Personal Finance for Lawyers

When you create a budget, is it bad to change it? Do you have to stick with it? These kinds of concerns come up often with my clients when we create their budget (or spending plan if you like that term better). In this episode, let's talk about whether it's okay to change your budget and how to approach the topic of changing your budget. Head to rhothomas.com/220 for the full episode show notes. G...

Impulse spending is a struggle for a lot of lawyers. It can lead to overspending, increased debt balances, and lack of savings. But there are ways to curb your impulse spending and keep it from ruining your finances. In this episode, let's talk about 5 tips to keep your impulse spending in check. Head to rhothomas.com/219 for the full episode show notes. Get my free ebook, 5 Mistakes That Keep Law...

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...

Being hopeful may seem like a good thing. But too many lawyers approach their finances with hope and nothing else. Hope is 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/217 for the full episode show notes. Join the waitlist for The Wealthyesq Group at rhothomas.com/coaching...

Ever feel like you're the only lawyer who's dealing with money issues? In my line of work, I talk with a lot of lawyers who aren't doing as well as they'd like with their finances. I'm here to tell you, you're not the only one. In this episode, let's talk about some of the common feelings and issues around money I've heard from the 100+ lawyers I've talked to over the years. Head to rhothomas.com/...

What if you made money decisions like a business? Businesses use company values as a filter for the decisions they make. When we take the same approach with our money decisions, we make better, more aligned decisions. In this episode, let's talk about let's talk about why it's important to use your values as a filter for your money decisions. Head to rhothomas.com/215 for the full episode show not...

Intentional spending is foundational to managing your money better and achieving your financial goals. Often we spend impulsively and without thinking about how that spending impacts other areas of our finances. In this episode, let's talk about 3 questions you can ask yourself to make better money decisions and to spend more intentionally. Head to rhothomas.com/214 for the full episode show notes...

My client Ashley found herself in a position where she was making good money but not really paying attention to her finances. She was in a state of passivity, as she calls it. During our work together, she got out of passivity and started taking big action to turn her finances around. She paid off all her credit cards and has implemented a plan with her husband to build their savings and start inv...

Thinking about the dreams you have for your life is an important aspect of your financial journey. If being in debt is preventing you from doing things you want to do, use that to motivate yourself to achieve your goals. In this episode, we talk about the importance of your dreams in your financial journey as well as some examples of my clients' dreams that have been fulfilled since improving thei...

My client Alex felt confused with all the conflicting advice out there about how to manage his money. He also felt trapped by his student loans and didn't think he would be able to accomplish some of his life goals, like buying a house, until years down the line when he had paid them off. After working with me, those thoughts and feelings totally changed. In this episode, Alex and I chat about our...

You can't depend on your job always being there. Too many lawyers end up in sticky situations because they're dependent on their jobs and don't have their finances set up in a way that allows them to easily pivot when necessary. In this episode, let's talk about why you can't depend on your job and how to set your finances up to have options in your career and life. Head to rhothomas.com/210 for t...

My client Val didn't know much about personal finance and carried a lot of shame around the debt she and her husband had. They were making more than ever but going deeper into debt, so she reached out for help. During our time working together, Val started paying off that debt and saving money. But the biggest shift for her has been the trust she developed in her ability to make decisions for her...

We're almost halfway through the year. How are things looking with your goals for the year? If you're not sure, now is a great time to check in with your progress on your goals and make sure you're on track. In this episode, let's walk through some questions to help you assess your progress on your goals, get back on track if you need to, and finish the year strong. Head to rhothomas.com/208 for t...

My client Kenny found himself making good money but consistently owing more on his Amex than the amount of his paycheck. He decided he wanted to make a change and reached out for help. During our time working together, Kenny got out of that debt cycle, started intentionally planning his spending, and started saving more than ever before. In this episode, Kenny shares how he turned his finances aro...

What do you do when you've been trying to improve your finances but it feels like it's not working—it feels like you're not making progress with your finances? The answer depends on your situation. In this episode, we talk about 4 example situations in which someone may feel like they're not making progress on their finances and what to do in each. Head to https://www.rhothomas.com/206 for the ful...

You don't have to stay trapped in debt forever. If you're feeling stuck and don't know what to do to get out of debt, I have a simple strategy that will help. In this episode, let's talk about my journey out of debt, including the strategy I used and now teach my clients that has helped us collectively pay off hundreds of thousands of dollars of debt. Head to rhothomas.com/205 for the full episode...

If you're a lawyer who beats yourself up for the state of your finances, this episode is for you. There's one key reason why lawyers don't know how to manage money, and it's not entirely our fault. But there's a simple solution to fix it. In this episode, let's talk about why lawyers don't know how to manage money and what to do about it. Head to https://www.rhothomas.com/204 for the full episode...

How much should you be saving? What's the right amount? With so many rules about what we should be doing with our finances, it's hard to know what to follow. In this episode, let's talk about navigating the savings rules and how to determine how much you should be saving. Head to https://www.rhothomas.com/203 for the full episode show notes.

Spending money is not a remedy for negative emotions. Although spending may provide some immediate relief from the negative emotion, it only leads to more negative emotion in the long term when you end up overspending and creating a financial mess. In this episode, let's talk about overconsumption and emotional spending, including how to handle those negative emotions we so desperately want to avo...

In celebration of reaching 200 episodes, I'm answering more of your burning questions! Last week was all about money. This week is all of your questions about me. In this episode, we're talking about things like my money journey and strategy, advice I would give my younger self, and my weird habits. Head to https://www.rhothomas.com/201 for the full episode show notes.

You asked; I answered! In celebration of reaching 200 episodes, I'm answering all of your questions about money. In this episode, we're talking about retirement, making money moves when you don't have a Biglaw salary, debt strategies, and the best way to use a Biglaw salary to reach financial freedom. Head to https://www.rhothomas.com/200 for the full episode show notes.

Laurel is a fashion-loving lawyer who had been struggling with credit card debt for years. She wanted to pay it off but didn't want to completely deprive herself of the things she loves. In just 6 months, she paid off all her credit cards and increased her net worth by 5 figures. Plus, she was still able to shop and have fun with her friends. In this episode, listen in as Laurel and I chat about o...

What if the purpose of your money goal isn't to achieve it? Most lawyers view their goals as finish lines to reach, with anything short of full achievement being deemed failure. But that perspective overlooks the immense value in the journey toward the goal and the progress you make simply because you dare to attempt it. In this episode, let's explore a new perspective on money goals that places l...

Sometimes it can feel like your finances are just happening to you. But they're not. You have authority over your finances, and you can change your financial circumstances. All it takes is a decision to do so. In this episode, let's talk about how not recognizing your authority over your finances can hold you back and what to do about it. Head to https://www.rhothomas.com/197 for the full episode...

The way you think about your future is critical to achieving the goals you have for your future. The issue is many of us go to the negative and believe our goals are impossible or that things won't work out for us. You have to believe that the things you want can and will happen before you'll ever achieve them. In this episode, let's talk about the danger of negative thoughts about the future and...