9 Jun 2026

Inherited Wealth Gap & How To Navigate Effectively

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Legal + Wealthy™ is a podcast for lawyers and law students who want to build wealth by changing the way they think about money, success, and their careers. Hosted by estate planning attorney, mindset coach for lawyers and professor Lauren Klein, the show explores the mindset shifts that help lawyers move from stress and scarcity into confidence with money, entrepreneurship, and long term financial security.

Inherited wealth comes with a hidden emotional toll that most estate attorneys and financial advisors are never trained to address. In this episode, Lauren Klein sits down with Myra Salzer, CFP®, a 40-year veteran working exclusively with inheritors and the founder of The Wealth Conservancy — a TEDx speaker, top financial advisor, and author of four books. Myra discusses the psychology behind inherited money.

Show Notes

[00:00:01] – [00:03:41] Welcome & Guest Introduction. Lauren introduces Myra Salzer, CFP®, founder of The Wealth Conservancy.

[00:03:41] – [00:06:01] Myra’s Origin Story: The $18 Million Wake-Up Call. Myra shares how a 4th-generation inheritor arrived at her office in 1983 with $18 million and absolutely no framework for managing it — his trust had terminated and no one in his family had ever needed to relate to money directly. That encounter revealed a gap that no financial planning curriculum addressed.

[00:06:01] – [00:17:52] Earner vs. Inheritor: Two Different Money Psychologies & Reimagining Legacy. Earners tend to be future-oriented, abundance-focused, and socially respected for their financial success. Myra advocates for the “wise cycle” and outlines how “cause and effect” trust provisions can be structured.

[00:17:52] – [00:22:00] How Attorneys Can Better Serve Wealthy Families. Myra urges estate attorneys to move beyond tax-driven intake questionnaires and instead ask relational questions:

[00:22:00] – [00:23:02] The Billable Hour & Billing Transparency. The conversation turns to the tension between the billable hour model and deep client relationship-building. Myra’s practical recommendation.

[00:23:02] – [00:35:00] Closing Statements and Discussing Wealth Prejudice. Myra explains the core premise of her TEDx talk — that inheritors function as an invisible minority, subject to social judgment they did nothing to invite, much like other minority groups.

GUEST:

Myra Salzer, CFP®, Founder and President of The Wealth Conservancy, Inc.

Youtube: youtube.com/watch?v=IsOe-D0nsNo
Linkedin: linkedin.com/in/myra-salzer
Website: thewealthconservancy.com/about-us/

HOST:

Lauren Klein, Esq., Flourish Law Group Attorney, Law Firm Owner, Professor & Founder of Legal + Wealthy™

Website: legalandwealthy.com/home-599225 Podcast: legalandwealthy.com/podcastInstagram

Instagram (Personal): @lawyerlaurenklein | instagram.com/lawyerlaurenklein

Instagram (Business): @legalandwealthy_ | instagram.com/legalandwealthy_/

If today’s conversation truly resonated with you, if you’re ready to stop normalizing burnout, start building real wealth, and take intentional control of your well-being alongside other lawyers and law students doing the same, I want to invite you to join our membership, The Society. The Society is Legal + Wealthy™’s monthly membership built exclusively for lawyers and law students who want to build true wealth, gain confidence around money, have mental clarity, physical wellbeing, and a supportive community that actually gets what this life and career are like.

 

Inside The Society, you’ll get access to:

* monthly virtual yoga designed just for legal minds
* weekly money and mindset audio coaching
* a book club, masterclasses, and meet-ups with successful professionals
* ongoing community support and accountability
* exclusive discounts on retreats and events

 

It’s not another program, it’s a lifestyle experience for people who want to create wealth without sacrificing their health or happiness.

 

If you want real transformation without overwhelm this year, head over to the link below to join now as a founding member: https://legalandwealthy.com/jointhessociety

If you enjoyed this episode, I’d love to hear from you! Take a screenshot, share it to your IG stories, and tag me @lawyerlaurenklein and @legalandwealthy_/.

 

Thank you to our show sponsor: Law Firm Sites Custom law firm websites + online marketing for law firms (23+ years)

Contact: (800) 932-8242

Website: https://www.lawfirmsites.com

Special Offer: Mention “Legal and Wealthy” for 10% off any website or marketing package

Don’t forget to follow Lauren Klein on Instagram @lawyerlaurenklein & Subscribe to the Legal + Wealthy Podcast: https://legalandwealthy.com/podcast

30 Nov 2023

Crushing Law School Debt: Chad Tourin on a Game-Changing Strategy

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In the latest episode of “The Wealthy Future Lawyer $quad,” we’re excited to welcome a unique guest, Chad Tourin. Chad isn’t just an attorney; he’s also a Certified Public Accountant (CPA) and a Financial Planner. His rare combination of skills and experiences makes him an ideal guide for anyone navigating the challenging waters of law school debt and financial planning. This episode promises to provide actionable insights and strategies to manage your finances effectively, both during and after your law school journey.

Episode Show Notes:

[00:00:00 – 00:00:50] Introduction of Chad Tourin: CPA, Financial Planner, and Attorney

A brief introduction of Chad Tourin sets the stage for the episode. Chad’s unique blend of expertise as a CPA, Financial Planner, and Attorney is highlighted, showcasing his extensive knowledge in financial management and legal affairs.

[00:00:56 – 00:02:26] Chad’s Family-First Mindset and Journey from CPA to Law School

Chad discusses his initial career path, starting as a CPA. He reflects on how his family-first mindset influenced his decision to pursue law, intertwining his financial expertise with legal knowledge. This segment offers insights into how personal values can shape professional choices.

[00:02:30 – 00:04:40] Chad’s Realization: Law Students’ Struggle with Financial Management

Here, Chad shares his realization about the financial challenges law students face. He talks about the lack of financial literacy among students and his strategic decision to focus on finance during his law school education. This part of the episode stresses the importance of financial awareness for law students.

[00:05:01 – 00:05:54] Understanding Debt Management Difficulties for Law Students

This segment dives into the common difficulties law students encounter when managing debt. Chad highlights the complexities of student loans, budgeting, and the lack of financial planning resources available to students.

[00:06:30 – 00:07:30] Setting Up Success: Right Order and Utilizing Financial Planners

Chad discusses the critical steps law students should take to set themselves up for financial success. He emphasizes the importance of doing things in the right order and utilizing resources like financial planners.

[00:07:53 – 00:10:00] Alternate Career Routes in Law and Financial Goals’ Impact on Career Choices

In this section, Chad explores the various career paths available in the legal field and how one’s financial goals can impact these choices. He encourages law students to consider alternative routes in their legal careers that align with their financial aspirations.

[00:10:01 – 00:12:40] Chad’s Financial Planning Firm: Seeing the Bigger Picture Post-Law School

Chad shares his experience of opening his financial planning firm. He discusses the importance of seeing the bigger picture and resisting the urge to follow the traditional path post-law school. This part of the episode is particularly inspiring for those considering entrepreneurship after law school.

[00:12:50 – 00:16:50] Finding Balance in Attacking Law School Debt with Lauren and Chad

Lauren and Chad have an in-depth discussion about finding a balance when planning to tackle law school debt. They delve into strategies for managing debt while also maintaining a quality of life.

[00:17:00 – 00:20:27] Chad’s Money Mindset Evolution: It’s About What You Keep

Chad talks about the evolution of his money mindset since his time in law school. He emphasizes that true wealth is not just about income but also about smart money management and what you’re able to save and invest.

[00:20:33 – 00:23:37] Investing in Self: Chad’s Best and Worst Financial Decisions

In this enlightening segment, Chad discusses the best decision he made regarding money, which was investing in himself. He also candidly shares some of his worst financial decisions, including not protecting his wealth from bad investments and the importance of setting boundaries when lending money to friends and family.

[00:24:00 – 00:26:58] The Value of Investing in Coaching and Seeking Expert Financial Advice

Lauren and Chad highlight the importance of investing in coaching and seeking advice from financial experts. They discuss how getting credible and relevant advice can significantly impact financial decisions and overall success.

[00:27:15 – 00:29:38] Finance Book Recommendations and Caution on Tailoring Advice to Your Situation

Chad provides recommendations for finance books that can help motivate law students to establish a healthy money mindset. He also advises caution, suggesting that readers focus on books that provide general concepts for establishing wealth and avoid those offering specific strategies that may not apply to everyone’s financial situation.

[00:30:00 – 00:32:46] Chad’s Advice to His 1L Self: Resisting Competition and Diversifying Experience

Chad reflects on what advice he would give to his first-year law student self. He talks about the importance of resisting the competitive nature of law school, considering alternative paths in the practice of law, and the need to diversify law school experiences.

[00:33:34 – 00:34:33] Closing: Love for Coaching and Educating Law Students on Financial Wellness

The episode concludes with Lauren and Chad discussing their shared passion for coaching and educating law students. They emphasize the importance of establishing a healthy money mindset for a fulfilling career in law.

As we conclude this episode, we hope that Chad Tourin’s insights have inspired and equipped you to take control of your financial future. Remember, it’s not just about how much you earn, but how wisely you manage your finances that counts. Don’t forget to subscribe to our podcast for more conversations that empower you to achieve the life you deserve, both during and after law school. We wish you a fantastic end to your semester and look forward to continuing this journey with you.

Stay Connected
For Lauren and The Wealthy Future Lawyer $quad:

Follow us on Instagram: @wealthyfuturelawyersquad
To work directly with Lauren, visit: LaurenAlexisKlein.com

Subscribe to our podcast for more episodes:Subscribe to our Podcast

Prefer a visual medium? Subscribe to our YouTube Podcast Playlist: https://www.youtube.com/playlist?list=PLh5-RuLLiWYJBhuKuHgjZtbmLDQ0q4GWm

Connect with Chad Tourin:

Find Chad on Facebook and LinkedIn: @ChadTourin

Visit Chad’s website for more financial insights: My Coastal Wealth

Email Chad at: ctourin@mycoastalwealth.com

Chad Tourin’s unique perspective as a CPA, financial planner, and attorney provides a comprehensive look at financial management for law students. His advice and strategies are invaluable for anyone looking to make informed financial decisions, handle law school debt effectively, and lay a solid foundation for future financial success.