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money-DOL

Being a younger partner at a law firm comes with great opportunity — but tremendous pressures as well. There are demands on your time, extraordinary expectations for your career, and impulses to spend more of your newly increased income on upgrades like a larger home or luxury car.  A few simple guidelines can help you avoid lifestyle inflation and increase your wealth significantly in the long run:

1. Know what you spend: This may seem like a basic step, but it is truly crucial for partners in particular for one main reason: lumpy, uneven cash flow. Becoming a partner can turn your bi-weekly salary into uneven partner distributions throughout the year.  If you track your spending, it becomes simple to estimate your annual and monthly cash needs and make sure you have a cash cushion until your next distribution arrives. Big-ticket items like a down payment on a home or car purchase can easily wipe out a lot of your savings, so it’s necessary to plan these items in advance.

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