biglawinvestor

10 Habits of Wealthy Lawyers

Setting yourself up for financial success isn’t about making one good decision. If willpower were all it took to get rich, we’d all have a million dollars by 3 pm and on a flight to a tropical island by 7 pm. Unfortunately (or fortunately really), building wealth is about changing behaviors through developing new habits. And just like any habit you’ve ever changed, it’s not something that happens overnight. You’ll have to build these habits over time. Here are my top 10 habits of financially successful people. Habit 1: Paradigm Shift People that are successful with money believe that money…

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biglawinvestor

Don’t Be An Investing Clown

The stock market just finished a great year. For every dollar invested on January 1, 2017, in an index fund tracking the S&P 500, the market returned a whopping 19.42% in appreciation by the end of the year. That’s not even taking into consideration the dividends paid. If you add in those, the index investor saw a return of 21.83% on each dollar invested (less fees, which of course should be kept to a minimum). Those are exciting numbers. What does a 21.83% return get you? Well, it doubles your money every 3.3 years for a start. You could get…

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biglawinvestor

5 Step Financial Checklist for New Lawyers

It’s the season of first-year associates and newly minted lawyers starting their legal careers. I hope that you’ve successfully passed the bar, moved to the new city and are now beginning to find your way around the office. Beginning your first job summons plenty of emotions and there’s no lack of things to do. Here’s a financial checklist to help make sure you start your career on the right path. 1. Don’t grow into your income. No matter whether you’ve started in Biglaw or are working for the government, your starting salary is likely larger than anything you’ve earned previously.…

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