Michael E Weintraub Esq law studies or any other higher studies do not teach you explicitly about way to manage your finances and deal with overpowering debts. Students passing out from a law school are successful in acquiring litigation expertise but they have no practical knowledge about personal finance management. You initiate your legal career with overpowering student loan debt. So you need to be smart about spending your money, paying off your debts, and managing your overall finances. Michael E Weintraub Esq points out some financial mistakes often made by lawyers. You must steer clear of making such mistakes in the future.
Michael E Weintraub Esq Presents Some Financial Mistakes Lawyers Must Avoid
Mistake: Maintaining Insufficient Savings Rate
Lawyers must focus on generating more savings than people in other professions. You must essentially save over 5% to 10% of your total earnings if you wish to lead a successful life minus financial constraints. A higher savings rate is recommended. Because lawyers usually get a delayed start to their legal career. A typical college-grad generally, spends 43 years pursuing an active professional career.
We know that law school never bothered to teach aspiring lawyers the nuances of personal finance and how to manage your financial issues. Lawyers end up acquiring legal expertise and specialize in skills relevant to litigation not financial management. Unfortunately, a qualified lawyer faces a huge burden of student loans after completion of his legal studies.
They are busy establishing their legal careers and they hardly have the time or inclination to take care of financial management. They unknowingly end up making a few mistakes. Lawyers start saving pretty late in their careers but they have to necessarily tackle student loan debt much before saving for retirement. Lawyers must save substantially more than 5% to 10% of their earnings.
Mistake: Indulging in Excessive Entertainment
Lawyers mean serious business and they need to put in long hours. Often they are so worked up with their cases. That they seem to be under tremendous pressure. It is but natural for them to relax and unwind with friends, family, and colleagues when they are back home in the evenings. Numerous high-flying attorneys follow the principle of working hard and playing hard. Often they end up indulging in too much entertainment, fun, food, and drinks.
They often end up blowing up incredible amounts of money on partying and entertainment every month. You need to be more cautious about the way you spend your money. Michael E Weintraub Esq says you should avoid splurging on unnecessary things in life. You should enjoy and have lots of fun for rejuvenating after a hard day’s work. But that does not mean that you would go overboard and spend astronomical sums of money on entertainment and fun. As a lawyer, you may face many financial concerns right from student loan debts to excessive spending on lifestyle and habits.
Mistake: Debt Management Not Up To the Mark
Many lawyers have passed out from a reputed law school depending predominantly on student loans. Often incompetent debt management during undergraduate days could lead to a debt issue that could get compounded while you are pursuing a law degree from a law school.
During the formative years, lawyers are often under a lot of stress for fulfilling everybody’s demands and desires. They may have committed a few unwanted errors. The matter must be resolved at the earliest possible.