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

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 practices apply to our relationships with money, as well. Head to https://www.rhothomas.com/115 for the full episode show notes. Schedule a call to learn how we can work together at https://www.rhothomas.com/call.

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 we can work together at https://www.rhothomas.com/call.

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 whatever you want. In this episode, let's talk about how to craft your budget so that you can spend on what you want and still hit your goals. Get the full episode show notes at https://www.rhothomas.com/113. Set up a call to learn how we can work together at https://www.rhothomas.com/call.

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 one strategy to help you create that space for your own financial decisions.

Get the full episode show notes: https://www.rhothomas.com/112

Learn how we can work together: https://www.rhothomas.com/call

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 important to turn it around.

Get the full episode show notes: https://www.rhothomas.com/111
Work with me: https://www.rhothomas.com/call

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 about why we sometimes get into the start and stop cycle, the importance of consistency, and how to approach your finances to keep yourself on track and achieve your goals. Head to https://www.rhothomas.com/110 for the full episode show notes.

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. Head to https://www.rhothomas.com/109 for the full episode show notes.

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 around and his thoughts on the power of financial coaching. Head to https://www.rhothomas.com/108 for the full episode show notes.

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, let's talk about why your identity is critical to your goals. Head to https://www.rhothomas.com/107 for the full episode show notes.

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 full episode show notes.