There is a financial consultant who posts on LinkedIn, presumably to let people know what he does and how he can help. He apparently specializes in developing wealth strategies for lawyers. I enjoy reading his posts. They are succinct, well-written, and tell interesting stories about lawyers who earn a great deal of money but require help organizing their financial affairs to ensure that they can one day enjoy their retirement.
As much as I enjoy reading his posts, I find myself shaking my head about the stories that he tells.
There were the partners in their fifties earning seven figures who feel like they should be further ahead than they are.
There was a 53-year-old equity partner earning $860,000 who has no idea if he is financially secure.
There was the lawyer earning $2.14 million dollars who needed help determining whether he will be able to retire successfully in 20 years.
And most sadly, the poor soul earning only $1.1 million whose financial situation “feels tighter than it should.”
I find it hard to drum up much sympathy for those who manage to be financially insecure at those income levels, especially when Dr. Google tells me that the average annual salary in Canada is $68,700, and only 11% of Canadians earn over $100,000 per year. (I am left to wonder whether 89% of the population will be unable to retire at all.)
I never earned close to seven figures a year, and somehow my kids made it through university and became professionals, I am happily retired, live in a perfectly nice house, travel extensively, want for nothing, and am living off my investments. What could be the difference between me and these high-earning lawyers who are suffering such insecurity about their financial future?
Could it be the luxury cars, the mansions, the exclusive schools starting at nursery school, the Ivy League colleges, the home down south, the ski chalet, the boats, the private golf and country clubs, the designer clothes, the exclusive travel (necessary to avoid having to rub shoulders with the riffraff like me), the domestic help, and a bunch of other necessary expenditures?
I don’t get it (although I expect that it may have something to do with me driving a low mileage 2017 Honda Ridgeline.) Perhaps one of these super-smart people could explain it to me. Or maybe, I could explain to them that they might consider reassessing their priorities and seeing whether it makes them any happier.
This article was originally published by Law360 Canada, part of LexisNexis Canada.