Posts Tagged ‘savings’

Create a Rainy Day Fund

Tuesday, September 23rd, 2014

Copyright  Tax Credits via FlickrAvailable borrowing capacity on credit cards is NOT a rainy day fund! Many, many law firms and their partners are maintaining six-figure credit card debt over 10 to 15 cards because they have used them as a “rainy day” fund. Obviously it’s extremely expensive to do that and it just digs a deep hole that is difficult to ever escape. Many others simply have multiple credit cards with open balances available in case of unforeseen need. But I’ll say it again…a credit card is not an emergency fund. An emergency fund is cash in the bank. A credit card is the pathway to easy but expensive future debt. It is prudent move personally and professionally to put aside some cash so that you can deal with the unforeseen without having to dig a deep, expensive hole. You can learn more about this and other law firm finance topics in my book, How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms.

The above material is excerpted from How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms and is subject to copyright protection © by Michael J. Swanson, all rights reserved.

Photo Credit:  Tax Credits via Flickr

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