5 Investing Mistakes Lawyers Make (And How to Dodge Them) (Ep. 145)
You’ve conquered law school, built a thriving practice, and learned how to win arguments in court. But when it comes to investing your hard-earned money, do you ever feel like the rules are always changing and the risks seem higher than they should be?
On this episode, host Darren Wurz dives into why our own minds not the stock market itself are often our biggest financial obstacles. Drawing insights from the book “A Random Walk Down Wall Street” and real-world stories (including a jaw-dropping tale of a $20 billion fortune disappearing almost overnight), Darren unpacks five common behavioral biases that sabotage your results. Whether you’re overconfident in picking stocks, chasing hot tips, or hanging onto investments (or business strategies) that just aren’t working, this episode is packed with relatable advice for high-income law firm owners who want more than just market returns, they want freedom.
Darren discusses:
- Why your own psychology is the greatest threat to your investment portfolio.
- How market bubbles, herd mentality, and overconfidence derail even the smartest investors.
- The efficient market hypothesis.
- The connection between your financial biases and the way you lead your law firm.
- How pride and regrets keeps us holding on to poor decisions.
- How to stick to a long-term investment strategy even during market volatility.
Resources:
- The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence by Darren Wurz
Connect with Darren Wurz:
- Schedule a Call with Darren
- “Join our Next Masterclass Live”
- The Lawyer Millionaire Website
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire Founders Network and Book Club for Free
- “Get the Strategies Top Law Firm Owners Use to Build Real Wealth (Join the Lawyer Millionaire Insider List)”
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