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

Feeling guilty when you spend money happens for two reasons: (1) you think you shouldn't be spending the money, and (2) you didn't plan to spend the money. But spending money without guilt is a skill you can learn, just like any other money skill. In this episode, we talk about the stigma around spending and how to develop the skill of spending money without guilt. Head to https://www.rhothomas.com/153 for the full episode show notes. Let's talk about how we can work together: https://www.rhothomas.com/call.

My client Danesha was about to transition from Biglaw to a clerkship. She realized that the way she had been handling her money wouldn't work with her lower salary, so she reached out for help. During our time together, Danesha learned the money management skills she had been lacking. But more importantly, she shifted her money mindset and improved her relationship with money overall. In this episode, Danesha and I talk about our work together, including the mindset shifts she's had around her money and the various fun things she includes in her budget. Head to https://www.rhothomas.com/152 for the full episode show notes. Let's talk about how we can work together: https://www.rhothomas.com/call.

Let's talk about why you hate managing your money. It all comes down to a few things that you're believing about yourself, about money, about money management skills, and/or about whether your efforts will pay off. In this episode, let's explore the different beliefs you may have that make you hate managing your finances and talk about how to change them. Head to https://www.rhothomas.com/151 for the full episode show notes. Schedule your consultation at https://www.rhothomas.com/call.

There are three stages of action: no action, passive action, and productive action. Many lawyers get stuck in the passive action stage, and it's a dangerous place to be. If you actually want to improve your finances, you need to get to the productive action stage and stay there. In this episode, let's talk about the three stages of action, how you know you're in each, and the key differentiator between passive action and productive action. Head to https://www.rhothomas.com/150 for the full episode show notes. Schedule your consultation at https://www.rhothomas.com/call.

Many lawyers allow their financial situation to dictate how they see themselves. But this is a mistake. Although your self-worth can impact your net worth, your net worth does not determine anything about your self-worth. When you can learn to separate the two, you'll have more success with your finances. In this episode, let's talk about what your net worth is, what self-worth is, and why keeping them separate is best for your finances. Head to https://www.rhothomas.com/149 for the full episode show notes. Schedule your consultation at https://www.rhothomas.com/call.

Learning the skill of saving money is one of the best things you can do for your finances. So many people never learn and consequently either don't save at all or do so inefficiently. Like any other piece of your money plan, saving starts with having a goal. In this episode, let's talk about the importance of setting savings goals, a strategy for saving that increases your ability to achieve your goals, and where to save your money. Head to https://www.rhothomas.com/148 for the full episode show notes. Schedule a consultation at https://www.rhothomas.com/call.

The way you think about money is vital to your success with it. I teach my clients to think about their money differently, which helps them to approach it in a way that allows them to achieve their money goals and feel better about money overall. In this episode, let's talk about 8 of my top beliefs around managing money and why they're so important. Get the full episode show notes at https://www.rhothomas.com/147. Schedule your consultation at https://www.rhothomas.com/call.

"Debt is dumb." "Student loans are good debt." "Oh my gosh, I can't believe anyone has THAT MUCH debt!" Lawyers generally are no strangers to debt. Many have six-figure student loans alone, not to mention any other kinds of debt. We get so many messages about how we should view debt. But internalizing these messages leads many to feel bad about their debt and avoid it altogether. In this episode, let's explore some common definitions of good debt and bad debt and talk about what to do when you have bad debt. Head to https://www.rhothomas.com/146 for the full episode show notes. Schedule your consultation to work with me at https://www.rhothomas.com/call.

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 https://www.rhothomas.com/145 for the full episode show notes. Schedule your consultation to work with me at https://www.rhothomas.com/call.

Lawyers often have multiple things they want competing for their financial resources. But we sometimes forget that we always have the power to intentionally decide which things to focus on. Many people allow their unintentional desires to direct the way they use their money, which leads them to not make the progress they want to make financially. In this episode, let's talk about how to manage your competing desires, including questioning your default thoughts and intentionally directing your desires to the things that serve you most. Head to https://www.rhothomas.com/144 for the full episode show notes. Schedule your consultation to work with me at https://www.rhothomas.com/call.