Berks County Bar Association The Berks Barrister Winter 2019 - 27

w w w.BERKSBAR.org

you can afford. Are you spending too much on housing? What kind
of car can you afford? Most people select the lifestyle they want,
then don't have enough to pay the bills.
Attorneys face a very common dilemma. You have paid a very
dear price (both time and money) and have an expectation what
your lifestyle should be. Unfortunately, student loans compounded
by entry-level salaries make extravagances unaffordable. Sound
planning is based solely on how much one earns and how much
they spend. You can only save if you don't spend. Will it ever end?

Full service real estate company representing clients in
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If you are saying, "This is really hard..." you are right. Getting to
the first day of law school required significant sacrifice, commitment
and discipline, as did law school and passing the Bar. Financial
planning is no different, except that it never ends. It is a lifelong
journey. The sooner you start, the better off you will be.
The only good thing about debt is that it doesn't last forever.

What else can I do?

The best advice is to be responsible for your career and future
earning potential. The highest paid attorneys seem to be those who
bring in the most business. Your "payday" will come down the road,
but only if YOU make it happen. Do whatever you must to build
your practice for the future.
The best way to pay off debt is to overpower it with income.
Find a specialty and be the best you can at it. Building a successful
practice is the best way out of debt and into accumulating wealth.

What if I work for a government agency?

The US Department of Education sponsors the Public Service
Loan Forgiveness Program ("PSLF") for those working for a
government agency or nonprofit organization. PSLF requires 10
years of service and 120 qualifying payments after which your
student loans will be forgiven. An income-based payment is
required which is readjusted each year.

Do yourself a favor and plan a strategy for paying off debt. Then
live within your means and focus on building your income potential.
All the best!
Paul Marrella, J.D., CFP®, CLTC®, RICP®, is a wealth manager at
Marrella Financial Group LLC, public speaker and author. He
coaches successful families in managing their wealth throughout
Southeastern Pennsylvania. Marrella Financial Group, LLC, is located
at 1250 Broadcasting Road, Suite 102, Wyomissing, PA 19610,
(610) 655-9700. Investment Advisory Services are offered through
Raymond James Financial Services Advisors, Inc. Marrella Financial
Group, LLC is not a registered broker/dealer and is independent
of Raymond James Financial Services. Securities offered through
Raymond James Financial Services, Inc., Member FINRA/SIPC. The
foregoing information has been obtained from sources considered
to be reliable, but we do not guarantee that it is accurate or
complete. It is not a statement of all available data necessary
for making an investment decision, and it does not constitute a
recommendation. Any opinions are those of Paul Marrella and
not necessarily those of Raymond James. Certified Financial
Planner Board of Standards, Inc. owns the certification marks CFP®,
CERTIFIED FINANCIAL PLANNER™, and CFP® in the U.S.
https://www.law.pitt.edu/financialaid/cost; https://dickinsonlaw.psu.edu/
admissions-aid/financial-aid/tuition-expenses;
https://www.law.temple.edu/about/tuition/jd-cost-of-attendance/
2
https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/publicservice#qualify
1

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REALTOR®/Broker
(610) 914-3199

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REALTOR®
(717) 779-3817

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Winter 2019 | 27


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Berks County Bar Association The Berks Barrister Winter 2019

Table of Contents for the Digital Edition of Berks County Bar Association The Berks Barrister Winter 2019

Berks County Bar Association The Berks Barrister Winter 2019 - 1
Berks County Bar Association The Berks Barrister Winter 2019 - 2
Berks County Bar Association The Berks Barrister Winter 2019 - 3
Berks County Bar Association The Berks Barrister Winter 2019 - 4
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https://www.nxtbook.com/hoffmann/BerksBarrister/BerksBarrister_Fall-Winter2019
https://www.nxtbook.com/hoffmann/BerksBarrister/Berksbarrister_Summer2019
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https://www.nxtbook.com/hoffmann/BerksBarrister/Berksbarrister_Summer2018
https://www.nxtbook.com/hoffmann/BerksBarrister/berksbarrister_winter2017
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