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

Many people would rather talk about topics like weight and intimacy before they'll talk about their finances. There's a lot of shame surrounding money, and that shame is heightened within the legal profession. But it doesn't have to be that way. In this episode, let's talk about two common reasons lawyers feel shame about their finances, the effect of shame on your finances, and how to address it. Head to https://www.rhothomas.com/125 for the full episode show notes. Take the first step to work with me by heading to https://www.rhothomas.com/call.

Sometimes one of your biggest strengths can actually prove to be a weakness. Case in point: Lawyers tend to be really good at following steps and rules. But when you’re trying to manage your money better, you can get hung up on rules to your detriment. In this episode, let’s explore why some common rules around how to manage your money, such as maxing your 401(k) and putting 20% down on your house, may not be serving you. Head to https://www.rhothomas.com/124 for the full episode show notes. Take the first step to work with me at https://www.rhothomas.com/call.

If you're not financially preparing for unexpected things that can come up, this episode is for you. Not preparing yourself ahead of time will lead to unnecessary stress in your life when an unexpected expense arises. Although we don't know exactly when unexpected things will happen, we typically know that they can happen and can prepare for them. In this episode, let's talk about the mindset you can adopt to prepare for unexpected expenses and how to raise the bar on the types of unexpected things that will have a significant financial impact on you. Head to https://www.rhothomas.com/123 for the full episode show notes. Take the first step to work with me at https://www.rhothomas.com/call.

There is a widespread fear of debt in our society. People are internalizing negative beliefs about debt and about themselves for having debt, and it's causing a lot of unnecessary pain and unpleasant experiences. In this episode, let's talk about some commonly held beliefs about debt (including the good debt vs. bad debt distinction), the negative consequences that can come from being afraid of debt, and two alternative perspectives of debt to consider as you move through your financial journey. Head to https://www.rhothomas.com/122 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.

If you're like many other attorneys, the holidays catch you off-guard every year. The same may be true for other big expenses or financial changes you know are coming up. So often people don't financially prepare for things that are completely expected and end up feeling stressed out and anxious when those things pop up—as expected. In this episode, let's talk about how to prepare for expected expenses and the mindset you can adopt to make sure you're always ready when they come up. Head to https://www.rhothomas.com/121 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.

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 to do and how you can turn things around if that's you. Head to https://www.rhothomas.com/120 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.

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 overspending and creating a financial mess. In this episode, let's talk about overconsumption and emotional spending, including how to handle those negative emotions you so desperately want to avoid. Head to https://www.rhothomas.com/119 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.

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 of curating your circle of influence and putting yourself around people who have achieved the things you want to achieve. Head to https://www.rhothomas.com/118 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.

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 spend substantially less than you make. But spending less and investing the difference is exactly how you build wealth. In this episode, let's talk about making uncommon choices that lead to wealth. Head to https://www.rhothomas.com/117 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.

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, let's talk about why so many lawyers lose a million dollars and how the way we tend to think about money can hinder our ability to keep more of that money for ourselves. Head to https://www.rhothomas.com/116 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.