Attaining the level of senior associate lawyer is a great step and recognition of your skill and experience within the profession. This will bring with it a strong income, added responsibility and time pressure. You should rightly feel proud!
Have you stopped to think about how you can make the most of your situation?
Is partnership an ambition for you?
Do you appreciate how to effectively build wealth and are you actively building wealth right now?
As mentioned in a previous blog article, accordingly to lawyers I’ve spoken to, there is a high attrition rate in the legal profession. With the profession changing rapidly in nature as well, 10 years down the track it is possible that your reality is somewhat different.
Therefore, the relative importance of making your hard work count in building wealth should be of current concern. Even if you perceive it to be something to consider down the track, please re-consider!
Here are some things for you to think about doing:
- Gain an understanding of what your lifestyle expenditure is each month and what is left over for building financial security. Then start putting aside what is left over. The challenge is doing this consistently, not just working it out in theory. A trusted adviser can help keep you accountable.
- For the increase in salary you have been provided, decide a percentage of this that you choose to save and invest, the remainder being for additional lifestyle expenditure.
- Understand within your firm specifically what partnership in the future involves, and how your potential path to this would happen, if you aspire to get there. What would be required of you? How is the firm structured? Is it a Pty Ltd company, or does it have a different structure? If you choose to take on partnership, what kind of arrangements are in place within the firm to enable this and how will this be done?
- Build an investment strategy that helps towards your financial security.
- If you haven’t already, ensure you have a quality super fund in place that is effectively working for you.
- Consider seeking trusted advice to gain assistance in moving towards your idea of financial security.
On a related non-monetary note, some lawyers work very hard to the ultimate detriment of their personal health. How will you work hard, but maintain your health and resilience at the same time?
May you experience an abundance of success, good health and happiness.
Please speak with us if we can be of assistance.
General advice disclaimer: The information provided in this article (including taxation) is general in nature and does not consider your individual circumstances or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. Where applicable, you should read the relevant product disclosure statement and seek personal advice from a qualified financial adviser.
The views expressed in this article are solely those of the author; they are not reflective or indicative of Millennium3 Financial service’s position and are not to be attributed to Millennium3. They cannot be reproduced in any form without the express written consent of the author.
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Disclaimer: Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 AFSL 244252. The information provided in this document is general information only and does not constitute personal advice. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information please contact our office to opt out. The views expressed in this publication are solely those of the author; they are not reflective or indicative of Licensee’s position, and are not to be attributed to the Licensee. They cannot be reproduced in any form without the express written consent of the author.