Personal Finance for Lawyers
In 2016, I was a wife, new mom, and junior Biglaw associate with over $670,000 of debt and a negative $342,000 net worth. By the end of 2021, my husband and I had paid off almost $500,000 of that debt (the total of our student loans) and now only have our mortgage remaining. I’ve since left the law to focus on helping lawyers master their mindset and their personal finances and unlock the power that comes with having complete control of their money. In this podcast, I’m giving you the knowledge you need to create more freedom in your life by improving your mindset and managing your money better. Learn more about my work at www.rhothomas.com.
Episodes
What do you do when you realize your practice isn't working for you, and you want to do something else or leave the law altogether? You turn to an expert like Jessica Medina, who can help you figure out the financial plan to make a transition possible. Jessica is a lawyer turned Accredited Financial Counselor whose specialty is helping lawyers in this exact scenario. In this episode, listen in as Jessica and I talk about her person...
Are you waiting for the right time to take control of your finances? It's a common mistake that costs a lot of lawyers a lot of money. In this episode, let's talk about why waiting for the right time can be so costly and why the right time is when you decide it is. Head to rhothomas.com/269 for the full episode show notes.
And just like that, half a decade has passed! Somehow I've been in business and recording this podcast for 5 years already. In this episode, celebrate with me as I share what's changed with the podcast, my business, and my life over the last 5 years. Head to rhothomas.com/268 for the full episode show notes.
Instant gratification keeps too many lawyers stuck in financial messes. I've noticed more and more lawyers struggling with it this summer, and it's robbing them of their goals. In this episode, let's talk about why delayed gratification is a game changer for your finances and some tips to practice it more. Head to rhothomas.com/267 for the full episode show notes.
Do you believe that all your money problems would be fixed if you made more? It's a common belief, but for lawyers, it's typically not accurate. In fact, most lawyers would be better off if they learned how to work with the money they already have. In this episode, let's talk about why it's a mistake to believe that more money will fix your problems and why it's more important to learn to manage what you already have. Head to rhoth...
Is there any hope for your finances when you love to spend money? I spoke recently with a friend who told me that her biggest struggle with managing her money has always been her spending habits. During our conversation, I shared a few tips that I teach my clients that I thought would help her. In this episode, listen in as I share those same tips with you. If you love to spend but also want to manage your money better, this is the...
What do you do when you realize that you don't want to practice law anymore? Or that you want to change practice areas? These are both situations that Heather Moulder found herself in. Heather is a lawyer-turned-business coach who built a career and life on her own terms and teaches other lawyers how to do the same. In this episode, Heather and I discuss the personal and professional challenges she's overcome and how she now helps ...
Many of my clients believed they'd never be able to purchase a home, but it turned out they were closer than they thought. Summer is prime homebuying season. Whether you're buying your first or your next home, you want to make sure you're prepared. In this episode, let's talk about some things to consider as you prepare to buy your home, including how much to spend and how to fund your purchase. Head to rhothomas.com/263 for the fu...
Many lawyers get stuck in the cycle of learning about personal finance but not making real changes. But taking action—one step at a time—is the key to transforming your finances. In this episode, let's talk about why taking the next step is important and how each step forward builds momentum for your eventual financial success. Head to rhothomas.com/262 for the full episode show notes.
Let's talk about glorifying money and putting it on a pedestal vs. neglecting money and not caring about it. Both extremes can be detrimental to your finances and your experience of life. In this episode, let's talk about these views of money and how to put money in its proper place. Head to rhothomas.com/261 for the full episode show notes.
Have you ever felt like you just don't want to manage your money? It's something that has come up with multiple attorneys I've talked with. But whether you want to manage your money is the wrong question. In this episode, let's talk about what the correct question is and what to focus on to stay motivated on your money journey. Head to rhothomas.com/260 for the full episode show notes.
Protecting yourself financially encompasses more than your typical emergency fund. I help my clients implement three layers of protection. Having multiple layers of protection provides multiple safety nets in case of emergencies or unexpected expenses. In this episode, let's talk about the multiple layers of protection you can implement in your finances. Head to rhothomas.com/259 for the full episode show notes.
What if you’re wrong? If you believe there’s nothing you can do to change your finances, you’ll never even try to do anything to change your finances. Sometimes that kind of thinking is the only thing holding us back from the results we want. In this episode, let's talk about how a willingness to be wrong can be the key to unlocking new possibilities and achieving your goals. Head to rhothomas.com/258 for the full episode show note...
Davina Frederick is a sought-after business coach for women law firm owners, who is very clear on how to use her money to create the life she wants. Because of her personal experiences, she has a lot of financial wisdom. In this episode, Davina talks about how she and her husband have thought through the financial impact of some of their life decisions, the importance of being clear about what you want in life, and the financial pi...
From building a thriving firm, giving it up, and building an even more successful one to empowering women law firm owners to create wealth and fulfillment on their own terms, Davina Frederick is a force to be reckoned with. The personal and professional challenges she's faced along her journey have helped her hone in on exactly what's important to her. In this episode, Davina opens up about building her businesses, the personal cri...
Building wealth is painfully simple. But many lawyers are not making the right moves to get there. If you want to build wealth, there are only two things you need to do. In this episode, let's talk about exactly what they are so you can get started on your wealth journey today. Head to rhothomas.com/255 for the full episode show notes.
There's a business that's being mismanaged and directly impacts everything that happens with your money. If you don't take the right action, you'll inevitably suffer some negative financial consequences. In this episode, let's talk about what that business is and what you need to do now to protect your money. Head to rhothomas.com/254 for the full episode show notes.
It sucks to feel trapped in a situation you no longer want to be in. But too many lawyers find themselves in exactly this place because of golden handcuffs—they make a lot of money and need all of it to maintain their lifestyle. There's a simple solution to break free if you value your freedom, and it's all in how you use your money. In this episode, let's talk about how to use your money more strategically to break the golden hand...
Rushing to get out of debt leads many lawyers straight into an even worse financial position. It's one of the most common mistakes I see lawyers make, and it's completely avoidable. In this episode, let's talk about why rushing to get out of debt causes financial problems and what to do instead. Head to rhothomas.com/252 for the full episode show notes.
The ideas that we have about what wealth looks like are wrong. The truth is a lot of the "wealth" that we think we see is all an illusion. We've been taught to look for certain markers of wealth, but those markers don't always show what we think they do. In this episode, let's explore the concept of wealth and how to think about the typical markers of wealth. Head to rhothomas.com/251 for the full episode show notes.
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