Becoming an associate in BigLaw is a total rush. Everyone wants you on their list: investment advisors, real estate developers, “exclusive” clubs and dating services. The reason is pretty obvious: your newfound money and the social prestige that supposedly goes with being a lawyer. (Yeah, people joke, but they still think you’re the shit.) Some even mean well, like the fresh-scrubbed guys selling term life insurance, or, um, “art.”
None of them tell you about the savings account that matters most.
More important than any of the accounts you’re setting up, this one earns interest immediately, and isn’t prone to inflation risk. The APY is vastly higher than 10%. (Frankly, in my experience, over 103%, but that might just be me.)
Deposits in this account accrue interest that allows you to leverage much more than the account itself is worth. Hell, you can move mountains.
By now you’re wise to the fact that I’m not talking about any real investment product. If I were, I would have broken several laws by now.
Nobody ever tells you about the return on deposits you make in your psychic savings account, and what it will buy you down the road.
What the hell is a psychic savings account? It is an account of your time, and perhaps money as well, that has nothing to do with your job or even your family (the other side of the dreaded “work-life balance” equation, which is mostly ad-copy poppycock)–it is set aside solely for you.
The most important role this account plays is to give you time, space, and permission to lift out of your obligations and see if you are heading where you want to be heading. But all of that Steven-Covey, airy-fairy NewAge boomtwaddle doesn’t mean much if you never get around to it.
None of that career-building means dookus if you have no time for it–right now.
Start now. Go outside during a workday, for thirty minutes, and find three genuinely soul-pleasingly beautiful things–and one of them has to be an action, not an object.
So how is this monetary as well? We’ll talk about that next. A guy’s gotta leave some suspense.
So tell me: How did you spend your thirty minutes, and what did you find?