Financial Plan Pending License Restoration

Posted by Joseph D. Lento | Dec 08, 2022 | 0 Comments

One of the harder things at stake with your professional license suspended over disciplinary charges is dealing with financial losses and uncertainty while you await your license's restoration. License suspension means you can't continue with your paying professional practice. Your income inevitably goes down, for some professionals, to nothing. Your best move is to retain skilled and experienced professional license defense attorney representation. You must get back on track toward getting your license restored and resuming your paying professional practice. But in the meantime, you've got to find a way to pay the bills while you and your retained attorney sort things out.

Get Your Income Back Up

One good move is to get your income back up as much as you can. That doesn't necessarily mean taking any job you can find. On the contrary, you may well have alternative related professional employment available to you. In other words, don't practice your profession. You can't do so without a license. But investigate alternative non-practice roles within your same field. If, for instance, you are a healthcare professional, non-practice medical administration jobs for which you need no active license may be immediately available to you, even with the same employer or an affiliated employer. If, for another example, you are a service professional, then managing a service office within your field may be immediately available. Even if your pay will be less than if you were in active practice, your pay working within your own field is likely to be far higher than your pay in an unrelated field.

Get Your Expenses Down

Another necessary move is to get your expenses down. When you're not in active practice, you don't need all the professional accouterments that active practice expects of you. Dress down to save on dry cleaning. Borrow a ride or take public transportation to save on vehicle gas and maintenance, and parking. Bring a sack lunch rather than dine sumptuously. You can always ramp back up once you get your license and active-practice income back.

Pursue a Financial Action Plan

Your best move, though, is to put an effective financial action plan in place and follow it. Income up and expenses down are two of the essentials for an effective plan. A third essential is to have some form of budget. Don't shoot in the dark financially. Write down your monthly expenses and income, and make them match. Yes, you can tap savings. You can even borrow from family and friends or draw on credit cards or depend on home equity loans. But try to make your plan depend on your own actions, not the generosity or credit of others.

Premier Attorney Available

Professional license defense attorney Joseph D. Lento has the special skills and extensive experience you need for your license proceeding's best outcome. Retain a preeminent license defense attorney and defense team now. Call the Lento Law Firm at 888.535.3686 or go online now.

About the Author

Joseph D. Lento

"I pride myself on having heart and driving hard to get results!" Attorney Joseph D. Lento has unparalleled experience fighting for the futures of his professional clients nationwide. With unparalleled experience occupying several roles in the justice system outside of being an attorney, Joseph D. Lento can give you valuable behind-the-scenes insight as to what is happening during all phases of the legal process. In the courtroom and in life, attorney Joseph D. Lento stands up when the bell rings!


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