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

As lawyers, we often get really caught up in doing things the “right” way or wanting to make the “right” decision. But what if there is no right or wrong when it comes to personal finance? In fact, what if looking for the “right” way leads to spinning in indecision and not making progress? In this episode, let’s talk about why lawyers try to make the “right” decision, how it holds you back from the progress you want, and how to think about making decisions instead. Head to https://www.rhothomas.com/95 for the full episode show notes.

So many of us live our lives on autopilot, going through the motions and not questioning anything or really being intentional about what we're doing. Awareness is recognizing your thought and behavior patterns and really questioning them and deciding if you want to keep them. When you bring awareness to the way you think about money and the way you spend your money, you will discover the most valuable data to help you achieve your financial goals. In this episode, let's talk about why awareness is so valuable and go through some exercises to bring awareness to the way you think about money and the way you spend your money. Head to https://www.rhothomas.com/94 for the full episode show notes.

Sometimes when lawyers are thinking about getting control of their money, they focus on the things they don't like about the process and what they don't want to do. It's an un-useful exercise that hinders some from even getting started. In this episode, let's talk about why focusing on what you don't like or don't want to do keeps you from achieving your goals and a better place to focus your attention. Head to https://www.rhothomas.com/93 for the full episode show notes.

One of the biggest misconceptions lawyers have about money and money management is that it has to be complicated. If you think money has to be complicated, you'll likely either avoid your finances altogether or make them more complicated than they have to be. In this episode, let's chat about what happens when we believe money is complicated, why money is actually very simple, and some tips to simplify your personal finances. Head to https://www.rhothomas.com/92 for the full episode show notes.

Do you feel like you've tried everything to get your money under control, and nothing has worked? Many lawyers tell me some version of this statement. It's a very common sentiment, but it's also one of the most unhelpful things you can tell yourself when you're working to achieve your money goals. In this episode, let's talk about the actual belief underlying this statement, why it's holding you back from achieving your goals, and what to do instead. Head to https://www.rhothomas.com/91 for the full episode show notes.

"I should already know how to do this." "I should be able to do this on my own." These thoughts come up a lot for lawyers with respect to money and many other areas of life. We often feel shame and embarrassment for seeking support because we're smart, so we shouldn't need it, right? But what if the smart thing is getting the help you need so you can actually get the thing done? In this episode, I'm sharing a few examples of the many times in my life I've sought support and how my clients benefit from seeking my support with their finances. Head to https://www.rhothomas.com/90 for the full episode show notes.

My client Toni-Ann Mayembe felt so overwhelmed by her multiple-six-figure student debt and her $20,000+ credit card balances that she simply avoided them altogether. After struggling for some time and not making any progress, she reached out to me—a decision she says has changed her life forever. In this episode, Toni-Ann and I chat about our work together, including the biggest thing that helped her pay off all of her credit card debt and one of her student loans in only six months. Head to https://www.rhothomas.com/89 for the full episode show notes.

When you try to take on too much before you have your finances in order, you will have a difficult time building a strong financial foundation for yourself. If all your money is going to other people and things, you won't have money available to strengthen your financial foundation, and a weak foundation can't hold much. In this episode, we chat about two situations in which I see lawyers taking on too much financially before building their own foundation and why it's important to strengthen your foundation before you take on other things. Head to https://www.rhothomas.com/88 for the full episode show notes.

Every decision you've made to this point has led you to the life you have now. Often we look at where we are and think about all the things in the past that we wish we had done differently or that we regret. But we rarely take the time to look at all the things we've done that have gone right and all the good things our previous actions—mistakes and all—have led to. In this episode, we chat about being grateful for the previous versions of you and making decisions in the present that future versions of you will thank you for. Head to https://www.rhothomas.com/87 for the full episode show notes.

There are two extremes when it comes to lawyers managing their money. On one side are the YOLO spenders—the lawyers who spend whatever without a plan or a thought about the future. On the other side are the penny-pinching spenders—the ones who tell themselves they can’t use their money for anything other than paying off debt, saving, and necessities. In this episode, let’s chat about why both extremes lead to negative consequences for your finances and a better way to manage your money. Head to https://www.rhothomas.com/86 for the full episode show notes.