Personal Finance for Lawyers

The world has experienced a lot of discomfort in the last year after coming face-to-face with the realities of the Black American experience—which have been hidden in plain sight for centuries—during a pandemic when there was little else to focus on. In the wake of the Derek Chauvin verdict, I'm reflecting on facets of Black history, how they impact money in the Black community, and changing the n...

Most of the "factual observations" we have about ourselves and the world around us aren't facts at all. Really, they're stories we've created about ourselves and the world through our interpretation of the facts and neutral circumstances we encounter. Often these stories don't serve us and lead to us not getting the results we want in our lives, including with our money. In this episode, we dive i...

If there's one thing that law and personal finance have in common, it's that the right answer is often "it depends."  So many of us look outside ourselves for the "right" way to do things with our money, but there's no one-size-fits-all solution. It truly depends on the individual.  If you ask three different people the best way to pay off debt or which savings account is the best one, you'll prob...

We talk a lot about being in the right mindset to reach our goals. This is absolutely an important part of the process, but we can't neglect the action piece. As a lawyer, you probably spend way too much time preparing before you actually do a thing. (I know it's not just me...) If you find yourself thinking, researching, and preparing more than doing, this episode is for you. We dive into some of...

Mindset is key to making progress in every area of our lives, including our money. Because of the way we're socialized, many people tend to have a fixed mindset around money, which leads to undesired results. In this episode, we dive into some of the characteristics of a fixed mindset vs. a growth mindset and how each plays out in relation to our money. Head to https://www.rhothomas.com/41 for the...

How many times have you heard or said the words, "I'm so far behind"? It comes up for many lawyers at various points in our lives, but it's just a thought, and not a very useful one. In this episode, we dive into where this thought comes from, why it's problematic, and what we can do instead. Head to https://www.rhothomas.com/40 for the full episode show notes.

We all know that life can throw some unexpected things at us. You want to be prepared when it does. Having an emergency fund is one way to prepare for the unexpected. Plus, your emergency fund brings you one step closer to freedom because it reduces your reliance on your income. In this episode, we explore what an emergency fund is, how much to have in your emergency fund, where to keep your emerg...

We all know that goals help guide us and move us forward in life. Some of us, though, struggle to make the progress we want, even as we set goals. If that's you, this episode provides 8 tips to help you set better, more actionable goals to achieve the success you’re looking for in whatever area of your life. Visit https://www.rhothomas.com/38 for the full episode show notes.

The personal finance world puts so much focus on numbers and actions. But looking at our money from a purely mathematical and action-oriented standpoint misses the most crucial part of the picture: your money mindset. Your results with your money always stem from your thoughts about money. What results are your thoughts leading to? In this episode, we dive into the importance of our thoughts in ac...

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/36 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...

Have you ever found yourself saying, "I work hard. I deserve it."? If so, you're not alone. It's a common statement from lawyers and other professionals alike. Let's talk about two reasons we often say things like this, the effect it can have on our lives and money, and some tips for what to do instead. Head to https://www.rhothomas.com/34 for the full episode show notes.

Short-term goals are familiar to most lawyers. Our days tend to be driven by deadlines, fire drills, and other things that need to be completed in the near future. But what about big goals that will take much longer to complete? Often, these goals are more personal and may be more meaningful to us, such as our financial goals, but they sometimes can feel overwhelming or impossible. If you're findi...

Lawyers often get stuck in indecision, but it costs us much more than we realize. Living life by design necessarily requires intentional decision-making. In this episode, let's talk about why we struggle to make decisions, why it's problematic, and a simple trick you can use to help yourself make your next decision. Head to https://www.rhothomas.com/32 for the full episode show notes.

It’s so common for people to spend more as they make more. This is called lifestyle inflation, and it’s the main reason so many lawyers live paycheck to paycheck. Left unchecked, lifestyle inflation will block any chance you have of becoming financial independent and getting the control of your time you’re seeking. In this episode, we’ll talk more about what lifestyle inflation is, why it’s such a...

We often put a lot of weight on financial numbers that don't give any true indication of how we're doing financially. We learn pretty early on to value these numbers because they're "important." But we often ignore the one that matters most. In this episode, we're going to talk about the two most common irrelevant numbers we tend to focus on and the one that actually matters. Head to https://www.r...

Do you struggle to reach the goals you set? Maybe you start off great, but then fall off a few weeks or months in. If that’s you, you want to hear this. In this episode, we’ll talk about a really simple concept to help you turn things around and actually reach your goals. Head to https://www.rhothomas.com/29 for the full episode show notes.

If you've been following me for any length of time, you're probably aiming to be more intentional about how you live your life. For most of us, that means creating different results than the ones we've gotten to this point. But how do you do that? In today's episode, we dive into the secret to creating different results in our lives and how this one shift changes everything. Head to rhothomas.com/...

Merry Christmas! Hap-py hol-i-days! (I hope you sang that like *NSYNC btw...) 2020 has been a wild ride. What lessons have you learned from this year that you will take with you going forward? In today's episode, let's look back on this year and talk about making intentional plans for your life for the upcoming year. Head to rhothomas.com/27 for the full episode show notes.

We often think we'll be happier when we reach certain goals in life. But when you're constantly waiting for some magical point in the future to finally live the life you want, you'll never be happy. In this episode, we talk about why we do this and what to do instead. Head to https://www.rhothomas.com/26 for the full episode show notes.

Are you struggling with student loans from your law degree? Do you want to know the fastest way to pay them off? In this episode, I take you through the exact method my husband and I used to pay off over $400,000 of debt and why it works. Head to https://www.rhothomas.com/25 for the full episode show notes.

Do you ever shame yourself for mistakes? You're not alone. It’s common for lawyers especially, but in today's episode, we get into why shaming ourselves is unproductive and often leads to undesired results. Head to https://www.rhothomas.com/24 for the full episode show notes.

Have you ever wondered if your budget is in line with other people's budgets? If you're unsure if your numbers are normal, I'll tell you--there's no such thing as "normal." Each individual is different, and what works for one person may not work for you. But if you want an inside look at how we budget our money for our 4-person household, this is the episode for you. Head to https://www.rhothomas....

There's one thing keeping you from paying off your debt or reaching your other goals. The good thing, though, is you have absolute control over it and can change it to get the results you want. In today's episode, we explore what that is, how it plays out, and what you can do to fix it. Visit https://www.rhothomas.com/22 for the full episode show notes.

There’s so much stress and strife over money in many marriages. Money issues are one of the leading causes of divorce in America. But money doesn’t have to be so hard. In this episode, we talk about how to stop money fights and some tips to get on the same page with your spouse. Visit https://www.rhothomas.com/21 for the full episode show notes.