Financial Musts for Law Students & Lawyers
I view financial health as a form of self-care. I was raised in a family that taught me a lot about financial well-being and know how. Realizing that not everyone was provided with these tools, here are some tips I've learned throughout the years.
1. SPEND LESS. Tattoo this on your forehead.
2. Live below your means.
3. Make meals at home.
4. If you purchase a vehicle, consider buying used.
5. Pay yourself. With each paycheck, make sure you are allocating amounts to retirement, savings, and paying down debt.
6. Avoid taking out high-interest loans and pay them off as quickly as you can. Pay off the debts with the highest interest rates first.
7. Pay off your credit card balances each month. The interest fees on cards are killer. Try to use cash as much as possible if you can’t trust yourself with plastic.
8. Know that possessing material things does not lead to a happy or fulfilled life.
9. Mind your money. If you don’t have the time or care to focus on investments, hire a financial advisor, or use a trusted mentor or significant other to delegate financial management to check their “work” even if you don’t like it – at some point we will have to make financial decisions on our own.
10. INVEST. Let your money work for you.
I am interested in wealth building. There is more pressure than ever by retailers and marketers to lift hard-earned money from our pockets. Social media listens to our conversations and then advertises products that are super relevant to our wants/needs. Never before has society been exposed to this level of consumerism, materialism, and the pressure to buy. If I am tempted to buy something that’s advertised to me on social media, I usually sit on it for a week, and then if I still think I need it, I’ll consider purchasing it. Nine times out of 10, the time lapse results in my decision not to purchase the item.
Wealth management and personal development should be taught in law school, but unfortunately, they are not. In fact, I believe that teaching personal development in law school could significantly improve lawyers’ lives.
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This is an excerpt from my upcoming book, Build Your Empire: A Law Firm Owner's Survival Guide to the Private Legal Industry. Coming soon! If you want in on release dates, special discounts, and offerings, sign up for the waitlist.