When it comes to ensuring a comfortable retirement, your 401(k) is one of the best weapons in your arsenal. Year after year, you’ve been diligently socking away your hard-earned dollars into this savings vehicle…but what happens to this money if you switch to a new job? The average working adult changes jobs 12 times during their career. (1) This means the days of sticking with one company for an … [Read more...]
Where Should You Keep Your Emergency Fund?
Financial planners generally recommend keeping 3 to 6 months of expenses in liquid savings as an emergency fund. 3 to 6 months of expenses is the benchmark because it provides a buffer period if you’re laid off from your job, suddenly find yourself on the hook for expensive medical bills, or if the markets experience a downturn. But 3 to 6 months of savings is no small chunk of change—so where … [Read more...]
Retirement Planning Strategies For Attorneys
You gave 7 years to law school, at least 25 years to building your law firm, and now the payoff is on the horizon. You can smell the salt from your favorite beach in the air, and you hope in the next 5 to 10 years to be spending your days lazily sipping something with a tiny umbrella in it. However, if you are like most attorneys, you still need a plan to help get you from being a successful … [Read more...]
Important Financial Lessons I Learned From My Dad
My dad is partly retired at the ripe old age of 57. Many people tell him he retired too early. But he did it because he could! How did he get there? By investing wisely and making simple but smart financial decisions. Below are some of the best financial lessons I learned from my dad. 1. No Risk, No Reward My dad has been through some very rough times in the market: the crash of 1987, the dot … [Read more...]
4 Tips For Attorneys Who Want To Save On Taxes
Attorneys face unique challenges in tax planning and in reducing their tax burden each year. Most attorneys are high-income earners with accompanying higher tax bills, but attorneys also carry enormous amounts of debt (law school ain’t cheap) and have to save more for retirement to maintain the lifestyle they currently enjoy. To help you navigate these unique challenges, here are 3 tax-savings … [Read more...]
Don’t Outlive Your Money: 3 Retirement Budget Tips
As 2020 nears its end, you’re likely more eager to retire now than ever before! During this tumultuous year, you’ve still been working, day in and day out, just as you have for decades. Often what keeps you going is the knowledge that one day you’ll finally pack up your office (or home office) for good. But rather than eagerly anticipating the golden years of retirement, almost half of all … [Read more...]
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