When you own your business, saving for retirement often takes a backseat to put money into the practice you’re trying to make successful. Many people even take money from their retirement accounts to fund their life transitions or businesses. The truth is the earlier you plan for retirement, the better it can be. Waiting until your 40s (or later) to think about it can be detrimental to your future goals.
In this episode of Wealthy Woman Lawyer®, Davina welcomes guest Darren Wurz to deep dive into the topic of investing and retirement for lawyers. Darren is a fee-only financial advisor and co-owner of his family’s business, Wurz Financial Services. He is a Certified Financial Planner with a master’s degree in financial planning from Golden Gate University. Darren is also a podcast host and author of The Lawyer Millionaire and specializes in helping attorneys meet their financial goals.
Show Highlights:
- Why Darren transitioned from his role as a science teacher to joining the family business as a financial planner, and why he did the one thing he tells his clients never to do
- The real reason Darren chose to work specifically with lawyers, and the inspiration for writing his book
- Some of the unique challenges he’s faced with law firms and lawyer clients that set them apart from other businesses and individuals
- Common mistakes lawyers make when they receive a lump sum and how to avoid the “wealth effect”
- Why it’s important to evaluate what you want your future to look like early in your career
- A breakdown of the way compounding interest and early investing can exponentially increase your wealth
- The reason it’s okay to want your business to make money and serve your clients at the same time
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What is Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love?
What if you could hang out with successful women lawyers, ask them about growing their firms, managing resources like time, team and systems, mastering money issues, and more; then take an insight or two to help you build a wealth-generating law firm? That’s what we do each week on the Wealthy Woman Lawyer podcast. Hosted by Davina Frederick, founder and CEO of Wealthy Woman Lawyer –– every episode is an in-depth look at how to think like a CEO, attract clients who you love to serve (and will pay you on time), and create a profitable, sustainable firm you love. The goal is to give you the information you need to scale your law firm business from 6 to 7 figures in gross annual revenue so you can fully fund, and still have time to enjoy, the lifestyle of your dreams.