It’s no secret that going to law school is expensive. Law degrees, like other forms of higher education, are getting more expensive each year. (1) In fact, the average cost of tuition alone is over $45,000 per year. (2) And that’s on top of the cost of an undergraduate degree. This means most attorneys are saddled with an average of $130,000 in student loan debt by the time they pass the … [Read more...]
How Does an Independent Financial Advisor Benefit You?
When it comes to your finances, finding a reliable professional to help you sort things out can be a lot of work. You want to make sure they’re looking out for you and your best interests at all times, but you also want to know that they’re trustworthy and consistent. Choosing the right advisor can seem like a guessing game, but there are ways to tell the difference between those who are worth … [Read more...]
The Stealth IRA: Health Savings Accounts
Are you making the most of your retirement savings? You’ve probably heard that question a million times! Conventional wisdom will tell you to max out contributions to your 401(k), 403(b), and IRA accounts. But what do you know about health savings accounts (HSAs) and, more importantly, their application as tax-advantaged retirement vehicles? Research suggests that HSAs are vastly under-utilized, … [Read more...]
Do You Know How Much Your Law Firm Is Worth?
One of the biggest factors in valuation of a law firm is what is often called “going concern.” This refers to how much cash the firm can be expected to generate for the new owner, assuming the former owner is no longer part of the firm. If client relationships are strongly bonded to the individual lawyer’s personality and not the firm, they are less likely to stick around during a transition. 3. … [Read more...]
Should You Do a 401(k) Rollover?
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...]
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