Personal Finance for Lawyers | How to Budget, Get Out of Debt, Save Money, Manage Money, Build Wealth, Financial Freedom
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
Dissatisfaction and discontentment quietly run many lawyers' lives and finances, and they've probably never given it much thought. A lot of debt, stress, and worry can be attributed to these two things. They also prevent people from building wealth. In this episode, let's look at your money and lifestyle through a lens you may not have considered before and talk about how to make sure you avoid the trap that many lawye...
Do you feel like you’ve tried everything to get your money under control, and nothing has worked? Many lawyers tell me some version of this statement. It’s a very common sentiment, but it’s also one of the most unhelpful things you can tell yourself when you’re working to achieve your money goals. In this episode, let’s talk about the actual belief underlying this statement, why it’s holding you ...
You might be making a big mistake with your money, and you probably don’t even realize it. Many lawyers are falling into the same trap and losing out on hundreds and thousands of dollars. In this episode, let's talk about the mistake that's sabotaging so many lawyers' finances and a simple shift that will help you start building wealth faster. Head to rhothomas.com/329 for the full episode show notes. Need help with your fina...
Have you ever bought something just because you saw other people with it? It's a common experience, but it's costing you more than the price of whatever you bought. In this episode, let's talk about how spending in this way leads to financial sabotage and some practical steps to overcome it. Head to rhothomas.com/328 for the full episode show notes. Need help with your finances? Apply for a coaching session at rhothomas.com/apply.
If you're one of the many lawyers who struggles to stick to a budget, I have a plan for you. Typically, one of three things is keeping you from staying on track. In this episode, let's talk about what these things are and how to fix them. Head to rhothomas.com/327 for the full episode show notes. Apply for help with your finances at rhothomas.com/apply.
Society's normal money habits keep people stuck and struggling. What if you could take 2 steps to break that cycle and radically improve your finances? In this episode, let's explore wisdom from various sources and talk about 2 steps to redefine how you think about money and change your results with it. Head to rhothomas.com/326 for the full episode show notes. Apply for help with your finances at rhothomas.com/apply.
Often when I talk to lawyers about their finances, they describe them as if their finances are happening to them, and they don’t even realize it. They talk about their money as if they have no control, but when you do that, you’re setting yourself up to fail. In this episode, we talk about what happens when you believe your finances are outside of your control and how you can turn things around when you acknowledge the ...
If you're like many lawyers, you want to rush to achieve your financial goals as quickly as possible. You'd probably skip straight to the end goal if you could. But in focusing so much on the goal, you miss the most valuable part—the journey. In this episode, let's talk about the value of the journey and why it's more important than the goal itself. Head to https://www.rhothomas.com/324 for the full episode show notes.
You might think that having more money would make everything better. But what I have found is often lawyers don’t know how to handle having more money at first. It feels uncomfortable, and they find ways to get rid of it and sabotage their progress. In this episode, let’s talk about why it feels uncomfortable to have money and how to fix it. Head to rhothomas.com/323 for the full episode show notes.
Have you ever thought about how much money you've made so far in your career? Or how much you'll make in your lifetime? For most lawyers, that number is at least a million dollars. But many of us never learn to manage all the money coming to us. Instead, we focus on how much we don't have and how we need to make more. And we end up with nothing to show for all the money we made. In this episode, let's talk about why so many lawyers...
Are you a lawyer who overspends? Learning how to control your spending is the key to achieving all of your financial goals. In this episode, let's talk about how to stop overspending and what to do if it happens anyway. Head to rhothomas.com/321 for the full episode show notes.
Sometimes one of your biggest strengths can actually prove to be a weakness. Case in point: Lawyers tend to be really good at following steps and rules. But when you’re trying to manage your money better, you can get hung up on rules to your detriment. In this episode, let’s explore why some common rules around how to manage your money, such as maxing your 401(k) and putting 20% down on your house, may not be serving yo...
If you're a lawyer making six figures but trapped in a cycle of debt, you're not alone. However, you make too much and work too hard to be in this situation. Luckily, there's hope. In this episode, let's talk about what keeps lawyers in the debt cycle and how to get out. Head to rhothomas.com/319 for the full episode show notes.
Too many lawyers are living paycheck to paycheck, never have money for the things they want, or are racking up credit card debt. If you can relate, this one's for you. In this episode, I'm sharing a training from one of my private programs that dives into how to align your spending effectively and some common pitfalls to look out for. Head to rhothomas.com/318 for the full episode show notes.
Think you're the only lawyer who struggles with your money? After coaching hundreds of lawyers, I can confidently say that's not the case. In this episode, I'm sharing some of the sticky scenarios my clients faced with setting goals and their money mindset over the years and how I coached them through. Head to rhothomas.com/317 for the full episode show notes.
It can feel really bad to find yourself in a position where you're bleeding money. Lawyers sometimes find themselves in this position for a variety of reasons, but it's not the end. It's completely possible to turn things around. In this rewind episode, let's talk about 4 steps to take if you find yourself bleeding money. Head to https://www.rhothomas.com/316 for the full episode show notes.
The way we feel about money is hugely important. Having negative feelings about your finances drains your energy and impacts your day-to-day experience of life. The value of feeling better about your money can't be overstated. In this rewind episode, let's talk about one of my clients' experiences with feeling better about her money and why feeling better about your money is so important. Head to rhothomas.com/315 for ...
Any lawyer who wants to have freedom and options in their life and career needs to learn about financial independence. Learning about this concept set my husband and me on a path that has changed our lives. In this episode, let's explore the concept of financial independence, including my best tips for any lawyer who's interested in getting started. Head to rhothomas.com/314 for the full episode show notes (including t...
We know that annual expenses like summer camp and the holidays are coming every year, but somehow they catch most people off guard. The key in not allowing these expenses to stress you out is to plan for them. In this episode, let's talk about how to make big annual expenses feel more manageable and create a clear plan to handle them without stress. Head to rhothomas.com/313 for the full episode show notes. Need help with your fina...
Building wealth is about way more than your income. It starts with the way you think about money. In this episode, I'm sharing a lesson from one of my group programs about the importance of changing the way you think about money to align with wealth-building. Head to rhothomas.com/312 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply.
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