Well, actually, the truth is closer to: “I got the grades for it, and I didn’t want to become a doctor.”

But I did care about social justice a lot. At law school, I signed up for social justice programs, volunteered with not-for-profit organisations, and loved the idea of advocating for the rights of the underprivileged.

I never would have guessed back then that I would eventually leave the path of law altogether, and instead start a financial education platform teaching people how to be good with money. And, after years of doing this work and having helped hundreds of people in the process, I started seeing common obstacles and mistakes lawyers face on their financial journey.

Here are a few:

Even if you ‘just want to help people’ — money matters, whether you like it or not

I’ve heard it all: “I’m not in it for the money”, “money doesn’t really matter to me”, and “being motivated by money feels selfish”. A younger version of me said some of that stuff too.

Law attracts a lot of people who care about helping people. It’s also a profession that places a lot of significance on the integrity of the role it plays in society (— and rightfully so).

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But this culture can sometimes cultivate a disdain or disregard for the importance of “money”. After all, worrying about money can seem shallow and unimportant, next to advocating for people’s rights.

Here’s the truth though — whether you like it or not, money will impact almost every aspect of your life.

It will impact your career choices and your choices around how you spend your time (whether you can afford to work part-time or take time off; whether you can afford a lower-paying but more satisfying job; and whether you can afford to retire early or at all).

It will impact the lifestyle you can afford for yourself and your family (e.g., what holidays you take, what kind of education you can afford for your kids, and the quality of healthcare services you can afford).

Your ability to create the life you really want for yourself is directly influenced by your financial situation. So, is it shallow to care about money? Or is it just a form of self-care, like caring about your health?

Being scared of ‘risk’ or investing will cost you big money in the long term

Lawyers tend to be conservative in their approach to risk. After all, risk identification is part of the job. So, you’re trained to be hyper-aware of things that can go wrong.

Chances are that’s hurting you financially because if you want to create real wealth, money does need to be exposed to some “risk” (e.g., through investing).

Now, people who are risk-averse will avoid things that they perceive as “risky”. I put the emphasis on “perceive” because the truth is: just because you “think” something is “risky” doesn’t mean it is.

For example, people tend to be more scared of flying in a plane than driving in a car. But statistically, you’re more likely to die in a car crash than flying in a plane.

So, people who fear “risk” will avoid investing, but in doing so, they usually overestimate the risk of investing and underestimate the risks associated with not investing.

Yes, there is “risk” in not investing. There’s the risk that your money will go backwards in value (thanks to inflation), or that your money won’t grow enough to meet your long-term goals.

So, are you actually “risk-averse”, or are you just “scared”? There’s a difference.

Having a high income means nothing if you don’t know how to manage it

I’ll never forget this story from a financial adviser I once worked with. He told me about his ex-client who was a law-firm partner bringing in almost $1 million dollars a year — and spending just as much.

He had a big house, the kids in private schools, fancy clothes and cars — but when he asked the financial adviser how soon he could retire, the answer didn’t look so grand.

The problem is that way too many people think that having a big income is not just the key to financial success but a prerequisite.

So, on the one hand, people who think they’re not earning enough, don’t bother trying to manage their finances because “there’s no point”, and they’ll “worry about it when they have money to worry about”, so they spend years chasing that big pay rise thinking that earning more will fix the problem.

On the other hand, once people get that big salary, they assume they’ve “made it”. So now they definitely don’t need to worry about their finances because, after all, they’re making the big bucks.

This is the “rat race”, the seemingly never-ending hamster wheel.

See, your income doesn’t mean much, if you don’t know how to manage it, save it and invest it.

So, if you’re not earning big bucks yet, now is a great time to start learning how to manage your money and start investing. And if you are already earning big bucks, now is still a great time to start.

Paridhi Jain is a law graduate and the founder of SkilledSmart, a financial education platform helping adults learn to manage, save and invest their money.