Many attorneys try to plan their financial goals by prioritizing: your house, your kids, making the most of your compensation package, retirement etc. But it’s not like any one of these is your “favorite” goal. Each is a high priority in its own special way and in its own good time.
It’s wonderful to have a meaningful career, a fulfilling home life, a busy social calendar, and ample assets, right? Then again, we all have days when we wonder why everything has to happen all at once. And that’s just in our personal lives. Simplicity is a virtue for all your personal and professional pursuits; it certainly applies to your financial interests.
Separating true financial priorities from flash impulses is an increasing challenge, even when you’re trying to do the right thing with your moola — like saving for the future, insuring against catastrophic risks and otherwise improving your financial standing.
The art: Come what may, you’d like to savor the rewards you’ve earned during the countless hours dedicated to your career. And you don’t want to wait forever to do so. The science: Along the way, you want to create an unassailable financial safety net to last the rest of your life – for both of you, if you’re a couple.
Even though U.S. equities have substantially outperformed a broadly diversified basket of international equities post-financial crisis, the right approach for most investors remains global diversification.
When thinking about how much to save for retirement there are two factors to consider. When you start saving and how much you earn. Begin with an estimate of how much you will need in retirement, then follow this simple outline to get an estimate of what you will need.