Big Law Life #8: Personal Financial Freedom with Jessica Medina
In today’s episode, I’m joined by Jessica Medina, who graduated from Columbia Law School in 2004 as a single mom of twins with over $200,000 in student loans, and went straight to work at a BigLaw firm. After eight years in private practice, she switched roles and became Senior Counsel at the Division of Enforcement with the US Securities and Exchange Commission. She left that role to work in the financial industry in a different way and is now an Accredited Financial Counselor who teaches other lawyers how to use their money to finance their dream lives.
In today’s conversation, Jessica shares her personal journey and professional insights, offering invaluable guidance for lawyers who have the pressures of BigLaw life, are paying student loans, and generating a high income, but want to achieve financial stability and freedom.
A Few Takeaways…
1. Be Intentional with Career and Financial Choices: Understand why you are in your current position and align your actions with your long-term goals. This means making strategic decisions about lifestyle and finances to avoid getting trapped in a situation that doesn't align with your future aspirations.
2. Understand the Impact of Lifestyle on Finances: Many lawyers spend on convenience due to time constraints, which can lead to unintentional financial strain. Being mindful about where your money goes, especially as your salary increases, so that you can prevent unnecessary financial stress.
3. Prepare for Career Transitions with Financial Planning: If you're considering a shift in your career, especially one that might result in lower income, it's crucial to prepare financially. This might involve downsizing or re-evaluating your spending to make the transition smoother.
4. Seek Professional Guidance for Financial Management: Many lawyers lack formal education in personal finance management. Seeking advice from financial professionals can provide clarity, help in developing a comprehensive plan for managing debt (like student loans), and aid in aligning your spending with your life priorities.
At a glance…
- [00:04:21 - 00:05:40]: Jessica’s journey from law to financial counseling and the challenges faced.
- [00:06:02 - 00:06:44]: Financial mismanagement among lawyers.
- [00:14:39 - 00:15:19]: Emotional and financial challenges of leaving the legal profession.
- [00:16:57 - 00:17:41]: How lifestyle choices impact financial freedom for attorneys.
- [00:22:44 - 00:23:37]: Common financial mistakes by lawyers.
- [00:31:37 - 00:32:31]: Exploring the benefits available to attorneys and their impact on personal finance.
- [00:39:24 - 00:40:28]: Final advice for lawyers considering career transitions and the importance of intentional financial planning.
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Ways to reach Jessica Medina and Laura Terrell
Jessica Medina
https://www.jessicamedinallc.com/
https://linkedin.com/in/jessicamedinallc
Laura Terrell
laura@lauraterrell.com