Last Week on LinkedIn: Summer Highlights

Summer, amirite? Man that was a doozy and I feel like I’m still recovering from the multiple life-changing events in both my personal and professional life. If you missed some of the updates, my twins graduated high school, we bought an RV, we sold our suburban house and are enjoying city apartment life, and my business reached a pretty big milestone (more on that later). 

But between all these big events I’m so proud to say I’ve been able to continue helping my clients develop better money habits and start walking a path to the financial life they dream about. If you had a whirlwind of a summer like I did, you may have missed some of the posts I actually did get up on LinkedIn. Check them out below and see what folks are talking about in the comments.   

Asking The Right Questions

Most lawyers are trained not to ask questions unless they already know the answer. This strategy helps us control the narrative, keep damaging evidence to a minimum, and makes us feel really smart. But it’s not so great when it comes to making big changes, especially in an unfamiliar area.

I didn’t grow up in a family that talked about money. I didn’t know how much my parents made or what things cost, in fact, it was rude to even ask. And I certainly didn’t get an education in debt, compound interest, or investing.

So when I embarked out on the world with my $200,000 of student loan debt and my fancy Biglaw job, I pretty much bumbled my way around, hoping I was doing the right things with my money. 

Spoiler alert -- sometimes I was and sometimes I wasn’t.

But it was really hard to ask for help. 

These were questions I thought I was supposed to already know the answers to.

I felt embarrassed to even ask...and I didn’t really trust the financial folks cold calling my office anyway.

It took me years (and many wasted dollars) to finally figure out all the money stuff for myself. 

But it doesn’t have to be that way.

Now, I love answering my clients' money questions, and helping them figure out the right questions to ask other financial professionals -- ok so maybe I still love having the answers to questions!

We don’t have to be the expert in everything, we just need to feel good asking the right experts the right questions. 

And even lawyers get to do that.

Planning is Easy, Restarting is Hard 

Sometimes it’s not the getting started that’s so hard, it’s the restarting. This summer has been a rollercoaster (more on that soon) and now that I’m off my typical LinkedIn routine I notice it’s harder to post. And I see this in my clients when they fall off the wagon of their financial plan. Cuz the hardest part isn’t actually creating the plan, it’s sticking to it.

I love working with a new client. 

It’s all the super fun financial puzzle stuff that lights me up. I love looking at their entire financial picture -- cash flow, student loans, other debt, long-term savings -- and helping them see a path that may include a more fulfilling career (or just time for their favorite hobbies).

And I lay out exactly how they can optimize what they’re doing.

And the steps they need to follow to get there.

And then we put it into action.

And the magic happens in the six months we spend together -- incorporating the big changes my clients often experience once they see what’s possible.

Working the plan. 

Tweaking the plan.

Getting back on track when something comes up.

This is the skill that lasts a lifetime.

So let me get back on my LinkedIn horse, just like my clients get back on their financial plans. 

And it’s ok if it looks a little different this time around, as long as we’re heading in the right direction.

Making a Plan

I graduated law school with over $200,000 in student loans. These were from undergrad, law school, and a bar loan — yes I borrowed all the monies! Granted, I was a little stressed out raising two boys by myself as a 2L, but I also didn’t really think about how I would eventually pay all that stuff off. Most of my school career was spent focusing on the next goal, not looking at the bigger picture.

And I continued that practice when I started in Biglaw. I extended my student loan payments as far out as I could (a mortgage-length timeframe for a mortgage-sized debt) and paid as little as possible thinking I needed that money for other things. 

My only saving grace was that my federal loans were at less than 2%, so nothing like what more recent grads have had to stomach. Not so lucky with all those private loans, though.

When I realized I didn’t want to practice law for the rest of my life, I also knew I had to start paying attention to my money. 

And that’s when I realized that I needed a plan. 

Once I finally sat down and made my payoff plan I felt a huge sigh of relief. 

It was still years away, but I could see the end and that felt great.

For many of my clients, we’re putting together their payoff plans knowing that federal student loans will be coming back into the picture soon. 

And just knowing how they’ll handle that day is making everything else easier to manage.

Sometimes just seeing the path is enough relief for now.

[ETA: I paid off my student loans this summer and you can read ALL about it HERE]

Power of the Pause

Have you experienced the power of the pause? The pause button gave us control over our tv, but it can also give you power in other areas. I’m on a fitness journey and for this first phase I’ll be pausing the alcohol. Not forever, just for now...and this strategy works for money goals, too.

Many of my clients imagine they’ll have to give up everything they love about life in order to leave their fancy lawyer jobs. And there’s no doubt your lifestyle may change when you’re no longer stressed out and on-call 24 hours a day.

But what’s more important to consider is that you can “pause” certain things while you work toward long-term goals.

Maybe you pause fancy vacations and substitute weekend getaways while you’re paying down your debt.

Maybe you pause a clothing overhaul while you beef up your long-term savings.

Maybe you pause aggressively funding financial goals while you have multiple kids in daycare (which, really, is like having multiple mortgages without the equity build-up!)

The point is that you don’t have to stop doing these things forever, just while you concentrate on another goal.

And once you reach the next level, maybe you phase those things back into your life -- if doing so still aligns with your values.

The pause allows us to focus on a key goal, without having to make a decision to change our lives indefinitely.

I’m pretty sure I’ll be phasing wine back into my life at some point (my husband dreams of owning a vineyard after all!) but for now, it’s on pause.

And because I know I can bring it back, it just doesn’t feel like such a sacrifice.

Have you put something on pause for a greater goal?