Personal Finance for Lawyers

If you're really good at making plans for your money but not so good at sticking to them, you're not alone. It's super common, especially among lawyers. Many of us have gotten really good at not following through on our word to ourselves. But it's also the reason so many lawyers don't have the finances they want. In this episode, let's talk about why people don't follow through on what they plan t...

Spending money won't erase your negative emotions, no matter how much you may want it to. Logically, we know this, but so many of us try to stuff down our negative emotions and feel happier by spending money or overconsuming other things. 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 overspendi...

Who are the people influencing your financial decisions? For many of us, it's people who think the same way we do, manage money the same way we do, and reinforce the beliefs we already have about money. Elevating your circle of influence gives you access to new ways of thinking about money and new financial strategies you may not even be aware of. In this episode, let's talk about the importance o...

If you're always chasing bigger and better things than what you already have, you're on par with most of the rest of society. And your finances likely are, too. Many people are stretching their finances to the limit trying to keep up with the latest and greatest—so much so that the majority are living paycheck to paycheck. It's common to spend everything you make and then some. It's uncommon to sp...

Have you ever thought about how much money you've made so far in your career? Or how much you'll make in your lifetime? For most lawyers, that number is at least a million dollars. But many of us never learn to manage all the money coming to us. Instead, we focus on how much we don't have and how we need to make more. And we end up with nothing to show for all the money we made. In this episode, l...

Your relationship with money is no different than any other relationship in your life. Many of the same principles apply. If your money were a person, how would you rate the way you treat that person? How would you describe the kind of relationship you have? In this episode, let's talk about some of the practices we implement to have thriving relationships with other people and how those same prac...

Time is a finite resource. Once it’s gone, it’s gone. Money is infinite. We have unlimited access to money. But we typically treat our time and money as if the opposite were true. In this episode, let’s talk about trading time for money and how you can use your money to buy back your time instead. Head to https://www.rhothomas.com/114 for the full episode show notes. Schedule a call to learn how w...

What if you could spend what you want and still achieve the financial goals you set for yourself? You can. You just have to understand the formula for doing so. Most people approach budgeting and planning their spending in a restrictive manner, which is why many people don't stick to the budgets they create. But your budget is simply a plan for how you want to use your money, and you can spend on...

We make a lot of financial decisions on autopilot, and sometimes those decisions have a negative impact on other things we want to do financially. In each of those situations, whether we recognize it or not, we have a choice to stay on track with our goals or to go in the opposite direction. In this episode, let's talk about the importance of creating space to make those choices intentionally and...

We have a tendency to put things off that could easily be done now. We tell ourselves stories about how long the thing will take, how hard it will be, or how we just don't have time. But ultimately, none of it is true, and it's just a block to achieving the goals we set for ourselves. In this episode, let's talk about a few real life examples of how this kind of thinking shows up and why it's so i...

So many lawyers get into a start and stop cycle with their finances. They’ll be making some progress, but then they fall off track and give up. Then, at some point down the line, they get back on track but ultimately repeat the cycle over again. This cycle is dangerous because it keeps you from building momentum and doesn't lead you to achieving your financial goals. In this episode, let’s talk ab...

We often only think about the immediate costs associated with our financial decisions. But the decisions we make go far beyond the specific dollar amount associated with them today. Those decisions have opportunity costs and compound effects over time. In this episode, we explore a few examples of how relatively small financial decisions can have much bigger financial impacts than we might realize...

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...

Lawyers are used to doing all the things and keeping track of it all in 6-minute increments. But achieving your financial goals is about more than just action. It's about becoming the person you need to become to achieve those goals. It requires decoupling your identity from your current results and identifying yourself as the person who has achieved the goals you want to achieve. In this episode,...

If you're like many lawyers, you want to rush to achieve your financial goals as quickly as possible. You'd probably skip straight to the end goal if you could. But in focusing so much on the goal, you miss the most valuable part—the journey. In this episode, let's talk about the value of the journey and why it's more important than the goal itself. Head to https://www.rhothomas.com/106 for the fu...

Many lawyers spend money without intention. We often say “yes” to one thing without thinking through what we're effectively saying "no" to. But every dollar you spend is a dollar you can’t use for something else. When you’re not intentional with your spending, you don't make the progress you could be making toward the things you truly value. In this episode, let’s talk about the trade-offs lawyers...

We tend to have all kinds of thoughts related to money. Those thoughts can run the gamut from thoughts about the details of your financial situation to thoughts about yourself and your ability to manage your money. The key here is to differentiate those thoughts that are general, vague criticisms from those that relate to a specific, solvable problem. In this episode, we talk about the difference...

The greatest investment you can make is in yourself. So often we invest our time and money into other things—social media, Netflix, Amazon—and neglect our own personal development. But when we invest in ourselves, we learn skills that pay dividends over our lifetime. And as we continue to apply those skills, our results compound. That's true especially with learning to manage your money well. In t...

One of the most unproductive things you can do as you're working to improve your finances is compare yourself to what other lawyers are doing or where you think you "should be" at this stage in life. It ends up making you feel terrible and ultimately leads to you either giving up on your goals or slowing your progress on your goals unnecessarily. In this episode, let's talk about why comparing you...

Creating new results in any area requires becoming the person who has the results you want to create. In the transition from who you've been to who you're becoming, you will experience liminal moments—those moments along the journey that bring you closer to where you want to be or keep you where you are currently. In this episode, let's talk about liminal moments, including the tension many people...

We've talked many times before about how the way you think about money and the way you think about your ability to manage it play a huge part in the way you actually manage your money and whether you're able to achieve your goals. But have you ever examined your thoughts on these topics? How often do you intentionally direct yourself away from the thoughts you have that feel bad and toward new tho...

The ability to direct and manage your cash flow gives you the ability to achieve any money goal you have. That ability comes from having a budget that works for you and that you will actually stick to. Your budget is the foundation for your entire money plan. In this episode, I’m sharing the training I did on this subject last month in my pop-up Facebook group, the April Money Reset. Even if you'v...

If you've ever wondered how much you should be spending on the different categories of your budget, you're not alone. This is one of the top questions my clients ask me when we first start working together. In this episode, let's talk about why following what you “should” do often leads to undesired results and a better way to decide how much to spend on your budget categories. Head to https://www...

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...

If you're looking to your financial situation to feel secure, you're not alone. So many lawyers think a larger bank account or higher income will make them feel more secure—but they're mistaken. In fact, seeking security in your financial situation often leads to never feeling satisfied with what you have. In this episode, let's talk about why looking to your financial situation to feel a certain...