Personal Finance for Lawyers

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 wh...

In a society that's always looking for the next best thing—doing more, bigger, better—we often don't take the time to acknowledge our achievements. We accomplish something, and then we're immediately looking to the next thing because this thing that we've accomplished isn't enough. But slowing down to actually acknowledge and celebrate your achievements can lead to achieving more. Not acknowledgin...

Many high-income earners, including many lawyers, don't have anything to show for the money they've made. It's such a common situation in the legal profession and beyond that there's a special acronym for people who fit this description: HENRY. Although it may be common for high-income earners to have a low net worth, it doesn't have to be that way. In this episode, we're talking about what HENRY...

Much of mainstream personal finance advice tells you to scrimp and save and hoard your money, so you can possibly have the privilege of enjoying it in 30-40 years. That's not sustainable. Instead, I believe in spending on things you enjoy while you work toward your money goals. In this episode, I share my personal experience with intentionally choosing to spend money on things I enjoy, why trying...

"I can't do it." It's such a common thought for many people, especially when learning to manage money for the first time or trying to create and stick to a budget for the tenth time. In this episode, we discuss why "I can't do it" is such a common thought, why it's not useful, and what to do about it. Head to https://www.rhothomas.com/66 for the full episode show notes.

Many people fail to hit their money goals because they default to their normal money habits, which feel comfortable. But achieving your money goals often involves behaviors and habits that are different from the ones you're used to, which means there's inevitably some discomfort involved. In this episode, we talk about why your current habits feel more comfortable, the way you're prioritizing your...

My husband and I recently finished paying off almost $500,000 of student loan debt, which is a goal we've been working on for nearly 5 years. As I reflect on our journey, I've identified 6 lessons from our story that are applicable to money goals across the board. In this episode, I'm sharing some of the details of our journey to pay off almost half a million dollars of debt, 6 lessons from our st...

As of September 3, 2021, I officially no longer practice law. After 7 years, I decided to leave. It's a pretty big identity shift for me, and I feel a range of emotions, but overall, I'm excited for what's to come. In this episode, I unpack why I decided to leave, my thoughts and feelings about leaving, other people's thoughts about me leaving, and why I decided to share this episode. Head to http...

Lawyers have a tendency to overthink and want to research and analyze and consume more and more information to find the "right" answer. We're really good at learning, and sometimes we tell ourselves we're making progress with all our research and information gathering, when really we're trying to avoid taking action. In this episode, we talk about why we tend to spend so much time learning and why...

As a lawyer, you likely tend to strive for perfection in everything you do. This can often look like thinking that you're not doing enough or that you should be reaching your goals faster. But this line of thinking is really reflection of a lack of self-love and self-compassion and leads to negative results in your life. In this episode, we explore an example of how this shows up in the context of...

Often we try to control things that are outside our control or we completely give our power away and believe that our lives are at the mercy of external forces. Both extremes are unhealthy and can lead to undesired results in your finances. In this episode, we talk about both extremes, specific things you can't control in your life, specific things you can control in your life, and some examples o...

Lawyers are no strangers to the concept of delayed gratification. Even with all our experience with delaying gratification to become lawyers, we sometimes have trouble delaying gratification once we actually reach that milestone and start making money. In this episode, we talk about what delayed gratification is and why we sometimes have trouble delaying gratification, and we explore two examples...

Many lawyers conflate their needs and wants. Many also spend on things they neither need nor want. Both lead to overspending and other undesired results with our money. In this episode, we're talking about what needs and wants are, why it's important to distinguish between them, and some tips for identifying what you actually need and want and cutting what you don't. Head to https://www.rhothomas....

Money is one of the most prominent things in our lives. It touches almost everything we do, but it's one of the least talked about topics. In this episode, we explore why people avoid talking about money, why talking about money is important, and how to start having more conversations about money. Head to https://www.rhothomas.com/57 for the full episode show notes.

After a year of podcasting, I’ve shared a lot of information, made a lot of mistakes, and heard from a lot of you about how you’re applying this information to your life. I’ve also learned a few things over the last year. In this episode, let’s talk about where the podcast stands after a year, some things you’ve accomplished this year because of the podcast, and 4 lessons I've learned that you can...

Three words have become an almost automatic response to challenging or new situations. They lead to confusion and inaction, and they're holding you back from what you want. In this episode, let's talk about what these three words are, why we say them, and what we can say instead. Head to https://www.rhothomas.com/55 for the full episode show notes.

We talk a lot about money mindset, but we don't give as much attention to the role emotions play in managing our money. How we feel has a lot to do with the results we have with our money. In this episode, we explore how emotions affect our behavior, the importance of recognizing our emotions in relation to our money, and common emotions around money. Head to https://www.rhothomas.com/54 for the f...

We know that some people set and achieve their goals, while others keep talking about (but never actually doing) the same things year after year. The people who accomplish what they say they want to do are committed. Those who don’t may only be interested. In this episode, we talk about the difference between interest and commitment, the characteristics of each, and some questions to ask yourself...

Many of us are living on autopilot, making decisions and taking action based on what feels good or what's comfortable. This is reactive living, and it’s hard to make the progress you want to make in any area—especially with your money—when you’re being reactive. In this episode, we talk about what "reactive" means, the role our brains play in being reactive, how reactivity shows up in our money, a...

How often have you said the statement "I can't afford it"? It's almost an automatic statement when we're presented with something that we perceive to be expensive that we don't typically buy or we're not used to spending money on. But it's often not true. In today's episode we discuss why "I can't afford it" is a harmful way of thinking and look at two alternative perspectives you can consider. He...

Friendly reminder that money has no inherent meaning. Whether it's your salary, how much debt you have, the balance in your checking or savings account, or something else, they're all just numbers. Different people will think about those numbers differently, and ultimately, the way you think about them shapes your financial results. In this episode, we explore a few real-life examples that illustr...

Often in life we resist our current circumstances, looking ahead to some point in the future when we imagine life will be better. Resistance is a choice, and it causes you to feel more discomfort and make less progress than if you accepted your current circumstances. In this episode, we dive into resistance to current circumstances and why acceptance is the better option. Head to https://www.rhoth...

Our society is big on multitasking. But when we try to do multiple things at once, we're not able to do any of them in the best way. This includes our money goals. In this episode, we talk about why focus is the best way to make progress on any particular goal. Head to https://www.rhothomas.com/48 for the full episode show notes.

There's no shortage of personal finance advice out there. If you want to learn how to manage your money and build wealth, there are plenty of resources available to you. But many of those resources have the same thing in common. And it's a problem. In this episode, I share the problem I have with traditional personal finance advice and the best money advice I received over 10 years ago and have ta...

It's common for many of us in the legal profession to bring in a healthy income and still struggle financially. It's also common to have little control of our time. But your money and your time are linked. Learning to manage your money well is a major key to gaining more flexibility and control of your time. In this episode, I share my own story of making good money and having little to show for i...