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...]
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 com … [Read more...]
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