By Darren Wurz The U.S. stock markets have experienced renewed volatility following Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on August 26th. He reiterated the Fed’s aggressive stance on inflation and said further interest rate hikes could lead to slow economic growth and rising joblessness. (1) With the Nasdaq down nearly 7% and the S&P down 5%, many people are … [Read more...]
Individual 401(k) vs. SEP IRA: Which Is Best for You?
Individual 401(k) vs. SEP IRA: Which Is Best for You?
By Darren Wurz As a law firm owner, it can be hard to save for retirement when there are so many other aspects of your business to worry about. Between managing your caseload and running the day-to-day operations of the firm, retirement planning usually ends up at the bottom of the to-do list. Even when you do commit to starting a retirement plan, it can be difficult to sort through … [Read more...]
Are We in A Bear Market?
Are We in A Bear Market?
Stocks fell sharply today adding to losses over the past few weeks. The S&P 500 dropped 2.8%. Tech and small caps were hit the hardest, with the Nasdaq falling almost 4% and the Russell 2000 down 3.26%. The Nasdaq closed at its lowest point since December 2020, erasing over a year of gains. So far, this has not been a great year for stocks. The S&P 500 is down 12.4% year-to-date and the … [Read more...]
Attorneys and Student Loans: 5 Tips for Repayment
Attorneys and Student Loans: 5 Tips for Repayment
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...]
Do You Know How Much Your Law Firm Is Worth?
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...]
Where Should You Keep Your Emergency Fund?
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...]