In this episode, Steve Fretzin and Niraj Chhabra discuss:

  • How law firm financial planning is different from the average person. 
  • Building a relationship on education first with your financial advisor. 
  • Avoiding outgrowing your income. 
  • Understanding your expenses now to know what you need for the future. 
  • Thinking about and planning for long-term care. 

 

Key Takeaways:

  • Attorneys need more than just retirement planning, but it is often overlooked. 
  • Your savings should increase in proportion to your income and everything else. 
  • If you think creatively, there are ways to use time and money to your advantage for the future that isn’t taxed. 
  • Everyone considers monthly costs, but many do not consider seasonal budget items like traveling expenses or holiday budgets. 

 

“Whether you make $100K per year or $1M per year you have the same limits on how much you can put into your 401K and defer on your taxes. So we got to find creative ways to get that money to work outside of the bank account, we have to find creative ways to defer taxes and take advantage of vehicles that other folks may not be taking advantage of.” —  Niraj Chhabra

 

Email Steve at Steve@Fretzin.com for a chance to audit one of his exclusive rainmaker round table groups in April!

 

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Episode References: 

 

About Niraj Chhabra: Niraj Chhabra is the Managing Director of SideBar Advisors. Before launching the firm in 2022, he was an advisor with Ameriprise Financial since 2005, concentrating on clients in the legal profession. His central focus includes family finances, tax and estate strategies, retirement, and financial planning for small businesses. His goal is to help attorneys navigate their unique tax challenges and modify their financial plans as their careers evolve. He does this by offering attorneys holistic financial planning and complimentary educational workshops.

 

Connect with Niraj Chhabra:  

Website: https://sidebaradvisors.com/

Show: https://sidebaradvisors.com/podcasts/

LinkedIn: https://www.linkedin.com/in/nirajchhabra/

LinkedIn: https://www.linkedin.com/company/sidebaradvisors/

Facebook: https://www.facebook.com/SideBarAdvisors/

 

Connect with Steve Fretzin:

LinkedIn: Steve Fretzin

Twitter: @stevefretzin

Instagram: @fretzinsteve

Facebook: Fretzin, Inc.

Website: Fretzin.com

Email: Steve@Fretzin.com

Book: Legal Business Development Isn’t Rocket Science and more!

YouTube: Steve Fretzin

Call Steve directly at 847-602-6911

 

 

Show notes by Podcastologist Chelsea Taylor-Sturkie

 

Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it. 

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