Thursday, December 1 2022
It’s time to commit to change to move forward

The new year is finally upon us. This is a time to reflect on past successes and mistakes and commit to change moving forward.

While some people focus on health or weight loss, personal relationships, or educational goals, many lawyers focus on their financial goals during this time.

If you’re a lawyer considering making financial changes in 2022, here are three financial resolutions or goals that industry experts recommend for legal counsel.

Create a financial plan

When it comes to finances, the old adage, “If you don’t have a plan, you plan to fail,” unfortunately often holds true. Lawyers must have plans in place for how they will manage their money now and in the future. Even if you already have short-term and long-term financial plans, now is a great time to review them and make sure they still serve your goals and needs.

You may want to start by investing time to assess your overall financial situation. Take an honest look at your:

  • Debts
  • Assets
  • Monthly expenses
  • Income/debt ratio

You should also reflect on the financial mistakes you made in the past year. Don’t beat yourself up and feel bad, but rather acknowledge them. Then treat your mistakes as a learning experience so you don’t repeat them. Once you’ve looked at your entire financial picture, you might want to pick one or two things to improve in 2022. For example:

  • Save 10-15% of your gross income if you’re not already doing so. Automated saving is best, and it doesn’t matter if you’re saving for retirement, emergencies, or even a vacation. The key is to take money out of your income and save it.
  • Create healthy financial habits. Listen to financial podcasts you can learn from or even read books on topics relevant to your economic well-being. Take courses in finance. Consider committing to one free weekend per month. Instead of eating out and having fun, cook meals at home and play games or watch movies.

Prepare for major life events

You may not be planning any major life events in 2022 or soon after. However, life has a way of throwing curve balls that we are not financially prepared for., divorce, death, unexpected pregnancy, unemployment, (NOTE: Most people are not surprised by marriage, birth and adoption) and many other life events may require more financially than you are willing to spend. By staying ready for these types of curveballs, you can stay ahead of the game. A major life event won’t have to plunge you into financial ruin or panic about what you’ll do next.

On the other hand, if you know an important life event is coming up, maybe you’re planning a wedding or expanding your family through adoption, you should already do your due diligence to make sure you have a financial plan to deal with these changes. Also, when these types of changes occur, remember to update your long-term financial tools. For example, if you and your spouse divorce, you may want to remove them as beneficiaries of your life insurance policies. If you had another grandchild in the family, you may want to add them as a beneficiary or heir in your will.

Speak with a financial advisory team

Finally, speak with a financial advisory team. You have nothing to lose by applying for financial assistance. Think of it as an investment in your future and that of your family. Financial advice professionals know how to look at the big picture, as well as the small details of your financial life, to craft a plan that will give you peace of mind and help you achieve your financial goals in 2022 and beyond. years to come. Not only can they help you develop realistic goals and plans, but they can also advise you on the best way to make your money work for you. If you work hard to create and stick to financial goals and resolutions, your money should also work hard for you.

It may be unrealistic for a lawyer to create and maintain all of these resolutions in 2022 and beyond. However, even refining one and making measurable improvements can go a long way toward securing a better economic future for lawyers, their firms, and their families. Lawyers who have questions or need help working through these or other New Year’s financial resolutions should contact a wealth management firm or financial advisory team that can help them define, work on and achieve their goals. It’s never too late to get the financial advice you need.

Maia Wealth’s Mark Candler and Dave Owens are go-to wealth advisors for Colorado attorneys and law firms. Specializing in debt reduction, investment management, retirement effectiveness and legacy planning, Mark Candler and Dave Owens are trusted professionals for lawyer-focused wealth management strategies in the Denver metropolitan area.


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