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

It's common for many of us in the legal profession to bring in a healthy income and still struggle financially. It's also common to have little control of our time. But your money and your time are linked. Learning to manage your money well is a major key to gaining more flexibility and control of your time. In this episode, I share my own story of making good money and having little to show for it, reasons why this happens, and what to do if you find yourself in that place. Head to https://www.rhothomas.com/46 for the full episode show notes.

The world has experienced a lot of discomfort in the last year after coming face-to-face with the realities of the Black American experience—which have been hidden in plain sight for centuries—during a pandemic when there was little else to focus on. In the wake of the Derek Chauvin verdict, I'm reflecting on facets of Black history, how they impact money in the Black community, and changing the narrative to accomplish your money goals and leave a legacy. Head to https://www.rhothomas.com/45 for the full episode show notes.

Most of the "factual observations" we have about ourselves and the world around us aren't facts at all. Really, they're stories we've created about ourselves and the world through our interpretation of the facts and neutral circumstances we encounter. Often these stories don't serve us and lead to us not getting the results we want in our lives, including with our money. In this episode, we dive into some examples of stories that don't serve us and explore how to change the stories we tell ourselves to get the results we want. Head to https://www.rhothomas.com/44 for the full episode show notes.

If there's one thing that law and personal finance have in common, it's that the right answer is often "it depends." 

So many of us look outside ourselves for the "right" way to do things with our money, but there's no one-size-fits-all solution. It truly depends on the individual. 

If you ask three different people the best way to pay off debt or which savings account is the best one, you'll probably get three different answers. 

Each of those three people bring their own thoughts, emotions, and experiences to their responses. 

Plus, you have your own thoughts, emotions, and experiences that color the way you receive their advice. 

In this episode, we dive deeper into this topic and talk about why personal finance truly is personal and what not to do as you're learning about your money. Head to https://www.rhothomas.com/43 for the full episode show notes.

We talk a lot about being in the right mindset to reach our goals. This is absolutely an important part of the process, but we can't neglect the action piece. As a lawyer, you probably spend way too much time preparing before you actually do a thing. (I know it's not just me...) If you find yourself thinking, researching, and preparing more than doing, this episode is for you. We dive into some of the reasons we often hesitate to take action and a couple of tips to help you take the action you need to take to reach your goals. Head to https://www.rhothomas.com/42 for the full episode show notes.

Mindset is key to making progress in every area of our lives, including our money. Because of the way we're socialized, many people tend to have a fixed mindset around money, which leads to undesired results. In this episode, we dive into some of the characteristics of a fixed mindset vs. a growth mindset and how each plays out in relation to our money. Head to https://www.rhothomas.com/41 for the full episode show notes.

How many times have you heard or said the words, "I'm so far behind"? It comes up for many lawyers at various points in our lives, but it's just a thought, and not a very useful one. In this episode, we dive into where this thought comes from, why it's problematic, and what we can do instead. Head to https://www.rhothomas.com/40 for the full episode show notes.

We all know that life can throw some unexpected things at us. You want to be prepared when it does. Having an emergency fund is one way to prepare for the unexpected. Plus, your emergency fund brings you one step closer to freedom because it reduces your reliance on your income. In this episode, we explore what an emergency fund is, how much to have in your emergency fund, where to keep your emergency fund, and what to do if you don't have one. Head to https://www.rhothomas.com/39 for the full episode show notes.

We all know that goals help guide us and move us forward in life. Some of us, though, struggle to make the progress we want, even as we set goals. If that's you, this episode provides 8 tips to help you set better, more actionable goals to achieve the success you’re looking for in whatever area of your life. Visit https://www.rhothomas.com/38 for the full episode show notes.

The personal finance world puts so much focus on numbers and actions. But looking at our money from a purely mathematical and action-oriented standpoint misses the most crucial part of the picture: your money mindset. Your results with your money always stem from your thoughts about money. What results are your thoughts leading to? In this episode, we dive into the importance of our thoughts in achieving the money goals we set for ourselves and how to change your thoughts if you're not getting the results you want. Head to https://www.rhothomas.com/37 for the full episode show notes.