Financial Advice for Lawyers

When it comes to creating solid financial futures, Andrew Nuttall believes New Zealand lawyers would benefit from thinking 'ten years out'.

Nearly ten years ago, I interviewed many lawyers and others close to the legal fraternity in Christchurch to better understand the financial challenges facing lawyers. My research resulted in a White Paper, “Untied from the Timesheet,” which outlined some common themes.

Many lawyers want to ‘keep up with the Joneses’. Some have a desire to be seen in the best car, live in the fashionable suburb, and send their children to private schools. Sadly, these motivations can lead to too much debt, which causes stress and pressure on relationships. Lawyers are also busy spending their energy looking after others and solving their clients’ problems. As a result, they have little time to plan and look after themselves.

They suffer from ‘the plumbers’ leaky tap’.

During my research, a senior partner encouraged me to motivate others to think ten years out.

The diagram below will help bring this into context. Grab a blank piece of paper, and rate yourself non a scale of 1 to 10 for each of the categories of life.

Now picture yourself ten years from now. What is ‘future you’ encouraging ‘present you’ to do? What changes do you need to make today to avoid looking back with regret on the coming ten years? Are any elements of your life out of balance? Are you putting your energy into the areas you want to?

What should you do now for your future self?

Ten years from now, I hope the future you and those close to you can reflect with a sense of achievement, pride, and satisfaction on the path you chose to follow over the coming decade.

And if you need any help building your plan, or would like a copy of “Untied From The Timesheet” feel free to get in touch.

Andrew Nuttall

In addition to a keen interest in investments, Andrew is passionate about the holistic side of planning and developing strategies that guide clients towards achieving their life and financial goals.

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