Lamont Wealth Strategies

Are you a Saver or a Spender? 🤔 This question often catches people off guard when I ask it during our initial Virtual Coffee Chat. But it’s an important one because understanding whether you’re a natural saver or spender is crucial to building a financial plan that works for you. This isn’t about labeling or limiting yourself—far from it. It’s about harnessing your financial habits to your advantage: 💰 Savers ↳You’re likely to have a solid safety net, but could you be missing out on opportunities for your money to grow? 💳 Spenders ↳Your zest for life is unmatched, but are you balancing enjoying the present with securing your future? Here’s where I differ from most advisors: 🔹 I believe financial planning isn’t about changing who you are. 🔹 It’s about creating a strategy that reflects your personality while meeting your long-term goals. 🔹 For savers, this might mean exploring investment opportunities that align with your risk tolerance, allowing your money to work harder for you. 🔹 For spenders, it’s about finding a balance between enjoying life now and securing your financial future (yes, it CAN be done 😉). Imagine a plan where: ➜ Saving feels just as good as spending ➜ Spending doesn’t come with guilt because it’s part of a well-thought-out plan That’s the power of personalized financial planning. » Which one are you? Let me know in the comments below!👇 ──── I'm Jeffery, your wealth advisor specializing in lawyers’ financial success. Let’s connect for a Virtual Coffee Chat ☕️ to discuss how you can harness your financial habits to become a Wealthy Lawyer. #FinancialPlanning #Saving #WealthManagement #Lawyers #LamontWealth

They say comparison is the thief of joy—but could it also be stealing your wealth? It’s easy to look at other lawyers who seem to have it all—expensive cars, big houses, exotic vacations—and think that if you had what they have, your financial worries would be over. But this kind of thinking can be problematic for two reasons. ➜ It’s misleading. Just because someone appears wealthy doesn’t mean they are. What you often see is the result of lifestyle creep—when rising income leads to increasing spending on luxuries rather than building true wealth. Copying someone else’s spending habits won’t solve your financial problems; it might even make them worse. ➜ It distracts you from what really matters. Fixating on the appearance of wealth can pull you away from what’s truly important: building financial security. Instead of investing in your future, you may end up spending to keep up with others, leaving you further from your goals. So, what’s the alternative? Focus on what you need to do today to build real wealth. Keep setting smart financial goals, making sound investment decisions, and protecting your income and lifestyle. Seek out inspiration from those who’ve built lasting wealth, not just a flashy image. Let their success fuel your motivation, not distract you from your journey. Remember, financial planning isn’t about looking rich; it’s about being wealthy. True financial success is defined by your progress toward lasting security and freedom, not by how you compare to others. You’ve got this! ──── I'm Jeffery, your wealth advisor specializing in lawyers’ financial success. Ready to take control of your financial future? 🔗 Let’s connect for a Virtual Coffee Chat ☕️ and explore how we can take the first step toward building real wealth. Don’t wait—your future starts with one conversation today! #FinancialPlanning #FinancialIndependence #WealthManagement #LawyersFinancialFreedom #LamontWealth

Help me, help you - my Jerry Maguire moment Hey everyone, I want to start by thanking all those that I've spoken to and who I know have been following along this LinkedIn journey of mine this past couple of years - I'm glad you find my content helpful and I appreciate your support. But now I need your help. While I know who some of you are, there are many who I don't. I know you're out there. Each post gets a couple thousand views, with, according to LinkedIn, 57-70% of you being somehow involved in the legal world, but not everyone engages. You might not ever engage with a post, but I know you're out there reading. I get that "Liking" and commenting might not be your thing, but I hope you can help me out by taking a moment to answer this poll. It might not tell me exactly who you are, but it will help me better understand where you are in your career journey so I can try to share content that is valuable and relevant to you. Don’t be shy—click on the poll and let your voice be heard! And, if there is ever a topic you'd like to see discussed, I encourage you (as some already do) to send me a DM. Thanks again for the continued support and participation! #LegalCommunity #Lawyers #FinancialPlanning #WealthManagement #ContentCreation #LegalCareer #Poll

RRSP or TFSA: Which Path Leads to Becoming a "Wealthy Lawyer"? When we start planning with new lawyer clients, one of the most common questions we get is where we think they should start saving - RRSP or Tax-Free Savings Account (TFSA). The answer is, it depends – one has to look at their short and long-term goals, their cash flow and their tax situation. Before any decision can be made, it's important to understand the key differences between the two: TFSA: 🔹 Contributions aren't tax-deductible, yet all growth and withdrawals remain tax-free. 🔹 No restrictions on the age for making contributions or withdrawals. 🔹 Government-set contribution limits, subject to annual adjustments (For 2024, it's $7,000). 🔹 Perfect for short-term savings, emergency funds, or supplementing your RRSP. RRSP: 🔸 Contributions lower your taxable income for the year, offering immediate tax relief (2023 cap: 18% of your earned income, up to $30,780). 🔸 Withdrawals are taxed as income upon distribution. 🔸 Contribution privileges cease by the end of the year you turn 71. 🔸 Suited for long-term savings and crafting a robust retirement plan. Both TFSAs and RRSPs are essential pieces in your financial toolkit, each with unique advantages tailored to different stages and strategies of wealth building. Deciding which one to prioritize depends on a thorough evaluation of your financial landscape. Feeling undecided or need further insights on optimizing your savings strategy before the impending deadline? Let’s discuss your options together. Connect with us at Lamont Wealth Strategies for a Virtual Coffee Chat. We’re here to guide you through the complexities of financial planning, ensuring you’re well-equipped to make informed decisions towards becoming a "Wealthy Lawyer." #WealthyLawyer #FinancialPlanning #RRSPvsTFSA #InvestmentStrategy #LamontWealthStrategies

💡 Weekend Wisdom for Lawyers 💰 Are You Balancing Student Debt and Saving for the Future Effectively? ⚖ As you enjoy we Sunday coffee, let's ponder a question that seems to trouble many of the young lawyers I speak with. How do you balance the daunting task of paying off student loans while simultaneously saving for the future? This puzzle is a significant one, considering that many of the lawyers I speak with generally harbor dreams of retiring early. Yet, with the current saving trends and heavy student debts, these dreams seem more like distant mirages. In my article, "4 Keys to the Millennial Lawyer’s Balancing Act of Paying Off Student Debt and Saving for The Future," I delve into this issue. It's more than just an exploration; it offers a pragmatic approach to a sustainable financial plan. From discussing the dilemma of whether to prioritize debt repayment or retirement savings, to exploring the possibility of refinancing student loans, I tried to shed some light on crucial strategies like maximizing TFSA contributions. Remember, it's never too early or too late to start planning. If you find yourself grappling with these challenges, or simply want to ensure you're on the right track, let's have a Virtual Coffee Chat. Together, using our Wealthy Lawyer program, myself and my team at Lamont Wealth Strategies can create a roadmap tailored to your unique financial journey, turning aspirations into achievable realities. #WealthyLawyer #FinancialPlanningForLawyers #MillennialLawyers #StudentDebtManagement #RetirementSavings #LamontWealthStrategies

Tina Penson and SecurU Inc. are #hiring. Know anyone who might be interested?