The Hare discusses on Lawyers Weekly, the top 3 financial mistakes lawyers make:
- Doing nothing – The fear of making the wrong choice is real and most often presents itself as the statement ‘I just don’t know where to start’.
- The more you earn, the more you spend – Even when there are an extra four or five zeros at the end of the pay cheque there still seems to be nothing left at the end of the month.
- Not spending money on what’s really important – It’s really important to align an investment or cashflow strategy to a particular goal. These goals range from the mild, like buying a home, paying for private education for the kids and travelling the world to the unadulterated and wild.
Many lawyers don’t know where to start when it comes to managing their money. Some are waiting for a sign, others are looking for the perfect moment and many believe they’re too strapped for time to finesse finance as well as law. Whatever the poison, the outcome is the same.