Tuesday, February 2, 2010

Sidebar: Bonus Spending

Sorry it's been a while since we've done a Sidebar. Like Joe said in his State of the Blog address, things got very busy right after the holidays. I've wanted to post about this for a while, but work has been.

Just like most of you, I make anonymous comments on the blog. While reading the comments, I saw that one of the people who was brave enough to list her name also linked to her blog. Of course I read it and linked to it in my reader. It turns out one of our own is The Frugal Lawyer. (I should mention that I emailed Danielle to see if she cared about being singled out in this Sidebar. She said something along the lines of, "It was on CNN.com, so no, I don't care.")

The link that I saw on her blog was this one. Essentially, Danielle revealed to the world what her bonus was and how she planned to spend it. We never really had an honest discussion on bonuses and I'm not going to try to go down that road yet again. However, the article did make me curious - given the state of the economy, if you got a bonus, did you spend it differently this year? How did you spend it? What did you spend it on? Or did you save it?

44 comments:

  1. I used mine to pay down some principle on my student loans. Try not to be jealous of my extravagant Vegas lifestyle.

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  2. Yeah, me too--banked most of it. Paid off $10,000 in credit cards, fully upped by 401(k) and IRA for this year and last (another $14,000 or so), and made a few double payments on my underwater house. Maybe I'll even have equity in a few years... Didn't have a chance to make it rain at the Rhino or anything. I guess the best investment you can make is in yourself--I just hope I don't die from a heart attack right when I retire from all the damn stress of this profession.

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  3. Elle, thanks for the link. It's nice to hear that I'm not the only one who was paying things off. I really wanted to buy a fancy new Mac and take a nice vacation. Not until all of the debt is paid. (Retirement cruise.)

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  4. If you are a lawyer with credit card debt you should be ashamed.

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  5. If you are a lawyer with credit card debt, you are human. If you paid it all off with a quick bonus, you are in a good spot. If you are paying it off as quickly as you can, you're doing the best you can.

    If you are a lawyer without credit card debt you 1) were raised with good money knowledge, 2) were sent to law school on someone else's dime, or 3) are just pretty damn lucky all around.

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  6. Put mine 100% into the 'rainy day' fund.

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  7. Bought a bottle of 18 year old scotch and put the rest in the bank.

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  8. I got $17K after taxes. Paid off my $300 in credit card bills and put the rest in savings.

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  9. I got a 28k bonus and paid off some of my credit card debt and put a down payment on a BMW.

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  10. whoa...what vegas firms do you guys work for making bonus like that?

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  11. I got screwed on my bonus (about $6K short), and then got screwed on my taxes (newly married). So, my bonus is paying my taxes, and left me just enough to get shitfaced drunk and pissed about my bosses.

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  12. @ 9:07am - STFU

    @ 9:20am - Word!

    My bonus was about half of what I expected. From the grumbling around the office, it was that way all around.

    I paid some debt, bought school supplies for my college student, and paid for a modest Christmas.

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  13. Q: What's the difference between your bonus and your penis?

    A: Your wife will blow your bonus.

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  14. I got less than my sister in law who makes $14/hr. Only had enough to pay a utility bill and buy some Christmas presents.

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  15. My bonus was also half what I expected. I spent most of it on Christmas gifts, spending more this year on others than in past years.

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  16. This blog is such a circlejerk sometimes

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  17. Okay, @12:21, we're looking for feedback, as Joe stated in The State of the Blog.

    What about this post makes the blog a circlejerk?

    Generally, it seems like people are being honest and discussing the topic.

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  18. "Circle jerk....Also refers to a pompous, self-congratulatory discussion where little to no progress is made." (urbandictionary.com)

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  19. to 12:21 and 1:20

    think you can do better?

    How many people visit your blog?

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  20. Paid down the credit card debt I acquired while on non-paid maternity leave and husband was laid off. Fun times.

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  21. Typical Comment #1: "I'm a lawyer and I used my 20K bonus to buy a new BMW...I'm awesome!"

    Typical Comment #2: "I'm also a lawyer and I have zero debt because my parents paid for law school, and the house I live in, and the car I drive...debt is for losers...I'm awesome too!"

    Comment #3: "Boyd alums are so lame...not nearly as awesome as me or my alma mater (Southwestern)!"

    Ashton Kutcher: "I'm Ashton Kutcher, and I'm awesome!!!"

    Thanks for providing a forum for all of the awesome people in Las Vegas, Elle!! You're awesome!!!!

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  22. @2:16 - Thank you. I am awesome.

    The weird thing is, I don't see any of those comments on this post. I see a lot of people spending their bonuses wisely. One person mentioned using it on a car. I guess that one person means that every other person fits into the character molds that you have created for the site.

    If that isn't reality, tell us what is. Did you get a bonus? What did you spend it on? Or are you a law student who is simply trying to find a way to participate in the conversation since you aren't out in the legal world yet?

    Thanks to everyone who is participating with real answers. Sorry for feeding the trolls, but this gets old. It makes it impossible to have a reasonable conversation when the same three comments pop up. I know, I suck, the blog sucks and you want gossip. Then don't bother with the comments for this post, which clearly isn't about a hot bit of gossip.

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  23. About a $30k bonus. Banked it all, as I'm not paying any extra on my student loan debt or upside down mortgage in today's uncertain economy. That and can't have enough in the rainy day fund as 2010 may not be the turn around year everyone's is hoping for.

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  24. Is this mandatory e-filing in Clark County District Court reeking havoc with anyone else's filings?

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  25. Peforming associates (1800+ hours billed) got 15% of base as bonus and nothing extra for more than 2000 hours.

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  26. 3:55 - So the key is billing 1801 hours and you're in the money?

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  27. 11:48 AM - indeed. Every year, like clockwork.

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  28. I bought gold. Long live Ron Paul.

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  29. $16,000 in bonuses before taxes. I banked most of it due to poor saving habits in the past and the need to build an 8 month rainy day fund. This next year, if I get another bonus, I'm hoping that the rainy day fund will be complete, so I'll max out the contribution to the IRA. With the leftovers, I'll probably spend it on traveling. Gotta see the world before it ends in 2012! ;)

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  30. Bought safe to keep at my moms house, Paid for my BK.

    Most of my student loans are private and thus dischargable. Dumping CCards, an investment property and stripping my 2nd mortgage.

    Lesson learned. I'll do all that smart shit like all you lyin asses with next years bonus.

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  31. Okay, so my bonus was $500. Yes, I didn't leave out any zeros. Can someone please tell me if that's more the exception or the rule?

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  32. To 8:12 ...

    Sorry to break the bad news but your private student loans are not dischargeable under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

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  33. "Y'all are lewd, lascivious, salacious... outrageous."

    Sincerely,
    Imaginary Jackie Chiles

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  34. Is there any way to get out of the school loans? They suck.

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  35. Used mine to supplement closing costs on a home purchase. The seller was cheap and I really wanted the house.

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  36. Yeah I didnt get a bonus...course that was for many of us in the family law field who have to prey on private individuals (to actually pay thier bills) who also (by the way) probably did not get a bonus this year. I suppose my work is honest, and I can go to bed feeling like I have made a difference in someone's life. But I may feel much different if I could blow a bonus on a car, laptop, or maybe just maybe, pay some of my bills...

    Sincerely,

    I should have never attended law school.

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  37. 3:56

    Waaaa

    Sincerely,

    Haiti

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  38. @4:18,

    You got a $100B bonus. You have no room to mock.

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  39. 3:56 PM - I cry for you.

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  40. Family law attorneys being honest...ha!...that's hilarious. Family law attorneys are most notorious for papering files because even the bad ones charge their clients $300 per hour.

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  41. Hey. I'm a Family Law attorney ! Let's look at the assets, THEN determine how much to charge.

    E.g. Couple has 250 grand in assets, business, etc. GUARANTEED attorneys fees will be 70-90 per side.

    This is why Collaborative Divorce can't get a foothold here.

    Marshall, Ishi and their ilk ought to be frickin ashamed !

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  42. I'm support staff. Take home was $1800 and my wife's car developed $1200 worth of unexpected expenses the next 3 days. This *always* happens.

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  43. We don't have reviews or get bonuses until this month. I billed over 2,200 hours last year, but I doubt I'll get anywhere near what some of you got.

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  44. I don't know about bonuses, but I heard the Wilson Elser Associates got relatively large raises, more this year than last. I also heard they are looking for an Associate with "file-handling experience." Hmmm, maybe it's time to send my resume . . .

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