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

"I can't do it." It's such a common thought for many people, especially when learning to manage money for the first time or trying to create and stick to a budget for the tenth time. In this episode, we discuss why "I can't do it" is such a common thought, why it's not useful, and what to do about it. Head to https://www.rhothomas.com/66 for the full episode show notes.

Many people fail to hit their money goals because they default to their normal money habits, which feel comfortable. But achieving your money goals often involves behaviors and habits that are different from the ones you're used to, which means there's inevitably some discomfort involved. In this episode, we talk about why your current habits feel more comfortable, the way you're prioritizing your comfort and your money goals, and some tips to stay on track with your money goals. Head to https://www.rhothomas.com/65 for the full episode show notes.

My husband and I recently finished paying off almost $500,000 of student loan debt, which is a goal we've been working on for nearly 5 years. As I reflect on our journey, I've identified 6 lessons from our story that are applicable to money goals across the board. In this episode, I'm sharing some of the details of our journey to pay off almost half a million dollars of debt, 6 lessons from our story, and how you can apply them to your own money goals. Head to https://www.rhothomas.com/64 for the full episode show notes.

As of September 3, 2021, I officially no longer practice law. After 7 years, I decided to leave. It's a pretty big identity shift for me, and I feel a range of emotions, but overall, I'm excited for what's to come. In this episode, I unpack why I decided to leave, my thoughts and feelings about leaving, other people's thoughts about me leaving, and why I decided to share this episode. Head to https://www.rhothomas.com/63 for the full episode show notes.

Lawyers have a tendency to overthink and want to research and analyze and consume more and more information to find the "right" answer. We're really good at learning, and sometimes we tell ourselves we're making progress with all our research and information gathering, when really we're trying to avoid taking action. In this episode, we talk about why we tend to spend so much time learning and why learning is not as valuable as doing. Head to https://www.rhothomas.com/62 for the full episode show notes.

As a lawyer, you likely tend to strive for perfection in everything you do. This can often look like thinking that you're not doing enough or that you should be reaching your goals faster. But this line of thinking is really reflection of a lack of self-love and self-compassion and leads to negative results in your life. In this episode, we explore an example of how this shows up in the context of your finances, some reasons why not practicing self-love is problematic for your money goals, and some tips to show yourself love more often. Head to https://www.rhothomas.com/61 for the full episode show notes.

Often we try to control things that are outside our control or we completely give our power away and believe that our lives are at the mercy of external forces. Both extremes are unhealthy and can lead to undesired results in your finances. In this episode, we talk about both extremes, specific things you can't control in your life, specific things you can control in your life, and some examples of how all of it relates to your money. Head to https://www.rhothomas.com/60 for the full episode show notes.

Lawyers are no strangers to the concept of delayed gratification. Even with all our experience with delaying gratification to become lawyers, we sometimes have trouble delaying gratification once we actually reach that milestone and start making money. In this episode, we talk about what delayed gratification is and why we sometimes have trouble delaying gratification, and we explore two examples of how delaying gratification can positively impact our finances and ability to build wealth. Head to https://www.rhothomas.com/59 for the full episode show notes.

Many lawyers conflate their needs and wants. Many also spend on things they neither need nor want. Both lead to overspending and other undesired results with our money. In this episode, we're talking about what needs and wants are, why it's important to distinguish between them, and some tips for identifying what you actually need and want and cutting what you don't. Head to https://www.rhothomas.com/58 for the full episode show notes.

Money is one of the most prominent things in our lives. It touches almost everything we do, but it's one of the least talked about topics. In this episode, we explore why people avoid talking about money, why talking about money is important, and how to start having more conversations about money. Head to https://www.rhothomas.com/57 for the full episode show notes.