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

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.

Running up credit card debt. Not budgeting or saving. Spending more than we make. There are a lot of mistakes that we can make with money, but there’s one in particular that influences the others. In this episode, let’s chat about the biggest mistake lawyers make with money and how it plays out in our cashflow, debt, and savings and investments. Head to https://www.rhothomas.com/75 for the full episode show notes. This is the final episode in a series of replays of my best episodes on budgeting and spending in preparation for my live budgeting workshop, Foundation of Wealth, happening on November 27, 2021. Get all the details at https://www.rhothomas.com/foundation.

When lawyers learn about a new concept, our Type A-ness often leads us to try to make sure we’re doing it “right.” When we’re learning to manage our money better, this can lead to going overboard and forgetting to live life in the process. (Ask me how I know…)

In this episode, let’s talk about why balancing our money goals with living in the present is so important, my own struggle with balance in the beginning of my family’s financial journey, plus a few questions you can ask yourself to help you strike the right balance for you. Head to https://www.rhothomas.com/74 for the full episode show notes.

This episode is the third in a series of replays of my best episodes on budgeting and spending in preparation for my live budgeting workshop, Foundation of Wealth, happening on November 27, 2021. Get all the details at https://www.rhothomas.com/foundation.

Even among six-figure earners, building wealth is often difficult. In today’s episode, I’m sharing the #1 secret to building wealth, no matter your income. We talk about what the secret is, an example of how it works, and how you can apply it in your own life. Head to https://www.rhothomas.com/73 for the full episode show notes.

This episode is the second in a series of replays of my best episodes on budgeting and spending in preparation for my live budgeting workshop, Foundation of Wealth, happening on November 27, 2021. Get all the details at https://www.rhothomas.com/foundation.

Achieving your money goals requires being intentional with your money, which starts with your budget. Your budget is simply your plan for how you'll use your money each month. In this episode, learn why lawyers need a budget, different budgeting styles, and tips for getting started with your budget. Head to https://www.rhothomas.com/72 for the full episode show notes. 

This episode is the first in a series of replays of my best episodes on budgeting and spending in preparation for my live budgeting workshop, Foundation of Wealth, happening on November 27, 2021. Get all the details at https://www.rhothomas.com/foundation.

Many lawyers believe they're not good with money. It often stems from black-and-white thinking, where we think we're failing if we're not completely perfect at something. But of course there are nuances in every situation, and your finances are no different. In this episode, we talk about how viewing yourself as bad with money affects the way you handle your money. Plus, we explore some ways you're already good with money. Head to https://www.rhothomas.com/71 for the full episode show notes.

Often when I talk to lawyers about their finances, they describe them as if their finances are happening to them, and they don't even realize it. They talk about their money as if they have no control. But when you do that, you're setting yourself up to fail. In this episode, we talk about what happens when you believe your finances are outside of your control and how you can turn things around when you acknowledge the power you have over your money. Head to https://www.rhothomas.com/70 for the full episode show notes.

In a society that's always looking for the next best thing—doing more, bigger, better—we often don't take the time to acknowledge our achievements. We accomplish something, and then we're immediately looking to the next thing because this thing that we've accomplished isn't enough. But slowing down to actually acknowledge and celebrate your achievements can lead to achieving more. Not acknowledging your achievements can lead to achieving less in the future. In this episode, we talk about some examples of achievements I haven't acknowledged in my own life, why it's important to celebrate your achievements, and a few tips to do just that. Head to https://www.rhothomas.com/69 for the full episode show notes.

Many high-income earners, including many lawyers, don't have anything to show for the money they've made. It's such a common situation in the legal profession and beyond that there's a special acronym for people who fit this description: HENRY. Although it may be common for high-income earners to have a low net worth, it doesn't have to be that way. In this episode, we're talking about what HENRY means, why many lawyers fall into the HENRY category, and what to do if you find yourself here. Head to https://www.rhothomas.com/68 for the full episode show notes.

Much of mainstream personal finance advice tells you to scrimp and save and hoard your money, so you can possibly have the privilege of enjoying it in 30-40 years. That's not sustainable. Instead, I believe in spending on things you enjoy while you work toward your money goals. In this episode, I share my personal experience with intentionally choosing to spend money on things I enjoy, why trying to deprive yourself until you hit your money goals doesn't work for most people, and why it's important to enjoy your money along the way. Head to https://www.rhothomas.com/67 for the full episode show notes.