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

Many lawyers feel overwhelmed by their finances. For some, the overwhelm comes up regarding a particular financial goal, such as paying off their student loan debt. For others, it's a specific decision they want to make about their money. For still others, it's anything to do with managing their money. Overwhelm is a particularly un-useful emotion, and it will never lead to the finances you want. In this episode, let's chat about where overwhelm comes from, the situations it often presents in, and what to do to get out of it. Visit https://www.rhothomas.com/85 for the full episode show notes.

If you're not where you want to be with your finances—if you're truly honest with yourself—is it because you've given up on them? Often I hear from lawyers who started down the road of managing their money better at some point in the past but hit a setback along the way and never got back on track. They essentially gave up. But by giving up, you ensure your failure. If instead you keep going, you will inevitably achieve your goals. In this episode, I share my own money journey, including the ups, downs, twists, and turns that ultimately led to success with my finances and how you can make your own success inevitable. Head to https://www.rhothomas.com/84 for the full episode show notes.

When it boils down to it, there are just three steps you need to take to improve your money. This three-step process is pretty simple and straightforward. It's exactly what I used to improve my own finances; it's what I work with my clients on; and if you implement it, you'll start to see the results you want to see with your money, as well. In this episode, I break down the three steps to better money and what makes this simple process feel difficult for lawyers. Head to https://www.rhothomas.com/83 for the full episode show notes.

It's easy to conflate having a six-figure income with being wealthy. But they're not the same. In fact, your income doesn't have as much bearing on your ability to build wealth as you might think. In this episode, we're talking about the difference between income and wealth, why many lawyers who make a lot of money aren't wealthy, why some people who make less are, and why it's important to understand the distinction. Head to https://www.rhothomas.com/82 for the full episode show notes.

Many of us spend a lot of time trying to manage what other people think about us. I see this come up for a lot of lawyers, and it bleeds into the way they manage their money. But what other people think is really none of your business. You can't control it, no matter how hard you try, and when you're focused on what someone else might think, you're not focused on yourself, what you want, and your goals. In this episode, we explore why trying to manage other people's thoughts is useless, how it impacts your money, and what to do instead. Head to https://www.rhothomas.com/81 for the full episode show notes.

Often we set goals and don't ever look at them again or determine whether our efforts are working or not. We just keep doing the same things over and over again and staying in the same place year after year. Enter evaluations. Evaluations allow you to see whether your efforts are working, and if not, decide what you need to tweak to propel yourself forward in achieving your goals. In this episode, I'm teaching you the evaluation process I learned from my business coach that I've been implementing in all areas of my business and life for the last year. I share how the method works and give you some real-life evaluations from my clients and me to show you how to apply it. Head to https://www.rhothomas.com/80 for the full episode show notes.

I hear it all the time. Lawyers tell me that something they're doing or something they have is not enough. It comes up especially in the context of money, where income, bonuses, savings, etc. can all seem insufficient. But the problem is when you're constantly telling yourself "it's not enough," you'll only continue to create the experience of "not enough." In this episode, we talk about why the thought "It's not enough" comes up for lawyers, some examples of how "not enough-ness" has shown up for some of my clients and for me, why it's so harmful, and an exercise to help you reframe the thought. Head to https://www.rhothomas.com/79 for the full episode show notes.

Money can be an emotional topic for many people. This can sometimes make it difficult to access the logical side of your brain to make strategic decisions. The good thing is it’s easy to objectively measure specific monetary goals, which helps to take some of the emotion out of it. In this episode, we talk about separating the math of your goals from your thoughts and feelings about them and the benefits of this approach. Head to https://www.rhothomas.com/78 for the full episode show notes.

The lawyers I talk to tend to think if they had more willpower, they’d be able to stick to their money plans and achieve their goals. It’s a common misconception. It doesn’t work and leads to you feeling exhausted and inevitably beating yourself up for failing yet again. In this episode, let’s talk about why willpower doesn’t work and what to try instead. Head to https://www.rhothomas.com/77 for the full episode show notes.

Lawyers often believe that managing their money better means they have to deprive themselves of the things they enjoy. It’s a common reason that many people give up on their money goals—or never start in the first place. In this episode, we talk about why we do this and explore a different approach. Head to https://www.rhothomas.com/76 for the full episode show notes.