I am the Frugal Attorney. I have a solo practice and am married with children. I have always been frugal and plan for the future, at least I try. During law school and after graduation, no one ever really explains personal finance to us, student loan refinancing, or how to build wealth. There are many sites to help doctors with personal finance and personal planning, but very few for attorneys.
Although I know lawyers who disagree with me on this, but we are in a high earning capacity field. My goal is to help lawyers make great financial and investments decisions and reduce and eliminate their student debt load. I have loved personal finance since I was young, this gives me the opportunity spread the word and help others in similar situations.
Depending on where you live and what you practice, your earnings can widely vary, but sound decisions can help you maximize your position no matter your income. As of May 2018, the median annual wages for lawyers is $120,910; this ignores experience and practice area. Regardless of your income you need to do three things; first, maximize your earnings and your earning potential; second, spend less than earn; third, invest the difference and put it to work for you. At any income level you can do these three things. Naturally it will be more difficult with less income, but with lifestyle creep and overspending even high earners can have trouble with this.
Since I also run my practice as an owner, I will also talk about running a practice. The information here will be useful to attorneys who work at firms and attorneys who are partners or run their own firm.
If you have any suggestions or topics you would like covered, please reach out to me.
– Frugal Attorney