Personal Finance for Lawyers

As we settle into the new year, don't bring old money habits with you. Start the year with a fresh start for your finances so you can make real progress this year. In this episode, let's reflect on last year's efforts, set achievable goals for this year, and create a solid plan to achieve those goals by getting your cash flow in order. Head to rhothomas.com/295 for the full episode show notes. Nee...

Hope is a dangerous thing when it comes to your finances. Too many lawyers approach their finances with hope and nothing else. That’s not enough to achieve your financial goals. In this episode, let’s talk about why hope isn’t enough and a more productive approach to your finances. Head to rhothomas.com/294 for the full episode show notes. Need help with getting out of debt and building your net w...

One of the biggest reasons that many lawyers never achieve their financial goals is they get caught up in the things they want in the present. But by focusing on the things they want now, they ultimately sacrifice the things they want most. In this episode, let's talk about the balance between what you want now and what you want most and how to make sure you're still giving attention to your ultim...

Whether you believe you can or believe you can't, you're right. Your belief makes all the difference in your ability to achieve your goals. The way you look at your goals and what other people have done dictates what you achieve. In this rewind episode, let's revisit a conversation I had with one of the first readers of my original blog a few years ago and talk about the importance of believing th...

Are you using your money effectively? Or do you just view your money as a way to pay bills and buy stuff? In this episode, let's talk about changing your view of your money and how to make your money work for you. Head to rhothomas.com/291 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 .

If you've ever encountered difficulties or become frustrated during your personal finance journey, you're not alone. It's a common experience. But I want to offer some encouragement to you. In this episode, let's talk about what makes managing your personal finances well feel difficult and why you're the perfect person to take on the challenge. Head to rhothomas.com/290 for the full episode show n...

There seems to be a collective view in society that not spending money is somehow better than spending money, but I believe there's a balance. Underspending is just as harmful as overspending. In this episode, let's talk about the balance between underspending and overspending and the importance of making room to spend on things you enjoy. Head to rhothomas.com/289 for the full episode show notes....

Often, we look at where we are in life 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, let’s talk about being grateful for the previous versions of you and making decision...

What if you could pay off all of your credit card debt in the next year? How would that change the choices you make today? The thing is: short-term spending decisions can make or break that goal. One of my clients experienced this firsthand. In this episode, let's talk about why prioritizing the present over your future goals leads to regret and the importance of keeping your ultimate goals at the...

I ate a whole bag of Almond Joy snack size candy bars by myself. I have a huge sweet tooth, and when I have chocolate in the house, I'm eating it. Many lawyers find themselves in similar situations with respect to their personal finances and the things they like to spend money on. The best solution for my sweet tooth and for my clients' wallets is to remove the temptation. In this episode, let's t...

It took us 3.5 years to go from negative $342k to positive $100k in net worth. They say the first $100k is the hardest, but we made it through a combination of paying down debt, investing, and a little luck. In this episode, let's talk about our journey from negative $342k to positive $100k, including our actual numbers year by year. Head to rhothomas.com/285 for the full episode show notes. Need...

If you're a lawyer making six figures but living paycheck to paycheck, you're not alone. It also doesn't have to be this way. In my time working with lawyers on their finances over the years, I've noticed 4 budget categories that contribute to paycheck-to-paycheck living most often. In this rewind episode, let's talk about the 4 biggest culprits and how to fix them. Head to rhothomas.com/284 for t...

I have a confession: I have some credit card debt. Those of you who have been around for some time may not be surprised by this because I've been using debt strategically for years. Due to some circumstances in my business this year, I haven't paid this particular debt off as quickly as I'd like. In this episode, I'm pulling back the curtain on the credit card debt I have and the plan to pay it of...

Want to get out of debt faster? Here's the key: You need to focus. One of my clients recently cited this as the top thing she took away from working with me, and attendees of one of my recent presentations were mind-blown about the concept. In this episode, let's talk about how focusing your efforts with your finances leads to faster progress. Head to rhothomas.com/282 for the full episode show no...

Many lawyers find themselves with no money left at the end of the month for their goals. It's all too common, but it doesn't have to be that way. In this episode, let's talk about the best way to prioritize your finances so you can achieve your goals. Head to rhothomas.com/281 for the full episode show notes.

My client Jeanne was skeptical about whether she and her husband would ever be able to get out of debt. During our time together, they ended up paying off much more than she ever imagined. In this episode, Jeanne and I chat about our work together, including how much debt she and her husband paid off, the trips they were able to take in the process, and the power of focus in your personal finances...

Don't give up on your goals in the 4th quarter. You still have plenty of time to finish the year strong. In this episode, let's talk about some questions to assess where you are with your goals and what needs to continue or change to ensure you finish the year where you want to be. Head to rhothomas.com/279 for the full episode show notes.

My clients Ashley and Tim make good money, but they could never seem to get ahead with their finances. They had no plan for their money and felt stressed and overwhelmed. All that changed when they reached out to me. In this episode, Ashley, Tim, and I chat about our work together, including how they've been able to pay off almost $8,000 of debt and save $10,000 while still going on vacation and s...

I've had a few conversations recently with people who want to keep doing the same things and magically have more savings and no debt. The thing is, if you want to change your finances, something has to change. You can't change staying the same. In this rewind episode, let's talk about the requirement for change, including examples of two attorneys who are not making the changes they want to make i...

We’re trying a different investing strategy than the one we’ve used for the previous decade. It’s been an interesting experience so far, and I’m learning a lot. In this episode, let's talk about my husband's and my first rental property and how we're funding the purchase. Head to rhothomas.com/276 for the full episode show notes.

My husband and I stopped contributing to our retirement accounts. Personal Finance 101 says you should max out your retirement accounts or at least contribute enough to get the employer match. But we decided to cut our contributions altogether. Are we making a big mistake? In this episode, let’s talk about the reasons behind our decision and what we’re doing instead. Head to rhothomas.com/275 for...

Sometimes following the path you're "supposed to" take leads to a life you don't actually want to live. That's exactly what happened to Lauren Klein, Biglaw attorney turned boutique firm owner and money and mindset coach. Through intentional planning and wise money decisions, Lauren has built a business and life she loves. In this episode, Lauren and I talk about her journey, the tools that have h...

Do lawyers have an ethical duty to manage their money well? I’ve been thinking about this lately—specifically whether our duty to act with integrity is invoked in the way we handle our day-to-day personal finances. In this episode, let’s talk about this question and what to do if you think you’re acting out of integrity with your money. Head to rhothomas.com/273 for the full episode show notes.

The early stages of the money journey often feel the most difficult because you're learning a completely new way of doing things. Many lawyers give up at that point, and it's a mistake. In this episode, let's talk about the natural progression of learning and why it's important to push through the learning curve to achieve your goals. Head to rhothomas.com/272 for the full episode show notes.

If you want real success with your finances, you have to be consistent. Too often, lawyers start to see progress and then stop doing the things that created that progress. This leads to falling back into old patterns and sometimes ending up worse off than when they started. In this episode, let's talk about the importance of consistency and staying the course. Head to rhothomas.com/271 for the ful...