Sep 26 2024 19 mins
In this episode of Beyond Biglaw, host Matt Sky sits down with Jessica Medina, Esq., a former lawyer and Accredited Financial Counselor®. They explore the complexities of cash flow management for attorneys, addressing common financial challenges and strategies for balancing immediate needs with long-term goals like retirement planning and investments.
Jessica shares her insights on optimizing cash flow, building emergency funds, and effective budgeting techniques tailored for lawyers. She emphasizes the importance of retirement planning, especially for those who may have started late due to student loan debt or other obligations. The episode also delves into personalized investment strategies based on individual risk tolerance and financial objectives, concluding with a success story of how her coaching has positively impacted a lawyer's financial management.
Listeners can expect valuable advice on achieving financial stability while pursuing their true passions.
Timestamps:
00:02:58:08 - 00:04:52:26- Identifying Areas for Improvement
00:04:53:03 - 00:05:28:24- Emergency Fund Strategies
00:05:28:26 - 00:06:43:14- Emergency Funds and Client Profiles
00:06:43:29 - 00:08:04:15-Budgeting Strategies and Tools
00:08:04:17 - 00:09:37:10-Managing Money Flow
00:09:37:15 - 00:11:59:25-Retirement Planning and Debt Management
About The Show
Beyond Biglaw delves into the psychological barriers that prevent lawyers from seeking financial help, such as the fear of judgment and the ingrained habit of only asking questions when they know the answers. Jessica's approach to financial counseling is rooted in empathy, a judgment-free environment, and the understanding that there are no stupid questions regarding personal finance.