Saturday, August 5, 2017

How to Be Financially Smart in Law School



Anyone who's read my blog probably knows that I'm not shy about the fact that law school is hella expensive. Luckily, being a lawyer can be a pretty lucrative career. But that doesn't mean that while you're in school you can just ignore your finances. Let's face it - if you made it to law school, you're smart. But that doesn't mean your financially smart. And honestly, being able to manage finances well is a skill that you have to work at. However, if you listen to a few tips here, you'll be on your way to being a financial genius before you get your J.D.

Minimize Debt

The first thing you can do to be financially smart in law school is minimize your debt. But it would take a whole other post for me to explain that. Luckily, I wrote one! Go check it out at Biglawinvestor.com. While you're there, check out the rest of the posts Josh has written to learn even more about managing money while you live the lawyer life.

Create A Budget

I think the biggest mistake young people make is not sitting down with a pen and paper to create a budget. Which is insane! I've saved so much money by a little bit of simple planning and writing out my expenses. Again, this is a pretty big topic to tackle in just a small paragraph. Luckily, I've already written another post about it - so go check it out too!

Go Where the Money Is

A lot of people like to judge people who chase money. But let's face it, sometimes that's what you have to do to be financially smart. I would highly reccommend trying to go to a law school where you can get a good scholarship. After all, no matter where you graduate from, you'll be getting a J.D. So get a good scholarship, and go to that school. It's not that hard, I promise!

Cut Down Spending - Learn How to Say No

One of the easiest ways to be financially smart is to not spend too much. The best way not to spend too much? Learn how to say no. I know that sounds easier than it is, but it can help you so much in the future. Do you really need to go out with friends every weekend? Do you really need that new shirt, when all you're going to do is sit in a classroom? Do you need to go on an extravagant spring break trip? No. Sometimes it's hard. Sometimes it's not as fun. But neither is debt. 

Remember It's All Temporary

In the end, law school is just a few years. And then you make money. So buckle down on finances now, and remember that just in few years,  you'll be making money and everything will be okay. It might be difficult for now. But it's temporary for sure.

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