PRESIDENT ’ S MESSAGE
PRESIDENT ’ S MESSAGE
Grasford W . Smith 2023-24 PBCBA President
During our successful 2024 Bench Bar Conference , our Keynote Speaker Justice Renatha Francis spoke very eloquently and practically on the topic of well-being . During her remarks , she mentioned various resources available to Florida Bar members and cited among them the PBCBA ' s " Quality of Life is the Key to Happiness " Initiative (" QOL Initiative "). It was certainly a proud moment to see that the QOL Initiative has garnered attention even at the highest levels . The Bench Bar Conference also featured CLEs focused on " well-being ." Judging by the number of engaged participants in those CLE courses , PBCBA Bar members clearly see the value of the education on this topic .
As you know , the QOL Initiative has already addressed topics on the Housing Crisis in Palm Beach County and Physical and Mental Health . The latest installment of the QOL Initiative occurred via live zoom on March 15 , 2024 , and focused on " Financial Wellness for Attorneys ." The panelists were Judge Reid
Scott ( 15th Circuit Court ), Barbara VanderWerf ( Director of the Center for Financial Literacy at Palm Beach Atlantic University ), Karen Holloway ( Financial Advisor at Northwestern Mutual ), and R . Jamie Marceaux ( Financial Advisor , Morgan Stanley ). As with the prior installments of the QOL Initiative , various resources are available for your perusing on the PBCBA QOL Initiative website , including budgeting apps , online financial calculators , book recommendations , and podcasts . I encourage you to make use of these resources to enhance your financial well-being .
According to Health . com , research has shown that people who experience stress from financial issues are 20 times more likely to attempt suicide than those who do not experience financial stress . In a 2023 publication , CNBC cited to a SunTrust Bank survey that states that 35 % of people blame finances for the stress in their personal relationships . In a National Institute of Health Article published in 2022 , researchers cite to " growing evidence " that financial strains and worries play a significant role in mental health challenges . Another 2022 publication on WebMD links financial stress to headaches , a weakened immune system , high blood pressure , digestive issues , muscle tension , heart arrhythmia , and sleep problems . Are lawyers immune from these problems ? Of course , the answer is a resounding no . In a 2022 article titled " Financial Stress is Real " published by the Business Law Section of the Florida Bar , the author discusses the link between financial stress and lawyers acting " imprudently or unethically ."
Of course , your individual circumstance may not be dire . That is a great thing and I hope it stays that way or improves . Regardless of where you are in your financial journey , developing good financial habits will empower you to make choices that will impact the quality of your life for years to come . Here are just a few of the key takeaways from the latest QOL installment on " Financial Wellness for Attorneys ." 1 . If you have significant financial debt , stop digging a hole by borrowing more money . 2 . Set up an emergency fund . Emergencies should be covered by savings and not more debt . Note : more than half of Americans cannot afford an emergency of $ 1,000 or more . 3 . Focus on debt reduction . One method of debt reduction is to focus on eliminating small debts and then work your way up to larger debts . 4 . Do not over rely on debt cancellation programs , such as for student loans . The success rate for these programs are low . 5 . Create a budget and stick with it . Budgets are not just for people saddled with debt , but it is a roadmap for all of us to control where our money goes , including savings . 6 . Try not to spend more than 25 % of your income on housing . This avoids being house poor and gives added flexibility to take care of maintenance costs associated with owning a house . 7 . Save at least 15 % of your income for retirement and start saving early to take advantage of compound interest .
PBCBA BAR BULLETIN 3