Personal Finance for Lawyers

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...

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...

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 s...

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 s...

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...

One of the most powerful skills you can learn is how to say "no" to yourself. Society is filled with opportunities for instant gratification, but learning to say "no" is a powerful tool in your wealth-building journey. In this episode, let's talk about why delayed gratification is so important, along with some tips to help you say "no" more often. Head to rhothomas.com/311 for the full episode sho...

If you want to be a wealthy lawyer, there's something you must know. Wealth isn't a pipe dream or just for the lucky few. Wealth is a habit that can be mastered by anyone. In this rewind episode, let's talk about the key switch you need to make to start building wealth today. Head to rhothomas.com/310 for the full episode show notes. Need help with your finances? Apply for a strategy session at rh...

No spend months are commonly used but don't work. In fact, they sometimes even make things worse. In this episode, let's talk about why no spend months don’t work and a better way to create positive change in your finances. Head to rhothomas.com/309 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.com/apply .

Many lawyers can't take a vacation without going into debt and/or stressing about money the whole time. But a little planning on the front end could completely change that experience. In this episode, let's talk about practical strategies to pay for your summer vacation so you can enjoy your time away without stressing about money. Head to rhothomas.com/308 for the full episode show notes. Need he...

Some of the most popular solutions for paying off credit card debt actually lead to a debt cycle that's tough to get out of. And too many lawyers are falling for it. In this episode, let's talk about why these common debt strategies don't work and what to do instead. Head to rhothomas.com/307 for the full episode show notes. Need help with your finances? Apply for a strategy session at rhothomas.c...

How do you handle tax refunds and bonuses? Many lawyers look forward to these infusions of cash each year. But what you do with them says a lot about your ability to build wealth. In this episode, let's talk about the common ways people handle windfalls and how each impacts your ability to build wealth. Head to rhothomas.com/306 for the full episode show notes. Apply for a strategy session at rhot...

What do you do when you've been trying to improve your finances but it feels like it's not working—it feels like you're not making progress with your finances? The answer depends on your situation. In this episode, we talk about 4 example situations in which someone may feel like they're not making progress on their finances and what to do in each. Head to https://www.rhothomas.com/305 for the ful...

One of the biggest lies lawyers tell themselves is that making more money would solve all their financial problems. However, many make more now than in the past but still struggle. Because the real issue is not the amount they make; it's poor money management. In this episode, let's talk about why good money management is more crucial than income level and how to start thinking differently about y...

Too many attorneys are stressed, overextended, and broke despite high incomes. For many, rationalizing bad spending habits is the main culprit. In this episode, let's talk about four common justifications for bad spending decisions that keep lawyers stuck and a new way to think about money, so you can build financial security. Head to rhothomas.com/303 for the full episode show notes.

When you make good money but your finances still feel tight, the problem usually isn’t your income. It’s how you’re using your money. In this episode, let's talk about why many lawyers feel stuck, even when they make good money, and a simple roadmap that will make your six-figure income feel like more than enough. Head to rhothomas.com/302 for the full episode show notes.

How many lawyers look like they have it all on the outside but are secretly living paycheck to paycheck and stressed about their finances? Unfortunately, it's probably a lot more than you think. In this episode, let's talk about the tendency of many lawyers to spend money to keep up appearances without thinking about the impact to their finances. Head to rhothomas.com/301 for the full episode show...

I left my multiple-six-figure job. My finances played a big part in my ability to do that. Money buys options. It creates freedom. In this 300th episode, we discuss why money is freedom, a concept that underlies all the work I do. Head to rhothomas.com/300 for the full episode show notes. Need help with getting out of debt and building your net worth? Schedule a consultation at rhothomas.com/call...

Have you ever considered the downsides to making more that can lead to you being in a worse position? There's a pervasive, false belief that making more is inherently better, but that's not the case. In this episode, let's talk about why making more is not better and what really matters when it comes to your finances. Head to rhothomas.com/299 for the full episode show notes. Need help with gettin...

Many lawyers struggle with their personal finances because they can't get over their perfectionism. They never make moves to get their finances in order because they don't know the perfect step to take and end up stuck in the same place. But rather than waiting for the perfect plan, it's much better to make progress toward the direction you want to go, even if it's imperfect. In this episode, let'...

Learning about people making less than me who were better off financially was a critical turning point for my finances. Seeing the things they had achieved helped me to believe that my husband and I could do the same things. When you build your belief that your goals are possible, you take action and make progress toward achieving them. In this episode, let's talk about how your belief impacts you...

Your financial journey is about more than money. It's about freedom. Each step forward creates more breathing room and flexibility in your life. In this episode, let's talk about how taking charge of your personal finances creates more freedom and peace, long before you completely pay off your debt, build a seven-figure net worth, or fully retire. Head to rhothomas.com/296 for the full episode sho...