Personal Finance for Lawyers

As lawyers, we often get really caught up in doing things the “right” way or wanting to make the “right” decision. But what if there is no right or wrong when it comes to personal finance? In fact, what if looking for the “right” way leads to spinning in indecision and not making progress? In this episode, let’s talk about why lawyers try to make the “right” decision, how it holds you back from th...

So many of us live our lives on autopilot, going through the motions and not questioning anything or really being intentional about what we're doing. Awareness is recognizing your thought and behavior patterns and really questioning them and deciding if you want to keep them. When you bring awareness to the way you think about money and the way you spend your money, you will discover the most valu...

Sometimes when lawyers are thinking about getting control of their money, they focus on the things they don't like about the process and what they don't want to do. It's an un-useful exercise that hinders some from even getting started. In this episode, let's talk about why focusing on what you don't like or don't want to do keeps you from achieving your goals and a better place to focus your atte...

One of the biggest misconceptions lawyers have about money and money management is that it has to be complicated. If you think money has to be complicated, you'll likely either avoid your finances altogether or make them more complicated than they have to be. In this episode, let's chat about what happens when we believe money is complicated, why money is actually very simple, and some tips to sim...

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 b...

"I should already know how to do this." "I should be able to do this on my own." These thoughts come up a lot for lawyers with respect to money and many other areas of life. We often feel shame and embarrassment for seeking support because we're smart, so we shouldn't need it, right? But what if the smart thing is getting the help you need so you can actually get the thing done? In this episode, I...

My client Toni-Ann Mayembe felt so overwhelmed by her multiple-six-figure student debt and her $20,000+ credit card balances that she simply avoided them altogether. After struggling for some time and not making any progress, she reached out to me—a decision she says has changed her life forever. In this episode, Toni-Ann and I chat about our work together, including the biggest thing that helped...

When you try to take on too much before you have your finances in order, you will have a difficult time building a strong financial foundation for yourself. If all your money is going to other people and things, you won't have money available to strengthen your financial foundation, and a weak foundation can't hold much. In this episode, we chat about two situations in which I see lawyers taking o...

Every decision you've made to this point has led you to the life you have now. Often we look at where we are and think about all the things in the past that we wish we had done differently or that we regret. But we rarely take the time to look at all the things we've done that have gone right and all the good things our previous actions—mistakes and all—have led to. In this episode, we chat about...

There are two extremes when it comes to lawyers managing their money. On one side are the YOLO spenders—the lawyers who spend whatever without a plan or a thought about the future. On the other side are the penny-pinching spenders—the ones who tell themselves they can’t use their money for anything other than paying off debt, saving, and necessities. In this episode, let’s chat about why both extr...

Many lawyers feel overwhelmed by their finances. For some, the overwhelm comes up regarding a particular financial goal, such as paying off their student loan debt. For others, it's a specific decision they want to make about their money. For still others, it's anything to do with managing their money. Overwhelm is a particularly un-useful emotion, and it will never lead to the finances you want....

If you're not where you want to be with your finances—if you're truly honest with yourself—is it because you've given up on them? Often I hear from lawyers who started down the road of managing their money better at some point in the past but hit a setback along the way and never got back on track. They essentially gave up. But by giving up, you ensure your failure. If instead you keep going, you...

When it boils down to it, there are just three steps you need to take to improve your money. This three-step process is pretty simple and straightforward. It's exactly what I used to improve my own finances; it's what I work with my clients on; and if you implement it, you'll start to see the results you want to see with your money, as well. In this episode, I break down the three steps to better...

It's easy to conflate having a six-figure income with being wealthy. But they're not the same. In fact, your income doesn't have as much bearing on your ability to build wealth as you might think. In this episode, we're talking about the difference between income and wealth, why many lawyers who make a lot of money aren't wealthy, why some people who make less are, and why it's important to unders...

Many of us spend a lot of time trying to manage what other people think about us. I see this come up for a lot of lawyers, and it bleeds into the way they manage their money. But what other people think is really none of your business. You can't control it, no matter how hard you try, and when you're focused on what someone else might think, you're not focused on yourself, what you want, and your...

Often we set goals and don't ever look at them again or determine whether our efforts are working or not. We just keep doing the same things over and over again and staying in the same place year after year. Enter evaluations. Evaluations allow you to see whether your efforts are working, and if not, decide what you need to tweak to propel yourself forward in achieving your goals. In this episode,...

I hear it all the time. Lawyers tell me that something they're doing or something they have is not enough. It comes up especially in the context of money, where income, bonuses, savings, etc. can all seem insufficient. But the problem is when you're constantly telling yourself "it's not enough," you'll only continue to create the experience of "not enough." In this episode, we talk about why the t...

Money can be an emotional topic for many people. This can sometimes make it difficult to access the logical side of your brain to make strategic decisions. The good thing is it’s easy to objectively measure specific monetary goals, which helps to take some of the emotion out of it. In this episode, we talk about separating the math of your goals from your thoughts and feelings about them and the b...

The lawyers I talk to tend to think if they had more willpower, they’d be able to stick to their money plans and achieve their goals. It’s a common misconception. It doesn’t work and leads to you feeling exhausted and inevitably beating yourself up for failing yet again. In this episode, let’s talk about why willpower doesn’t work and what to try instead. Head to https://www.rhothomas.com/77 for t...

Lawyers often believe that managing their money better means they have to deprive themselves of the things they enjoy. It’s a common reason that many people give up on their money goals—or never start in the first place. In this episode, we talk about why we do this and explore a different approach. Head to https://www.rhothomas.com/76 for the full episode show notes.

Running up credit card debt. Not budgeting or saving. Spending more than we make. There are a lot of mistakes that we can make with money, but there’s one in particular that influences the others. In this episode, let’s chat about the biggest mistake lawyers make with money and how it plays out in our cashflow, debt, and savings and investments. Head to https://www.rhothomas.com/75 for the full ep...

When lawyers learn about a new concept, our Type A-ness often leads us to try to make sure we’re doing it “right.” When we’re learning to manage our money better, this can lead to going overboard and forgetting to live life in the process. (Ask me how I know…) In this episode, let’s talk about why balancing our money goals with living in the present is so important, my own struggle with balance in...

Even among six-figure earners, building wealth is often difficult. In today’s episode, I’m sharing the #1 secret to building wealth, no matter your income. We talk about what the secret is, an example of how it works, and how you can apply it in your own life. Head to https://www.rhothomas.com/73 for the full episode show notes. This episode is the second in a series of replays of my best episodes...

Achieving your money goals requires being intentional with your money, which starts with your budget. Your budget is simply your plan for how you'll use your money each month. In this episode, learn why lawyers need a budget, different budgeting styles, and tips for getting started with your budget. Head to https://www.rhothomas.com/72 for the full episode show notes.  This episode is the first in...

Many lawyers believe they're not good with money. It often stems from black-and-white thinking, where we think we're failing if we're not completely perfect at something. But of course there are nuances in every situation, and your finances are no different. In this episode, we talk about how viewing yourself as bad with money affects the way you handle your money. Plus, we explore some ways you'r...