LawBank and Maia Wealth Host “Debt Reduction Strategies for Attorneys”
On June 29, 2021, LawBank partnered with Maia Wealth to host a solo and small law firm community presentation on budgeting and debt reduction methods. The presentation was titled “Debt Reduction Strategies for Attorneys” and is part of Maia Wealth’s “Money School for Lawyers” series. Presenters included Mark Candler and Dave Owens, Wealth Management Advisors from Maia Wealth. Mark has been in the wealth management industry for nearly twenty years, while Dave brings over a decade of experience in the industry. Maia Wealth is an independent wealth management firm that creates custom strategies to fit the unique financial needs of lawyers and legal professionals.
Dave began the presentation by discussing budgeting facts, techniques, and tools. He shared that 67 percent of American households report that they actively utilize a budget. However, a staggering 20 percent of total income is unaccounted for in a budget. This means that one-fifth of income is spent without realization. To better track a budget, Maia Wealth offers a no-cost digital budgeting portal—for clients and non-clients. To access the portal, click here.
The presentation then transitioned to a comparison of debt repayment methods. Dave explained two different models: Debt Snowball Method and Debt Avalanche Method. The first method advises individuals to make the minimum payment on each debt while paying extra on the smallest debt and repeating the process until all debts have been paid. The second method directs individuals to make minimum payments on each debt while paying extra on the debt with the highest interest rate and repeating the process until all debts have been paid. Maia Wealth offers a spreadsheet to calculate the most efficient plan for each individual.
Dave concluded the presentation by evaluating efficient versus inefficient planning and how it affects an individual’s lifetime portfolio. He compared graphics demonstrating how adopting more efficient planning and debt repayment methods can drive up lifetime portfolio value. Anyone interested in becoming a client of Maia Wealth, or accessing their custom resources, can schedule an appointment online.
The average attorney graduates with $160,000 in law school debt. Combined with other personal debt accumulated over their school years and in time studying for the bar or launching their solo practices, lawyers must be prepared to address debt reduction as soon as possible.
If you are interested in viewing future programs hosted by LawBank, visit the events page.
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LawBank is the premier community for solo and small law firms. With central locations in Denver and Las Vegas, LawBank offers a unique, collaborative setting with the same amenities found at Big Law firms. Working as part of the LawBank network allows members to exchange ideas, come together to pitch business and serve clients, and benefit from ongoing professional development opportunities. If you are looking for a collegial, shared office environment for your independent law firm, contact LawBank today to schedule an in-person or virtual tour.
