Question from a reader:”I won a lawsuit and I have to tell you about it. What do you think about” – and then I deleted the e-mail.
My answer is stop right there. Seriously. WIthout knowing the details of the settlement, you may be in violation of the agreement and that is why I deleted the e-mail without reading any more or giving it any second thoughts.
This may be common knowledge for a lot of people but it bears repeating. If you get a court settlement and the terms are that it is confidential, please respect it. There is too much at risk to blab over it.
As a mediator and arbitrator for the Los Angeles and Santa Monica bar, I know first hand that silence is more than golden when it comes to legal agreements. It is the law. It is required. That is why I couldn’t believe that I was in an elevator the some time ago with two strange men and one of them was telling the other the details of some court settlement he was in. What if I was a from the courthouse and familiar with his case? What if I were a junior (well, okay senior) partner of the law firm that was against him and overheard him? I could march my overhearing butt back to court and get the judgment thrown out.
Folks, please respect the sanctity of the settlement. It doesn’t matter if the settlement came from a trial, arbitration or a mediation. If you think of the aggravation you have gone through to get it, the pain, the madness, the anger, possibly the seemingly endless depositions, the soul-wrenching testimony in front of total strangers, it isn’t worth it just for bragging rights.
This is especially important when it comes to dealing with special needs clients that you are responsible for. The person you are caring for may not understand what has happened and it would be horrible to get services removed, funds cancelled or worse because you had an attack of ego.
I am sure it won’t happen if you remember this post. I suppose I shouldn’t be so shocked at human nature. I think one of the first things that people like to do when they hear good ideas is tell it to the world. In this specific situation, it is better to keep it from the world! To do anything else just doesn’t make sense and isn’t profitable!
If you consider the amount of time, the issues and problems with dealing with making it to trial or even mediation, the costs of the attorney, the fees for any expert witnesses, it just goes on and on. Why people would want to screw up something that they invested heavily into is beyond me.
Another question from a reader:”What do I do about financial planning? It is boring.”
My answer is it sure is. The problem with financial planning is that it is boring. Everybody wants to hear the latest and greatest get rich schemes, how to start up a social engineering site that will make them millions in 8 months or blink your eyes and grow rich. People who end up making money generally plan for it.
There is always an element of luck and risk and for those who are lucky in their risks their rewards can be astronomical. The other side of the coin is that their risk can be financially devastating as the recent home loan meltdown has proven. Banks and people are being punished for being greedy.
What about the rest of us?
If you have been saving money, paying off your mortgage, keeping your credit card bills down to zero or paying them off monthly, congratulations. You are on the way to for financial success. People who have money will be in a better position to scoop up realty in the current environment and make profitable investments.
There will always be some sort of opportunity to make money and as the cliche goes, opportunities are like Las Vegas casinos. If you see one that is attractive and miss it, don’t fret, there will be another bright enticing one down the block.
Like the casinos, you need to have cash and the easiest way to have it ready is to have been saving for it. If you are working your way out of debt, congratulations as well. You will make it. It may take some time but planning now for getting out of debt will be a lot easier with your eyes open than closing your eyes and hoping it will go away. People are talking about a lot of jobs that are going away but there are also a lot of opportunities to make money in the financial Depression we are in.
It takes some work and effort but some people are doing it, so why not you?
July 23 2009
Also, please don’t quite go anywhere yet. Having some tax issues or tax questions? Any problems with trying to make it through the financial Depression we are in that is making you depressed? Please read on.
I am expanding my practice and taking on new tax clients. If you are interested in having somebody who is a successful businessman and tax professional with integrity review your returns discretely and see if your tax guy or gal is doing a good or goofy job, please drop me an email or post a comment with your contact information and time.
I have experience in international business, small businesses, partnerships, multi-state tax returns (they can get complicated) and anything else you can probably think of.
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If you are looking for a day job, part time work, suggestions for saving money or investing, please check out my book, Practical Money Making, that is listed right after his paragraph in this very post. There are some great suggestions and ways to survive the Depression we are in.
Interested in any of my books? You may want to make a stop over here. Please click through to purchase my books and some other interesting items that actually ARE on sale.
Have you read my book, “Bad Tax Idea, Good Tax Idea“? Please order it today. The tips inside can save you hundreds if not thousands of dollars! Tax planning should be done year round and not just two weeks into January or later.
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Kim Isaac Greenblatt
Keep Your Mouth Shut After A Court Settlement
Tags: Business, court settlement