We got married when we were just 19 years old (that was a long time ago). We were so poor that the baby, that came a year later, slept in a dresser drawer until he could climb out of the drawer.
We both became lawyers, although neither one of us ever thought we would be a lawyer. First Lee went into law, because he wanted to make money with his massive science education. He has a BS in Geology and an MS in Chemistry. He wanted to have the little analytical chemistry lab he had founded make more money. He recognized that he could be a bigger success as a lab owner if he knew the laws. He could run his chemistry business better as a lawyer than he could as a PhD chemist. He was right, but things didn’t work out.
Just a few months after graduating with his doctorate in law, Lee got sick – really sick – the “you’re in the hospital for 7 months and don’t work for years type sick.” For over a year’s time Kristy was told in no uncertain terms that she would be a widow. The social workers continually asked her how she was going to support her three little children. Her degree in history wasn’t going to be making her lots of money. What could she do? She followed Lee’s path to law school, because lawyers make money.
Neither of us knew why lawyers all seemed to be rich, we just observed that there must be a connection between knowing the law and being rich. Being on the inside of the law game, a second observation became clear. It was obvious that the really rich lawyers didn’t work any harder, if as hard, as the other lawyers. Why? We started to see the difference after a lot of looking. It was very subtle. The super rich lawyers were using the law to make money. That sounds weird, but it is true.
The super rich architects don’t design more buildings. They use their skills to develop land and build buildings for themselves. The super rich lawyers didn’t just submit more billable hours. The lawyers were actually building empires using the laws to make money. You have undoubtedly figured out that you will never earn your way to being rich by working a job. You may have also figured out that very few people actually invest their way into being rich. If you want to be wealthy, one of the easiest ways you can create big wealth is to use the laws and leverage what you do to create wealth. Don’t feel bad if you don’t know how to do that. The super rich lawyers don’t even let the average lawyers in on the secrets, and for sure, the clients are kept in the dark. Some of the super wealthy people who aren’t lawyers figure it out, and they just enjoy the ride to riches. Yes, you can use the laws to make more money and not be a lawyer.
Why lose half of your parent’s estate when they die? Knowing the laws could give you a lot more money at that time. Why get hosed
every year on April 15th by the IRS? If you want to stop your tax bleeding, the only way you can do it is to know and use the IRS laws.
Why leave money on the table in your real estate deals or mortgages? If you want to make more money in your real estate deals, know the
RESPA laws that govern every real estate transaction in the US. (They also control every mortgage in the US.) The law touches everything
you do. Every business transaction is governed by laws. In order to control the deal, all the lawyer has to do is say, “This is what
we have to do it to comply with the law.” Right or wrong, the lawyer just stopped negotiations and twisted the deal the way he wanted
it to twist. He made more money! You’ve probably seen that happen in a business deal where a lawyer was in the negotiations.