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

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 make with money and how to think about your spending decisions. Head to https://www.rhothomas.com/105 for the full episode show notes.

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 between those general criticisms and specific problems and the impact each can have on your ability to achieve your financial goals. Head to https://www.rhothomas.com/104 for the full episode show notes.

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 this episode, let's talk about why investing in yourself is the greatest investment and the compounding results of learning to manage your money well. Head to https://www.rhothomas.com/103 for the full episode show notes.

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 yourself to others is so unproductive and what it looks like to stay in your own lane. Head to https://www.rhothomas.com/102 for the full episode show notes.

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 experience in their liminal moments and the important role they play on your journey to better finances. Head to https://www.rhothomas.com/101 for the full episode show notes.

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 thoughts that feel more empowering? In this episode, I'm sharing some of my top thoughts about myself and about money. As you listen, I invite you to explore your own thoughts and adopt any of mine that feel good to you. Head to https://www.rhothomas.com/100 for the full episode show notes.

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've heard me speak on the topic before, listen again from a fresh perspective and apply the teachings to create a strong foundation for your own money plan. Head to https://www.rhothomas.com/99 for the full episode show notes.

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.rhothomas.com/98 for the full episode show notes.

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 work together, including how he shifted his view of money and checked off some of those life goals—while still paying off some of his debt—in less than a year. Head to https://www.rhothomas.com/97 for the full episode show notes.

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 way doesn't work and how to find security inside yourself instead. Head to https://www.rhothomas.com/96 for the full episode show notes.