Sharper Thoughts - October 2023 Edition

Hey there!?

Welcome back to the October edition of Sharper Thoughts, a newsletter for busy attorneys who are looking to stay up to date on personal finance topics, the legal industry, the world of sports, and recipe ideas for weeknight dinners!?

This month, we discuss the best strategies to repay student loans, side hustles in Big Law, Connor Bedard, and our recipe of the month.?

Cheers!

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WHAT’S THE BEST STRATEGY FOR REPAYING MY STUDENT LOANS?

Over the past few weeks, I’ve spent countless hours on the phone with the Federal Student Aid phone line and with various loan servicers trying to find the best student loan repayment strategy for my clients. Between the new changes that the Biden Administration announced in July and the end of the 3.5 year-long student loan repayment pause (with payments restarting this month), borrowers have found themselves with unanswered questions: What is the new SAVE repayment plan? When should I recertify my income if I'm on an Income Driven Repayment Plan? Should I refinance my loans with a private lender?

In my July blogpost, I discussed ways to get your finances in order ahead of payments restarting, such as tracking down your loan information and dusting off your budget.? This month, I break down the different repayment strategies available.

SIDE HUSTLE IN BIG LAW?

I definitely did a double take when I saw the title of this article in Above the Law last month.? Big Law lawyers with a side hustle?? Who has time for that?

Well, according to Heather McCullough from Society54, a professional services counseling firm, “the amount of lawyers who have a side gig is astonishing.” ?For example, two attorneys at Norton Rose Fulbright in Chicago started their own company while working full time in Big Law.? One started a software company that helps manage legal workflows and the other started a cocktail bitter company. My guess, though, is that the majority of these side hustles are in fact passive real estate investments, which can provide both passive income and tax advantages.

What would your side hustle be??

WELCOME TO THE BEDARD SHOW!

For those of you who have been following the NHL, I am sure you are aware that the Chicago Blackhawks were the lucky winners of the draft lottery, which gave them the opportunity to draft once-in-a-generation phenom Connor Bedard.? We are talking Connor McDavid and Sydney Crosby level-talent.? If you don’t follow hockey, it would be like comparing him to Michael Jordan or Tom Brady.

What I like most about Bedard is his humility.? He’s just a kid who wants to play hockey.? In a recent interview, he mentioned that fans are probably “sick of hearing his name” on the news because of all the attention he’s been getting lately.? That statement just shows that he really doesn’t care for the spotlight.?

That said, if he keeps flashing signs of greatness like he has in his first couple of games, he better get used to the spotlight!

You can watch his first NHL goal here.

RECIPE OF THE MONTH – PISTACHIO CRUSTED SALMON

I admit, I don’t always share true “weeknight” recipes, as some recipes that I’ve shared in the past take quite a bit of time to make.? But this one is truly quick, max 30 minutes in the kitchen.? And it’s super healthy!

Catch us next month for more content like this.

Have a great week!

Joel