Beyond Biglaw: Money Management for Lawyers Episode 4
Jessica Medina
Financial Strategist for Lawyers | Biglaw Escapee | Speaker | Accredited Financial Counselor? helping lawyers find the fiscal freedom to pursue their dreams
One of the big questions I want to help my clients answer when it comes to making a big transition is… Are we dealing with a math issue or an emotional issue?
Because sometimes you just need to see the financial pieces all laid out to be able to make a move…and sometimes, there’s something deeper that needs to be addressed.
In this fourth podcast episode titled Vision Planning & Addressing Your Emotional History with Money, I share how it wasn’t until I started doing this work professionally that I really understood how little of a role the numbers actually play both in the vision planning and transition process.
I know most people probably think that I’m all about the numbers, and in certain respects, I absolutely am. When I’m crafting transition plans for my clients there are a lot of financial factors that we take into account when planning for a big move.
?How can we optimize what you currently have going on to make the most of your money?
?What financial steps can we take now to make a future move easier to manage?
?Should you buy that dream house or focus on long term savings for a while?
?What potential opportunities could make sense from an income/salary perspective that will allow you to love your life more without sacrificing all your financial goals?
These are math questions and I’m happy to help my clients pin this down so they can see the path.
But once we have that stuff all figured out, then we can see if the underlying issue is actually an emotional one.
?What are the fears and (perhaps) irrational thoughts that prevent you from taking that leap?
?What in your money history has framed how you approach decisions and manage your finances?
?What are your true values and what would need to change in your life in order to honor them?
These are not issues that can be addressed with a calculator.
And that’s why I love being an Accredited Financial Counselor.
I map out the numbers for my clients, but that exercise is often a gateway to see how you really feel about everything.
Because if I give you a roadmap to a new life and you’re still hesitant to move forward, then we know we’ve got an emotional issue to tackle and not just a financial one.
And knowing that is the first step to making a change.
So if you’re not sure whether you’ve been hung up on making a move because of a math issue or an emotional issue, maybe it’s time we figured that out.
Special thanks to The Legal Podcast Network for producing Beyond Biglaw and all the other great legal content they're putting out there. You can check out other Legal Podcast Network episodes everywhere you listen.
***
Jessica Medina is a former lawyer turned Accredited Financial Counselor on a mission to help attorneys create the financial freedom they need to do big things. She graduated from Columbia Law School in 2004 as a single mom of twins with over $200,000 in student loans and went straight to work at a Biglaw firm. After eight years she switched roles and became Senior Counsel at the Division of Enforcement at the United States Securities and Exchange Commission.?
She left the government to work in an area of the financial industry outside of the securities world and now teaches other lawyers how to use their money to finance their dream lives.
She’s also the host of the monthly podcast Beyond Biglaw: Money Management for Lawyers.
If you enjoyed this article, make sure to join the community of lawyers looking for better personal finance advice at https://www.jessicamedinallc.com/email
Lawyer Wellbeing Advocate | Corporate Litigator | Ambitious Woman | Tennis Player | Southerner
7 个月Whew! I love vision work. Will def check this one out!
The legal industry’s life coach. | I help attorneys who are over the overwhelm live lives with less stress + far more fulfillment. | Host of The Less Stressed Lawyer Podcast.
7 个月Love that you approach this issue from different angles. Sounds like an excellent episode!
Helping Lawyers Succeed Without Burnout | Helping Law Firms Boost Attorney Engagement, Performance, & Retention | Executive Coach & Workshop Facilitator
7 个月I can’t wait to check this episode out! I find that a lot of lawyers who are unhappy in Biglaw won’t make the leap to in-house or another opportunity because of the emotional attachment to $$$. And having been raised from 12 on by a single mom who didn’t have the opportunity to go to college and by a dad who struggled with employment issues, I have navigated these issues too and look forward to learning more from you.
Lawyer turned money coach. | I help lawyers grow their net worth so they can live the lives of freedom and choice they deserve. | Personal Finance for Lawyers podcast
7 个月Money is often more about our emotions and mindset around money than the actual numbers.
I help lawyers step into their power & create a life they love | Super Connector | Community Builder |Podcast Host | PHL Retreat | Speaker
7 个月Jessica Medina I love that you emphazie that money is more that just the dollars in the bank account. It is more about how you feel about money, what stories you have around money, how you feel about receiving more money. This sounds like a great episode!!