Personal Finance for Lawyers | How to Budget, Get Out of Debt, Save Money, Manage Money, Build Wealth, Financial Freedom

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. Head to rhothomas.com/241 for the full episode show notes. Join the Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

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 talk about winning with your finances and growing your net worth, rather than just getting by and staying stuck. Head to rhothomas.com/240 for the full episode show notes. Join the Less Debt, More Money Masterclass at rhothomas.com/lessdebt.

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 your 2024 finances to prepare for 2025. Get the full episode show notes at rhothomas.com/239.

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 rhothomas.com/237 for the full episode show notes.

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 and suggestions for any lawyers who find themselves in this place. Head to rhothomas.com/234 for the full episode show notes.

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 for the full episode show notes.

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 get out of debt at rhothomas.com/guide.