

Offering an extensive collection of titles of multiple genres, Amazon Prime Video is a great streaming service. Movies range from “The Daniel Tiger Movie: Won’t You Be Our Neighbor” for your toddler to the more serious “The Dark Crystal” for kids who are a little older. As with Netflix and Hulu, this service also has a parental control feature, ensuring kids don’t watch anything that may be inappropriate. Disney+ Disney+ will be the newest streaming service, which is set to be released later this year. Families will have access to classic Disney movies as well as other content that Disney has influenced. They’ll even have exclusive access to the newest Disney creations. It's been speculated that anticipated titles “Captain Marvel,” “Toy Story 4,” and “Frozen 2,” will only be available to stream on Disney+. Parents can rest easy knowing that R-rated films won’t be available through this new service as Disney wants to keep its family- friendly approach.

Which Services Are Right for You?

5 T hings T hat M ake S enior D ivorces U nique ( and C omplex ) A Gray Area

“Gray” divorces are becoming more common. Market Watch reports the senior divorce rate has more than doubled since the 1990s. But divorcing in your golden years is a bit different than divorcing when you’re younger. Here’s what you need to know. It will change your retirement plans. Divvying up retirement accounts and pension plans is part of the divorce process. The nest egg and combined Social Security payments that might have supported both of you comfortably might not when they’re divided between the two of you. Any part of this fund that developed during your marriage is marital property and will be treated as such. You might need a QDRO. A Qualified Domestic Relations Order, or QDRO, is an important document if your spouse has a 401(k) or pension. It will end up disbursing funds to you in a settlement. Without this all- important document, which tells the plan administrator what to pay out to a non-earning spouse, you might not get your share, even with the help of a court order. You’ve got some hard decisions to make about the family home. It may be the place you’ve called home for over 30 years, but you don’t want to fight over the house. The taxes and maintenance may be too much for your new financial situation. Selling it and splitting the proceeds

can simplify a process that’s already likely to be rendered complex, thanks to divvying up retirement assets. And if your

spouse really wants it, let them have it. Walk away from a concession that’s likely to be less trouble for you in the future, and know you probably got the better end of the bargain.

You still have to talk about the kids. You won’t be working out a copayment plan or fighting over custody, but you might still want to talk inheritances. Emotionally, the divorce is still likely to impact your kids, and they might have real concerns about how each of you are going to be taken care of in the future. You need a lawyer even more than your younger counterparts do. Few gray divorces are simple. Don’t be tempted by DIY legal prep. Retirement accounts, inheritances, and spousal support aren’t easy topics to tackle. The best way to protect yourself is to make sure you have an attorney from the moment you know the divorce is imminent.

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

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W ord S earch Garden Blooming Day Gemini Mother Memorial Nightingale

Spring Cinco Mayo Emerald May Remember

Easing Financial Stress During Divorce We all know divorce can be emotionally, mentally, and physically taxing. Divorce often ranks at the top of stressful situations. But when you throw finances into the mix, it can become that much more taxing. However, there are steps you can take to ease that burden. While you cannot escape the financial realities of divorce, it doesn’t need to dominate your life. Here’s what you can do. Find and make copies of all of your financial records. You want to have crucial financial documents at your fingertips throughout the divorce process. When you don’t have to request them from your ex-spouse or your bank or other financial institution, you save time and money in the long run. And should you or your attorney need to reference anything, you’re ready to go. When you’re approaching divorce proceedings, request a copy of your credit report. During a divorce, keep an eye on your credit. This will inform you of any dubious charges made to joint credit cards or new accounts made by your ex-spouse that are tied to your name. It happens, and if not caught quickly, it can destroy your credit. It’s far easier to maintain your current credit than it is to fix fraudulent or malicious charges to your accounts. As you work through the divorce, draft a budget. You need to have a realistic picture of what your income looks like going forward, along with your expenses. At the same time, an updated budget can serve as proof of the lifestyle you once maintained during the marriage and may no longer be able to maintain (for dual-income households). This may be helpful as the divorce proceeds. And, if you’re simply not sure what to do, ask your divorce attorney. They’re there to help guide you through the process, and that includes figuring out the next step when it comes to your financial situation. After all, everyone’s financial situation during divorce is different and there is no one-size-fits-all solution.

Shrimp Sausage Skewers

Inspired by PaleoLeap.com

These shrimp skewers are a quick way to add some surf and turf to your cookout. Pair them with a vinaigrette salad for a side dish that complements without overwhelming the main event.

INGREDIENTS

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1/2 pound raw shrimp, peeled and deveined

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2 tablespoons extra-virgin olive oil Wooden skewers, soaked in water for 30 minutes

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1/2 pound cooked sausage, cut into 1-inch pieces 2 zucchini, cut into 1/2- inch cubes

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CREOLE SEASONING INGREDIENTS

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2 tablespoons paprika

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1/2 tablespoon cayenne or chili powder

1/2 tablespoon garlic powder

1/2 tablespoon onion powder

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1/4 tablespoon dried oregano

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1/4 tablespoon dried thyme

DIRECTIONS

1. Heat your grill to medium-high. 2. In a bowl, combine all ingredients for creole seasoning. 3. In a large bowl, combine the shrimp, zucchini pieces, and sausage pieces, and cover them with the olive oil. 4. Add creole seasoning and mix well until all ingredients are covered. 5. Load up skewers with alternating pieces of shrimp, sausage, and zucchini until they’re full. 6. Grill skewers until shrimp are well-cooked (6–8 minutes).

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Inside

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Warren Buffett Goes to College

Streaming Services Perfect for Your Family

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5 Things That Make Senior Divorces Unique

Is It Possible to Ease the Financial Burden of Divorce?

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Shrimp Sausage Skewers

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How to Travel Sustainably

Go Green

Vacations can come with great expense, and not just for your bank account. According to a 2018 study G et O ut T here W ith T hese E co -T ourism T ips Stay Green Where you stay impacts the environment as much as how you get there. Hotels use copious amounts of water for bathing and laundry, and they struggle to reduce energy because guests leave their lights and televisions on. However, many luxury resorts, woodsy cabins, and even entire countries have opted to make eco-tourism easier. If you’re looking for a region of the world committed to preserving nature, look no further than Iceland, Finland, and Sweden, which are ranked the three most environmentally friendly places in the world.

published in Nature Climate Change, travel accounts for 8 percent of

global greenhouse gas emissions. Cut through the greenwashing and do your part to lessen these emissions by traveling sustainably. Travel Green When possible, trains, hybrid buses, and carpooling are great alternatives to larger, more environmentally intrusive travel methods. Large cruise liners are detrimental to oceans, and airplanes emit large amounts of toxins into the air. However, you can cruise and fly with the earth in mind. Some cruise lines are working to reduce their impact by installing more eco-friendly lighting and materials, and flight experts recommend using “green” airports, choosing fuel-efficient airlines, staying longer, and traveling less. If anything, it’s an excuse to extend your European vacation!

Do Green Man-made attractions like the Egyptian pyramids and Machu Picchu are some of the world’s greatest wonders, but Earth itself is pretty breathtaking. Check out natural attractions while hiking or camping in preserved forests, or soak up all the Caribbean has to offer by snorkeling, scuba diving, sailing, kayaking, canoeing, and paddleboarding. When you’re mindful of your surroundings and remain unobtrusive, there are endless outdoor activities you can explore. Some locations even partner with environmentally conscious organizations you can donate to or volunteer with.

Opt for a green vacation and know that while you relax, the earth is getting a little relief too.

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