By Susan Smith Blakely • March 31, 2017•Careers, Other Career Issues
Investment advisor! The title alone makes most of us shutter, and typically the individual advisor evokes a similar response. Not that they are bad people, but it is often a bad subject for us. So, the advisor gets associated with the advice. And, when the news is bad, it can be very bad. Something and someone you do not want to think about.
As women, we sometimes shy away from this kind of "boring" financial dialogue on subjects like saving, prioritizing and budgeting. After all, we like to keep things moving and exciting ...... not get bogged down so that we have plenty of time to spend, spend, spend! Those new fuschia-colored sandals for spring, the antique server that is ideal for the entrance hall, the trip to the tropics, and wheels to make you the envy of the young attorney in-crowd. Why would you want to have a discussion that might put a damper on all those fun things?
No, I am not dissing you, I am dissing US. Women love beautiful and expensive things, and ... well ... it can get out of control. And soon you are plummeting downhill faster than you ever imagined possible. Then you are looking at the bankruptcy court --- and you cannot discharge your student loan debt there. Sorry.
Enter the investment advisor. He or she could become your new BFF if you let it happen. The guy described in the article below understands your life as a law firm associate --- because he is one ---- and he blogs by night on a "mission to prevent young lawyers from falling prey to their own lousy money management." Goodwin Procter seems to be good with that as long as he does not neglect his day job.
His name is Joshua Holt, and, until recently, he ran The Biglaw Investor website anonymously. There is investment advice and newsletters on the site to provide tips to Big Law associates, who lack an understanding of how to manage the big bucks they are earning.
However, Joshua wants to be an equal opportunity website, so he also offers advice to young lawyers on the low end of the pay scale, like those public service lawyers, who are not making the big bucks. He seems to understand that most law students did not have a lot of money to handle during those three years preceding the downpour of any bucks at all, and that making a salary of any kind can be daunting.
The bottom line is that we all need financial advice --- unless we have a lifetime supply of green eye shades. Young lawyers with massive student loan debt REALLY need it. In fact, in a rush of humility, Joshua identifies himself on the website as starting his career with $200,000 in student debt and with "zero understanding of how to manage a $160,000 salary and enough anxiety to immobilize a small horse." Does that sound familiar?
If, so, check out the website below. This is not an endorsement of Joshua Holt and/or his advice. I do not know Joshua or what kind of advice he dispenses. He may not be for you. But, chances are someone like Joshua is. Be sure you find that person --- PRONTO --- to save yourself a lot of unnecessary grief.