There are few professions that demand as much advanced education and on-the-job proficiency as that of the attorney. However, many attorneys remain at a disadvantage when managing their hard-won wealth. Neither their college education nor their life’s calling provide the time and tools it takes to tackle yet another talent – i.e., managing their family’s financial well-being.
Our attorney-centric series began last month with How to Overcome the Top Financial Challenges Attorneys Face when we focused on Challenge 1: Time is NOT on an attorney's side.
CHALLENGE 2: Attorneys enjoy an (over)abundance of opportunities.
While increased financial opportunity is desirable, it also demands increased organization: Organization to fund future goals, manage potential risks, enjoy life today and prepare for a satisfying retirement.
Why does organization matter so much? The more an attorney’s finances are in current disarray, the harder it becomes to make wise financial decisions moving forward. The uphill climb steepens, until it’s nearly impossible to see the total view, identify financial gaps to be filled, and determine how and where one’s hard-earned assets can be put to best use.
The Game Plan: With everything else going on in their lives, an attorney’s financial picture often grows increasingly disorganized. Attorneys are well-served by having a solid strategy for aligning their financial assets with their personal goals. Bringing financial order to an attorney’s universe helps them make the most of their many wealth-related opportunities.