7 Personal Goals for Young Lawyers
Executive Summary
Rarely does anyone look back on their life and reminisce about the money they made. Instead, the memories are on the experiences and people that made an impact on our life. Personal goals are essential to living a lifestyle that is rich with memories. I’m sure you already have personal goals so I hope this list will inspire you to set additional goals.
Last week, I offered 7 Financial Goals for Young Lawyers. Financial goals are great, but we do not live our lives solely because of finances. Arguably, our personal goals are much more important than our financial goals.
What is the point of accumulating wealth if you do not have anything to spend it on?
Personal goals usually center around what we enjoy doing in our free time. Maybe a personal goal for you is to have more free time in the first place.
Other lawyers may have enough free time but need new goals to pursue. Maybe trying new things is a personal goal for you.
Here is a list of 7 personal goals that every lawyer should consider. Add them to your list, modify them to fit your life, or let this list inspire you to come up with other personal goals. The goal is to think about the personal goals you want to set for yourself.
#1 Travel more
Traveling more is one of the most common personal goals for lawyers. Many people love traveling but do not think they have enough time for it. It is nice to step away from the day-to-day demands of being a lawyer to relax and enjoy your trip.
Traveling does not have to be a week-long trip either. Just going on a fun weekend trip by booking a place in a nearby town, national or state park, or even in a hotel/Airbnb near your home is still traveling.
If you prefer to do an extended vacation, then make a plan. Six months before an extended vacation, decide how long you want to travel and ask for time off. It is much easier to ask for time off well in advance. You can always book the flights and accommodations at a later point.
#2 Buy yourself two gifts a year
You work hard in your career, so reward yourself! Make it a goal to buy yourself two gifts a year: A gift under $100 and a gift over $100. You can spend your bonus on these gifts, or you can save up for these items. The point is to spend some money on yourself.
What would you buy yourself today for under $100?
#3 Be more active
Without your health, you have no wealth. It is a common saying in financial planning because it highlights the importance of being physically healthy. If you have health concerns that restrict you from living the life you dream of, it doesn’t matter how financially prepared you are for retirement.
You are not guaranteed to be healthy because you are active, but it does give you a better chance of avoiding or delaying health problems.
Do you have a physical activity you enjoy doing? Set a goal to continue doing it and even consider spending more money on it. If you have a workout class you love doing, add an extra weekly class to your schedule. If you like to play a sport, buy something to help you enjoy that activity even more.
Even just buying a pair of walking shoes for your office so you will take a walk on your break can be beneficial to your health.
Invest in your health so you can enjoy your wealth!
#4 Read more
As a lawyer, you are always reading. Probably the last thing you want to do after a long week at work is read some more.
The great thing about this goal is that it does not restrict what you read. It’s just supposed to push you to read something outside of work. Read a blog online, read a genre of books you have never read before, or read the Internal Revenue Code (I recommend this as a sleeping aid).
Maybe you want to read more for pleasure. That is great!
Reading can also help you professionally. Reading three books on any topic will likely put you in the top 1% of people who understand that topic.
Dive into an area of law you are curious to learn. You can also read about a random topic that you find interesting. It could lead to a great conversation at your next networking event.
#5 Make a new friend
Not only can friends make you laugh and reduce your stress, but they also make you healthier. According to the Mayo Clinic, adults with strong social support have a reduced risk of many significant health problems, including depression, high blood pressure, and an unhealthy body mass index (BMI). Studies have even found that older adults with a rich social life are likely to live longer than peers with fewer connections.
These new friends can be people you meet in classes or workouts, a family member you have not seen in a while, or someone you met on social media or a local networking event. Reconnecting with an old friend also counts!
The point is to continue to keep building connections in your life. You will benefit personally and maybe even professionally.
#6 Call your family more often
Over a year ago, I was leaving work and thought to call my Grandma. It had been a while since I last talked to her, but I decided I was too tired to call her on the drive home. Early the following morning, she suffered a stroke. She passed away a few days later. To this day, I still think about that decision and how I missed a chance to talk to her one last time.
There are many reasons why talking to your family more often is a great goal. One of the best reasons is that they are an incredible support network.
Lawyers, especially early in their careers, will have many highs and lows. Whether it’s siblings, grandparents, extended family, or parents, the family will be there for you on your best and worst days.
#7 Leave a legacy
When we die, we still live on through the impact we have on others. Maybe your legacy will be professional. It could also be personal by how others remember you. Think about how you want others to remember you. Then go out and leave that legacy!
Lawyers are also in a great spot to leave a professional legacy. Every day laws are made, interpreted, and enforced. Make a difference in one of these areas, and the precedent you set may extend well beyond your life.
Legacies can also be financial. Your legacy can be the money you leave behind to those you care about or the memories you leave with people. Making smart financial decisions now will not only benefit you. It will also allow you to pass along some wealth to your loved ones.
Goals are fundamental to living the dream life a lawyer deserves to live, but it can be challenging to figure out the best way to achieve them. The Developing Financial Process is built specifically to identify the goals you want to achieve and tailor a financial plan that puts you on the path towards success. Schedule a Meet & Confer meeting today to see how together, we will achieve the financial goals that deliver you the dream life you deserve to live.
Disclaimer: Nothing in this blog should be considered financial advice or recommendations. Your questions are unique to you and your own personal financial circumstances. You should consult with a financial professional before making a financial decision. See full blog disclaimer.