Personal Finance for Lawyers

How do you make almost $200,000 but only have $100 left each month? In my husband's and my situation and in what I've seen with the lawyers I work with, it all comes down to managing money ineffectively. In this episode, let's talk about how to flip the way you typically manage your money on its head so you can actually have something to show for all the money you make. Head to rhothomas.com/245 f...

Having access to the right information can add multiple zeroes to your net worth. In this episode, I'm pulling back the curtain on the 5 transformative books that propelled me to millionaire status. Head to rhothomas.com/244 for the full episode show notes. Sign up for the next Less Debt, More Money Masterclass at rhothomas.com/lessdebt .

Your cash flow is one of the most important aspects of your personal finances. Too many lawyers have very little or even negative cash flow, and it's keeping them living on the edge and not achieving their goals. In this episode, let's talk about why your cash flow is crucial to your financial progress, along with tips to increase your cash flow this year. Head to rhothomas.com/243 for the full ep...

Are your money habits keeping you broke? I've personally had habits that kept me stuck financially in the past, and I've seen other lawyers experience the same over the years in my time as a money coach. In this episode, let's talk about 6 habits that will keep you broke and prevent you from building wealth. Get the full episode show notes at rhothomas.com/242 . Join the Less Debt, More Money Mast...

Do you believe that you're bad with money? It's a common belief among lawyers, but it doesn't have to be. There's no switch where you're either good with money or bad with money. As with every situation, there are nuances. In this episode, let's talk about how viewing yourself as bad with money affects the way you handle your money. Plus, let's explore some ways you're already good with money. Hea...

As we close out 2024 and head into 2025, let's make sure your money strategy is on point. It's easy to think that you're doing okay with your money if you're able to cover your bills and buy things you want. But this line of thinking leads many lawyers to stay stuck in the same place financially because they're not strategically thinking about how to move themselves forward. In this episode, let's...

Don't make the same financial mistake that a lot of lawyers make by not reviewing or evaluating your finances. It's a sure fire way to keep repeating the same mistakes and the same bad money habits year after year. Whatever happened with your finances in 2024 will give you important clues about what your money plan needs to be for 2025. Don't miss it. In this episode, let's talk about reviewing yo...

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 episode, let's talk about the key switch you need to make to start building wealth today. Head to rhothomas.com/238 for the full episode show notes.

Have you ever found yourself getting bored with budgeting or whatever system you're using to manage your money? There are 3 primary reasons this happens, and if you don't address them, it will be that much harder to achieve your financial goals and build wealth. In this episode, let's discuss the 3 reasons lawyers get tired of their money management systems and what to do about them. Head to rhoth...

An obsession with comparison is a major contributor to many lawyers being broke. Striving to keep up with what you see other people doing typically only leads to financial mess. In this episode, let's talk about the comparison trap and what to do instead. Head to rhothomas.com/236 for the full episode show notes.

What if improving your finances doesn't always have to take big changes? Yes, the big changes make the most difference, but there are small things you can do that will also make a big impact. In this episode, let's talk about 3 small changes you can make that will improve your finances today. Head to rhothomas.com/235 for the full episode show notes.

Spending 50% or more of your income on housing alone isn't sustainable (even if you live in California or New York). Yet, I've talked to so many lawyers in this exact situation. And often, it's the result of a change in their circumstances that caused a drop in their household income, but there was no corresponding change in their housing situation. In this episode, let's talk about my thoughts an...

Don't approach your finances in the same ineffective way many people approach losing weight—depriving yourself to get to your goals as quickly as possible. That approach often ends up setting people further back and keeping them from achieving their goals. In this rewind episode, let's talk about why the crash money diet approach isn't sustainable and what to do instead. Head to rhothomas.com/233...

Numerous lawyers make six figures a year and live paycheck to paycheck. In my time working with lawyers on their finances over the years, I've noticed 4 budget categories that tend to contribute to paycheck-to-paycheck living most often. In this episode, let's talk about the 4 biggest culprits and how to address them. Head to rhothomas.com/232 for the full episode show notes. Grab my free guide to...

Is it better to focus on paying off debt or saving first? It's a common question lawyers ask me, and there are a few important things to consider in making the decision. In this episode, we talk about how to determine whether to focus on saving or paying off debt, including some situations when it's best to focus on one or the other. Head to rhothomas.com/231 for the full episode show notes.

What did you do with your bonus last year? Can you remember? Are you happy with how you used it? If you're looking to use your bonus more effectively this year, I have a few tips that will help. In this episode, we're talking about 4 things my husband and I do with our bonuses that you can implement, too. Head to rhothomas.com/230 for the full episode show notes. Get out of debt with my free guide...

Feeling afraid to look at your finances? You're not alone. Many people are in the same boat. The good news is there are a few things you can do to reduce and even overcome that fear. In this episode, let's talk about a few tips to help you get past your fear so you can get your finances where you want them to be. Head to rhothomas.com/229 for the full episode show notes. Get help to get out of deb...

Tired of going deeper in debt year after year around the holidays? Start planning now so you can break that cycle. In this episode, let's talk about strategies you can implement to stop going into each new year with new debt from the holidays. Head to rhothomas.com/228 for the full episode show notes. Get out of debt with my free ebook: rhothomas.com/mistakes .

Here's one of the biggest reasons you may not be making progress on your financial goals: you’re lying to yourself about how much room you actually have for your goals in your finances. This comes up especially around lifestyle choices, where we sometimes mistakenly identify wants as needs. In this episode, let’s talk about one of my clients’ experience with this and my advice to her and anyone el...

Managing your money well doesn't mean never using credit cards. There are actually some pretty good reasons to use credit cards over cash. It's all in HOW you use them. In this episode, let's talk about the trap of using your credit cards incorrectly and how to use them more wisely. Head to rhothomas.com/226 for the full episode show notes. Get out of debt with my free ebook: rhothomas.com/mistake...

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...

You might think that having more money would make everything better. But what I have found is often lawyers don’t know how to handle having more money at first. It feels uncomfortable, and they find ways to get rid of it and sabotage their progress. In this episode, let’s talk about why it feels uncomfortable to have money and how to fix it. Head to rhothomas.com/224 for the full episode show note...

Most people take the wrong approach when they want to get their partner on board with managing their money better. There's a lot of talk about what we have to do and how much we need to cut back. And it typically backfires. Rather than telling your partner what you need to do and all the cuts that need to be made, let's try a different approach. In this episode, let's talk about the approach I rec...

It can be hard to navigate a situation where one person makes more money in the relationship. And it’s a pretty common situation for lawyers. The trick when you’re managing your finances with a partner, especially in this situation, is to manage them in a way that feels fair to both people. In this episode, let's talk about three approaches to consider if you're in a relationship where one partner...

Is it better to focus on paying off debt or investing? Are there times when it doesn't make sense to pay down your debt quickly? Can investing hurt your finances? In this episode, we talk about how to determine whether you should pay off your debt or invest, including some questions to ask yourself in making your decision. Head to rhothomas.com/221 for the full episode show notes. Get a free copy...