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

We have a tendency these days to let work take over our lives. It used to be that work was just something we did—a small part of who we are—but now we wrap our entire identities up in what we do for a living. We make work such a central part of our lives that in many cases it's to the point of idolatry. In this episode, we explore the role work plays in our lives, signs that work has become an idol, and how to turn things around. Visit https://www.rhothomas.com/16 for the full episode show notes.

Do you know how much you’re paying each month for subscription services? If you’re like many Americans, it’s a lot more than you think. The thing is your subscription services might be hindering your financial progress, especially if you’re trying to reach a goal like financial independence. In this episode, we dive into how subscription services relate to financial independence and lifestyle freedom, the average monthly cost of subscription services, why so many companies like the subscription model, and tips to audit your subscriptions. Visit https://www.rhothomas.com/15 for the full episode show notes.

Tomorrow is not promised. But we tend to prioritize things that are ultimately unimportant in the grand scheme of life over the people and things that matter most to us. In today’s episode, let’s explore this tendency to put off the things we really care about and how we can live more fully and intentionally now. Visit https://www.rhothomas.com/14 for the full episode show notes.

We have so many thoughts and ideas around wealth and what it really means. We often think it’s all about making a lot of money and buying a lot of things. But that’s not true. In today’s episode, we’ll explore the relationship between income and wealth, how lifestyle choices impact wealth, and what wealth is really all about. Visit https://www.rhothomas.com/13 for the full episode show notes.

We often fall into the trap of believing that we don't have control of our lives. We feel that our lives are happening to us and that we're powerless to change them. Meanwhile, others are taking control of their lives, achieving amazing things, and living the lives they want. In this episode, I discuss 4 reasons why you may feel like you have no control in your life and the power of taking personal responsibility for your circumstances. Visit https://www.rhothomas.com/12 for the full episode show notes.

Americans collectively owe nearly $1.6 trillion dollars just in student loan debt. Although the average student loan balance is a little over $30,000, lawyers tend to carry six-figure loan burdens. Because of that burden, student loans are often a major factor in many lawyers' decisions and hold many of us back from living life on our terms. This episode discusses (1) my husband's and my debt story, (2) your mindset and your debt, (3) how your debt is holding you back from what you really want in life, and (4) the best way to tackle your debt. Visit https://www.rhothomas.com/11 for the full episode show notes.

We're taught from a young age to strive for success and that success equals money, status, and material possessions. But many lawyers achieve all those things and are still miserable. Turns out traditional markers of success aren't the ultimate reward people often believe them to be. Today's episode explores success and some common misconceptions around it. We discuss:

• the definition of success
• the lies we believe about success
• how mindset plays into the way we view success and
• why we should redefine success.

Visit https://www.rhothomas.com/10 for the full episode show notes.

Many people believe that because lawyers make decent money, we easily build wealth. But that’s not always the case. In fact many lawyers and other high-income earners struggle to build wealth, and there are a number of mindsets and behaviors that play into this. Today, we’ll talk about:

• limiting beliefs
• the way lawyers tend to view money
• the “I work hard. I deserve it.” mentality
• living the lawyer lifestyle
• not budgeting
• ignoring student loans and
• why any of this matters

Visit https://www.rhothomas.com/9 for the full episode show notes.

When’s the last time you put yourself first? Lawyers have so many demands on our time, and with all we have going on, it’s so easy for us to forget about ourselves. But if we’re going to take back control of our time, we have to make ourselves a priority. So today we'll discuss 

• a story about my own struggle with making myself a priority 
• why making yourself a priority in your own life is so important and 
• a few tips to help you put yourself on your priority list. 

Visit https://www.rhothomas.com/8 for the full episode show notes.

Many lawyers believe they don't need to budget, but that's a big mistake. Yes, a larger income gives you more wiggle room in your spending, but it also allows for much bigger mistakes. When you're trying to achieve goals like financial independence and lifestyle freedom, one of the major keys is being intentional with your money, which starts with budgeting. So we'll talk about

• what a budget is
• why lawyers and other high-income earners absolutely need a budget
• tips for getting started with your budget
• different budgeting styles and
• whether you really need a budget (spoiler: yes!)

Visit https://www.rhothomas.com/7 for the full episode show notes.